Coincheck is a cryptocurrency exchange founded in 2012. This exchange supports only Japanese Yen in fiat currencies, which is a bold limitation. However, it offers a decent investment option for traders looking earn passive income.
If you are interested in this exchange and willing to learn more about it in details, read this thorough Coincheck review.
Coincheck Company Information + Regulation
Based on the data on Crunchbase, Coincheck was founded in August 2012 by James Riney, Koichiro Wada, Masakazu Sasaki, and Yusuke Otsuka. The exchange has rapidly become one of Japan's leading cryptocurrency exchanges.
The company's journey hasn't been without challenges, but its resilience and commitment to improvement have solidified its position in the domestic market.
Key points about Coincheck's company information and regulation:
- Headquarters: Tokyo, Japan
- Parent Company: Monex Group
Summary of Key Features
In this section, we will take a look at a table including the main specifics of the company. Coincheck's Specifications:
Exchange | Coincheck |
Launch Date | 2012 |
Levels | N/A |
Trading Fees | 0-0.1% |
Restricted Countries | United States, Canada, Germany, France, Netherlands, etc. |
Supported Coins | BTC, ETH, SHIB, LTC, etc. |
Futures Trading | No |
Minimum Deposit | 10 USDT |
Deposit Methods | Crypto, Bank Transfer |
Withdrawal Methods | Crypto, Bank Transfer |
Maximum Leverage | N/A |
Minimum Trade Amount | 500 JPY |
Security Factors | 2FA, Cold Storage |
Services | Lending, Denki, Coincheck Gas |
Customer Support Ways | Phone Call, Email Address, Ticket |
Customer Support Hours | Not Specified |
Fiat Deposit | JPY |
Affiliate Program | No |
Orders Execution | Not Specified |
Native Token | N/A |
User Leveling System on Coincheck
Based on the investigations made on the website and the available resources, the mentioned exchange does not work on a user leveling structure.
Fees and Commissions; How Much Does Trading Cost on Coincheck?
Fees are so important when it comes to trading; they can make a huge difference in the final output of the order. Coincheck's Commissions:
Spot Trading | 0-0.1% |
Deposits (Crypto) | Free |
Deposits (JPY) | Free |
Withdrawals | Varies |
The company does not offer a tier system for commissions, which is a bold drawback. Always check the current fee schedule on Coincheck's website for the most up-to-date information.
List of Coins and Tokens
Coincheck offers a limited range of cryptocurrencies for trading. However, the selection covers several popular options. Coincheck Assets List:
- Bitcoin [BTC]
- Ethereum [ETH]
- Ripple [XRP]
- Bitcoin Cash [BCH]
- Litecoin [LTC]
- Shiba Inu [SHIB]
- Apecoin [APE]
- Polygon [MATIC]
Additionally, Coincheck regularly evaluates new cryptocurrencies for potential listing, expanding its offerings to meet market demands and trends.
Does The Exchange Offer Futures and Margin Trading?
Based on our investigations on the website, Coincheck used to offer margin trading, allowing users to amplify their potential profits (and risks) by trading with borrowed funds. However, the situation has changed, and the exchange has stopped offering such service.
The exchange does not offer a futures trading option either.
Registration and Verification on Coincheck Exchange: Step-by-Step Tutorial
Getting started with the mentioned exchange is a straightforward process. Here's a step-by-step guide to help you navigate the registration process:
- Visit the Coincheck website and click on "Register";
- Enter your email address and create a strong password;
- Verify your email address by clicking the link received in your inbox;
Now, your account is created. For verification, Click on "Verify Account" to begin the KYC process. You will be required to:
- Enter and verify your phone number;
- Provide personal information (name, address, date of birth, etc.);
- Upload a clear photo of a valid government-issued ID (passport, driver's license, etc.);
- Take a selfie holding your ID and a piece of paper with "Coincheck" and the current date written on it.
After passing these phases, wait for your account to be verified by the company.
Security & Safety Evaluation
Security is paramount in the crypto world, and Coincheck has tried to take serious measures in this regard. Here's an overview of the exchange's current security practices:
- Cold Storage: User funds are stored in offline, cold wallets;
- Two-Factor Authentication (2FA): Mandatory for all accounts during login;
- SSL Encryption: All data transmissions are encrypted;
- Confirmed System Security: Security confirmed with multiple safety firms from across the globe.
Keep in mind that no exchange is 100% secure, and you should always have the necessary level of caution.
What Payment Methods are Used with Coincheck?
The exchange takes a normal approach to the deposit and withdrawal options. Actually, it offers a short list of methods:
- Bank Transfer: The most common method for JPY deposits and withdrawals
- Cryptocurrency Deposits: Direct transfers from external wallets
The company could also provide credit/debit card payments, or the support for e-wallets such as PayPal, Neteller, etc. to perform better in this regard.
Trust Scores and Reviews
Most companies have a page on certain websites such as Trustpilot showing an evaluation or a trust score. That rating could help us have a good overview of the company's situation. Coincheck Trust Scores:
- Trustpilot: 1.8/5 stars (based on more than 15 user reviews)
- io: 2.8 out of 5 (with over 10 ratings)
- CoinGecko: 5/10, evaluated by the website
Overall, this crypto exchange hasn't been able to achieve a good enough score on trust websites. Also, the number of scores are too low. This could be because its services are limited for clients from outside of Japan.
Support Contact Methods and Working Schedule
Coincheck offers several support channels to assist users. However, we couldn't find a live chat button anywhere in the official website. Contact Methods:
- Email: info@coincheck.com
- Phone Call: 00810570026200
- Ticket: Submit on the website
Also, the website has a "Help Center" section covering the answers to the most frequently asked questions related to the exchange's services, platforms, etc.
Another drawback regarding this company's support is it does not state any working hours for answering users' questions.
Writer's opinion and conclusion
Coincheck is a Japanese cryptocurrency exchange with decent features including lending service and Trade View proprietary platform. However, it lacks many advanced services, such as future trading.
Besides, this exchange offers limited services to the clients from the outside of Japan, and it's restricted for most western countries.
Therefore, we suggest you to register on Coincheck, only if you live in Japan, or really need the company's services. Otherwise, there are better options among competitors.
