Coincheck | Business24-7

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Written by Stefan Grasic Edited by Giles Thomas Fact Checked by Tomislav Turcin

7 March 2023

3 March 2023

Page Summary

Coincheck is a cryptocurrency exchange founded in 2017 that offers spot market cryptocurrency trading. Users can trade over 100 different cryptocurrencies without trading fees. Coincheck has KYC procedures in place, but it’s not mandatory to undergo these to start trading with them.

About Coincheck

Coincheck inc. is based in Japan and Keisuke Wada and Yusuke Otsuka manage it together. It is a member of the Japan Blockchain Association and SEKAI, a company that helps Chinese, Hong Kong, and Taiwanese investors to buy Japanese real estate with bitcoin. They also provide a service for merchants to accept bitcoin as payment, which has over 2,200 users. Coincheck has been hacked once for about $530 million in NEM tokens.

Coincheck Trading Platform

Coincheck’s trading platform features charts that show cryptocurrency prices in real-time, the order book, and current trade sentiments. It is suitable for both beginner and experienced traders because of its intuitive design. The trading platform is also available as an app on Android and iOS devices.

Coincheck Deposits and Withdrawals

You can deposit and withdraw both cryptocurrency and fiat money with Coincheck. Users can buy cryptocurrency by bank wire transfer, debit, and credit cards, which costs a flat fee of $25. Coincheck charges $25 for withdrawing fiat money as well. All prices on Coincheck are denominated in Japanese Yen. There are no trading fees on Coincheck, which is unique among cryptocurrency exchanges and might change in the future.

Coincheck Privacy and Security

Coincheck is a secure cryptocurrency exchange that is protected with SSL encryption and that stores clients’ funds on cold wallets. Users have the option to set up 2-factor authentication to protect their accounts from hacks. There are two types of accounts on Coincheck. For one of the account types, users need to verify their identity by uploading a passport or other form of government-issued ID and proof of address. Users can deposit $500 and withdraw up to $300 a day without going through KYC at Coincheck.

Coincheck Customer Support

The Coincheck customer is available through an email-based ticketing system. Their support staff can respond in Japanese, English, Chinese, and Indonesian. There is also a network of FAQ pages on the Coincheck website where you can find answers to your questions.

Coincheck Pros and Cons

Pros

Easy to use trading platform
Option to buy crypto with a credit card and bank wire transfer
Offers a trading app
JPY and USD supported
No trading fees
Good Reputation
Wide range of tradable cryptocurrencies

Cons

No live chat or phone support
Complex KYC process for UAE investors
Has been hacked

UAE Investors

Coincheck accepts traders and investors from the United Arab Emirates. It is possible to trade and buy crypto with them without going through a KYC process, but doing so will increase your limits. The KYC process for non-Japanse users is tedious.

Coincheck Review – Our Verdict

Coincheck offers an easy-to-use trading platform for both beginner and experienced cryptocurrency traders. This trading platform exists in app form and users can buy crypto with a credit card and by bank wire transfer. The KYC process for traders and investors from the United Arab Emirates is complex. The most unique thing about Coincheck is that they offer commission-free trading. We recommend signing up with Coincheck.

FAQ

Is Coincheck safe?

Coincheck is safe to use and has multiple licenses to offer cryptocurrency trading to clients. They have been hacked once but have increased their security measurements ever since.

Can I open a Coincheck account if I am not Japanese?

Yes, but you will have to go through a KYC process.

How can I fund my Coincheck account?

By depositing either cryptocurrencies or by debit/credit card or bank transfer.

How does Coincheck make money if there are no trading fees?

By charging higher deposit and withdrawal fees than other cryptocurrency exchanges.

Disclaimer

Stefan Grasic

Stefan Grasic (Dipl.-Jur) is the owner of Business24-7 and has considerable experience in the financial and investment niche, but also enjoys writing articles for the general readership. Stefan is an active stock, CFD, crypto and general investment researcher, advising blockchain companies such as Blockbird, GoCrypto, Hive Terminal at their start up level. Stefan began trading in 2010 as a college student. Money was tight,…