Coinhako vs Binance: Which is Better for YOU in 2022?

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Coinhako vs Binance: Which is Better for YOU?

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coinhako vs binance

Table of Contents

Coinhako is one of Singapore’s biggest and most secure crypto exchange platforms, while Binance is a globally recognised cryptocurrency exchange offering its services in over 140 countries.

This article will compare them side by side to see how they fare against each other.

Coinhako vs. Binance: Number of available cryptocurrencies

Both Coinhako and Binance support popular cryptocurrencies like Bitcoin, Ethereum, and Dogecoin.

So if you want to play it safe and invest in the popular coins only, both platforms will serve your needs.

However, when it comes to the number of supported coins, it is virtually impossible to compete against Binance.

It has a collection of over 600 coins, with many being added to the list continuously, making it one of the largest selections of coins on any centralised exchange platform.

Snapshot

Cryptocurrency exchange Number of tradable coins
Binance Over 600 coins, categorised in different sections like Metaverse, Gaming, NFT, making it easy for beginners to get started.

Click here to see the complete list.

Coinhako There are now 60 cryptocurrencies currently accessible, with the number continuously rising.

 

You will find most of the popular cryptocurrencies that are available in the market.

Click here to see full list

Winner: Binance

There isn’t any competition here, and Binance blows Coinhako out of the water with its array of options.

But the only thing working for Coinhako is that they support all the major cryptocurrencies, so you are likely to find most if not all the coins you would want to invest.

Coinhako vs Binance: Deposit Methods

Both Coinhako and Binance offer multiple ways to deposit your accounts. Some of the most popular options are given below:

Direct bank deposit

Binance allows bank deposits from 12 currencies including all the popular ones like USD, AUD, EUR, and GBP. Click here to see the full list.

Coinhako also allows direct deposits but only in three currencies: USD, SGD, and VND

Xfers

For our Singaporean readers, Coinhako supports Xfer’s direct deposits but has to pay a 0.55% transfer fee.

Binance does not offer direct Xfers deposit as of the time of writing.

Debit/credit card

Both Binance and Coinhako support direct deposit from debit and credit cards. There may be a transaction fee of 3% (charged by your card provider) when making a transaction.

Other e-wallets

According to Binance, 9 eWallet choices have been added for the Southeast Asian market.

The options are fairly limited in Coinhako with GrabPay among the most notable e-wallets currently supported.

But GrabPay warns users not to buy cryptocurrencies and virtual assets with their eWallet as it violates its policy.

Third-Party Payment Channels

Binance also supports Third-Party Payment Channels like AdvCash, Bifinity, Flutterwave, Ininal, Etana, GEO pay, and Simplex.

You can easily load your Binance account using these platforms and conveniently get money transferred instantly into your account.

You can also deposit currencies such as GBP (British pound sterling) and EUR (Euro) using this platform.

It is important to note that some of these platforms may have additional fees associated with them, so it will be worth checking them out before proceeding.

P2P Exchange

A peer-to-peer exchange (or P2P exchange) is a marketplace where people can trade crypto directly with each other on their own terms.

Binance allows its users to use P2P exchange to buy and sell crypto on their own terms by allowing users to create trade advertisements and set their own prices.

Peer-to-peer exchange, unlike credit cards or bank transactions, does not gather information about buyers and sellers thus making it a great option for users who are concerned with privacy.

You may purchase and sell crypto on Binance P2P using over 150 different payment methods, including bank transfers, cash, PayPal, M-Pesa, and several e-wallets.

Snapshot

Cryptocurrency exchange Deposit method 
Binance Support direct bank deposits in 12 currencies and supports 9 e-wallets for the Asian market. Has third-Party Payment Channels like AdvCash, Bifinity, Flutterwave, Ininal, Etana, GEO pay, and Simplex. Also allows secured P2P exchange to make payments anonymously.

Click here to see the full list of supported currency

Coinhako Accept direct bank deposits from Singapore and Vietnam, and direct deposits in SGD account.

Click here to see the full list of supported deposit methods. 

Winner: Tie 

If you are in Singapore and Vietnam, Coinhako offers you a direct bank deposit making it the clear winner.

Singaporeans also get to enjoy the use of Xfers to fund SGD into their accounts.

However, Binance offers direct deposit in 12 different currencies and also has direct bank deposit options using your debit or credit cards, making it a much more viable option if you are living outside Singapore and Vietnam.

Binance vs Coinhako: Fees and charges

The most crucial component of effective crypto trading is lowering your costs, and both Binance and Coinhako provide low-cost fee structures to aid with that.

However, there are some key distinctions, particularly for traders at various price points.

Trading Crypto

Coinhako may be a popular exchange platform among Singaporean investors, but it is certainly not the cheapest.

It currently charges 1% as a fee for every transaction made. But one good thing about Coinhako is that there are no minimum fees, meaning small traders making frequent transactions will benefit from the platform.

Binance is much cheaper in this regard with a flat 0.5% per transaction making it an ideal option for traders.

Deposits & Withdrawals

There are four ways you can make deposits in a crypto wallet. This includes direct from SGD wallet using platforms like Xfers, bank transfer, using debit or credit card, and finally using e-wallets.

Coinhako supports Direct transfer in SGD accounts using Xfers which has a 0.55% fee when depositing money, but direct bank transfers in SGD are currently free of charge.

Debit and credit cards are also free of charge on Coinhako’s part but will incur a processing fee of 3% from the card provider.

In terms of depositing and withdrawal fees, Binance varies a lot from being totally free in some currencies while having to pay some hefty fees in others.

Here is a full list of all the fees you will incur when depositing and withdrawing on Binance.

Snapshot

Cryptocurrency exchange Transaction Fee Deposit fee Withdrawal Fee
Binance 0.5% per transaction Depends on which country you are in. Click here to see the full list. Depends on which country you are in. Click here to see the full list.
Coinhako 1% per transaction Bank transfer in SGD is free

Xfers Direct Charge 0.55%

Every cash withdrawal from your Coinhako account to a Singapore bank account incurs a S$2 fee.

Winner: Binance

There is no clear winner, and it depends on where you are using the platform from. However, we’ll have to give this round to Binance.

Most people from Singapore and Vietnam will find Coinhako convenient to deposit money directly from their local currency.

The 1% fee is a bit on the higher side, but the no minimum fee makes it a great option for small traders.

If you live in a country where Binance supports direct bank deposits in their local currency and has reasonable withdrawal rates, Binance will be better for you.

Nevertheless, if you’re in Singapore and willing to take the extra effort to save that 0.5% on trading fees, Binance is definitely the better option here.

However, if you’re making frequent withdrawals, Gemini is highly recommended as there are 10 free withdrawals monthly.

Binance vs Coinhako: Trading Options

Spot trading

It is a straightforward approach to investment and trading. Your first encounter with crypto investment will most likely be a spot transaction in the spot market, such as buying BNB at market price.

Spot traders aim to profit in the market by buying assets and expecting that their value will grow. When the price of their assets rises, they can sell them on the spot market for a profit.

Both Binance and Coinhako allow spot trading on their exchange.

Others

However, Binance is far more advanced as they provide margin trades, futures, leveraged tokens, vanilla options, and many more trading options for you to choose from.

Winner: Binance

If you’re looking for flexibility and more advanced trading capabilities, Binance is the clear answer here.

However, as spot trading is sufficient for most, this shouldn’t matter much for you.

Binance vs Coinhako: Features comparison

The number of cryptocurrencies offered and the fees imposed aren’t the only elements to consider when picking a cryptocurrency exchange.

Both Binance and Coinhako have some useful features that add value to end users.

Some of the common features that both the platforms include: 

User interface

Cryptocurrency itself is a complex topic, and many people struggle to understand the concept fully, so it is essential for the platforms to create an interface that makes it easy for the user to navigate.

Fortunately, both platforms make it extremely easy to navigate through their platform using graphs and charts.

Binance has a trade button at the bottom of the graph, which you can press to easily exchange your fiat currency deposited on the account into crypto.

Coinhako has a similar approach with separate buttons on top for buy, sell, swap, send, and receive. You can choose any one of them according to your need, and the interface is self-explanatory.

One minor difference we noticed is that because Binance is a much-matured platform and has been operating in more countries, they have a great community with many helpful tutorials to help you.

You have articles, online videos, and blog posts helping you solve your current issue, which currently Coinhako does not have to the same extent.

Mobile App support

To keep up with the ever-changing world of crypto, both Binance and Coinhako support mobile applications to help you easily keep track of your trade on the go.

Coinhako has Android and iOS app support where users can easily download the apps from the respective stores. For desktop, Coinhako relies on a web application that runs on the browser.

Binance also has mobile applications for both Android and iOS but pulls ahead with its desktop apps specifically made for different platforms.

You can download the app for macOS, Windows, and Linux, which Coinhako does not currently have.

Earn interest on your crypto holdings

Both Coinhako and Binance allow you to earn interest from your crypto holdings and it can be a great incentive to hold your crypto.

Coinhako: Coinhako offer a flat interest rate on its popular cryptocurrency options Bitcoin and Ethereum which can yield 2% to 2.45% in interests that are paid in cryptocurrency. Should the price of a coin increase, you will see a reflection of it in your earnings.

Other less popular options like Zilliqa offer up to 8% on interest rates making Coinhako a great option for investors.

Binance: Binance also offers a number of ways to earn interest on your crypto holdings. This includes a guaranteed principal with interests added on top of it. Binance also offers high yield coins which offer greater interest rates but no guarantee on the principal amount.

And finally, you may also choose to auto-invest a certain predetermined amount and accumulate your crypto holdings and earn interest over it.

Both are similar to Crypto.com’s Earn, which we very much prefer.

Some unique features that Binance currently offers include

NFT support

The world has been taken by storm by NFTs and currently out of the two platforms only Binance has support for trading NFTs.

You can buy NFT arts from different creators and even have a trending list where you can browse to find the most trendy NFTs.

Binance Pool

Smart Pool is a service that allows users to earn more money by automatically adjusting hash rates to mine several currencies using the same algorithm.

The SHA256 algorithm is supported by Binance Smart Pool, and users’ hash rates may be automatically altered between BTC, BCH, and BSV. You also qualify for different VIP rights when subscribed to the Binance pool.

Crypto loans

Binance allows you to put your crypto holdings as collateral and approve short term loans. This can be a real-life saver in terms of urgent financial needs.

Visa Debit Card

You can use the Binance Card to spend your favourite cryptocurrencies at over 60 million retailers across the world.

You’re set to proceed once you’ve transferred crypto from your spot wallet to your card wallet. Spend your cryptocurrency whenever and wherever you choose.

Although a good way to spend your crypto, the Crypto.com Visa Card reigns supreme in its benefits and worldwide usability.

Binance Savings

This feature lets you save your cryptocurrencies. Your crypto will earn interest over a defined period of time depending on how long you save it for.

Liquidity Farming

There are liquidity pools available for you to farm. You may become a liquidity provider by providing liquidity in the pools and earning transaction fees and variable interest.

BNB vault

BNB Vault is a profit aggregator that allows you to earn from holding BNB across several products on the Binance platform in a simple and flexible way.

It offers a user-friendly interface that allows you to easily collect and receive many streams of revenue from BNB of various goods (both centralised and decentralised financial products) by integrating several Binance products and the Binance ecosystem.

This function enables you to buy and retain BNB for a period of time in order to optimise your earnings.

Snapshot

Feature Binance Coinhako
Mobile Application  Supports both IOS and Android Supports both IOS and Android
Desktop Application Supports Mac, Windows and Linux devices Only web application
Interest on crypto holdings  Yes Yes
Crypto wallet Yes Yes
Support direct bank deposit  Yes Yes
Other Features Yes No

Winner: Binance

With an array of advanced features including the ability to trade NFTs and allow your crypto holdings to gain interest rates, easily hand this round to Binance.

Binance vs Coinhako: Security

When it comes to crypto trading platforms, ensuring security is crucial. Hackers are continuously on the hunt for flaws, and it is the platforms’ responsibility to maintain their security up to date.

Thankfully both Binance and Coinhako have a slew of features that ensure the system’s integrity.

After several cyberattacks, Coinhako recently shifted to AWS for compliance support and high availability, and AWS is known to be a secured platform.

On top of that, Coinhako also stored most of its crypto in cold storage, meaning it’s not online on any active servers for hackers to exploit, making Coinhako an overall secured platform.

Binance is available worldwide and is often a target for hackers worldwide.

And there have been instances of significant data breaches costing Binance over 40 million. But since then, Binance has implemented major security updates that they did not fully disclose.

Snapshot 

Both Binance and Coinhako faced data breaches in 2019 and 2020, respectively. While Coinhako did not disclose the actual severity of the matter, Binance reportedly lost over 40 million, making it one of the largest data breaches in crypto history.

WInner: Coinhako 

No platform is immune to data breaches, but Coinhako suffered minimal loss compared to Binance. So we have to give this round to Coinhako.

Binance vs. Coinhako: Customer Service

There may be times when you need to contact assistance, regardless of how effectively a platform operates.

As a result, the quality of their support personnel becomes a differentiating aspect when deciding between platforms.

Unfortunately, neither of the platforms do well in this category, as reflected on their Trustpilot score, which is the industry standard for ranking customer support.

Here are Coinhako and Binance Trustpilot profiles. At the time of writing this article, they had a review of 2 stars and 1.6 stars, respectively.

Much of it is due to the massive amount of requests that the platforms receive every day. So don’t expect a quick response from the support service if you contact them.

But, to give credit, both the platform recognises the problem and emphasizes self-care by providing a wealth of FAQs and articles on the most prevalent difficulties.

So, if you’re prepared to browse around and hunt for answers before contacting the support team, you’ll most likely do just fine.

Snapshot

They both have a ton of blogs and articles to help you with any issues, but customer service alone falls a bit behind the eight ball.

Winner: Tie 

They both perform equally bad in this category, and we can only hope for things to get better.

Overall winner

It is hard to narrow down a winner as both platforms perform admirably well. It all depends on personal circumstances and your preference on which platform is better for you.

Binance is a lot cheaper than Coinhako when it comes to transaction costs and offers direct deposits in several currencies. But Coinhako offers deposits and withdrawals in SGD.

Well, we believe Binance is the winner here. For our international and more advanced readers, it’s clear that Binance supports multiple fiat currencies, has more functionalities, and is cheaper to use.

However, our Singaporean readers might find Coinhako more favourable due to the ease of deposits and withdrawals.

Personally, Crypto.com is our preferred exchange with many clear reasons why.

But if you’re looking for the best crypto exchange based on different use case scenarios, check out our post on the best crypto exchanges in Singapore.

Disclaimer: Each article written obtained its information from reliable sources and should be purely used for informational purposes only. The information provided by Singapore Financial Planners and its affiliated parties is not meant to be construed as financial advice. Singapore Financial Planners shall not be held liable for any inaccuracies, mistakes, omissions, and losses incurred should you act upon any information listed on this website. We recommend readers to seek financial planning advice from qualified financial advisors. 

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