Coincheck is one of Asia’s largest cryptocurrency exchanges and for many years has processed the highest volumes of Bitcoin in Japan. The open has been on the scene for ten years, being founded in 2012 by Keisuke Wada and Yusuke Otsuka. However, the exchange wasn’t operational until 2014. Though usually Japanese exchanges aren’t available internationally, Coincheck is.
The exchange has a license to operate as a digital currencies exchange in Japan and is audited by the Japan Blockchain Association. It’s also a member of the Japan Virtual Currency Business Operator Association and General Association of FinTech.
As well as being a cryptocurrency exchange, Coincheck provides merchants with a payments system that means they are able to accept cryptocurrency payments that are then automatically converted into yen, which has gone a long way for adoption in Japan. Another service is a lending system which functions like a fiat bank savings account. Users can lend their cryptocurrency funds to Coincheck with interest rates of up to 5% paid on deposits. Futhermore, in a somewhat unusual move, Coincheck offers electricity provision with bills paid in Bitcoin in partnership with some of the major power utilities in Japan. Finally, Coincheck also offer a prepaid VISA debit card.
One of the core strengths to Coincheck is the technology behind the exchange. The platform is excellently designed, and offers an intuitive usability that welcomes both new traders and veteran traders.
Wallet hosting is also available, with Android and iOS digital wallet apps.
As well as Bitcoin trading, Coincheck’s exchange also supports a range of other cryptocurrencies. Ethereum, Ethereum Classic, Lisk, Ripple, Zcash, Dash, Litecoin, and Monero are some, though not all of the other cryptos that can be traded on the exchange.
Accounts are funded by either bank transfer or cards. Yen bank transfer deposits are not charged but deposits made in USD are charged a flat fee of $25 or ¥2500 from bank accounts not located in Japan. Cryptocurrency can also be transferred in.
Withdrawals to bank or card are charged at ¥400 and USD withdrawals ¥2500.
Coincheck has two tiers of accounts that come with two levels of personal identity verification requirements. Depositing up to $500 or withdrawing up to $300 a day requires only email address verification and a valid mobile number for SMS verification. Account holders who wish to take advantage of higher deposit or withdrawal levels will have to provide personal identification documents such as a passport or other form of government-issued ID and proof of address.
Security is decent on the platform, with both 2FA and cold storage wallets being available.
Coincheck provides customer support via a FAQ and email ticketing services. The FAQ is extensive and is offered in a range of languages.
Coincheck is an excellent cryptocurrency exchanges with some fantastic features available on few other platforms. Being open to users around the globe is a great addition, as this isn’t always the case.
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