Coincheck Review

coincheck-review

Coincheck is a cryptocurrency exchange founded in 2014 by Koichiro Wada and Yusuke Otsuka. It was initially intended for Japanese customers and has later expanded to other areas. This platform is not only a cryptocurrency exchange but also a wallet service for merchants, of which it has 2200 using their native Bitcoin payment solution in Japan alone.

Coincheck is headquartered in Tokyo, Japan, and is owned by Monex, a Japanese financial services company. Monex Group, Inc. is regulated by the FSA.

The exchange is a member of the JBA (Japan Blockchain Association) and participates in building community standards for bitcoin use cases together with the government. Coincheck is one of the exchanges that made a big step in connecting real estate with Bitcoin. It is partnered with SEKAI to help Taiwanese, Chinese and Hong Kongese investors in buying real estate in Japan with Bitcoin.

Coincheck Features Review

MarketsCrypto, fiat
Supported countriesJapan
KYCYes
Leverage5x
DepositsMultiple
Min. Deposit0.001 BTC
Max. Withdrawal LimitDepends on the verification level
Trading fee0.05%
Supportlive chat
Mobile appiOS

 

Coincheck Security Review

In 2018, Coincheck suffered a major breach, which led to the theft of 500 million NEM coins with a value of 530 million dollars at thе time. The exchange itself was struggling to recover, however, in the end, it managed to recover and resumed operations. The 260 000 affected users were compensated in Japanese Yen by Coincheck’s own capital.

Coincheck was mandated by the Financial Services Agency to invest in security infrastructure and improve security practices on the platform. 

Coincheck’s security options are:

  • 2FA Authentication
  • SSL Client Certificates
  • KYC
  • Automatic Log-out

The security measures at Coincheck are below average, especially compared to top exchanges like Coinbase, Gemini and Kucoin.

Deposits and Withdrawals

Coincheck is fairly limited to fiat deposits and withdrawals as the only available currency is Japanese Yen. When it comes to cryptocurrencies, it offers 11 options:

  • Bitcoin
  • Ethereum
  • Ethereum Classic
  • LISK
  • Factom
  • Ripple
  • NEM
  • Litecoin
  • Bitcoin Cash
  • Monacoin
  • Stellar

Coincheck-send-coins

Order Types 

Besides the simple buy and sell orders on the main platform, there is a more advanced option with a more suitable interface for advanced traders.

Available order types on Coincheck: 

  • Market
  • Limit
  • Stop Loss Order

Trading Instruments

In addition to spot trading, buying and selling cryptocurrencies directly, there is also margin trading with up to 5x leverage on multiple pairs. 

Available Leverage trading pairs:

  • BTCJPY
  • ETHJPY
  • ETCJPY
  • LSKJPY
  • FCTJPY
  • XRPJPY
  • XEMJPY
  • LTCJPY
  • BCHJPY
  • MONAJPY
  • XLMJPY

 

  • ETHBTC
  • ETCBTC
  • LSKBTC
  • FCTBTC
  • XRPBTC
  • XEMBTC
  • LTCBTC
  • BCHBTC
  • MONABTC
  • XLMBTC

Coincheck can be used for over-the-counter (OTC) trading, however, it is applicable only for orders requiring larger volumes. The minimum is 10 BTC and the maximum 300 BTC. You can buy and sell only against the Japanese Yen.

User Interface 

Coincheck’s UI is pretty good. It is simplistic, quite easy to use and most importantly – effective. The main part of the exchange comes only in one color scheme. It is compact and effective, however, to some people it may seem over packed with small buttons and tabs.

Coincheck-home

The interface overlay of the home page follows a logical path with all menus on the left, followed by spot trading, order list, and currency tabs. Below “Open Orders”, “Positions”, and “My Trades” can be found.

At the bottom of the page, a simple bloomberg like chart can be found for 3 pairs – BTCJPY, ETHJPY, and ETHBTC.

Coincheck-homepage-bottom

On Coincheck you have the option to trade using a different charting software called Tradeview, which is tailored for advanced traders. The Tradeview UI only comes with one color scheme and does not offer the possibility to customize it. 

Coincheck-trade-view

Coincheck mobile app

The Coincheck mobile application is only available on iOS and serves both as an exchange and wallet with a well-designed interface that provides an accessible mobile trading environment.

Coincheck Payment for business

Coincheck offers a payment solution for commercial businesses to accept payments in Bitcoin. It is offered as an application for iOS only like the mobile app. The payment solution has been used by various business and eCommerce websites since 2017. There are no hidden fees, no initial costs, and no monthly fees. The direct conversion of BTC payments to JPY can be done manually at any time.

Coincheck Fees

The deposit and withdrawal fees on Coincheck are relatively low, the fees for margin trade are also low, providing a nice trading terminal. 

Deposit and Withdrawal Fee
Bank transfer (JPY)Free (The customers are to pay deposit fee.)
Convenience Store Payment (Fee will automatically be deducted from your deposit.)
~ 29,999 JPY770 JPY
30,000 ~ 300,000 JPY1018 JPY
Quick Deposit (Fee will automatically be deducted from your deposit.)
30,000 ~ 300,000 JPY1018 JPY
30,000 ~ 499,999 JPY1018 JPY
500,000 JPY ~Amount deposited × 0.11% + 495 JPY
JPY Withdrawal407 JPY
Borrow Interest Rate
BTC interest rate0.05 %/day
Swap feeLong positionShort position
Execution of open orderExecution price (JPY) × 0.04 %Execution quantity (BTC) × 0.05 %

 

Volumes and Liquidity

The volume of Coincheck is in the lower spectrum of the crypto industry with a 24-hour volume of about 30 million for BTC.  But keep in mind that it is an exchange based in Japan and currently only accepts residents of that country.

Coincheck Review Conclusion

Coincheck is a very good local exchange for buying and selling bitcoin for Japanese residents. The fees are low enough for the exchange to act as an effective fiat gateway while having something to offer on the margin trading side as well.

The UI design of TradeView is in dire need for a redesign as when compared to other platforms for leverage trading like Bybit or Deribit. Overall, being fully regulated and working closely with the authorities makes Coincheck a very good option for Japanese residents.

Coincheck was founded in 2014 by Koichiro Wada and Yusuke Otsuka, providing valuable business solutions like crypto payment solutions besides a trading exchange.