Coincheck Exchange Review | Is Coincheck Safe?
Coincheck is a very popular cryptocurrency exchange based in Tokyo, Japan. Coincheck if one of the few exchanges of this type to be supported by the Japanese government.
Funded by Yusuke Otsuka and Koichiro Wada, Coincheck is Kwon for being a relatively stable, advantageous peer-to-peer trading platform and also provides wallet services. It provides its users with the possibility of exchanging Ethereum and Bitcoin for the Japanese Yen and vice versa.
There are a lot of aspects that need to be taken into account if a cryptocurrency exchange service wants to stay atop of the competition. As far as Coincheck is concerned, it has enough features to recommend it as a viable solution for anyone looking to trade cryptos for Japanese Yen.
One of the main advantages of Coincheck is the fact that its trading platform’s interface is modern and very user-friendly. The trading platform is not all about looks, as it also offers a lot of trading options for its users. For starters, it offers leveraged trading through another platform called TradeView. There’s also an interface for spot trading which has support for English and is so intuitive that it can be used even by the most novice of traders.
Coincheck also provides its users with the possibility of accessing the service on the go via their mobile phones through its official Android and iOS apps which combine e-wallet, spot trading, and money transfer capabilities.
Currently, the Coincheck does not support many cryptocurrencies, but it does support some of the most popular such as Bitcoin, Ethereum, Ethereum Classic, Bitcoin Cash, Zcash, Augur, Ripple, Factom, Monero, and Lisk.
Methods of Payment
Regarding methods of payment, Coincheck can be deemed a versatile and very accessible exchange, as it provides options both in cryptocurrencies and fiat currencies. Users can deposit funds either through bank transfers, by using credit and debit cards, as well as directly from some of the government-approved stores in Japan. In addition, Coincheck also provides its traders with the option of paying through a platform called Payeasy. Even though the exchange is highly focused on the Asian market, international traders can rest assured that Coincheck also accepts deposits in USD.
Pros and Cons
Coincheck has the support of the Japanese government and that should go a long way for most crypto traders looking for a well-established crypto exchange. Other advantages include the fact that it allows deposits in both fiat and crypto, spot and leveraged trading, deposit via credit and debit cards and it also provides basic wallet features.
When it comes to downsides, the biggest is by far the fact that it only allows traders to trade against the Japanese Yen. There are also various reports that hint at the fact that the customer service is not exactly the best in the industry.
Is Coincheck Safe?
Of course, security is one of the most important aspects of any cryptocurrency exchange. When it comes to security Coincheck is generally rated high, and, at least on paper, it has all the right elements to back this up.
Coincheck uses cold storage technology to store digital currencies as safe as possible, two-factor authentication by SMS and Google Authenticator, and regular backups for its records. However, in spite of all these security features, Coincheck suffered the largest heist in the history of crypto exchanges so far. The attack took place on 26th January 2018 and hackers managed to get away with $530 million worth of XEM coins.
Regardless of the attack, Coincheck still remains one of the biggest crypto exchange, especially in the Japanese crypto market. It has a nice interface and enough advanced trading features to cater to the needs of a wide array of users.