Coincheck Reviews 2025: Fees, Features, Safety, Pros & Cons

Coincheck is a popular Japan-based cryptocurrency exchange for trading digital assets. With a  self-reported customer base of around 1.5 million, it’s one of the most popular exchanges in Japan. It’s also listed as one of the top ten exchanges in the world on CoinMarketCap’s best exchanges list.

Coincheck is only available to residents of Japan. If you aren’t a resident of Japan, check out our list of 25 best exchanges to explore your other options.

If you are based in Japan, read on for our Coincheck review.

Pros & Cons of Coincheck Exchange

Pros:

• Coincheck Payment Program allows you to pay your bills with BTC
• Educational resources are available on the platform
• Advanced trading platform
• OTC trading
• High trading volume

Cons:

• High spreads
• Offers around 17 cryptocurrencies
• The only fiat currency on the platform is the Japanese Yen 
• The exchange platform is only available to residents of Japan

Coincheck Trading Fees

Coincheck crypto exchange advertises zero trading fees, but that’s not exactly the case. 

Coincheck doesn’t have a regular fee schedule or maker/taker fees like most other cryptocurrency exchanges, but the platform charges a spread for each transaction. 

The spreads vary depending on the market conditions but can be anywhere between 0.1% and 5%. As such, it isn’t the most profitable platform to buy and trade crypto assets.

Deposit and Withdrawal Fees

The trading platform doesn’t charge a fee for bank transfers, but customers still have to pay associated fees to their banks for the service.

Convenience store payments and quick deposits cost between 770 JP and 1,018 JPY, depending on the amount you deposit. Fiat money withdrawals cost 407 JPY.

Virtual currency deposits are free, but withdrawals can be expensive. For example, Bitcoin withdrawals cost 0.0005 BTC, and Ethereum withdrawals cost 0.005 ETH. You can check out withdrawal fees for all supported coins on the Coincheck website.

Crypto Coins Available on Coincheck

Coincheck offers around 17 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and Bitcoin Cash (BCH). 

As you can guess, the platform only offers major-cap cryptocurrencies, so it’s not a good place for altcoin traders or those who want to expand their portfolios by purchasing lesser-known coins.

Coincheck Review: Main Features

Coincheck offers a spot market with high liquidity and Tradingview-powered charts, but it doesn’t have a lot of other features. There is also an OTC desk and a lending service on the platform.

Margin trading isn’t allowed on the platform since 2020, and the staking service is still in beta testing.

Coincheck does have an interesting Payment Program that allows customers to pay their electricity and gas bills with Bitcoin. Users can save 1.7% on their electricity bill if they sign up for the service, and the savings are collected in the Coincheck wallet.

While Japanese residents may find the service valuable, it’s best to think carefully before signing up for the service since the price of Bitcoin can be very volatile.

Coincheck allows customers to participate in utility token sales for new cryptocurrency projects through the Coincheck IEO program.

Fiat Currency Support on Coincheck

Coincheck only supports the Japanese Yen (JPY). Customers can deposit fiat currency to the platform via bank transfers or convenience store deposits. 

The exchange has suspended all credit card purchases indefinitely.

How Easy Is It to Open a Coincheck Account?

Coincheck is available to all japan residents over the age of 18 and under the age of 75.

Opening a Coincheck account is easy if you know Japanese or have a friend who can translate for you. Please remember that the Coincheck platform is mostly in Japanese, and you may have a hard time navigating the interface if you don’t have basic Japanese skills.

You can register with an email address and password. The platform will prompt you to enter your phone number when you register in order to enable two-factor authentication by SMS. 

Once you sign up, you have to complete the identity verification process by submitting the necessary documents and info, including a photo ID and a selfie. 

Coincheck has an automated process for identity verification, but the platform also accepts postal mail if you can’t use the app.

How Does It Compare to Other Crypto Exchange Alternatives?

Coincheck is a popular exchange in Japan, but how does it compare to other options?

Let’s see how Coincheck rates against its top competitor in Japan: bitFlyer.

Transaction Fees

When it comes to fees, Coincheck and bitFlyer are pretty evenly matched. Both platforms charge a spread on spot trades. However, bitFlyer also charges a 0.15% trading fee for the Lightning Spot market.

It might be a good idea to check out both exchanges to see the best prices.

Digital Assets and Features

bitFlyer offers around 11 digital assets, while Coincheck offers around 17 cryptocurrencies. It isn’t a big difference, but there is more variety on Coincheck.

bitFlyer offers margin trading and derivatives products, while Coincheck only offers a spot market for traders. If you’re interested in exploring crypto financial services, bitFlyer can be a better choice.

How Secure Is Coincheck?

Coincheck made headlines in January 2018 after a major hack cost the exchange a $500 million loss in crypto assets. Stolen assets were held in a hot wallet and were vulnerable to hack attacks.

In the wake of the hack, Coincheck made a number of changes to improve security. They now require two-factor authentication for all withdrawals and have implemented new limits on withdrawals.

A probe by Japanese authorities revealed that Coincheck didn’t have a license for operating a trading platform at the time of the hack. The exchange registered with the relevant authorities and started offering services in 2019.

Despite these steps, it’s still unclear how secure Coincheck is. It’s generally a good idea to avoid keeping larger amounts of digital assets on the platform.

Has Coincheck Ever Been Hacked?

In January 2018, Coincheck fell victim to one of the largest hacks in cryptocurrency history, losing $500 million worth of NEM tokens stolen. The company became famous overnight after the hacking incident. 

The exchange reimbursed the customers for their losses.

Is Coincheck a Regulated Exchange?

Coincheck is a licensed exchange in Japan.

Does Coincheck Have an App?

Yes, Coincheck has a mobile app. The app is available for both iOS and Android devices, and it’s a great way to keep track of your Coincheck account on the go. 

The mobile app has the same features as the website, so you can easily buy, sell, and trade cryptocurrencies. You can also use the app to check your account balance, history, and transaction details.

Final Thoughts

Coincheck has been famous ever since the exchange lost over 500 million USD in a hack back in 2018. The platform reimbursed the affected users, but it had important ramifications for Japan’s regulations regarding crypto.

The country tightened its rules on crypto trading after the historic Coincheck hack. So if you’re based in Japan, you don’t have a lot of options when it comes to crypto trading platforms. Global giants like Binance haven’t been able to operate in the country due to stricter regulations, but they may come back in the future.

That means Coincheck has little competition in the country. The rival exchanges like bitFlyer and Coinmama all offer roughly the same fee schedules with high spreads.

Overall, Coincheck can be a good choice if you want to purchase digital money easily. The platform doesn’t offer many financial services, so you can simply move your funds to a cold wallet if you’re worried about security issues.

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