COINCHECK

    Coincheck operates as a major Japanese cryptocurrency exchange. In 2012 Wada and Otsuka established Coincheck to enable users to purchase, trade and hold multiple cryptocurrencies such as BTC ETH and XRP. Together with staking and lending services Coincheck serves as an NFT platform.

    When Coincheck opened in 2012 it started trading Bitcoin but grew its services through time. In 2018, a hacker stole $530 million worth of NEM tokens from Coincheck. Even though a hacker stole $530 million NEM tokens the exchange functioned better and gave its customers back their funds. The company was purchased by Monex Group during the same year. In 2024, Coincheck made history as the first Japanese crypto exchange to start trading on Nasdaq.

    Customers from around the world recognize Coincheck for its services but the company remains the strongest in Japan. The exchange provides excellent trading liquidity together with extensive regulatory adherence and simple platform design in Japan.

    Key Features of Coincheck

    Over 17 cryptocurrencies are supported by Coincheck with competitive trading fees. Withdrawal fees are usually low, while some spot trades also have zero fees. It has the basic and advanced trading tools, consisting of tradingview charting for technical analysis and margin trading.

    Moreover, users will be able to earn rewards by staking or lending their crypto. Apart from peer to peer (P2P) trading, Coincheck also has an NFT marketplace featuring where users can buy, sell, and trade digital collectibles without any gas fees.

    Among other things, Coincheck Academy provides free learning materials on cryptocurrency and blockchain for education. Additionally, they have a mobile app for iOS and Android that allows you to manage crypto on the go.

    Getting Started on Coincheck

    Coincheck has an easy method of creating an account. Do start by going to their website or downloading their mobile app then sign up using your email or a linked social media account, verify email then complete your registration form.

    You have to complete identity verification to unlock full functionality. This includes uploading a valid government-issued ID as well posting a proof of address. Sometimes, Coincheck may send a verification postcard by mail to confirm your address. Usually, the entire KYC process takes a few days.

    Once this account is created, it is highly advised to turn on some security features. It also protects your account with two factor authentication (2FA) by authenticator app or SMS. You can similarly set an anti phishing code field and have an automatic logout function.

    Once you have logged in, you will find a very simple and neat dashboard with sections for trading, payment balance, NFTs, and settings.

    Funding Your Coincheck Account

    As for how to deposit fiat currency (JPY), Coincheck proposes utilizing different methods, including bank transfers from the domestic Japanese banks Resona Bank. In some regions, you can also fund your account with a credit or debit card. In Japan, while there is the ability to deposit cash at convenience stores, there are also fees that may apply to this method.

    Follow ‘Deposit’ on the project website to the ‘Deposit’ section, select your preferred crypto and get the deposit address. Do not forget to match the correct blockchain network — ERC20 for Ethereum — to avoid losing your funds.

    Buying and Selling Crypto

    There are several methods to buy and sell cryptocurrency via Coincheck. And you can make purchases instantly using a credit or debit card or take part in P2P trades (with other users) using local payment methods.

    To gain more control, go to the spot trading interface. A market order is one that you can place to buy or sell as soon as possible at the best available price. Limit order means you will set the buy or sell price you want; stop limit will trigger and make limit trade, if the price hits stop level. Users can also convert small leftover balances of so-called “dust” into BTC or ETH with Coincheck.

    Coincheck Wallets Explained

    Coincheck has multiple wallet types that are for certain functions. Your cryptocurrencies are stored on the Spot Wallet which is meant for trading purposes. Your deposits and withdrawals in fiat currencies are managed by the Funding Wallet. Your assets are held in the Earn Wallet when you are staking or lending. But some users using leverage based trading tools might have a Futures Wallet.

    Also, transferring funds between these wallets is simple and can be performed in your account. User funds are kept in cold wallets and are the majority of the funds on board.

    Withdrawing Funds from Coincheck

    Withdrawing cryptocurrency is straightforward. Go to the “Withdraw” section, select your coin and fill in your recipient’s wallet address. Always choose the right blockchain network, then execute the transaction with 2FA.

    If you are withdrawing fiat currency (i.e. JPY), you will first need to link your domestic Japanese bank account. Once you’re linked to option two, you can send a bank transfer straight from your Coincheck balance.

    The fees on withdrawal differ from the amount of an asset that was withdrawn. For instance, Bitcoin has a fee of 0.001 BTC and XRP withdrawals cost 0.15 XRP. Always double check the address and make sure there are sufficient funds to cover the network fee.

    Coincheck Earn: Making Passive Income

    And to its credit, Coincheck provides passive income staking and lending. ETH can be locked in cryptocurrencies for a specified period, and you can earn rewards by staking. On the other hand, you can lend your crypto to Coincheck and get interest paid out in time.

    In the future, Coincheck may also introduce auto invest features which will make building your long term crypto portfolio even more easier.

    Advanced Features (Optional for Beginners)

    For more advanced users, Coincheck allows their users to trade with leverage up to 5x. It also has a Tradingview tool which is a professional charting application for technical traders.

    Coincheck also provides API access to developers for developers to build custom trading bots, portfolio trackers, or third party applications.

    Coincheck Mobile App Overview

    The Coincheck app for iOS and Android provides full access to the platform features. You can trade, stake, track and even transfer from your smartphone.

    Real time market data, price alerts and notifications will be provided by the app so that you know instantly what’s happening. Especially for the one that would love to manage the assets on the go, it is intuitive and easy to use. Unlike the web platform, mobile apps are more convenient in both daily transactions and quick market reactions.

    Safety, Security & Support

    Coincheck prioritizes user safety. Hackers cannot access most crypto assets stored in offline cold wallets. When the users want to withdraw, they are asked to apply two factor authentication (2FA) and to additionally set the anti phishing codes.

    For good measure, always use a unique strong password and don’t click suspicious links or emails. Coincheck encourages their users and educates them about scams in common and teaches them how to be safe.

    Support is available by email during business hrs(10 AM to 6 PM JST weekdays). Additionally, you can browse through the Coincheck Help Centre which consists of Guides, FAQs and troubleshooting tips as well.

    Pros and Cons of Using Coincheck

    Pros

    However, Coincheck has low trading fees as well as an easy-to-use interface, which makes it a good choice for beginners. As a popular and trustworthy company in Japan, it offers the following services, such as staking, lending, and NFTs. The full platform access with the mobile app and the mobile app itself being a great application. This also lends credibility with its listing on Nasdaq.

    Cons

    Like the rest of the platform, it is mainly about the Japanese market; international users may face some limitations. While margin/futures trading is less robust, and the number of supported cryptocurrencies is lower than on global platforms, it nevertheless is very successful. The support is also limited to business hours and offers no 24/7 live chat support.

    Coincheck for Different User Types

    • Coincheck has a simple design and educational resources for beginners, like Coincheck Academy.
    • Spot and margin trading are available for traders, and there are advanced charting tools like that of TradingView.
    • It offers staking and lending features to earn passive income for investors.
    • Also, for NFT Enthusiasts, a direct gas-free NFT marketplace can be explored from the platform.
    • Coincheck’s API is accessible to developers, using which they can build apps or automate trading.

    Final Thoughts + Useful Resources

    Japan based users and those who are looking for a simple, regulated crypto platform will certainly find Coincheck to be a good choice. It has an easy setup, better security and will continue to roll out features like NFTs and passive income, covering all the basics and much more. Nevertheless, fiat access and customer support hours may be restricted for those outside of Japan.

    If you haven’t been trading (cryptos) or are new to it and searching for a secure exchange in Asia, Coincheck is one for sure something to look into.

    Resources to Get Started:

    • Coincheck Academy (free education)
    • Coincheck Help Centre
    • News and updates via Coincheck on X (Twitter)
    • There are YouTube tutorials on Coincheck trading and features.

    Frequently Asked Questions (FAQs)

    1. Is Coincheck available in my country?

    In Japan, Coincheck is licensed and regulated. The app mainly targets Japanese users and is available if laws outside Japan allow it.

    2. How long does verification take?

    Usually bound, a few days, a week or two, depending on the volume of applicants

    3. Why have I not been able to get my deposit or withdrawal?

    Bank delays, blockchain congestion or extra identity verification may cause delays.

    4. Can I have my funds sent to the wrong address returned to me?

     No, because Crypto transactions are irreversible, which is why you must verify addresses before sending.

    5. Where does Coincheck fit in amongst other exchanges?

    Japanese residents and beginners should use Coincheck. It has a clean interface, supports NFTs, is well regulated but has less global scale and diversity in comparison to the bigger exchanges like FTX.