Coincheck Exchange Review
Coincheck is a centralized exchange that occupies #52 on Guru InvestingExchange Tracker. Coincheck has trading volume US$60,274,875 in the last 24 hours and US$22,772,166,885 in the last 7 days.
Coincheck currently has 2 cryptocurrencies, 1 paper currencies and 1 markets (cryptocurrency trading pairs). The most popular trading pair on Coincheck is BTC/JPY.
Compare Koincheck next to other exchanges here: Exchange comparison tool.
Koincheck – Japanese centralized cryptocurrency exchange (CEX). In addition to Coincheck spot marketthe platform acts as digital bitcoin wallet. Launched in 2014, it is considered one of the largest Bitcoin exchanges in Japan.
Cryptocurrency exchange Coincheck KYC compliant and requires proof of identity. It uses JPY as its main fiat currency. Coincheck is available on desktop and mobile devices.
Markets
Due to regional regulations, Coincheck’s pool of trading pairs is comparatively smaller. Since the listing of Polkadot (DOT) in September 2022, 19 assets have appeared on the platform. Coincheck supports block trading.
Trading takes place on Coincheck Spot Market. As of March 2020, margin trading is no longer available. Additionally, Coincheck offers over-the-counter (OTC) trading for transactions exceeding 10 million yen. OTC trading is enabled using BTC, ETH, XRP, LTCAnd Warhead. There are no commission fees.
Coincheck’s cryptocurrency-JPY exchange fee varies by asset. The exchange uses producer-receiver model to calculate the cost of transactions blocked in the order book. Coincheck cryptocurrency prices are usually quoted in yen. The remuneration structure is not tiered. Coincheck trading volume does not play a role in fee pricing.
When trading with BTC MONA, or PLT, no Coinbase cryptocurrency fees are charged to either producers or recipients. If the trader is using Ethereum, the maker-taker fees are 0.050% and 0.0100% respectively.
Coincheck cryptocurrency fees may vary depending on the deposit and withdrawal methods chosen. There are no withdrawal fees for bank transfers using JPY, although customers pay a deposit fee. Depending on the deposit amount, the commission can average 770-1018 yen. The standard price for Coincheck cryptocurrency upon withdrawal is 407 yen.
There are no fees for virtual currency deposits. Transfer fees for virtual currencies depend on the asset and may vary.
other services
Along with the Coincheck spot market, lending this is another service offered by the platform. Users can sign loan agreements with Coincheck. The interest rate is up to 5%. The lending service supports all assets listed on the Coincheck crypto exchange.
Japan customers can access Coincheck Denki and Coincheck Gas. With these services, users can pay their electricity and gas bills using Bitcoin. Up to 7% of the monthly bill is saved in users’ wallets as passive rewards. Part of the price of Coincheck, a cryptocurrency used to pay bills, has been reduced.
Coincheck NFT this is the market for non-fungible tokens (NFTs). Its beta version was launched in 2021, and a full launch is expected in the foreseeable future. He supports ERC-721 tokens.
Coincheck provides support for blockchain-based projects through Coincheck IEO program. Project teams can raise funds through token issuance campaigns. Each project is verified before being posted on Coincheck IEO.
About company
Coincheck, Inc. was founded in 2012 Koichiro Wada and Yusuke Otsuka. The Coincheck cryptocurrency exchange was officially launched in 2014, a few months after the collapse of the then popular Japanese Bitcoin exchange. Mount Gox. Its headquarters are located in Tokyo, Japan.
In January 2018, Coincheck experienced one of the largest hacks in cryptocurrency history. Due to a security breach, approximately 500 million NEM (XEM) tokens were stolen. The value of the stolen Coincheck cryptocurrency was more than $500 million.
Following the hack, a new self-regulatory crypto organization was launched in Japan. Approximately 260,000 clients of the cryptocurrency exchange Coincheck have repaid funds from the company’s capital. More than 30 people have been charged in connection with the stolen assets. Following the incident, the company moved its assets from hot wallets to offline physical storage.
In April 2018, after a 3.6 billion yen deal, Coincheck was acquired by Japanese financial services company Monex Group.
In January 2020, a beta version of Coincheck Saving was released. The service was temporarily suspended in August 2021. The company has not disclosed information about the relaunch.
In 2021 it was reported that the company had earned revenue $130 millionwith these net profit is estimated at $80 million.. Coincheck’s volume earned in the fourth quarter of 2021 is estimated to be over 2 million yen, or over $14.4 million.
In 2022, Coincheck signed a merger agreement with Thunder Bridge Capital Partners IV Inc. The $1.3 billion deal allows cryptocurrency exchange Coincheck to go public in the United States. Coincheck has approximately 1.5 million verified users, according to data released around the time of the agreement.
The company is a member of numerous financial organizations, including the Japan Blockchain Association and the Japan Virtual and Crypto Asset Exchange Association (JVCEA). It accounts for nearly a third of the market share among JVCEA members.
Koichiro Wada is the Deputy President of Coincheck, Inc. As a programmer, he was directly involved in the development of the Coincheck cryptocurrency exchange. Between 2019 and 2020, Wada served as chief executive of Monex Group.
Yusuke Otsuka is the COO of the crypto exchange Coincheck. He received a degree in quantum mechanics from Waseda University. Before joining forces with Wada, Otsuka worked as a UX designer at Nexway, a FinTech and e-commerce platform.
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A cryptocurrency exchange is an online platform where you can buy, sell, or trade cryptocurrencies like Bitcoin, Ethereum, and others.
Safety varies by exchange. Look for platforms with strong security measures, like two-factor authentication and cold storage for funds.
Consider factors like security, fees, available coins, user interface, and customer support.
Centralized exchanges are managed by a company, while decentralized exchanges operate without a central authority.
Many exchanges require Know Your Customer (KYC) verification for security and regulatory compliance.
Trading fees vary but typically include maker fees (for adding liquidity) and taker fees (for removing liquidity).
Yes, most exchanges offer cryptocurrency-to-cryptocurrency trading pairs.
Withdrawal times depend on the exchange and the cryptocurrency. Some are instant, while others may take hours or even days.
A wallet address is like a bank account number for cryptocurrencies. It’s required to send your crypto to the right place.
Yes, depending on your country’s tax laws, trading cryptocurrencies may have tax consequences. Consult a tax professional for guidance.
Yes, many cryptocurrency exchanges operate 24/7, allowing you to trade at any time.
A market order buys or sells at the current market price, while a limit order sets a specific price at which you want to buy or sell.
Yes, each exchange sets its own minimum and maximum trading limits, which can vary widely.
It’s not recommended. For security, it’s better to use a cryptocurrency wallet, especially for significant holdings.
Exchanges typically have account recovery processes, including password reset options and support for forgotten usernames.
Some exchanges offer insurance, but coverage can be limited. It’s essential to check an exchange’s insurance policy.
Use strong passwords, enable two-factor authentication, and be cautious of phishing scams and suspicious emails.
Yes, but it’s recommended to learn the basics of trading and understand the risks involved before you start.
Stablecoins are cryptocurrencies pegged to the value of a fiat currency like the US dollar. They provide stability and are commonly used for trading and transferring funds on exchanges.
Yes, regulations vary by country. Many countries have implemented or are considering regulations to govern cryptocurrency exchanges for consumer protection and financial stability.
