As the popularity of cryptocurrencies grows, it’s important to choose a reliable and trustworthy trading platform. Coincheck is a renowned cryptocurrency exchange with a reputation for providing consumers with an amazing trading experience.
In this Coincheck review, we’ll cover the platform’s important aspects, including its history, reputation, and notable features that have helped it stand out in a crowded market. Whether you’re new to cryptocurrency or a seasoned trader, keep reading to find out what makes Coincheck one of the best choices for trading.
What Is Coincheck?
Coincheck is a cryptocurrency wallet and exchange service based in Tokyo, Japan. It was founded in 2012 by Koichiro Wada and Yusuke Otsuka. In 2018, Monex Group acquired Coincheck for 3.6 billion yen (about US$33.4 million).
Since its launch in August 2012, Coincheck has become a major player in the Japanese cryptocurrency market, with over 1.78 million verified user accounts. The platform is also a member of the Japan Blockchain Association (JBA) and is actively involved in helping to set standards for the Japanese Bitcoin community in collaboration with the government.
In addition, Coincheck has partnered with SEKAI to enable Chinese, Hong Kong, and Taiwan investors to purchase Japanese real estate with Bitcoin. This partnership demonstrates Coincheck’s commitment to expanding the use cases for cryptocurrency beyond just trading and investing.
Now, let’s see what else you should know about Coincheck. In the following sections, we’ll explore the process of opening an account on the platform, the security measures that Coincheck has in place to protect its users, and the various features and fees associated with trading on the exchange.
How to Open an Account at Coincheck?
Getting started with Coincheck is quick and easy. The platform provides a streamlined account registration process that can be completed in just a few steps. Here’s a breakdown of how to get started:
- Go to the official website: Visit www.coincheck.com and click on the “Create account” button in the top right corner of the page.
- Enter your email and password: Fill in your email address and create a strong password. Complete the captcha, and then click on “Create Account.”
- Verify your account: Check your email for a verification link from Coincheck. Click on the link to verify your Coincheck account.
- Complete your profile: Once your account is verified, complete your profile by providing your personal information, including your name and government-issued ID.
- Add funds to your account: With your account set up, you can now add funds using a bank transfer or credit/debit card.
- Start trading: You’re now ready to start trading cryptocurrencies on Coincheck!
Overall, the process of opening an account on Coincheck is straightforward and can be completed in just a few minutes. Coincheck takes security seriously, and users are required to complete a KYC/AML process to verify their identity. Once your account is set up, you’ll have access to a range of features and trading options on the platform.
Security: Is Coincheck Safe?
Coincheck takes security seriously and implements a range of measures to ensure smooth and reliable Bitcoin transactions for its users. Here’s a breakdown of Coincheck’s security features:
Coincheck completely separates company assets from customer assets to ensure that users’ assets are never used as company assets.
To protect users’ bitcoins, Coincheck supports two-step verification using SMS and Google Authenticator for iOS and Android. Two-factor authentication adds a layer of security and prevents unauthorized access to user accounts.
SSL Client Certificates:
Coincheck uses SSL (Secure Socket Layer) to protect user communications from third-party interception. To verify that the SSL certificate is in place, users can check for the key symbol next to the URL and the “https” protocol.
Coincheck recommends that users create strong passwords that include variations in capitalization, spelling, numbers, and punctuation. The passwords are hashed using bcrypt (Blowfish), a secure way of authentication. Additionally, Coincheck temporarily locks user accounts after multiple failed login attempts to prevent hacking.
Coincheck exchange takes identity verification seriously to prevent fraudulent activities. The platform uses SMS authentication and asks users to submit government-issued ID documents, such as a passport, residence card, special permanent resident certificate, driver’s license, or individual number card. If the user represents a corporation, Coincheck may require additional documents for verification.
Coincheck uses ID selfies as a modern way of online identity verification. Users need to submit a selfie holding their ID to complete the verification process.
Coincheck automatically logs out users who are inactive for a certain period of time to protect their accounts from unauthorized access.
As you can see, Coincheck has taken significant steps to ensure the safety of its users’ assets and information. The range of security features, including two-factor authentication, SSL client certificates, and identity verification, help to prevent fraudulent activities and make Coincheck a safe platform for Bitcoin trading.
However, it’s worth noting that Coincheck has had its fair share of controversies, most notably the Coincheck hack in January 2018, when the company lost over $530 million worth of NEM tokens. While the exchange has since implemented new security measures and compensated affected users, this event highlights the importance of caution and due diligence when using any cryptocurrency exchange.
What Are Coincheck Features?
Coincheck offers a range of features to meet the needs of cryptocurrency traders, investors, and enthusiasts. Some of its key features include:
- Coincheck IEO: Coincheck offers an Initial Exchange Offering (IEO) platform for projects to launch their tokens. The IEO platform ensures that only high-quality projects are listed on the exchange.
- Coincheck NFT: Coincheck offers a platform for trading non-fungible tokens (NFTs), which are unique digital assets that are verified on the blockchain.
- Coincheck Electric and Gas: Coincheck provides a unique service in Japan called “Coincheck Denki” (Coincheck Electric), which allows users to pay their electricity bills with Bitcoin. They also offer “Coincheck Gas,” allowing users to pay their gas bills with Bitcoin.
- Coincheck Mobile App: Coincheck has a mobile app that allows users to easily buy, sell, and store cryptocurrencies on the go. The app is available for both iOS and Android devices.
Thanks to these features, Coincheck caters to the needs of its users, whether they are looking to invest in new projects, trade NFTs, or simply pay their bills with Bitcoin. The platform’s commitment to innovation and convenience has helped it become a popular choice among crypto enthusiasts in Japan and beyond.
What Are Coincheck Fees?
If you’re considering using Coincheck to buy, sell, or trade cryptocurrencies, it’s important to understand the fees involved. Here’s a breakdown of the different fees you might encounter on the platform.
Trading fees at Coincheck are based on the maker-taker model. Maker fees are charged when you add liquidity to the order book by placing a limit order under the ticker price for buying and above the ticker price for selling. On the other hand, taker fees are charged when you remove liquidity from the order book by placing a market order.
To help you better understand Coincheck’s trading fees, here’s a chart of the maker and taker fees for each cryptocurrency:
|Cryptocurrency:||Maker Fee:||Taker Fee:|
Note that trading fees are subject to change at any time, so be sure to check Coincheck’s site for the latest fee structure.
Deposit and Withdrawal Fees
Coincheck offers various options for deposits and withdrawals, each with its own fee structure. Here’s how it looks:
|Bank transfer (JPY)||Free (Customers pay deposit fee)|
|Convenience Store Payment||~29,999 JPY: 770 JPY
30,000 – 300,000 JPY: 1,018 JPY
|Quick Deposit||~29,999 JPY: 770 JPY
30,000 – 499,999 JPY: 1,018 JPY
500,000 JPY and above: Amount deposited × 0.11％ + 495 JPY
When it comes to withdrawing, the fee for JPY withdrawals is 407 JPY, and here’s how it works for some of the most popular virtual currencies.
|Virtual Currency:||Withdrawal Fee:|
Coincheck Customer Support - Which Customer Support Options Does Coincheck Have?
Firstly, users can access the Coincheck Help Center, which provides answers to frequently asked questions about the platform, such as how to buy and sell cryptocurrencies, how to deposit and withdraw funds, and how to use the various features of the platform.
Secondly, users can contact Coincheck’s customer support team through email or phone. The email support team can be reached at [email protected], and the phone support team is available from Monday to Friday between 9 AM and 6 PM (excluding public holidays). The phone number for customer support can be found on the Coincheck website.
Finally, Coincheck provides users with access to its official social media accounts, including Twitter and Facebook. Users can follow these accounts to receive updates and news about the platform, as well as to reach out to the customer support team with any questions or concerns they may have.
Customer Reviews - What Do Customers Say About Coincheck?
Customer reviews can provide valuable insights into a company’s reputation and level of customer satisfaction. While there are various online platforms where customers can leave reviews, it’s important to note that not all reviews may be authentic or unbiased.
Based on a general search of online forums and social media platforms, some customers have expressed satisfaction with Coincheck’s services, particularly in terms of ease of use and the variety of cryptocurrencies available for trading. However, other customers have also reported issues with the platform, such as slow customer support response times and account freezes.
It’s important to keep in mind that individual experiences may vary, and it’s always a good idea to conduct thorough research before using crypto exchanges.
Final Thoughts: Is Coincheck Worth It?
After considering Coincheck’s various features, security measures, customer support, and user reviews, it’s clear that this exchange has a lot to offer to those looking to trade or invest in cryptocurrencies. With its user-friendly interface, convenient payment options, and a variety of supported coins, Coincheck can be a good choice for both beginners and experienced traders.
However, it’s important to keep in mind that there are still risks associated with crypto trading, and Coincheck is not immune to them. Additionally, some users have reported issues with the crypto platform in the past, so it’s crucial to do research and take necessary precautions when using any exchange.
Overall, if you are comfortable with the risks involved and looking for a reliable and easy-to-use cryptocurrency exchange, Coincheck may be worth considering.
Is Coincheck centralized?
Yes, Coincheck is a Japan-based centralized cryptocurrency exchange. This means that it operates as a third-party intermediary between buyers and sellers, and it’s responsible for managing users’ funds and executing trades on their behalf. Coincheck’s centralized structure allows for a more user-friendly experience and streamlined trading process, but it also means that users need to trust the exchange to handle their assets securely.
How do I deposit money into Coincheck?
To deposit money into Coincheck, you can use bank transfers, convenience store payments, and quick deposits.
Is Coincheck regulated?
Yes, Coincheck is regulated by the Japan Financial Services Agency (FSA) as a cryptocurrency exchange service provider.
Who is the owner of Coincheck?
As previously mentioned in our Coincheck review, Coincheck is owned by a Japanese company called Monex Group, Inc.