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.
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
- 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
- No live chat or phone support
- Complex KYC process for UAE investors
- Has been hacked
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.
Is Coincheck safe?
Can I open a Coincheck account if I am not Japanese?
How can I fund my Coincheck account?
How does Coincheck make money if there are no trading fees?
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