What is Coincheck?

The platform focuses on providing an easy, simple, and fast experience to their users. Whether you want to buy, sell, or trade, you will find it quite convenient to access all the options. This is what makes Coincheck an excellent choice for users who have just entered the crypto industry. The platform is aimed at the Japanese market, and is quite restrictive when it comes to international users. It is available to some countries, but you should check if it is supported in your country before signing up.

Key Features & Advantages of Coincheck

Everything you read above about Coincheck was just a glimpse. The platform has many other vital features to offer that might make the experience of traders and investors better. So let’s check out what key features and advantages Coincheck offers to their users.

Negatives & Disadvantages of Coincheck

Taking a look at the other side of Coincheck, we have found some vital things that might not really work out well for many traders or investors out there. So take a look at the negatives and disadvantages of Coincheck and evaluate if it is a good idea to opt for the exchange.

What Services does Coincheck offer?

To make things easier for you to understand, I have gathered all the services and features Coincheck offers in a single place. You can take a look below and find out what the exchange actually offers.

Quick crypto buy and sell:  If you have successfully verified your account on Coincheck, then you will find it super easy to buy and sell cryptocurrencies. All you will have to do is log into your account and access your dashboard. That is where you will find two options, one to buy crypto coins and one to sell crypto coins. You will not have to get yourself tangled in complicated charts when simply buying or selling crypto. You just need to select the coin you want to buy, using fiat currency or by exchanging it for any other cryptocurrency you have in your account.

Easy-to-use platform:  If you are pretty new to cryptocurrency investing and trading, you would surely want to avoid a complicated crypto exchange. Well, Coincheck has kept this in mind and have made their platform and exchange quite simple to use. Every available option on the exchange is separated so that you won’t have to waste your time finding things within different categories.

The best thing is, after logging into your account, you can access everything on the left-hand side of the exchange. You can also access the settings from there; you can check your personal info or simply visit the support section to solve your queries.

Mobile applications available for users:  Smartphones are literally becoming so advanced that you can perform almost everything on them without accessing your laptop or desktop computer. All those things that were once only possible on computers are now readily available on phones through apps stores or simple browsers. If we talk about Coincheck, they have also brought accessibility to their users by developing a mobile application.

Coincheck's mobile apps are available for Android phones and IOS phones. You can simply search the exchange name on your phone’s app store, and it will pop up for you to download and use without any problems. Other than that, users can also access charts, perform buying and selling activities, and top up their accounts right from the mobile app.

Advanced trading system:  Yes, Coincheck is undoubtedly quite a great platform for beginners and amateurs due to its user-friendly UI and structure, but what about the advanced traders? Do they get special features to make their trading easy and convenient? The simple answer is yes!

Coincheck offers an advanced trading system that can be accessed by anyone on the platform. You can place buy or sell orders as you wish, with the convenience of different features integrated into the system. As soon as you access the Tradeview option (the advanced trading system) on the platform, you will see a list of features on your left-hand side. That is where you can tweak the charts, add indicators, change the candles and lines, including patterns, and do much more right from there. Users can also select the timestamp as per their preferences to have a wider look at the markets. 

Top altcoins available:  Coincheck might not have a massive range of cryptocurrencies listed on their platform, but they do have the top ones available for the users to trade, buy and sell. Here are some of the coins that you can access on Coincheck: BTC, ETH, BCH, XRP, LTC. Besides these five, there are 12 more coins available, and many of them are among the biggest cryptocurrencies based on marked capitalization. This is great for new investors who do not want to take large risks and want to keep their funds in safer coins. On the other hand, professional investors might find the diversity lacking compared to other exchanges. 

Separate charts available:  If you simply want to check out the market movements for different cryptocurrencies, Coincheck even has a separate section for it. You can simply click on the Charts section, and you will be provided with the option to access charts of different coins. But do remember that the charts you would find on the exchange will have YEN pairs only. You won’t be able to access the accurate data of crypto movements as per the USD currency.

NFT market available:  A few years back, cryptocurrencies had a massive boom in the world, and everyone seemed to be interested in it all of a sudden. But if we talk about the current generation, NFTs are the new hot topic everyone is discussing.

If you are wondering what NFTs actually are, then you can consider them as digital art pieces created by individuals, brands, companies, or literally anyone. NFTs can be bought and sold according to their demanded prices, and that is what gives them their value. Few crypto exchanges have an NFT market available, but Coincheck is one of those that have done so.

While the NFT market on Coincheck is in its initial phases, the platform does allow users explore different NFTs and buy and sell them as they please.

OTC trading enabled:  For those that want to trade larger amounts of crypto, Coincheck has OTC trading available. These trades are conducted off the market, to reduce the slippage caused by large transactions. It is accessible right from the dashboard of your account, but you can only trade a handful of coins in this manner, which may be frustrating for some traders.

Lending made easy:  If you are willing to lend your crypto assets for a certain period, you can make easy money without any risk. Coincheck allows its users to lend any type of cryptocurrency on their platform and then earn interest. If you are wondering how much you can earn by simply lending your money, the maximum interest rate is about 5%. The interest rate will vary depending on the coin you are lending to the platform. 

Also, make sure to read and understand the entire contract before lending your assets to avoid consequences. If not, you might not be able to access your assets due to them being locked away at Coincheck.

Convenient deposits and withdrawals:  Coincheck supports deposits and withdrawals through credit/debit cards, bank transfers, and cryptocurrency. This gives users a variety of options to go with in order to deposit or withdraw their money. The bank transfers might take some time, but crypto transfers and credit/debit cards are the fastest ways to deposit or take your money out of the platform.

Great security features:  The best thing about Coincheck is that it keeps all of their user funds in cold wallets offline. This drastically reduces the chance of them being stolen by anyone. If we talk about the account security features, the platform has also taken quite a lot of measures to ensure 100% security and safety. Firstly, users have to verify their email address and phone number in order to proceed. Later on, they have to submit their personal documents in order to verify their identity. Without the whole verification process, users cannot actually perform any type of financial activities on the platform. 

What I don't like about Coincheck

I have mentioned all the positive points of Coincheck, but what about the negative ones? There definitely are some important things that you will have to keep in mind when using Coincheck, which are mentioned below.

Japanese Yen is the only fiat currency:  This is unquestionably one of the major cons of Coincheck that might keep many traders and investors away from the platform. Coincheck only supports JPY deposits when it comes to fiat currencies. It means that all the activities on the platform are performed with respect to JPY and no other fiat currency. Users can only deposit and withdraw JPY through the available methods. You might be able to use your credit or debit cards, but the currency will be converted into JPY. 

A small amount of cryptocurrencies listed:  Yes, you can find some of the top cryptocurrencies on Coincheck, but there are not really enough for someone that wants to diversify their portfolio and invest in new projects too. Coincheck has only 17 cryptocurrencies available for their users to trade.

Lengthy verification process:  Without verifying your account fully on Coincheck, you cannot perform any type of financial activity on the platform. Even if you want to deposit money, you will have to first verify your identity by submitting all the required documents. Only then can you proceed with your trading and investing experience. This definitely creates a gap when it comes to instant trading as the users have to wait a bit to get on with the whole verification process.

No live chat support:  Not every trader or investor has time to wait for hours or days just to get a reply to their question. Everyone wants to solve their queries instantly and quickly so that they can continue with their trading activities. This is not possible on Coincheck since there is no live chat support or phone number available. Users have to opt for email communication instead, which can be slow.

Coincheck Fees

Coincheck Deposit Fees

The deposit fee will vary depending on deposit method and the amount of money. 

Bank transfer: Free

Convenience store payment (< ¥30,000): ¥770

Convenience store payment (¥30,000 - ¥300,000): ¥1018

Quick deposit (< ¥30,000): ¥770

Quick deposit (¥30,000 - ¥499,999): ¥1018

Quick deposit (¥500,000): 0.11% + ¥495

Coincheck Trading Fee

Surprisingly enough, Coincheck charges 0% from the takers and makers. It is unquestionably very rare for the platforms to charge a very low fee, but here we are talking about absolutely nothing. In other words, users can enjoy trading with Coincheck without worrying about any fees on each open position.

Coincheck Fiat Withdrawal Fees

Users can only withdraw Japanese Yen from Coincheck exchange. The fee is a fixed fee of ¥407 for each transaction, regardless of amount.

Coincheck Crypto Withdrawal Fees

Just like many other crypto exchanges, Coincheck does not have a fixed withdrawal fee for all cryptocurrencies. Each coin carries its own withdrawal fee, which can be found here. 

One very good thing to note here is that Coincheck offers free crypto transfers if you are sending your crypto coins to another Coincheck user.

Pros and Cons of Coincheck

Verdict

Coincheck has really focused on making the exchange better than ever, and they have succeeded in their target market of Japan. The exchange is not so suitable to residents outside Japan, because the only fiat currency supported is Japanese Yen, and all the charts trade against JPY. Coincheck can still be a great pick for beginners and experienced traders; if it's available in your country, you can take advantage of the 0% trading fee, and get your hands on some of the most popular coins. 

If you are looking for a crypto exchange that is more suited to residents of the USA, you can have a look at our article on the best crypto exchanges (found here). You can also check out the table below which has important information at a quick glance.

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