Coincheck exchange was born a long time ago and also has a certain popularity. If you are new to the cryptocurrency market and are confused between many exchanges, then Coincheck is an option worth your reference. In this article, let’s find out What is Coincheck & how to use Coincheck!
What is Coincheck?
Coincheck is a Japanese bitcoin wallet and centralized exchange service headquartered in Tokyo, Japan, founded by Koichiro Wada and Yusuke Otsuka. It operates exchanges between bitcoin, ether and fiat currencies in Japan, and bitcoin transactions and storage in some countries. It offers a wide range of crypto pairs for trading, including BTC/USDT, ETH/USDT and so on. Trading volume is $49,726,045 in the last 24H.
Company Overview
In April 2018, Coincheck was acquired by Monex Group for 3.6 billion yen.
Coincheck 2016 has been the trademark name of a numismatic supply company located and trademark registered in the United States since 2016. Coincheck started in August 2014 and is operated by Coincheck, inc. (previously ResuPress, inc) (founded in 2012). There were then more than 2,200 merchants using their bitcoin payment solution, just in Japan. Coincheck is a member of JBA (Japan Blockchain Association) and is actively helping to build the Japanese bitcoin community’s usage standards with the government.
Coincheck partnered with SEKAI to support Chinese, Hong Kong, and Taiwan investors to buy Japanese real estate with bitcoin.
Read more: https://en.wikipedia.org/wiki/Coincheck
Pros Explained
- User-friendly platform
- Wide range of digital assets available for trading
- Low trading fees
- Digital wallet service is secure and convenient
- Accepting credit card payments
- JPY and USD supported
- Fee-free trading period
- Numerous major cryptocurrencies are supported.
Cons Explained
- Limited customer support
- Some user reports of account suspensions
Reviewing of Coincheck
Coincheck is a leading cryptocurrency exchange that offers Bitcoin and other popular cryptocurrencies with zero transaction fees. Founded in 2014 and headquartered in Japan, Coincheck allows users to buy, trade and sell 17 cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Ripple (XRP). ). Additionally, Coincheck also offers OTC trading for larger purchases, as well as a new NFT marketplace for buying, selling, and minting NFTs.
Coincheck is designed for both beginners and active traders, with a simple order form for basic trading and TradingView charts for more advanced trading strategies. Coincheck only accepts the fiat currency Japanese Yen (JPY), but cryptocurrencies can also be deposited into the platform for trading. Most nations in the world have access to it, but due to legal restrictions, US citizens cannot.
Coincheck provides a number of noteworthy features, including:
- By trading volume, it is the largest Bitcoin exchange in Japan.
- With no transaction costs (only spreads apply).
- Comply with strict regulatory requirements set by the Financial Services Agency of Japan (FSA) and audited by the Japan Blockchain Association.
- The minimum purchase amount is as low as 500 JPY.
- A cryptocurrency loan platform that offers consumers 5% annual percent yield (APY).
- There are cold wallets to be able to store assets.
- NFT Market.
- An OTC trading desk for larger cryptocurrency trades.
Products and Services
The company offers trading in a variety of digital assets including Bitcoin, Ethereum, NEM, and Ripple. Coincheck also has its own wallet service and a mobile app. The company has been in operation since 2014 and is headquartered in Tokyo. The company offers a mobile app for Android and iOS devices, as well as a web-based platform. Coincheck also provides a wallet service for storing cryptocurrencies.
Customers can buy, sell, and store bitcoins through the service. The company also offers merchant services, allowing businesses to accept bitcoin payments.
Spot Trading
Spot trading means you are buying Bitcoin or other cryptocurrencies with your own money. You don’t need to use leverage. It’s safe because you will not lose more money than what you invested.
Coincheck’s spot trading is easy to use for beginners. To start trading, you just need to sign up for an account and deposit Japanese Yen. You can buy Bitcoin or other cryptocurrencies with Japanese Yen.
Futures Trading
Coincheck, the Japanese cryptocurrency exchange, announced the trading of Bitcoin futures on March 26. The startup will offer both cash-settled and physical delivery futures contracts to its clients. The company will support 20x leverage in trading.
To access the futures trading platform, users need to deposit at least 0.02 BTC. Coincheck also noted that users will have to deposit an additional margin of 10% for trading. The exchange has become the first in Japan to offer such a trading product.
The announcement stated that the firm would launch a new platform called the “Coincheck Futures,” where users can leverage their assets. The company has already been providing spot trading services and is now expanding its offerings to cover derivatives as well.
Coincheck will start accepting deposits from March 26, at 15:00 JST. The trading will commence from March 27, at 00:00 JST.
Margin Trading
Margin trading means you use leverage. You can buy Bitcoin or other cryptocurrencies with 2 times, 3 times, 5 times, 10 times or 20 times leverage. You can make a profit if the price goes up. But you will lose money if the price goes down.
Tokenized Stocks
In September 2020, Coincheck relaunched its cryptocurrency exchange with a new platform that supports tokenized stocks.
This means that users can now trade fractions of shares of companies like Tesla and Apple on the exchange. The launch of tokenized stocks was made possible by a partnership between Coincheck and Securitize, a digital securities platform.
This is a big move for Coincheck, as it now allows Japanese investors to trade US stocks without having to open a foreign brokerage account. It also opens up the possibility for other types of securities to be tokenized and traded on the platform in the future.
Leveraged Tokens
Coincheck maintains a page of leveraged tokens, with leverage ratios of 2.5x to 4x. Coincheck has one of the largest market capitalizations for leveraged tokens in Japan, and the company’s website is available in Japanese and English.
Coincheck’s leveraged tokens are traded on the “Margin Trading Platform” section of its website. Coincheck’s platform charges users a 0.10% commission. Coincheck also offers margin trading on some of its other altcoins, but users must first purchase the coin through its main exchange.
Leveraged Tokens of SBI VC Trade
SBI VC Trade is an online cryptocurrency exchange based in Tokyo. The company has a market capitalization of $2.8 billion and is the 14th largest cryptocurrency exchange in Japan. SBI VC Trade offers leverage ratios of 2x and 3x.
SBI VC Trade also allows users to trade margin on some of its other altcoins, but users must first purchase the coin through its main exchange. SBI VC Trade’s platform charges users a 0.075% commission.
Volatility
As one of the oldest cryptocurrency exchanges, Coincheck is one of the most stable platforms in the industry. However, the platform was hacked in 2018, which resulted in a loss of $534 million worth of NEM tokens.
This hack caused a lot of controversy and resulted in stricter regulations from the Japanese Financial Services Agency (FSA). The FSA slapped Coincheck with a business improvement order and the platform has been working to improve its security since then.
Staking
Coincheck has been accepting staking since August 2019. The amount of interest depends on the cryptocurrency. Coincheck offers staking services for a number of different cryptocurrencies, including Ethereum, Ripple, and Cardano.
Staking rewards are paid out daily in the form of the respective cryptocurrency. In order to start staking, simply deposit the desired amount of cryptocurrency into your Coincheck wallet and select the “Stake” option. You can then choose the amount of time you would like to stake for, and your rewards will be paid out accordingly.
For example, if you stake 1 ETH, you might receive 0.1 ETH as a reward after a certain period of time. In order to participate in staking, you will need to have a digital wallet that supports staking.
Lending
In May 2019, Coincheck launched a crypto lending service with annual interest rates of up to 5%. The service is available to Japanese residents only.
Further, there is a service that allows you to lend coins on Coincheck that calculates interest on a daily basis. The advantage of this coin lending service is that the coins can be lent at any time and they can be returned at any time. The interest rate depends on the market conditions, but it is around 0.04% per day.
Digital wallet options and security
Digital wallet options
There are three types of digital wallets offered by Coincheck, which are as follows:
- Online Wallet: Customers can create an online wallet on the Coincheck website and use it to store, buy, and sell cryptocurrencies. The online wallet is free to use and is considered to be one of the most secure wallets.
- Desktop Wallet: Customers can download the desktop wallet application on their computer and use it to store cryptocurrencies. The desktop wallet is available for Windows, Mac, and Linux operating systems.
- Mobile Wallet: Customers can download the mobile wallet application on their smartphone and use it to store cryptocurrencies. The mobile wallet is available for Android and iOS operating systems.
Security
Coincheck takes security very seriously and employs a number of different security measures to protect user funds. Firstly, all user passwords are encrypted and stored offline. Secondly, 2-factor authentication is available for all accounts. This means that in order to log in, users must provide both their password and a code that is sent to their mobile phone.
In addition, Coincheck uses a “hot/cold” wallet system to store user funds. This means that the vast majority of user funds are stored offline in “cold” wallets, which are not connected to the internet. Only a small amount of funds is kept in “hot” wallets, which are connected to the internet and used for trading. This ensures that even if the Coincheck exchange is hacked, the majority of user funds will not be accessible to the hackers.
Trading Fee
Coincheck has 0 (zero) costs for both producers and takers. This is an absolutely incredible deal! Although it was originally a campaign, the trading costs are now permanent. These trading costs are obviously far lower than the sector average, which is roughly 0.25 percent, and they represent a significant competitive advantage.
Coincheck Withdrawal fees
Many exchanges provide reasonable trading costs, but when it comes time to withdraw, they charge you more. Let’s imagine you have completed your investing strategy and are ready to purchase a home using bitcoin. You must withdraw the money in order to purchase the home. By charging you large withdrawal costs after you’re halfway out the door, the exchange can make up for its low trading fees.
When you withdraw BTC from this exchange, there is a 0.001 BTC withdrawal fee. This charge is quite comparable to the industry standard, which was 0.00053 BTC per BTC-withdrawal the last time we conducted an empirical study on this subject.
Customer Service
Japanese cryptocurrency exchange Coincheck provides several different services, including as spot and margin trading, derivatives, and more. One of the top exchanges in Japan and among the first to enable trading in cryptocurrencies for fiat currency, coincheck was established in 2014. The exchange is renowned for its large selection of cryptocurrencies, reasonable fees, and high level of security.
Customer care at coincheck is renowned for being prompt and friendly, and it is accessible around-the-clock. The exchange has a committed support staff that is available to assist you with any problems or inquiries you may have. You may get in touch with the staff by email, phone, or the live chat feature on the coincheck website.
Customer Satisfaction
High levels of client satisfaction are a priority for coincheck. The exchange has a stringent anti-money laundering policy and employs all necessary precautions to guarantee the security and safety of its customers. One of the few exchanges that provide protection for all customer money is coincheck.
Coincheck is a fantastic choice if you’re searching for a trustworthy and user-friendly cryptocurrency exchange. The exchange is certain to satisfy all of your demands thanks to its extensive offerings, affordable costs, and high security.
Account Management
Coincheck is a Japanese cryptocurrency exchange that allows you to buy and sell cryptocurrencies. In this article, we will show you how to open a Coincheck account and how to buy and sell cryptocurrencies on the platform.
How to use Coincheck: A beginner’s guide
Coincheck is a Japanese cryptocurrency exchange which allows users to buy and sell popular digital assets including Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ripple, and Monacoin. The platform also supports the buying and selling of fiat currencies including the Japanese Yen. In this guide, we will show you how to create an account and start trading on Coincheck:
- Visit the Coincheck website and click on the “Sign Up” button in the top right-hand corner of the screen.
- Enter your email address and password in the required fields and click on the “Create Account” button.
- A confirmation email will be sent to your inbox. Click on the link in the email to verify your account.
- Once your account has been verified, log in and click on the “Deposit” button in the top menu.
- Select the asset you wish to deposit and follow the instructions on the screen.
- Once your deposit has been processed, click on the “Buy/Sell” button in the top menu.
- Select the asset you wish to buy or sell and enter the amount in the required field.
How to open a Coincheck account?
Opening a Coincheck account is easy and can be done in a few steps. First, you need to create an account on the Coincheck website. Once you have created your account, you will need to verify your identity. To do this, you will need to provide your name, date of birth, address, and phone number. Once you have provided this information, you will be able to start trading on the Coincheck platform.
To buy and sell cryptocurrencies on Coincheck, you will need to deposit Japanese Yen into your account. You can do this by bank transfer or by credit/debit card. Once you have deposited Japanese Yen into your account, you can use it to buy cryptocurrencies. To buy cryptocurrencies, you will need to go to the “Buy/Sell” page on the Coincheck website and select the cryptocurrency you want to buy. Once you have selected the cryptocurrency, you will need to enter the amount of Japanese Yen you want to spend and confirm the transaction.
How to buy and sell cryptocurrencies on Coincheck?
Once you have bought the cryptocurrency, you can hold it in your account or sell it. To sell the cryptocurrency, you will need to go to the “Buy/Sell” page on the Coincheck website and select the cryptocurrency you want to sell. Once you have selected the cryptocurrency, you will need to enter the amount of Japanese Yen you want to receive and confirm the transaction.
Coincheck is a great platform for those who want to trade cryptocurrencies. The platform is easy to use and has a great variety of cryptocurrencies available for trade.
Trading Experience
If you’re looking for a safe and easy-to-use cryptocurrency exchange, Coincheck is a great option. We offer a wide range of supported cryptocurrencies, and our trading interface is simple and user-friendly. Plus, our customer support team is always available to help you if you have any questions.
However, before you decide to trade on Coincheck, there are a few things you should know. In this article, we’ll answer some of the most common questions about Coincheck Exchange, so you can decide if it’s the right platform for you.
FAQs
Is Coincheck right for you?
Only you can answer that question. However, we believe that Coincheck is a great option for anyone looking for a safe and easy-to-use cryptocurrency exchange.
Is Coincheck Exchange safe?
Absolutely! Coincheck takes security seriously, and we have implemented a number of measures to ensure that your account and your funds are always safe.
Our 2-factor authentication system ensures that only you can access your account, even if someone knows your password. And, all of your account information is encrypted and stored offline, so it can’t be hacked.
What cryptocurrencies does Coincheck support?
We currently support Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. However, we are always adding new coins and tokens, so be sure to check back often to see what’s new.
What happens if I lose my Coincheck account information?
If you lose your Coincheck account information, don’t worry! We have a dedicated customer support team that can help you recover your account.
Conclusion
In addition to providing some helpful extra services, such as prepaid Visa cards that can be financed with Bitcoin, Coincheck is a highly reliable cryptocurrency exchange. The exchange utilizes some of the greatest technology available globally, and it is also quite simple to use.
Some people may be turned off by the relatively complicated verification procedure for overseas account users. Additionally, allowing multiple fiat currencies in addition to the USD and JPY with choices like the euro would broaden appeal internationally.
