What is coincheck.com? What do its customers think about it? Is it one that you should switch to or is it one that you should avoid? Welcome to yet another interesting review about a platform you may have already taken interest in, hence the reason you are here. Let’s dive into it right away.
- What is coincheck.com?
- Which cryptocurrencies and fiat currencies are supported by Coincheck?
- Countries this platform is available in
- Fees charged
- The deposit and withdrawal options
- Is Coincheck Legit or is it a Scam?
- Pros and Cons
Name of the Platform: Coincheck
Official website URL: https://coincheck.com/
Overall Rating: (2.5 / 5)
What is coincheck.com?
Coincheck is a well-established Japanese cryptocurrency exchange, that many say is the one that has the highest BTC trading volume in this country. This exchange, which also serves as a bitcoin wallet provider was founded back in 2014 and is an active member of the Japan Blockchain Association.
The Japan Blockchain Association (or JBA, as popularly abbreviated), is an industry group that comprises two divisions- one deals with blockchain technologies, while the other one deals with virtual currency.
Another thing that Coincheck has managed to do is to offer crypto lending services that let those who own cryptos lend to those who need them. the lenders can earn a maximum of 5% interest from doing this. What more does this platform have to offer, and what can you expect from it? Read on to find out.
Which cryptocurrencies and fiat currencies are supported by Coincheck?
Coincheck seems to offer a limited number of cryptocurrency pairs for the purpose of trading. Some of the main cryptos you can access on this platform include:
- Ethereum Classic
The main fiat currencies supported by Coincheck are Japanese Yen and USD.
Countries this platform is available in
Coincheck was established in Japan, with the main aim being to serve Japanese customers who’d need to carry out cryptocurrency exchanges, trading, or utilize a reliable utility wallet. Keisuke Wada and Yusuke Otsuka are the two people behind the creation of this platform, which they intended to mainly serve those living within Japan’s national borders. The platform is, however, available for use by international users, and all they have to do is begin the account application process, as they wait to see if their application will go through.
It’s always a good thing to check the trading fees for any exch ange, since failing to do so can lead to awkward surprises, in the form of significant portions of your funds being eaten into to cater for various charges. Coincheck has managed to make things easy for its customers by having zero fees for takers and makers. This offer started as a campaign but ended up being a permanent feature, owing to the success it brought in terms of attracting new customers. Generally, however, these fees are usually quite low, with the industry average being at about 0.25%. Having 0% fees gives Coincheck a competitive advantage.
There are, however, some deposit and withdrawal fees that you can expect as you deposit or withdraw different types of cryptos. These fees are usually updated from time to time, hence you should check the official website before proceeding to make any deposit or withdrawal transaction.
The deposit and withdrawal options
Coincheck account holders have the option to fund their accounts through:
- Bank transfer
- Debit /credit card
Note that Yen bank transfers do not attract any fees, but those made in USD attract a $25 fee (a flat fee).
Customers can also make their deposits in the form of cryptos, from a pre-existing crypto wallet. The charges may differ from one wallet to another.
When it comes to withdrawals, customers can make transfers to their bank accounts, or they can use their credit cards if they want to make withdrawals in fiat currencies. It’s also possible for one to make a transfer to another cryptocurrency wallet.
Don’t forget to check the deposit and withdrawal fees on Coincheck’s website before any transaction.
Is Coincheck Legit or is it a Scam?
Coincheck is, in my opinion, a legit platform that has been in operation for more than 6 years now. Had it been a scam, the authorities in Japan would have already halted its operations. That’s said, it is always good to take a look at what the customer reviews look like, to get an idea of the nature of services we can expect.
Upon taking a look at this company’s customer reviews on Trustpilot, I discovered that it’s one that’s not performing very well so far. With an overall rating of (2.4/5) stars, Coincheck definitely needs to put in more work towards ensuring that all customers are satisfied. With 66% of the customers perceiving its services as being poor or bad, Coincheck has a long way to go as far as competing with some of the best platforms in this industry is concerned. If you’re not happy about Coincheck, here is an option you can try out:
Pros and Cons
- A nicely designed platform that’s easy to use
- Credit card payments accepted
- Wallet app provided
- Supports JPY& USD
- No taker/maker fees
- Poor consumer ratings and feedback
- Doesn’t seem to favor international customers – rates are higher for them.
Do you own or represent Coincheck?
If you are a representative or associate of Coincheck have found something not to be correct in this review please, feel free to tell us and I will make sure to update the info on this post. The easiest way to do it is in the comment section below or simply by sending us an e-mail to firstname.lastname@example.org.
Final Words and Verdict
Overall Rating: (2.4 / 5)
Coincheck is one legit platform that seems to be mainly focused on helping Japanese customers explore the possibilities that come with owning cryptos. Even so, it also accommodates international customers, though they have to go through a more tedious application process, and also pay higher fees.
Overall, this platform is not doing quite well, and would need to work on its service delivery and customer support, if it plans on ever becoming an industry leader. Those who’d need a better alternative to Coincheck can utilize my recommended alternative below:
That will be all for this review on what coincheck.com is about, and what it has to offer. I hope you enjoyed it and that you’re now aware of whether you should rely on it or not. If you’ve used this platform in the past, kindly share what your experience was like- to help other readers know what to expect. You can also ask any question that you may have about the platform – I’ll get back to you ASAP.
I wish you well,
Eric, investor, and team member on Gold Retired!