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Coincheck Review 2019 – Hacked before or not?

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Editor's Review

Coincheck Rating 2019
7.88
7.7 Easy of Use
6.3 Supported Currency
9.3 Fee
8.5 Security
7.6 Customer Support

Coincheck review - Coincheck Official Logo Image

Overview

Coincheck is one of Asia’s largest cryptocurrency exchanges, offering leveraged trading (up to 1:5) in some cryptocurrencies for Japanese yen. It processed the highest volumes of Bitcoin trading in Japan.

The exchange has a license to operate as a digital currency exchange in Japan and has been a major Japanese cryptocurrency company since 2014. Coincheck is very well designed and has intuitive usability. The cryptocurrency wallet hosting services with Android and iOS wallet apps are available.

Coincheck review - Coincheck exchange platfom image

They offer several types of financial services and platforms in Japan and throughout Asia.

In addition to the leveraged trading, the exchange provides money transferring, a cryptocurrency-based donation crowdfunding platform, bitcoin lending and an API to accept payments or build applications.

Coincheck review - Coincheck homepage

 

Currency Supported

Coincheck supports a range of cryptocurrencies;

Bitcoin, Ehtereum, Ethereum Classic, Lisk, Ripple, Zcash, Dash, Litecoin, and Monero.

Not all of the cryptocurrencies can be traded on the exchange because it tends to stick to the bigger cryptocurrencies.

 

Payment Method

By bank transfer and credit/debit card, if adding fiat currency, Coincheck account holders can fund their accounts. Account holders can also transfer supported cryptocurrencies holding into their account and all prices are denominated in yen as their base currency.

Coincheck review - Coincheck deposit method

Withdrawal can be made to a bank account or credit card if in fiat currency or crypto wallet. Deposits are accepted through bank transfers, credit/debit card and even though some convenience store in Japan. USD is accepted for international deposits.

 

Fee

1) Deposit / Withdrawal Fee

– Bank transfer in JPY : Free

– Bank transfer in USD : $25

– JPY withdrawals: JPY 400

– USD withdrawals : JPY 2,500

– Virtual currency deposits: Free

– “Fast Deposit” options: 0.002 BTC

Coincheck review - Coincheck fee schedule

2) There is maker and taker fee schedule, but Coincheck is currently charging no trading fees.

Please check the specific information about fee from the following link;

https://coincheck.com/info/fee

 

Customer Support

Coincheck provides support in Help Center with FAQ, and email-based ticketing system for any issues. The website is offered with four different languages; English, Japanese, Chinese and Indonesian.

 

Security

Coincheck supports most of the usual security precautions. That is the two tiers of accounts that come with two levels of personal identity verification requirements. Only email verification and a valid mobile number for SMS verification is required for deposits and withdrawal. Coincheck does not combine clients’ deposits and company assets, which is what saved them from becoming insolvent following the security breach.

Coincheck review - Coincheck security

The exchange support Two Factor Authentication (2FA) via SMS and Google Authentication on Android or iOS. Wallets offer 2FA security and cold storage as well.

 

Conclusion

Coincheck is one of the major exchanges in Japan and a very high-quality company. They offer a variety of services such as prepaid Visa cards that can be funded by Bitcoin.

The technology level is one of the best and easy to navigate. The verification process for international account holders is complex and put some off. The number of coins for leveraged trading is quite limited and they can be traded only against JPY. Supporting additional fiat currencies to USD and JPY with options such as Euros would increase international appeal, however, Coincheck is not very popular outside Japan.

 

Pros

– Well designed exchange

– Credit card accepted

– Free trading fee

– Regulated in Japan

 

Cons

– No chat-based customer support

– Extensive verification process for international users

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