Review on Coinhako by Sudais Quadri
1% trading fee? I cannot trade here❌
CoinHako is a centralized exchange based in Singapore, it was launched in 2014, giving it over six years of experience. Before i gave out any form of information due to registration, i made my own Research on the exchange then i was able to conclude whether to use the exchange or not. If there's another name I'll call CoinHako then it will be "The Exorbitant Exchange", everything on this exchange is so expensive and i still wonder how they still have traders with them. For crypto-crypto transactions, CoinHako charges a whopping 1% trading fee. This about 10× fee charged on Binance, as for the withdrawal fee, the exchange charges another skyhigh fee of 0.002 BTC which is about four times the industry standard. This means when a trader wants to sell TRX worth $1000, coupled with the transaction fee, the buyer recieves $990, this might not be comfortable with most traders, the fee structure was the principal factor that made me not to register here at all. The credibility is also another issue, this exchange was hacked on 21st February, 2020, which makes it exactly a year it was hacked, so according to security they claim to have, the exchange doesn't still guarantee the safety of users funds. In your best interest, it is better to look for exchanges with lower trading fees.
Pros
- I haven't encountered any positive aspect of this exchange
Cons
- CoinHako charges a very high fee for transaction
- Withdrawal fees are even higher than expected
- The exchange was hacked before
- The exchange doesn't put its acquired experience into practice
