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.
|Regulated By:||No Regulations|
|Is This Company Safe?||No|
|Have Warnings From:||N/A|
|Trading Platforms:||Proprietary app|
|Minimum Deposit:||500 JPY|
|Deposit Bonus:||Not available|
|Trading Assets:||Cryptos, NTFs|
|Free Demo Account:||Not Available|
|How To Withdraw From This Company?||After numerous reviews pointing out vanished funds and withdrawal problems, the best option is to start the refund process and get your money back! For detailed guidance, you can contact our expert team.|
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:
- United Kingdom
- United States
Let us know about your experience and residence country. Ultimately, if you have withdrawal issues, our team can advise you on the next step.
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 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:
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.
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.
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.
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.
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!
What Is Coincheck?
Coincheck is a Japanese crypto exchange created by Yusuke Otsuka (COO) and Koichiro Wada (CEO / CTO) in 2012.
Is Coincheck Legit?
Considering missing JFSA regulations and numerous negative reviews the company is not fully legitimate as it might seem.
What coins are on Coincheck?
The company offers only 17 cryptocurrencies. Some main ones are Bitcoin, Litecoin, Ethereum, Ripple, Polkadot and more.
Does Coincheck require KYC?
Yes, KYC is required with Coincheck. Thus, there are some other irregularities in the company. If you find any issues, don’t hesitate to contact our team for advice.
Does Coincheck have a wallet?
Yes. You can download the Coincheck app on dedicated stores for iOS and Android devices.
What is the legal name of Coincheck?
As can be seen, the ownership belongs to Monex Group, while T&Cs still put Coincheck Inc as the company name. But the website states Coincheck Co. Ltd.
Who is the owner of Coincheck?
Current ownership of Coincheck belongs to Monex Group Inc. The Coincheck was sold after a suspicious JFSA suspension for two months.
What is the payment method for Coincheck?
Payment options with Coincheck are debit/credit cards, bank transfers and crypto transfers.