Coincheck Review

If you're a first-time cryptocurrency buyer, keeping your coins in check starts with choosing an exchange that is properly regulated in your country. That way, you get the added security of customer protection laws. So, in this Coincheck review, I'll introduce you to one that is suitable for Japanese traders!

What is Coincheck? Simply put, it's a Japanese cryptocurrency exchange that has been topping the ranks of spot trading volumes in the country for a while now.

Wondering what features Coincheck has in check and how it compares to industry leaders like Bybit and Uphold, or bitFlyer, another Japanese exchange that's currently trending in the country? No worries, I'll address all your questions and concerns in this Coincheck exchange review!

Coincheck Review: Quick Overview

Coincheck is a Japanese crypto exchange where you can trade BTC, ETH, and ETC (among others) straight with JPY. But that information alone is insufficient to nudge you into making a well-rounded decision. To set the context of my Coincheck review, have a look at the quick overview below:

Table: A quick overview of the Coincheck exchange

So, that's what Coincheck is at a glance. However, let's take a much more detailed look at the platform so you can decide if it really fits your needs.

Coincheck Exchange Alternatives

Earlier, I promised I'd stack Coincheck against the top crypto exchanges, now it's time to deliver - here's how the Japanese trading platform measures up against some of the top choices of crypto enthusiasts:

• Bybit. One of the most visited CEXs in Japan and worldwide, Bybit is a crypto playground, especially for those into derivatives trading, portfolio diversification (since Bybit supports 1,700+ coins), and smart leverage (up to 200x for futures contracts).
• Uphold. As a multi-asset exchange, the headliner of Uphold is its multi-purpose crypto products. Beyond trading, the platform extends your cryptocurrency's utility with the Uphold Card for day-to-day spending.
• bitFlyer. Coincheck's main contender, bitFlyer, claims to be the No. 1 crypto exchange in Japan in terms of Bitcoin trading volume. Among its standout offerings are zero trading fees for leveraged margin trading and a minimum crypto purchase of just 1 yen.

	UPHOLD	BYBIT	BITFLYER
Overall Score	9.4	8.0	6.0
Best For	Wide Range of Assets	More Advanced Users	Beginners
Operating Countries	United States, Argentina, United Kingdom, Mexico, France, +180 more	South Korea, United Kingdom, Ukraine, Turkey, +160 more	Japan, United States, Taiwan, United Kingdom, France, + 30 more
Latest Coupons	$20 in BTC All Uphold Coupons	See All Coupons of Best Exchanges	See All Coupons of Best Exchanges
Verdict	A reliable digital asset exchange with multiple additional features and tradable asset classes.	A popular crypto derivatives exchange with some super-low trading fees.	One of the more-interesting and better underdogs of the cryptocurrency exchange market.
	Visit site Read review	See TOP10 Brands Read review	See TOP10 Brands Read review

Table: A comparison of Bybit, Uphold, and bitFlyer

For now, choosing the right crypto exchange might still feel like a tough call. To make things easier, let's get on with this Coincheck exchange review.

📚 Read More: Best Cryptocurrency Exchange in Japan

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Who's Coincheck For?

Is Coincheck a reliable exchange for you? To really find out, here are the audience groups that are most likely to call Coincheck their go-to platform:

• Japanese traders. Coincheck is exclusively open to Japanese traders for now, who will probably be delighted with the generous spread of JPY spot trading pairs.
• Crypto newbies. As read on its homepage, Coincheck primarily targets first-time crypto buyers. It even has a dedicated website section with a cryptocurrency buying tutorial for first-timers, and the mobile app has won an award for its user-friendly design.
• Crypto whales. Some features on Coincheck, like block trading and OTC service, will benefit those who regularly move large crypto volumes.

Find yourself belonging to any of these groups? Then, let's find out find out whether Coincheck is truly your exchange soulmate or perhaps a top-ranking alternative would be a better fit.

Advantages

When you open Coincheck's homepage, you'll find a pretty proud banner:

No. 1 in mobile app downloads

Coincheck claims that this is based on data provided by App Tweak. The ranking specifically applies to domestic crypto asset trading apps and covers the period from January 2019 to December 2023.

One way or another, here are the main advantages of the exchange, no matter if you're using the app or the web version:

• Low fees;
• User-friendliness;
• Portfolio growth opportunities;
• Seamless integration with a built-in wallet;
• A feature for paying bills with crypto;
• Up-and-coming innovations.

Let's start with a hard truth: who isn't mindful of their budget? Trading fees can quickly eat into your profits. Coincheck, thankfully, keeps you in check with your budget (pun intended). It offers some of the lowest maker/taker fees in the market, ranging from 0% to 0.1%. The barrier-to-entry is also minimal, starting from as little as 500 JPY for buying/selling crypto.

Furthermore, when it comes to barrier-to-entry, Coincheck keeps it accessible, not just in terms of fees. Its beginner-friendly approach extends to its web design, so the platform presents a balanced strike between information clarity and an intuitive user experience.

Moving on, Coincheck offers several programs to grow user portfolios beyond just trading. For one, there's the Periodic Purchase feature that helps you manage risks by automatically buying cryptocurrency monthly. Then, there's Coincheck Lending. The name says it all: loan out your spare cryptocurrencies and earn potentially more in return.

Talking about portfolios, though, many traders have a hard time managing them. Coincheck's built-in wallet is the solution for this. Besides storing cryptocurrencies, the Coincheck wallet lets you buy and sell cryptocurrencies in JPY instantly, keeping you out of the frustration loop.

There's more you can do with your cryptocurrency. You may have caught the wind of cryptocurrencies getting more integrated into daily life^[1], and Coincheck plays an important role in that. Coincheck Denki, one of its innovative features, allows you to pay electric bills with Bitcoin. Best of all, you can earn cash back in the process!

Last but not least, Coincheck might look simple from the outside, but once you peek inside, you'll discover more. The platform also serves as a launchpad, jumpstarting uncharted yet promising cryptocurrency projects. Plus, its NFT marketplace is currently live in the beta version.

Disadvantages

Some aspects of Coincheck are, admittedly, not-the-best. That's a given with all exchanges, though, even the leading ones. That said, it's good to have balanced perspectives - so here are the areas where Coincheck falls short:

• A pretty small variety of supported crypto;
• Past security breach;
• Limited trading functionality.

First of all, there are only 30+ cryptocurrencies listed on Coincheck - a rather modest selection, to say the least. Based on my observation, though, its listing extends to DePIN projects like IOST and under-the-radar meme tokens like APE. Still, in comparison, Bybit has 1,700+ cryptocurrencies that include rising trends like TRUMP.

Next, it's hard not to ignore Coincheck's past security breach in 2018. Hackers stole and laundered a staggering 58 billion yen ($530 million) worth of cryptocurrency.^[2] Though it occurred a long time ago, it remains a lesson learned, and Coincheck has never taken security issues lightly since then. The exchange is now equipped with multiple safety measures, including cold storage, to keep hackers at bay.

Another drawback that is pretty loud in user Coincheck reviews, especially among professional traders, is the lack of advanced trading types. In the past, Coincheck offered margin trading, but it was discontinued in 2020. For now, the Japanese exchange only features spot trading.

Fees and Limits

Although Coincheck offers some of the lowest trading fees, understanding the expenses in the bigger picture is crucial for your budget control in the long run. The main Coincheck fees you need to know about are the following:

Table: Coincheck fees

Here's an explanation of some of these fees in more detail:

• Maker/Taker Fees. The good news is that Coincheck doesn't charge trading fees for major cryptocurrencies like BTC and ETH. However, if you trade ETC, IOST, PLT, FNCT, BRIL, and BC, you'll be charged a 0.05% maker fee or a 0.1% taker fee.
• Itayose Trading Fee. The Itayose fee applies to orders executed during the Itayose method, which determines the opening price when the trading floor reopens after a temporary suspension. This fee generally does not apply to most coins or tokens, aside from the ones specifically mentioned earlier.
• JPY Deposit/Withdrawal Fees. Bank transfers are free, but users are responsible for the deposit fees charged by the bank. Expect additional charges from 770 to 1018 JPY for convenience store payments or higher amounts if you use quick deposit via PayEasy. The Coincheck exchange withdrawal fee, on the other hand, is a flat 407 JPY.
• Staking Fee. Coincheck takes 30% of the total staking rewards, whereas the remaining 70% is shared among customers based on the amount of ETH you hold.

There are more types of fees charged by Coincheck. In general, the platform's fee structure is a bit complex, so I suggest checking the website for more details.

Staking and Earning Rewards

Coincheck has recently launched a staking program focusing on ETH, which is the 2nd highest-value cryptocurrency by market cap as of writing.

Now, how do you earn this top-performing cryptocurrency? Fortunately, there's no need for a complex procedure or filling up a form. Simply deposit ETH into your account and hold it for a certain period of time, depending on whether you choose medium- or long-term staking. Along the way, Coincheck does not even restrict the transfers or sales of your staked cryptocurrency.

Afterward, the earnings from crypto staking will function like compound interest, which will be automatically credited to your account. As time goes by, Coincheck plans to expand its staking program to other cryptocurrencies, so keep your eyes on the prize.

And if you're interested in other types of rewards, well, it's not a "traditional sense of reward" per se, but Coincheck Lending offers an opportunity to earn. The program can especially be helpful for those who have dormant cryptocurrencies lying around, be it XRP or NEM (it doesn't have to be BTC).

Now, if you'd like to lend out cryptocurrencies, this time, Coincheck will ask you to fill up an application form, which can get approved or denied. If you get the green light, lucky you - determine the lending period, for instance, 90 days with an annual rate of 3%. Coincheck, though, caps its interest rate at 5%, which is a competitive option in line with market benchmarks.

📚 Read Next: Crypto Staking Guide

Security

Admittedly, the 2018 hacking incident made people wonder, "Is the Coincheck exchange safe?". For 6 years and counting, Coincheck has never faced another security breach. As far as this is going, the exchange is safe.

Reflecting on its past mistake, the Japanese trading platform has since strengthened its security with robust measures, including two-factor authentication (2FA), SSL certification, and cold storage for funds. I understand all of these sound like technical jargon - allow me to explain.

Most people are probably familiar with what 2FA is. Whenever you sign into your Gmail, for instance, Google prompts you for another round of verification, typically through a third-party app. This is the same kind of system that Coincheck adopts, adding an extra layer of security to prevent unauthorized access, which is more prone to occur in a non-2FA scenario.

As for SSL certification, truthfully, it's a pretty standard procedure - but one that's urgently necessary. It's an encryption protocol that ensures the integrity of the web you're accessing - in this case, Coincheck.

The most reassuring protective measure for me, though, is the cold storage for user funds. Coincheck fully separates customers' assets from the company's. Even in the event of a cyberattack, user funds remain untouched and secure.

📚 Read More: Hot Wallet VS Cold Wallet

Customer Support

I'd say that in terms of customer support, Coincheck is still old-school. The only available way is emailing the support team, which is a non-instant way toward conflict resolution.

Coincheck's customer support, unlike other exchanges I've come across, isn't accessible 24/7, either. Practically, you can contact them anytime, but they'll only answer your queries during weekdays between 10 AM to 6 PM.

What if you run into a brick wall on the weekend? Well, no option but to sit it out until Monday comes. In the meantime, though, it'll be helpful to run through the FAQ pages.

While I haven't noted this as a con in my Coincheck review, the exchange can really level up its customer service. It should offer more immediate means of communication, like an AI-powered chatbot or a 24/7 phone line, which would be way more helpful in the complicated world of crypto trading.

Trading Tools

Many crypto coin exchanges like Coincheck facilitate spot trading. Of course, different platforms have different features. So, here are some of the main aspects of Coincheck's spot trading:

• Easy deposit;
• 30+ crypto pairs with JPY;
• Comprehensive trading tools;
• Stop-loss functionality.

First and foremost, before you begin trading, depositing cryptocurrencies is customary. Thankfully, the deposit procedure on Coincheck is instant and streamlined, accessible right through the dashboard. What's more, Coincheck provides a range of payment options to finalize your deposit, including offline, online, and bank-supported transactions.

Once your deposit is made, it's time for the most exciting part: trading. There are 30+ crypto pairs available, covering stablecoins, trending meme projects, and popular findings like:

• DAI
• CHZ
• DOGE
• AVAX
• SHIB

All of these coins are paired with JPY, enabling a smooth crypto-fiat trading experience.

Just as important as your coin choice, though, is the trading strategy. Fortunately, Coincheck provides a complete set of trading tools. As you navigate through crypto movements, you can switch between different chart types like candlesticks, bars, or Heikin Ashi. To further enrich your technical analysis, you can even add various indicators like the Accumulative Swing Index or Bollinger Bands.

Finally, one functionality that goes well with these trading tools is a stop-loss order. Incorporating a stop-loss order is essential for effective risk management in trading. To determine an appropriate stop-loss price, traders can utilize tools like the Long Position tool, which assists in setting precise entry, target, and stop-loss levels, thereby enhancing the accuracy of their trades.

📚 Read More: Crypto Trading Strategies

User Experience

Since I've just brought up trading in the previous section of this Coincheck review, you may recall how intuitive the deposit process is. Coincheck exchange withdrawals follow a similarly straightforward route, requiring only a few configurations and a couple of button presses guided by the setup wizard.

It is this level of intuitiveness that achieved Coincheck its Good Design Award back in 2024, where its mobile app is highlighted. Even if you're using your phone, trading can be a complex endeavor, but Coincheck's easy-to-follow instructions simplify the experience.

The mobile app's UI is clutter-free with a clean white background, shining the focus on trading charts, crypto market performance, your portfolio, and other essential metrics.

I'd say, though, that Coincheck's desktop UI has a rather conventional appearance, especially when compared to Bybit's modern layout. That said, this is not much of a downer, as the UI remains hassle-free to use and navigate.

And for what it's worth, Japanese users actually prefer information-packed interfaces. That's why Coincheck's dashboard is filled with real-time market prices, notifications, symbols for buttons, and more.

Localization and Regional Adaptability

Recently, Coincheck made a huge splash with its debut on NASDAQ's trading floor - the first Japanese exchange with such an accomplishment. Its listing on the American stock market might make people wonder if Coincheck USA is underway. Simply put, the answer is an unfortunate no.

The Coincheck exchange is mainly built for Japanese traders. There's no press release to confirm Coincheck's geographical expansion elsewhere.

That said, from my observations, 80% of Coincheck's content, especially its main website, has been translated into English. This language localization opens the door for foreign traders residing in Japan. Occasionally, though, you'll find blog posts and important announcements that are entirely in Japanese.

How to Use Coincheck

Now that you know the ups and downs of the platform, it's time to get to the practical part of my Coincheck review.

How to Create an Account on Coincheck

The sign-up process on Coincheck is fairly simple, but there are a few extra steps that might go overlooked if you don't notice them:

Step 1: Go to Coincheck's website and click the [Register] button.

Step 2: Sign up with your email address, set up a password, and do not forget to verify the CAPTCHA.

Step 3: Verify your account. If you signed up with your email earlier, check your inbox and click on the link sent by Coincheck to re-login.

Step 4: Now that your account is up, keep in mind that you'll still need to agree to several policies, adhering to the Payment Services Act and the Act on Prevention of Transfer of Criminal Proceeds.

Once you're in your dashboard, click [Check Important Matters]. Tick all the boxes and proceed by clicking [Agree to the most important matters above and start using Coincheck service].

Step 5: Lastly, complete the Know Your Customer (KYC) verification.

The exchange will first ask to verify your phone number before going ahead with the KYC. Afterward, you will need to submit an ID selfie along with one or more of the following documents:

• Passport;
• Residence card (both front and back sides);
• Special Permanent Resident Certificate (both front and back sides);
• Driver's license (both front and back sides);
• Individual Number Card (front side only).

If you've followed all the steps, congratulations - you have completed the sign-up process without skipping a thing!

How to Deposit on Coincheck

Before you get started with trading, let's find out how to deposit on Coincheck.

Step 1: On your dashboard, go to the [Deposit JPY] tab.

Step 2: Choose your preferred payment method: domestic (bank transfers), via convenience stores, or online payment through PayEasy.

Step 3: The screen will then show dedicated transfer account information. Simply transfer your deposit amount to finalize the process.

Additionally, you can connect to your Rakuten bank account by clicking on [Create a deposit account]. No worries, this service is free of charge.

Coincheck Alternatives

Perhaps Coincheck doesn't cover all your crypto bases and wants. So, is there any crypto coin exchange like Coincheck but, essentially, better? Some options stand out more than others, so let me give you a quick overview of the top contenders. My evaluation will focus on several core categories: trading types, total coins supported, and additional reward or utility programs.

Coincheck VS Bybit

At this point, you probably know that Coincheck cannot fulfill the demands for derivatives trading. That said, Bybit is widely known to be one of the top-ranking exchanges for this. It offers a full-course buffet of derivatives products that will fulfill your trading appetite, including futures, perpetual, and inverse perpetual contracts settled in USDC, USDT, BTC, ETH, or other cryptos.

Bybit's role as a powerhouse in the crypto world is also evident by the number of coins or tokens listed there, where there are 1,700+ variations. The market's categories are neatly organized into specific blockchain ecosystems like Solana or Ethereum, DeFi, GameFi, and more. What's best is that you can trade selected stablecoins with zero maker/taker fees.

But if you're looking to catch not just your next trade but also reward opportunities, Bybit has a one-stop hub that incentivizes new users and certain actions, similar to playing a game where you unlock rewards by completing levels.

📚 Read More: Bybit Review

Talking about games, if you're into a blend of gamified earning and learning, make sure to check out BitDegree Missions!

Coincheck VS Uphold

Both Coincheck and Uphold are multi-asset exchanges, but what makes one superior to the other? For one, Uphold offers greater spreads of products. Its spot trading terminal is more full-blown than Coincheck's, featuring advanced order types like take profit and trailing stop-loss.

Plus, if you're seeking a wider crypto selection, Uphold has way more. There are 300+ cryptocurrencies listed on this global exchange, from market cap toppers like BTC and XRP to lesser-known gems like SPELL.

Finally, while Coincheck allows you to pay gas bills with Bitcoin, Uphold takes crypto payments to the next level with its crypto card. If you thought that paying for your meal or groceries with virtual coins is not possible, Uphold makes that a reality, partnering with Mastercard to enable crypto transactions across thousands of retailers worldwide.

📚 Read More: Uphold Review

Coincheck VS bitFlyer

Coincheck and bitFlyer are both Japanese crypto exchanges, and they're constantly head-to-head in the competition for the No. 1 trading platform there. In terms of trading types, though, bitFlyer earns an extra point for supporting margin trading.

In terms of cryptocurrency support, bitFlyer also has the upper hand (by a slight margin) with 39 coin listings. Noteworthy favorites like PEPE and ZPG, which are unavailable on Coincheck, are tradeable on this platform.

Now, how do the two compare in reward opportunities? bitFlyer also has a recurring buy feature, but on top of that, there's a referral program and the functionality to exchange T-Points for Bitcoin. Additionally, if you are a photography enthusiast, bitFlyer partners with Bic Camera, allowing you to shop for camera and video equipment with Bitcoin.

📚 Read More: bitFlyer Review

Pros

• Secure and reliable
• Low fees
• A good amount of fiat currencies accepted

Main Features

• Reputable exchange
• Multiple fiat currencies are accepted
• Relatively low trading fees

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Pros

• Fiat currencies - accepted
• Simple to use
• Accepts only the most trustworthy cryptocurrencies

Main Features

• A leading cryptocurrency exchange platform
• Best for beginner investors
• Accepts fiat currencies

GET $200 REWARD

Pros

• Fully reserved and transparent
• Multiple tradable asset classes
• Early new token support

Main Features

• 265 supports cryptocurrencies
• Secure & transparent
• Fully reserved

$20 in BTC

Conclusions: Is Coincheck Right For You?

Let's wrap up this Coincheck review. One of the best aspects of the platform is that it has a spot trading terminal that is not intimidating for first-timers but challenging enough for those with more experience. Also, there are other useful features worth checking out, such as staking or an NFT marketplace.

Nevertheless, Coincheck falls behind in some aspects. It only lists 33 cryptocurrencies (as of writing), and margin trading or other more advanced trading types are not available on it.

And for those worried whether the Coincheck exchange is safe, while it did suffer a security breach long ago in 2018, it has since committed to upholding higher security standards. Given that quite a lot of time has passed without any other incidents, the exchange is doing a pretty good job regarding its security.

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.

Scientific References

1. Jakovac P., Starcevic I., Puz M.: 'Cryptocurrencies and Their Implementation in Everyday Life';

2. Tsuchiya Y., Hiramoto N.: 'How Cryptocurrency is Laundered: Case Study of Coincheck Hacking Incident'.