Throughout 2017, Coincheck handled the highest volume of Bitcoin trades in Japan of any other exchange in Japan. Coincheck is one of the largest cryptocurrency exchanges in Asia. The Android and iOS apps that Coincheck offers are used by a greater number of users than those offered by any other Asian exchange. Keep reading our Coincheck review to learn more about the great features of this exchange.
The exchange possess a license by the Blockchain Association of Japan that enables it to conduct business in Japan as an exchange for virtual currencies. In addition, it is a member of the General Association of FinTech. The amount of capital reserves that are held is 92 million.
Coincheck is a cryptocurrency exchange that also offers businesses a payment processing system that enables them to accept payments in cryptocurrencies and has those payments automatically converted.
The technology supporting Coincheck’s exchange is one of the firm’s primary strengths, which is anticipated given that it is a Japanese corporation focused on technology. The platform is quite well designed and has very intuitive usability. It is something new users, and people with little experience using financial exchanges would appreciate. Coincheck also offers services for holding cryptocurrency wallets, and there are apps for Android and iOS that may be used to access digital wallets
When adding fiat currency, holders of Coincheck accounts can fund their accounts by bank transfers, debit and credit cards, or both. There is no cost assessed for deposits made via bank transfer in yen; however, a fixed amount of $25 or 2500 is estimated for deposits made via bank transfer in dollars from bank accounts that are not based in Japan.
If users have existing supported cryptocurrency holdings, they can also transfer such holdings into their accounts and use them to make purchases in a different cryptocurrency. Every price is expressed in Japanese yen, which serves as the primary currency.
If the funds are stored in a wallet that accepts fiat cash or cryptocurrency, withdrawal can also be processed to a debit or credit card. Withdrawals made in yen cost 400 yen, while those made in dollars cost 2500 yen.
Since the exchange does not charge any fees for trading transactions, using Coincheck to buy or sell cryptocurrencies does not cost anything. However, it is reasonable to anticipate that this may change at a certain future point.
Coincheck enables traders to deposit and withdraw in fiat currency. It has two categories of accounts, each with its own set of requirements for verifying a user’s identity to varying degrees. An email address and valid contact information for SMS verification are the only requirements to make daily deposits or withdrawals of up to $500 or $300, respectively.
Account-holders who want to take advantage of increased transaction or withdrawal levels will be required to present personal identification documents such as a passport or another form of government-issued ID, in addition to proof of address.
Wallets managed by Coincheck feature ‘cold storage’ and two-factor authentication as additional layers of security. Because of this, they are typically inaccessible online, even to anyone who has successfully hacked the exchange. Wallets will not become “hot” until the point at which a transaction has been completed.
Coincheck, much like most other cryptocurrency exchanges, offers customer help in the form of a “Help Center” with frequently asked questions and an e – mail ticketing system for any concerns. Japanese, English, Chinese, and Indonesian are the languages that frequently asked questions (FAQs) are provided, and the languages that support employees can react to tickets.
Coincheck is a good place to buy and sell cryptocurrencies. It also has some useful extra services, like visa Card which can be paid with Bitcoin. The technology that runs the exchange is among the best in the world and is also very easy to get around. Also, adding options like the euro to the USD and JPY fiat currencies would make them more appealing to people worldwide.