Coincheck Review 2024

Our veredict

Coincheck is a well-established cryptocurrency exchange based in Japan, known for its user-friendly interface and comprehensive service offerings. Founded in 2014, Coincheck has grown to support a wide range of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Ripple, making it a versatile platform for both beginners and experienced traders. The exchange offers unique features such as the ability to pay utility bills with Bitcoin, a marketplace for non-fungible tokens (NFTs), and an Initial Exchange Offering (IEO) platform for launching new tokens. Additionally, Coincheck provides a mobile app for easy trading on the go, further enhancing its accessibility and convenience.

Despite its many advantages, Coincheck has faced significant challenges, particularly the infamous 2018 hack that resulted in the theft of over $530 million worth of NEM tokens. This incident highlighted vulnerabilities in the exchange’s security measures, which have since been addressed through stringent new protocols, including the use of cold storage for assets, two-factor authentication, and extensive identity verification processes. However, this event serves as a reminder of the inherent risks associated with cryptocurrency trading and the importance of robust security practices.

Pros

Mobile App Availability: Coincheck provides a mobile app for iOS and Android, allowing users to manage their trades and monitor the market on the go.
Innovative Services: The exchange offers unique features such as Coincheck Denki, which allows users to pay utility bills with Bitcoin, and a dedicated NFT marketplace.
Zero Trading Fees: The platform does not charge maker or taker fees, instead using a spread model, which can be advantageous for frequent traders.

Cons

Threenvest Score

Fees

0.10% (Maker), 0.10% (Taker)

U.S Legal

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Why choose Coincheck?

Choosing Coincheck as your cryptocurrency exchange provides a combination of user-friendly features, innovative services, and a secure trading environment. Coincheck supports a wide array of cryptocurrencies including Bitcoin, Ethereum, and Ripple, making it versatile for traders with diverse portfolios. The platform also offers unique services like Coincheck Denki, allowing users to pay their utility bills with Bitcoin, and a dedicated NFT marketplace. Additionally, Coincheck’s mobile app ensures that users can manage their trades conveniently on the go, enhancing the overall trading experience.

Coincheck is particularly appealing due to its zero trading fees, opting instead for a spread-based model. This means users do not incur maker or taker fees, which is a significant advantage for frequent traders. However, it is important to note that the spreads can range from 0.1% to 5%, which might be higher during volatile market conditions. The platform’s emphasis on user security is another strong point. Following the 2018 hack, Coincheck has implemented rigorous security measures such as two-factor authentication, SSL encryption, and the use of cold storage for digital assets. These measures help ensure that user funds and personal information are well protected.

Despite its strengths, Coincheck has some limitations. The platform primarily supports the Japanese Yen, which can be limiting for international users. The verification process for overseas account holders can also be more complex and time-consuming. Additionally, while Coincheck provides robust security features and has improved significantly since the 2018 breach, potential users should always remain vigilant and conduct due diligence. Nevertheless, Coincheck’s combination of user-friendly features, innovative services, and enhanced security measures make it a compelling choice for both new and experienced cryptocurrency traders.

Xavier Tarrasó

EIP and Cryptocurrency Investor

As a seasoned cryptocurrency trader, I find Coincheck to be a compelling choice due to its user-friendly interface and diverse features. The platform supports a wide range of cryptocurrencies and offers innovative services such as the ability to pay utility bills with Bitcoin and a dedicated NFT marketplace. Coincheck’s mobile app enhances accessibility, allowing traders to manage their portfolios seamlessly on the go. Despite its primary focus on the Japanese market, the platform’s robust security measures, including two-factor authentication and cold storage, provide a high level of protection for user assets, making it a reliable option for both new and experienced traders.

How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).

For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.

Alejandro Borja Fuentes

Economist | Cryptocurrency exchange analyst

The author of the review

Alejandro Borja is an accomplished economist with a distinguished career spanning various facets of the financial industry. His academic journey began with a degree in Economics, laying the foundation for his deep understanding of financial markets.

Over the years, Alejandro has honed his skills by working with some of the largest financial media outlets, analyzing and reporting on economic trends and investment opportunities. His expertise in financial analysis has made him a respected voice in the economic community.