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As the integration of digital currencies in the economy is rapidly expanding, new exchange and trading platforms are being born. Indeed, these currency exchange platforms have made it extremely easy for both beginners and experienced investors.
Nowadays, one can choose from among a variety of trading platforms due to the vast number of options out there. However, only those trading platforms happen to be reliable and are more likely to survive, that has an interactive interface, right features, high security, and good responsiveness.
Apart from internationally operating currency exchange platforms, several location-specific trading platforms are also coming into play. These platforms target a particular location, say a particular country or a region in the world to provide their services at.
What is COINCHECK?
The Coincheck exchange is a popular bitcoin wallet and trading platform that allows peer-to-peer trading. It has its headquarters in Tokyo, Japan. Coin check was funded by Yusuke Otsuka and Koichiro Wada. The coincheck platform could be considered as a location-specific platform with some limited services offered internationally.
Coincheck was formed in August 2014, and within 2 years, it expanded itself to allow more than $160 million worth of transactions per month. Within Japan only, there were more than 2200 merchants that were making use of the bitcoin payment solution. Furthermore, the coincheck exchange also happens to be a member of JBA. JBA is abbreviated as Japan Blockchain Association. Together with the JBA, coin check is trying to promote and develop the Japanese Bitcoin community along with support from the Japanese Government.
- It has support from the Japanese government.
- Allows deposits in both fiat currencies and cryptocurrencies.
- Allows spot and leveraged trading.
- Provides the feature of an E-wallet.
- Allows deposits via credit and debit cards.
- Issues its own debit card to users.
- You can only trade against Japanese fiat currency.
- The customer service reputation is not very good.
Special features of Coincheck
The success of a trading platform majorly depends on the services that it offers, the security, the interface, and the responsiveness of the platform. These are the features that can contribute to the long-term success of a trading platform.
As far as Coincheck is concerned, it carries the following features:
- Good interface: Coincheck offers its users a crisp interface which does not take a lot of effort to get used to. Furthermore, it offers just the right features that one needs to trade efficiently. Hence, beginner investors can easily familiarize themselves with its interface.
- Multiple applications: This is perhaps one of the most major qualities of Coin check. It offers multiple applications that carry solutions for both advanced investors and those who are just about to begin. Furthermore, it also offers various solutions/services to traders and businesses that are making their way into the world of cryptocurrencies.
- Offers a co-branded debit card: Just like other major cryptocurrency exchanges, coin check offers a co-branded debit card to its clients. This debit card is backed by Visa and users can top up Bitcoins by using a simple smartphone app that can also be used to send funds to merchants that accept Visa.
- High security: The coin check exchange keeps the funds of its clients in accounts that are segregated accounts. Furthermore, the wallets are also encrypted in cold storage. Apart from that, it also makes use of 2-factor authentication, encrypted data, secure servers, and regular back-up of records.
- Mobile applications: Coin check has its own mobile applications both for IOS and Android devices. These mobile applications allow one to manage their funds in the e-wallet and to transfer the funds using spot trading.
The currencies that Coincheck supports include:
Is Coincheck safe?
A lot of new investors wonder, is COINCHECK legit? While others think, is COINCHECK safe? And whether “can I trust COINCHECK?”
Security is indeed the most important aspect of any cryptocurrency exchange, both for investors and traders. Well as far as security is concerned, Coincheck is rated pretty high.
Coincheck makes use of cold storage technology, to store digital currencies securely making them prone to being tampered by external interference.
Another important security aspect of coin check is that it makes use of 2-factor authentication and requires verification through a phone number hence increasing protection. Investors can hence deposit with more confidence and a sense of great security.
As far as the customer service goes, however, most of the users of Coincheck do not give a very appreciable response. The customer service at this exchange is rather slow and sometimes unresponsive. This is perhaps one of the major drawbacks of this exchange.
Despite the high security, on 26th January 2018, the Coincheck exchange underwent the largest heist in the world of cryptocurrencies so far. Some unidentified hackers penetrated through the exchange’s hot wallet and stole $530 million worth of XEM coins. Following this event, the trading was briefly suspended. However, this cannot be classified as a COINCHECK scam since it was uncalled for and the coincheck exchange promised to return the funds to the users anyway.
How to use Coincheck?
- The first step would be to sign up for an account. This will allow you to store your cryptocurrency in its E-wallet securely while making you eligible to use all the features of the platform.
- After signing up, the second step is to add a bank account in order to deposit JPY. In order to add a bank account, a couple of verification procedures have to be followed.
- Once you have completed the verification steps, you will get a confirmation message signifying successful linkage of your bank account.
- Once your bank account is registered, head on to Buy Bitcoin > Deposit Yen. Use this option to deposit fiat currency in your account. Once you have deposited the fiat currency, it will be visible in your deposits in a matter of time.
- Now select the cryptocurrency that which you want to buy (let’s say BTC) and enter the amount in BTC. It will also show you the converted amount in JPY. Then click buy now. All the conversions will automatically be done.
- Once completed, your cryptocurrency will arrive in your account in a matter of time.
- The selling process works the same way but in the reverse direction, by making use of the sell option.
Indeed, coincheck is one of the major exchanges in the world, especially prominent in the Japanese crypto market.
The best thing about Coincheck is that it looks like a stable platform, which makes it highly reliable for the investors. While the number of coins that one can use for spot trading is pretty acceptable, there are some limitations as far as leveraged trading is concerned.
Moreover, some investors may not like the idea of trading against the JPY only. However, it all comes down to a matter of personal choice and preference. Coin check still stands out as one of the most highly reputed exchanges in Asia despite certain drawbacks such as a poor customer service.
Thank you for taking time and checking out this Coincheck review. Make sure to visit our website more often for more comprehensive articles, reviews, guides and everything crypto.