DIYQuant trying out Cryptocurrency Dogecoin on Coinhako

I have always been curious about what cryptocurrency and blockchain technology is all about. I should have done this long ago but due to my busy schedule and my focus on quantitative trading system, it is not until recently that I started to check out on cryptocurrencies. The first thing to do is to learn about the technology behind it. I won't dwell too much into the technical aspect here but there are lots of articles in the internet that talk about it. Here are some references below.

• Blockchain Explained.
• What is Bitcoin.
• Bitcoin vs Dogecoin: What's the difference?

I spent a couple of hours to get a high-level understanding about how the technology works. The idea of decentralized currency sounds novel and cool. At this point, I have already filtered out 2 cryptos that I would like to try out, Bitcoin and Dogecoin. Note that there is no quantitative analysis involved here as there is not enough historical data for me to play with. This is purely for fun. You can even say it is FOMO. Bitcoin seems attractive because there is only a limited supply. Dogecoin have no such limit but the Shiba Inu looks cute and Elon Musk and some other celebrates appear to back the cryptocurrency (definitely FOMO!). Actually, I am more in favour of Dogecoin as it is currently quite cheap.

Next, I am looking for a platform where I can trade these cryptocurrencies. I researched on a few platforms. In the end I was deciding between Binance and Coinhako. The thing with Binance is that it is difficult to fund the account. I need to do an overseas fund transfer which may take several days. I tired using a credit card but it complained that the card is not issued in its list of approved countries. Then I found out that Binance has another local presence in Singapore called Binance.sg which is backed by the venture capital arm of Temasek Holdings. Unfortunately, it does not allow Dogecoin trading. One way is to buy bitcoin in Binance.sg, transfer the bitcoin to Binance and buy Dogecoin using the Bitcoin you transferred. This is quite a hassle for crypto super newbie like me. However, the trading fee is much lower as compared to Coinhako but for my case, I don't think I'll be doing heavy trading in crypto like what I am doing for stocks. 

So in the end I decided to try out Coinhako which seems more straightforward. Coinhako allows to trade crypto in SGD. It is also easier to transfer fund to it as it accepts internet fast transfer from my local bank account. I created an account with Coinhako. It was quite hassle free and my account got validated within a few hours. Then I began transferring some funds to it. It was stated in the website that they will process the fund everyday at 4pm. So I did a Fast transfer at around 330pm on a Sunday. True enough, I got my fund in the account around 5pm! That was fast! 

The UI looks simple and user friendly. I can see all the coins' prices in SGD. The spread seems wide so it is not very feasible for frequent trading. It seems there is no way to set limit order like what is available in stock trading. Finally, I bought my first Dogecoin in my life. It took about half a day starting from researching about crypto up to the point I bought my first crypto on Coinhako. 

By the way, I will also get some reward points if I check-in daily to the platform which can be exchanged for transaction fee discount or crypto coins. 

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This is my first attempt in buying cryptocurrency. I don't think I will be giving it much attention until it goes to the Moon (or crash back to Earth). Next thing I would probably be doing is to look at crypto cold wallet. Oh by the way, at this point of writing, there seems to be some hype about another crypto currency called SafeMoon. I have no idea what it is now but perhaps I should look into it too.

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