As a high level overview, we have provided a side-by-side comparison of the two cryptocurrency platforms.
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.
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.