Coincheck review: Coincheck is a cryptocurrency exchange based in Japan. It gained significant attention in the crypto world due to a major security breach in January 2018.
Coincheck was founded in 2014 and quickly became one of the largest cryptocurrency exchanges in Japan. It offered a platform for users to buy, sell, and trade various cryptocurrencies, including Bitcoin, Ethereum, and others.
However, on January 26, 2018, Coincheck suffered a devastating hack, resulting in the loss of approximately 523 million NEM coins, valued at around $530 million at that time. This incident was one of the largest cryptocurrency heists in history. The stolen funds belonged to Coincheck's customers and were stored in a hot wallet, which is an online wallet connected to the internet and more susceptible to hacking.
Coincheck faced significant criticism for its security practices and lack of regulatory compliance in the aftermath of the hack. The incident prompted the Japanese government to tighten regulations on cryptocurrency exchanges. Coincheck took responsibility for the hack and promised to compensate affected users. It reimbursed approximately $440 million to its customers, covering most of the losses incurred.
| 📅 Year of Establishment | 2018 |
| 💱 Coins: | 2 |
| 💰 Min deposit | 1$ |
| ⚖️ Leverage | ❌ |
| 💹 Trading fees | From 0% |
| 💳 P2P platform | ✅ |
| 📱 Mobile apps | iOS, Android |
| 🗺️ Headquarters | 3-6 Maruyama-cho, Shibuya-ku, Tokyo 150-0044, Japan. |
Overall Coincheck Review
Overall, the Coincheck security breach served as a wake-up call for the cryptocurrency industry in Japan and worldwide, highlighting the importance of robust security measures and regulatory compliance for exchanges to protect user funds and maintain market integrity.
Go to Coincheck website
Geographic Distribution
Geography of clients (traders) of Coincheck
Top Reviews
Best customer reviews of Coincheck
The site administration cannot guarantee review accuracy and lacks the technical means to verify if authors are actual customers. Reviews lacking detail and purely emotional in nature are disregarded.
One of the distinctive features is the wide range of cryptocurrencies available for trading. Whether it's Bitcoin, Ethereum or lesser-known altcoins, Coincheck has provided for everything. The platform is user-friendly, making it easy to navigate and make trades even for beginners. In addition, the support team was responsive and helped me whenever I had any problems or questions.
Japan
Depositing funds and making trades went relatively smoothly for me. However, I did notice that Coincheck's trading fees are slightly higher compared to some other exchanges. While this may not be the deciding factor for everyone, if you trade frequently, it's worth noting. Another aspect to note is the limited availability of some cryptocurrencies on the platform. Overall, Coincheck provides a satisfactory trading experience, but there are other exchanges that can offer more competitive fees and a wider range of assets.
United States
I had a disappointing experience with Coincheck. A security breach on the platform in the past has made me worried about the safety of my funds. Despite their efforts to beef up security measures, it still makes me doubtful. Also, customer service is slow and unresponsive, which is depressing when I encounter problems with my account. Withdrawal times were also longer than expected, which made me uncomfortable. Although Coincheck offers a decent selection of cryptocurrencies, for me the negatives outweigh the positives. I would advise others to carefully research and consider alternative exchanges with better security and customer support.
Turkey
Expert Review
Expert Review of Coincheck
As a financial expert, I would like to provide an assessment of the reliability of the Coincheck exchange. Coincheck has made significant strides in enhancing its security measures and compliance standards following a major security breach in 2018. While the incident was indeed concerning, it prompted the exchange to implement robust security protocols and reinforce its regulatory compliance efforts.
Coincheck's commitment to compensating affected users and its cooperation with regulatory authorities demonstrates a level of responsibility and accountability. However, it's important to note that the past security breach raises questions regarding the platform's overall reliability. Despite their efforts to improve, some investors may still harbor reservations about entrusting their funds to Coincheck.
Furthermore, customer support has been a point of concern, with reports of slow response times and unresponsiveness. This could be frustrating for users who require prompt assistance with account-related issues or transaction inquiries.
To summarize, while Coincheck has taken measures to improve its reliability and security, the past security breach and lingering concerns surrounding customer support and fees may lead some financial experts to advise caution. It is crucial for investors to conduct thorough research, consider alternative exchanges, and carefully evaluate their risk tolerance before engaging in trading activities on Coincheck or any other cryptocurrency exchange. It is advisable to diversify investments and exercise due diligence in selecting a reliable and reputable exchange that aligns with individual risk preferences and trading requirements.
Financial expert and analyst at TradersHero.com
Risk Warning. Trading on Coincheck, like any other cryptocurrency exchange, carries certain risks that users should be aware of. First and foremost, the volatile nature of cryptocurrencies themselves poses inherent risks.
Coincheck Ern
Investment Programs
Coincheck, a prominent cryptocurrency exchange, has established itself as a trusted platform for trading digital assets. While Coincheck offers a range of services to facilitate cryptocurrency trading, it currently does not provide staking or copy trading features to its users.
Staking, a popular method for earning passive income in the cryptocurrency space, involves locking up funds in a wallet to support the operations of a blockchain network. However, as of now, Coincheck does not offer staking services, meaning users cannot participate in staking programs or earn staking rewards directly through the Coincheck platform.
Similarly, copy trading, which enables users to replicate the trades of successful traders automatically, is not available on Coincheck. Copy trading allows less-experienced traders to follow the strategies of more skilled traders, potentially benefiting from their expertise. However, Coincheck has not implemented a copy trading feature at this time.
While staking and copy trading may be sought-after functionalities for some users, Coincheck continues to focus on its core offerings, which include secure and efficient cryptocurrency trading services. Users can still engage in buying, selling, and trading various cryptocurrencies available on the platform, while adhering to best practices and making informed decisions based on their own research and analysis.
As the cryptocurrency landscape continues to evolve, it's always advisable to stay informed about the latest updates and feature additions from Coincheck or any other platform. Users can explore alternative exchanges or external platforms that provide staking or copy trading services if those features align with their investment goals and strategies.
Disclaimer: Engaging in cryptocurrency trading, including on platforms like Coincheck, comes with inherent risks that users should be aware of. The crypto market is known for its volatility, with prices of digital assets subject to significant fluctuations within short periods. This volatility can lead to both substantial gains and losses, and it's important for traders to understand and be prepared for the potential financial risks involved.
Best Copy Trading Platforms
Conditions
Trading Conditions for Coincheck Users
Account Currency: Coincheck supports various cryptocurrencies as account currency, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and others. Japanese Yen (JPY) is also available as a fiat currency.
Leverage: Coincheck does not offer leverage for trading.
Fees: Coincheck may charge trading fees or commissions for transactions. The fee structure may vary depending on trading volume, currency pair and order type.
Tools: The platform offers a number of trading instruments, mostly cryptocurrencies paired with other cryptocurrencies or fiat currencies such as JPY.
Mobile Trading: Coincheck may provide a mobile trading app that allows users to trade and manage their accounts on the go.
It is important to note that specific trading conditions at Coincheck may change over time. For the most accurate and up-to-date information, I recommend visiting Coincheck's official website or contacting support directly. They will be able to provide you with the most up-to-date information regarding trading conditions and any specific requirements or features available on their platform.
| 📅 Year of Establishment | 2017 |
| 💱 Coins: | 2 |
| 💰 Min deposit | 1$ |
| ⚖️ Leverage | ❌ |
| 💹 Trading fees | From 0% |
| 💳 P2P platform | ✅ |
| 🔁 Copy Trading | ❌ |
| 📈 Directives | Coincheck follows directives and regulations set by the Financial Services Agency (FSA) of Japan, the country's financial regulatory body |
| 📊 DeFi Staking | ❌ |
| 🖼️ NFT | ✅ |
| 🏦 Crypto Loans | ❌ |
| 🔓 Demo account | ❌ |
| 🚀 Launchpad | ❌ |
| 📱 Mobile apps | iOS, Android |
| 📞 Customer Service | Forums, Chat, Email |
| 👩💼 Support | Multilingual |
| 🗺️ Headquarters | 3-6 Maruyama-cho, Shibuya-ku, Tokyo 150-0044, Japan |
Risk Warning
Comparison
Comparison of Coincheck with other Crypto Exchanges
Crypto Exchanges comparison table of trading instruments
Commissions
Coincheck Accounts, Commissions & Fees
Coincheck offers different types of accounts and has a fee structure in place for its services. However, it's important to note that specific details of account types, commissions, and fees may vary and it's recommended to refer to Coincheck's official website or contact their customer support for the most up-to-date and accurate information.
Here are some general aspects related to Coincheck accounts, commissions, and fees:
- Account Types: The platform provides standard trading accounts for users to access its platform and engage in cryptocurrency trading. The specific features and limitations of these accounts may vary, and users are typically required to complete the registration and verification process to access full account functionalities.
- Trading Fees: Coincheck applies trading fees for executed trades. The fee structure usually depends on the trading volume, currency pairs, and order type. Trading fees are commonly calculated as a percentage of the transaction value or as a fixed fee per trade. Different fee tiers may apply based on the user's trading volume.
- Deposit and Withdrawal Fees: Coincheck may charge fees for depositing or withdrawing funds from the exchange. These fees can vary depending on the deposit/withdrawal method, the currency, and the transaction size.
- Transaction Fees: Coincheck may apply transaction fees for specific activities within the platform, such as converting one cryptocurrency to another or transferring funds between accounts. These fees are typically disclosed and visible during the transaction process.
- Additional Services and Fees: The platform may offer additional services, such as margin trading or lending programs, which may have their own specific fee structures and terms. Users should review the details of these services to understand the associated fees and conditions.
It's essential to review the specific terms and conditions, as well as the fee schedule provided by Coincheck, to have a comprehensive understanding of the account types, commissions, and fees applicable to their trading activities on the platform.
Users who hold and trade the CKB token on Coincheck may be eligible for reduced trading fees or fee discounts. This can help users save on transaction costs when conducting trades on the platform.
Trading fees on Coincheck are applied when executing trades on the platform. These fees are divided into two categories: maker fees and fees for purchases/sales in Japanese yen (JPY).
Maker fees are incurred when users add liquidity to the order book by placing limit orders below the current buy price or above the current sell price. By providing liquidity, users are rewarded with lower trading fees.
When making a purchase using a specified amount of JPY, the commission will be deducted from that specified amount. This means that the commission is subtracted from the total JPY amount allocated for the purchase.
For selling crypto assets, commissions are deducted from the contract amount. This implies that when selling cryptocurrencies, a portion of the proceeds will be deducted as a commission.
| Maker Fee | Maker Fee |
|---|---|
| BTC: 0.000 % | BTC: 0.000 % |
| ETC: 0.050 % | ETC: 0.100 % |
| LSK: 0.000 % | LSK: 0.000 % |
| MONA: 0.000 % | MONA: 0.000 % |
| OMG: 0.000 % | OMG: 0.000 % |
| PLT: 0.050 % | PLT: 0.100 % |
| FNCT: 0.000 % | FNCT: 0.000 % |
It's important to review Coincheck's fee structure and associated rates, as they may vary based on the trading volume, specific currency pairs, or other factors. For the most accurate and up-to-date information on trading fees, it is advisable to visit Coincheck's official website or consult their customer support.
Risk Warning
Final review
Detailed review of Coincheck
Coincheck is a cryptocurrency exchange that was established in 2014 and is based in Tokyo, Japan. It has gained recognition as one of the leading cryptocurrency exchanges in the country. In this detailed review, we will explore various aspects of Coincheck, including its features, security measures, supported cryptocurrencies, trading options, user experience, and customer support.
The platform offers a diverse range of cryptocurrencies for trading. Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Bitcoin Cash (BCH), and other major cryptocurrencies are available on the platform. This extensive selection allows users to access popular cryptocurrencies and diversify their portfolios.
Coincheck provides a user-friendly trading interface with access to various order types, including market orders and limit orders. Users can also engage in margin trading, which allows them to trade with borrowed funds and potentially amplify their profits (or losses). However, it's important to note that margin trading carries higher risks and requires careful risk management.
Coincheck offers a mobile trading application for both iOS and Android devices, allowing users to trade on the go. The mobile app provides a convenient way to manage trades, monitor the market, and access account features from anywhere, enhancing overall flexibility and accessibility.
The platform offers customer support to assist users with their inquiries and issues. While communication with the technical support team is primarily done through a ticket system, the platform strives to provide prompt and helpful responses to user queries.
Overall, Coincheck offers a user-friendly platform with a wide selection of cryptocurrencies for trading. Its focus on security, diverse range of supported coins, margin trading option, and availability of a mobile trading app make it a popular choice among cryptocurrency traders in Japan. However, it's important to conduct thorough research, consider individual trading goals, and assess the associated risks before engaging in trading activities on any cryptocurrency exchange, including Coincheck.
Advantages:
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Coincheck Regulator
Coincheck, as a cryptocurrency exchange, operates under regulatory frameworks and compliance requirements established by the Financial Services Agency (FSA) of Japan. The FSA is the regulatory authority responsible for overseeing financial services and ensuring the stability and security of the Japanese financial system.
Following the infamous hacking incident in 2018 where Coincheck experienced a significant security breach, the FSA tightened its regulations and implemented stricter security measures for cryptocurrency exchanges in Japan. Coincheck has since been working closely with the FSA to enhance its security protocols, strengthen its internal controls, and ensure compliance with regulatory standards.
As part of its compliance efforts, Coincheck has implemented measures such as Know Your Customer (KYC) procedures, which require users to verify their identities before using the platform. This helps prevent fraudulent activities, money laundering, and other illicit practices.
Additionally, Coincheck has been actively involved in promoting self-regulation within the cryptocurrency industry in Japan. It is a member of the Japan Virtual Currency Exchange Association (JVCEA), a self-regulatory organization that aims to establish industry-wide standards and guidelines for cryptocurrency exchanges in Japan.
By adhering to the regulations set by the FSA and participating in self-regulatory initiatives, Coincheck demonstrates its commitment to maintaining a secure and compliant trading environment for its users. It's important to note that regulatory landscapes can evolve, and users should stay informed about any updates or changes to regulations that may impact Coincheck or any other cryptocurrency exchange.
Risk Warning
Promotions
Bonuses Paid by the Coincheck
Bonuses
Coincheck has not offered explicit bonuses as part of its services or promotions. However, it is important to note that promotional offers and incentives may change over time, and Coincheck may introduce bonuses or rewards programs in the future.
To keep up to date with the latest promotions, bonuses or rewards offered by Coincheck, I recommend visiting their official website or signing up for their newsletters or announcements. These channels will provide the most accurate and up-to-date information about any bonuses or promotions Coincheck may offer its users.
Education
Review of the Coincheck Education Program
Coincheck offers an education program aimed at providing resources and materials to educate users about cryptocurrencies, blockchain technology, and trading concepts. The program aims to empower users with knowledge and understanding to make informed decisions in their cryptocurrency trading activities. Here is a review of the Coincheck education program:
Online Courses:
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The Future of Cryptocurrency: Predictions and Trends for the Next Decade
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Trading Volatility: Strategies for Profiting from Price Swings in Forex and Crypto Markets
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Introduction to Crypto Mining: How to Start Mining Cryptocurrencies at Home
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Exploring Forex Pairs: Understanding Major, Minor, and Exotic Currency Pairs
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Crypto Market Analysis: Identifying Trends and Opportunities for Profitable Trading
Rating and Comments
Coincheck Users Reviews 2024
Authors:
Roman Mukhin
Financial expert, analyst and author
Jane Emberg
Financial analyst and editor
The usability of the Coincheck platform leaves a lot to be desired. The user interface is outdated and lacks intuitive navigation, which leads to difficulties in making transactions efficiently. The platform’s order book often lacks liquidity, leading to increased spreads and potential slippage. Coincheck’s support team is unresponsive to user inquiries and cannot satisfactorily address their concerns.
The platform provides additional features, such as a mobile app for convenient trading on the go. However, the liquidity of some altcoins can be limited, which can lead to potential problems in making large trades at desired prices.
The platform offers features such as margin trading and credit. Coincheck has a responsive customer support team that provides timely assistance to users. However, some users have expressed concerns about the platform’s security practices and occasional delays in support responses.
My experience with Coincheck has been disappointing. The platform has experienced significant security breaches in the past, raising concerns about the safety of user funds. Customer service is often unresponsive, frustrating users when trying to resolve problems or get timely assistance. The platform’s trading fees are relatively high compared to other exchanges, which reduces potential profits.