Cryptocurrencies are all the rage in the investment world, and their potential returns have drawn in millions of people. Traders generally seek a digital asset marketplace that allows them to buy and sell cryptocurrencies and NFTs and store them securely in an online wallet. 

In this CoinCheck Review article, we’ll unpack and take a deep dive into a Japan-based platform and see what makes it stand out from other similar platforms. We’ll take a look at the following aspects:

  • Overview
  • CoinCheck Best Features
  • Supported Coins
  • Fees
  • Funding and Limits
  • Security
  • Customer Support

Overview

Platform Websitehttps://coincheck.com/
Exchange NameCoinCheck
FounderKoichiro Wada and Yusuke Otsuka
Year Founded2012
OwnerMonex Group
HeadquartersTokyo, Japan
Supported CountriesCoincheck is available and accepted worldwide
Payment MethodCredit Card
Bank Transfer
Cryptocurrency
FeesYes
Fees for Token Marketplace Transactions
Fees for NFT Marketplace Transactions
ApplicationAndroid and iOS 
PlatformCryptocurrency and NFT Marketplace

CoinCheck is a Japanese cryptocurrency exchange and one of the largest in the world.

What makes this platform used by over 1.62 million verified users in many countries worldwide? Let’s find out in this CoinCheck exchange review.

What Is Coincheck

What is Coincheck?

Coincheck is a Japanese cryptocurrency exchange that offers spot trading in a variety of digital assets, including Bitcoin, Ethereum, and XRP. The platform also allows users to buy and sell NFTs

This centralized exchange’s (CEX) main selling point for many users is its user-friendly interface. The exchange has a simple and easy-to-use platform that is perfect for beginners. In addition, CoinCheck charges reasonable fees compared to other exchanges. 

One thing to note is that CoinCheck USA was only available once the Monex group acquired it. Now, it’s utilized as the trademark name of a numismatic supply company in the US. The platform used not to allow US customers to trade on its platform, which is highly likely due to regulatory reasons.

Pros

  • Easy to learn and use User Interface (UI)
  • Allows payment using bank transfers and bank cards
  • Token and NFT Marketplace in one platform
  • Availability of Mobile App
  • Excellent trading platform for experienced traders
  • Japan-based users can pay gas and electric bills using the app

Cons

  • Doesn’t offer Live Chat customer support
  • Only supports Japanese Yen fiat currency
  • Only supports 17 well-known cryptocurrencies
  • Untranslated or poorly translated content
  • Complicated regulatory processes for non-Japanese users

Volume and Liquidity

Being among the leading cryptocurrency exchanges in terms of traffic, liquidity, and trading volumes makes CoinCheck one of a kind. In fact, it is Japan’s most popular bitcoin exchange. Founded in 2014, Coincheck is a centralized cryptocurrency exchange based in Japan. Their most popular market (trading pair) is BTC/JPY. 

Out of 886 exchanges, they rank #47 in terms of transparency and volume. They have one coin and one trading pair available at the moment. The exchange has had a total volume of $68,259,375.19 in the last 24 hours.

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CoinCheck Best Features

The CoinCheck exchange offers spot trading for a variety of digital assets, including Bitcoin and Ethereum, against the Japanese yen. In this CoinCheck exchange review, we’ll look into some of its key features.

Coincheck Exchange

Lending 

With CoinCheck’s lending tool, customers can lend a percentage of their crypto assets to the exchange for a predetermined period, earning up to 5% interest yearly. You can use the service as long as your coin is in your wallet.

Coincheck Lending

In order to activate the program, you must first apply to CoinCheck, who will then review your application based on the amount you offered and the deposit time before deciding whether or not to activate it.

Reserving

It has been proven that Dollar-cost Averaging is one of the best strategies to minimize volatility risk over time. Coincheck allows customers to buy cryptocurrency in fixed amounts at regular intervals. 

There are two plans under the Coincheck Reserve programs. You can choose either a daily or a monthly plan. The money is automatically deducted from your bank account when the payment is due.

Quick crypto buy and sell

You can easily buy and sell cryptocurrencies with CoinCheck accounts that have been properly validated. For this, you have two options: one for buying crypto coins and one for selling crypto coins. You may acquire bitcoin on the Coincheck platform for as little as 500 JPY and then sell it.

Purchasing cryptocurrency does not have to entangle you in intricate charts. Simply select your coin, pay with fiat cash, or exchange it for another cryptocurrency in your account.

Advanced trading system

Coincheck offers an intuitive trading mechanism that everyone may utilize, especially for experienced traders. With the help of their Tradeview platform, you can place buy and sell orders whenever needed. 

An array of features is available for you to use, allowing you to modify charts, add indicators, customize candles and lines, integrate patterns, and many other things. You can even personalize the timestamp for a holistic market overview.

NFT market

Coincheck is one of the few cryptocurrency exchanges with a Non-Fungible Token market, which allows users to purchase and sell NFTs at market prices. The Coincheck NFT market is still in its infancy. However, users are still able to explore and buy a variety of NFTs on the website.

Staking

Staking resembles the lending feature of this exchange platform quite a bit. For this reason, you are also investing in cryptocurrency and becoming more interested in it. However, you are lending your currency to the protocol team behind the coin, which may or may not increase the interest rate.

Initial Exchange Offering (IEO)

An initial exchange offer is essentially a token sale initiated and monitored directly by a cryptocurrency exchange. Since several ICOs (Initial Coin Offerings) turned out to be fronts for crypto fraudsters, they have become the most credible way to launch new cryptocurrencies. Coincheck’s Initial Exchange Offering was used to launch Palette, a cryptocurrency that combines anime, manga, sports, and music.

Over the Counter (OTC)

A seller and a buyer can conduct a private transaction using the OTC feature. They can use this to exchange a coin at a specified quotation price, which may or may not be the same as the exchange’s price. 

When an order is made, the trader makes every effort to deliver the assets following the predetermined conditions. Many significant organizations use it to acquire large amounts of cryptocurrency easily.

Supported Coins

As stated earlier in this Coincheck review, the platform has 17 supported coins. The following are:

  • BTC
  • ETH
  • ETC
  • LSK
  • XRP
  • XEM
  • LTC
  • BCH
  • MONA
  • XLM
  • QTUM
  • BAT
  • IOST
  • ENJ
  • OMG
  • SAND
  • DOT
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Fees

CoinCheck is a popular cryptocurrency and NFT marketplace that allows users to buy, sell, and trade a variety of digital assets. The platform charges corresponding fees for each transaction, which is used to cover the costs of maintaining the marketplace and ensuring the security of users’ funds. 

Cryptocurrency Exchange Fees

NOTE: Fiat currency transactions only accept Japanese Yen (JPY)

Deposit and Withdrawal Fees

Bank Transfer (JPY)Free
Convenience Store PaymentThe fee will be taken automatically from your deposit 
Quick DepositThe fee will be taken automatically from your deposit 
JPY Withdrawal407 JPY

Other types of Fees

Normal DepositFree
Virtual Currency TransfersDepends on the token
Remittance Handling FeesFree between Coincheck Users; 
Varies for CoinCheck to non-CoinCheck transactions

NFT Marketplace Fees

Deposit FeeFree
Listing FeeFree
Sales Fee10% of selling price
Withdrawal Fee0.01 ETH for Ethereum NFT;
Free for Polygon NFT

Funding & Limits

CoinCheck has established a name for itself after its launching over a decade ago. The company has been through some tough times, including a hack in 2018 that saw over $500 million worth of NEM tokens stolen. However, it has since rebuilt itself and is now one of the most popular exchanges in Japan.

CoinCheck was thought to have eased trading and withdrawal limits and begun refunding consumers following the digital money robbery. Additionally, the platform has received $1.1 million in funding over four rounds. Its major investors include World Innovation Lab (WiL) and Ceres.

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Security

As cryptocurrency and blockchain technology becomes more mainstream, secure and reliable exchanges are more important than ever. With so many options on the market, it can take time to decide which one to choose. 

It’s important to note that CoinCheck is a centralized exchange, which means it is run by a company (or a group of companies) that is accountable for its client’s assets. Large exchanges, such as CoinCheck, typically house billions of dollars in bitcoin, making them an attractive prospect for hackers and theft. 

According to the Financial Services Agency of Japan, CoinCheck lacks adequate processes to combat money laundering and terrorism funding. After that, the exchange was asked to provide a report on how it could improve.

Concerns about bitcoin exchange security and the country’s exchange regulation structure were raised following the event in Japan and internationally. Japan’s financial authority penalized CoinCheck and six other exchanges to address this concern, directing them to improve risk management and prevent illicit digital money usage.

Like many centralized or decentralized exchanges today, it uses 2-factor authentication (2FA) to protect user accounts. 2FA adds an extra layer of security by requiring users to confirm their identity with a code sent to their mobile device or email address before they can log in or make trades. CoinCheck is also believed to have employed “white hat” hackers to test its security measures on a regular basis.

Customer Support

Coincheck, like other cryptocurrency exchanges, offers help in the form of a ‘Help Centre’ with FAQs and an email-based ticketing mechanism for any concerns not addressed by the provided material. The FAQs are available in Japanese, English, Chinese, and Indonesian, and support agents can respond to tickets. Unfortunately, there is no live chat for questions that aren’t answered in the FAQs.

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Final Verdict

Coincheck is an intuitive platform that offers a wide range of features, including a user-friendly interface. While it has a lot to offer, the exchange mainly benefits Japan-based users. However, if you’re anywhere outside Japan, you should think about it first.

FAQs

Is Coincheck legItimate?

Coincheck is a legitimate and secure bet in terms of firm ownership and reputation. Note that Japan’s licensing rules for cryptocurrency exchanges are strict, requiring the exchange to be examined both financially and for cybersecurity.

Does Coincheck require KYC?

Yes, KYC is a requirement in CoinCheck. They are one of the many crypto exchanges around the world that have enacted KYC (Know Your Customer) requirements to combat fraud and money laundering.

Where is Coincheck located?

This company is based in Japan. CoinCheck’s headquarters is located in Tokyo, and As one of the country’s major multi-cryptocurrency exchanges and marketplaces, it is regulated by the Financial Services Agency (FSA).

Can you use Coincheck in the USA?

Coincheck does allow foreign account holders. For this, non-Japanese account holders must provide a copy of their passports and proof of residency, and the verification process takes a bit longer, but there are no limits.

Has Coincheck Been hacked?

Yes, it was hacked in 2018. This incident has led the platform to improve its security to protect its users’ assets.

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