In this article we compare two of the largest centralised cryptocurrency exchanges in Singapore. We will touch on fees, deposit methods, security and supported cryptocurrencies.
Coinhako is Singapores largest exchange and it offers over 50 digital assets to trade. It has been in operation since 2014 and has the largest user base of any crypto exchange in Singapore. Coinbase is the largest cryptocurrency platform in the United States and supports 160 cryptocurrencies.
Comparison Table
As a high level overview, we have provided a side-by-side comparison of the two cryptocurrency platforms.
 |
 |
|
|---|---|---|
| Beginner Friendly |  |
|
| Buying Methods | SGD Wallet & Credit/Debit Card | Credit/Debit Card |
| Deposit Methods | Bank Transfer & Xfers Direct Charge | Credit/Debit Card |
| Trading Fees | 1% | 0.5% - 4.5% |
| Supported Devices | Web, iOS, Android | Web, iOS, Android |
| Crypto Wallets | |
|
| Cryptocurrencies | 58 | 150 |
| Year Founded | 2014 | 2012 |
| Conclusion | Winner | Loser |
Coinhako vs Coinbase: Fees
Coinhako may be the most popular exchange in Singapore, however, it is definitely one of the more expensive trading platforms in the country. It currently charges a flat fee of 1% in transaction fees. However, Coinbase charges much higher than Coinhako.
Coinbase has some of the highest trading costs in the world, charging their investors 0.4 - 4.5% in trading fees.
Coinhako vs Coinbase: Security
Coinhako has regulatory clarity provided by the Monetary Authority of Singapore and has a policy of maintaining a significant chunk of users cryptocurrency in a cold wallet and only a small quantity of cryptocurrency for trading purposes in a hot wallet. This way if a cyber attack was to happen, the hackers would only have access to a very small portion of users assets, and any assets lost are fully insured.
Coinbase SG is not currently licensed by MAS to provide DPT (Digital Payment Token) services. Users will not be able to recover all the money or DPTs they paid to Coinbase SG if Coinbase SG’s business fails. In the event of a cyber-attack, there is a risk that users may not get back all of their digital assets.
For this reason, we believe Coinhako has higher security measures in place than Coinbase.
Coinhako vs Coinbase: Deposit Methods
If you are depositing SDG we recommend using Coinhako as it offers direct deposit from multiple banks including DBS, OCBC Bank, Standard Chartered plus many others. It has an in-depth article on what deposit methods it provides.
However, if you are not based in Singapore we recommend using Coinbase as they offer Credit and Debit card as a deposit method which can be used globally.
Coinhako vs Coinbase: Available Assets
Coinbase currently supports more cryptocurrencies than Coinhako, offering their investors 150 tokens to choose from. Coinhako is also quite quick to list new and popular coins to keep their customers engaged on their platform. However, they only have a selection of 60 cryptocurrencies to trade, buy and sell.
Final Verdict
For Singaporean investors, we recommend using Coinhako as they support more deposit methods linked directly to Singaporean bank accounts and they have extremely high security measures in place to ensure safety for their users. They also charge significantly lower fees than Coinbase. If you would like to read more about Coinhako, please visit this article.
Dylan Matthews is the Co-Founder and head of operations at Buy Bitcoin Bank, with a background in engineering and experience as a Prop Trader. He has leveraged his knowledge and skills to build and scale the platform, providing users with a seamless experience for buying and selling cryptocurrency.
