COINCHECK Review – SCAM or LEGIT?

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  • WHAT IS COINCHECK?

Coincheck is a cryptocurrency wallet and exchange service which supports buying, selling and exchanging of various cryptocurrency assets.

WHAT IS A CRYPTOCURRENCY EXCHANGE SERVICE?

A cryptocurrency exchange service provides a platform to perform crypto transactions such as buying, selling and exchanging for various cryptocurrency assets. A few popular cryptocurrency exchange services are Coinbase and Binance.

  • WHAT DOES COINCHECK OFFER?

Coincheck offers trading support for over 9 different cryptocurrencies including Bitcoin and Ethereum. All these coins can be easily traded by using the Coincheck platform. It offers registrations for 3 types of accounts:
->Payment
A payment account is mainly used in order to receive payments instantly for your required business demands such as a retail store or a blog website.
->Lending
A lending account provides the facility to lend your crypto assets to the Coincheck platform in order to receive interest after a particular period of time
->Exchanger
An exchanger account provides a safe and reliable exchange platform for its users where users can exchange their cryptos easily.

  • IS COINCHECK FREE TO USE?

Yes, Coincheck is free to use. It offers a simple registration form alongside offering a direct Facebook login.

  • WHERE IS COINCHECK BASED?

Coincheck is mainly based in Tokyo, Japan. The company was founded by Yusuke Otsuka and Koichiro Wada in August of 2014.

  • IS COINCHECK SECURE?

Like many other exchange platforms, Coincheck also has gone through various security checks. The platform was hacked in January of 2018 resulting in loss of over approximately 530 million dollars mainly based on NEM tokens. Despite this Coincheck proceeded to compensate all hacked users from their own capital funds. Since then the platform has tightened the security measure on its web platform which includes identifying identity, phone number alongside providing two-factor authentication for its users. Alongside 2fa it also offers cold wallets for its customers which keeps their funds to be secured offline providing an extra layer of security.

  • WHICH PLATFORMS DOES IT SUPPORT?

Coincheck is available on major platforms including Web, Android, and IOS.

  • PLATFORM FEES?

Coincheck offers a similar fee for both deposit/withdrawals on its platform which is set at ¥2500 or 25$ currently. In case of an exchange, no fees are being charged currently. Users can easily buy and sell their cryptocurrencies without paying any fees.

  • CUSTOMER SUPPORT?

Though Coincheck does offer an email based support system for its customers there is no direct live chat support available on the website currently.

  • FINAL THOUGHTS?

To sum things up regarding Coincheck it remains a solid and trusted cryptocurrency exchange platform. It offers trading support for multiple cryptocurrencies with no fees involved alongside offering a secure platform with 2fa authentication and Cold wallet implemented. The platform is available on all major web and mobile platforms. The only downside is a lack of online customer chat support for its users.

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