Coincheck Review 2024

Coincheck

Coincheck is a leading cryptocurrency exchange and trading platform. They support 2 coins across 3 markets.

Coincheck

In this review, we'll cover everything you need to know before signing up. All the main features, pros and cons, included.

Summary

Pros

  • User-friendly interface suitable for both beginners and experienced traders
  • Supports a variety of cryptocurrencies, including Bitcoin, Ethereum, Ripple, and more
  • No trading fees for spot transactions
  • Offers additional services such as NFT marketplace and payment of utility bills with Bitcoin
  • Robust security features including two-factor authentication, SSL encryption, and cold storage of funds
  • Mobile app available for managing crypto assets on the go
  • Licensed and regulated by the Japanese government and the Japan Blockchain Association (JBA)
  • Provides an Initial Exchange Offering (IEO) platform for new token launches
  • Offers staking services and interest-earning options on digital assets

Cons

  • Limited support for fiat currencies, primarily supporting Japanese Yen (JPY)
  • History of a significant security breach in 2018, resulting in the theft of $530 million in NEM tokens
  • Customer support has received mixed reviews regarding responsiveness and effectiveness
  • Not suitable for international users due to its focus on the Japanese market
  • Limited number of cryptocurrencies available compared to other major exchanges
  • Margin trading is not available since 2020

Features

Spot Trading

Coincheck allows you to trade, buy, and sell, crypto on spot markets. Meaning you're trading the real thing. You can deposit and withdraw this crypto.

Launchpad

Coincheck has a launchpad for new, exciting tokens. Often low marketcap tokens that are yet to blossom into maturity.

Money

Fees

Like all centralized exchanges, Coincheck charges fees. This is how they generate revenue, and keep their operation running.

  • Deposit fees. Fortunately, most centralized exchanges don't charge deposit fees when you deposit with crypto. Though, they charge for fiat deposits, which vary dependant on the payment processor and fiat option that you're using.
  • Withdrawal fees. Coincheck charges withdrawal fees. They vary based on what you are withdrawing and the payment method that you're using. Crypto withdrawals will also incur network transaction fees, they are not paid for by Coincheck.
  • Coincheck's maker fees: 0.1%*
  • Coincheck's Taker fees: 0.1%*

Maker/taker fees are tiered. As you trade more and generate volume, they often fall.

Payment Methods

Coincheck supports 2 payment method(s). You can use the following the deposit/withdraw to/from the exchange.

  • Credit/Debit Card
  • Bank Transfer

Be aware that they may be withdrawal/deposit limits imposed, and the payment methods may also vary based on your location.

Coincheck supports 1 fiat currencies.

Security

Keeping your funds safe

Coincheck offers 2 additional layer(s) of security. Aside from the obvious -- email and password.

  • 2FA
  • SMS

KYC

Coincheck requires KYC to use their services. KYC usually involves sharing your personal details, some form of ID, a mobile phone number, and in some cases, proof of address.