Coincheck Review – Might Be Easiest Way To Buy Crypto But Is It Safe?

Coincheck exchange is operated by Coincheck Inc. That’s a company established in 2012 in Tokyo, Japan. Just recently, the company started offering also NFTs besides standard crypto assets.

Coincheck.com has available less than 20 crypto pairs. This makes them less favorable over some other exchanges. Also, US traders are prohibited from investing here. At least according to the company. But if that’s true, we are about to see in this Coincheck Review.

Legal Info: Is Coincheck Legit?

Coincheck cryptocurrency exchange claims to be registered with Kanto Finance Bureau (00014). However,  in Japan, only FSA can issue a crypto trading license. Most importantly, Coincheck is not on the list. Therefore, all the safety they are promising falls down the drain.

We were not losing hope and we checked other Top Tier registers. Such as ASIC, BaFin and FCA. Thus, their results were the same. Disappointing. Important to realize is that the company was sold in 2018 to Monex Group. Also, Reuters reported to JFSA what motivated the group to buy this exchange.

Who Are Coincheck’s Clients?

Surprisingly, there are only a few reviews about the company publicly available. They reveal also that US traders are involved. Anyway, Coincheck was operating mostly in:

• Japan
• United Kingdom
• United States
• Thailand
• India

Let us know about your experience and residence country. Ultimately, if you have withdrawal issues, our team can advise you on the next step.

Traders Reviews

Once you check Coincheck Trustpilot reviews you understand the shocking truth. Out of 14 comments, almost 80% are with the lowest rating. Mainly pointing out vanished funds and withdrawal problems.

So, to avoid such things the best option is to stick with proven exchanges, regulated ones. But also, you can check brokers like Arum Capital if you like. In any case, our team is there to advise you on the refund if needed.

Investment Costs With Coincheck

Even though the fees are fully transparent with Coincheck, it becomes irrelevant if you can’t withdraw what’s left. Surprisingly, some maker/taker fees are stuck at 0%. The highest maker fee goes up to 0.05% while the taker can get the highest up to 0.1%. This is quite low but you shouldn’t allow to be tricked by that.

Bonuses

Bonuses are a great tool to motivate traders to join. Thus, the Coincheck crypto exchange doesn’t offer any. However, even some more trusted exchanges offer very small bonuses. So, nothing that should be really of some importance.

Coincheck Trading Features

One of the new things with this company is the NFTs. Japan is known for its inventions and technologically advanced features. Therefore, this is a great choice for those enthusiasts.

Is Coincheck Legit?

Generally, the company is not registered with JFSA. Also, they don’t offer funds protection features. Not to mention a huge percentage of negative reviews. Especially ones that are coming from US traders. All that combined tells you that there’s something wrong.

Available Trading Assets

Sadly, Coincheck only offers 17 main cryptocurrencies. In addition to that, there are a few NFTs. Anyway, some of the main options are:

• Bitcoin
• Litecoin
• Polkadot
• Ripple
• Ethereum

Account Types

Usually, crypto exchanges offer different account levels to make you trade more. In exchange, you get lower fees. But with their already lowered fees, there was no need for that. But to realize how an account-type offer can trick you, you should check our ASKoBID review.

Mobile Trading App

Quite a positive thing about Coincheck is to see dedicated mobile apps for iOS and Android users. On top of that, the app has more than 1M users on PlayStore. Something doesn’t add up. That there are more than 1M users and only 14 comments about the platform.

Demo Account

For a detailed insight into crypto prices and movements, desktop users have to use Trading View. There are only basic parameters available and limited tools. Thus, to test them out you’ll have to deposit since there’s no demo account available.

Education

Important to realize is that there’s no educational program. Which would be especially needed for the NFT marketplace. Since such technology is fairly new.

Coincheck Withdrawal

Generally speaking, withdrawal fees are reasonable. But that’s all a mask for other problems. There are only two options for withdrawal – bank transfer and crypto transfer. Unlike some other exchanges, there’s no Coincheck Paypal option available.

Nevertheless, a bank transfer is free of charge, while BTC transfers are charged 0.001 BTC. Thus, some traders reported withdrawal issues. But even more importantly, lack of customer service assistance with Coincheck.

Customer Support

For a Japanese exchange, it’s quite weird to have only a few contact options. Also, they are available Monday-Friday 9 AM – 5 PM (local time). And you can choose a domestic phone number and complaint reception form. Unlike some other trusted exchanges, they are missing a live chat and e-mail option.

Key Information To Consider About Coincheck?

In the first place, there is a huge warning sign seeing US traders complaining about this exchange while the company states they don’t accept US traders. Also, Coincheck doesn’t mention anywhere JFSA regulations.

All this plays a key role in choosing your exchange. We all know that crypto transfers are irreversible and hardly traceable. Which makes a business generally riskier. But still, our access to CipherTrace can provide you with the final destination of your crypto. So, if you ever feel like you have withdrawal issues, you can contact our team for assistance. Book your meeting today!

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