Coinhako is committed to providing our customers with the best levels of service and we take your feedback and concerns very seriously.
We also believe in being accountable and transparent with our customers, and hope you will allow us to offer you greater clarity on the recent platform outages.
1. Why were there platform outages during high market volatility?
Firstly, we would also like to clarify that the platform outages were not a result of internal server issues.
As with the vast majority of tech companies out there today, the Coinhako platform is built on a third-party cloud service provider – this is definitely the most secure, efficient and effective solution to running a high functioning online business till date.
When market prices for cryptocurrencies swung drastically during the month of February 2021, our cloud service provider encountered errors in their infrastructure. These errors cut access to data stored on the cloud, and many of our users were not able to load the Coinhako mobile app and web as a result.
2. What has been done to resolve the issue?
While causes were external, we recognize that this is no excuse as a key player in the market for access to digital assets.
The team has worked closely with our cloud provider over the past few weeks to diagnose the root cause of the problem and work a solution around this. We firmly believe that such occurrences will be minimized, and hopefully prevented 100%, going forward.
As your data security is a priority to us, we will not be able to share further details on the measures we have taken to improve our platform’s functionality during volatile market conditions.
3. Will there be another platform outage if the market swings?
As mentioned above, we firmly believe that such occurrences will be minimized, and hopefully prevented 100%, going forward.
However, we cannot fully guarantee that outages will not happen if current market conditions prevail. Cryptocurrencies and blockchain are relatively new technologies and there is still much to be learnt.
While the crypto community is working to improve the efficiency of the market, outages could still come as a result of issues on the blockchains – This is why you might see multiple platforms across the world facing access issues concurrently when the market is faced with high volatility.
4. Is Coinhako facing any issues?
Coinhako is still fully operational and we are incredibly humbled by the number of users that have made us their platform of choice for accessing digital assets these last few months; We are looking at more than 100% month on month growth in our total number of registered users since the start of 2021.
We understand that the service downtimes and delays in certain processes may have disrupted the trading experience of some of our users, and we sincerely apologise for the inconvenience caused.
Please be assured that the team is working as quickly as possible to scale our services to better serve you and resolve any outstanding issues.
5. Is there anything users can do?
Yes, most definitely.
As a company, our core mission has always been to provide access to digital assets for the markets we serve.
Nevertheless, we recognise that many users would like to take advantage of the price swings in the market and trade cryptocurrencies during these periods .
Here are some tips to ensure that you do not miss any market action:
- Ensure that there is a balance in your account at all times.
- If you anticipate a buying opportunity soon, plan to deposit funds into your account beforehand.
- Another alternative would be to take advantage of card payments which allows for instant trading with the SGD.
Read this article for more information on how you can maximize your utility on Coinhako.
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All opinions expressed here by Coinhako.com are intended for educational purposes, taken from the research and experiences of the writers of the platform, and should not be taken as investment or financial advice.