With how in-demand cryptocurrencies are today, it’s hard for traders, especially newcomers to find an exchange site they can trust. Fortunately, exchange sites like Coincheck feature intuitive designs that can ease users into doing their transactions.
If you’re eager to learn more, here’s everything you need to know about Coincheck exchange:
What is Coincheck?
Coincheck is both a digital wallet and an exchange site based in Tokyo, Japan. The digital wallet was founded back in 2012 by Yusuke Otsuka and Keisuke Wada while the exchange platform became available in 2014. Since then, it quickly climbed up to the ranks and is now the 17th largest crypto exchange in the world in terms of liquidity, trading volume and user traffic.
Through Coincheck exchange, users can buy, sell and trade different kinds of crypto assets easily with little to no transaction fees and loading times. While Bitcoin is the most traded cryptocurrency on the platform, it also supports other altcoins such as ETH, XRP, LTC and more.
Why you should use Coincheck
On top of letting traders do the bare minimum of any exchange site, Coincheck exchange also presents various other reasons which make it worthy of every investor’s attention. If you’re eager to learn more, here are some reasons why you should consider using Coincheck:
Favourable rates for block trades
Users who constantly make large transactions that amount to millions will be pleased to know that Coincheck sometimes offers favourable rates in its Over-the-Counter Trading. Although it won’t be cheap, it will still be relatively low compared to what other platforms offer.
In addition to their OTC trading being available 24/7, they also support the 5 major cryptocurrencies—namely:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- Litecoin (LTC)
- Bitcoin Cash (BCH).
Traders that are coming from fiat exchanges will feel right at home with Coincheck’s Trade View. This is the professional version of the platform itself where you can find and monitor the market for different cryptocurrencies.
Additionally, newcomers won’t have a hard time using the site as it lays everything in an accessible manner. You’ll also see important sections such as transaction history, order book as well as charts in real-time so you can track them easily. The best part about this is that users can trade Bitcoin with no transaction fees.
Instant fund transfers and deposits
One of the things that appeals to users of Coincheck is its ability to transfer and deposit funds instantly. Users only need the recipient’s wallet address, regardless of where they are in the world.
Additionally, you can generate a QR code that your phone can scan for an even faster-transferring process.
Different products of Coincheck
Aside from the different features that it has, Coincheck also offers various products that make them more than just your typical exchange site. Each of these products works differently and it helps the lives of its users way more conveniently.
With periodic purchases, investors can avoid timing risks with their investments because it lets them automatically a set amount of crypto assets each month. This way, even when a user doesn’t know the right time to trade, they’ll be able to invest with confidence.
This feature presents users with two types of plans: monthly or daily purchases. The former only makes a single purchase each month, therefore, increasing the chances of profits and losses while the latter leads to more stable profits and losses.
If you have some cryptocurrencies to spare, you can try to lend them to Coincheck for a certain period. This is done through a loan contract agreement and once this contract expires, Coincheck will return the borrowed amount along with an annual rate of interest.
With a maximum interest rate of 5%, this is a great way of increasing your profits using assets that you don’t have any use for. It’s secure, stable and you’re sure to profit from it once the contract ends.
Users who want to live cashless can enjoy Coincheck payment. With this product, you can pay businesses and merchants in Bitcoins or any other cryptocurrency if they support it. This way, you can avoid holding up the line trying to look for exact amounts of cash to pay the store. Instead, you can scan a QR code or input their wallet address and watch as your assets instantly get transferred to them.
On top of that, it also allows you to pay for your items when you buy from e-commerce websites as it supports API or application programming interface.
With the Coincheck Denki product, users can pay for their electricity bills using cryptocurrencies and earn cashback in return. However, as of the time of writing, this is only available in Japan.
In the same way, Coincheck Denki works, Coincheck gas allows users to pay for their gas using cryptocurrencies and earn cashback at the same time.
Coincheck offers one of the easiest ways to earn crypto assets. With their Coincheck survey product, all you have to do is answer a survey and you’ll be rewarded with cryptocurrencies such as Bitcoin, Ethereum and Ripple.
To do this, you must first register to Coincheck. Don’t worry though as it’s free and it won’t take longer than 5 minutes. After that, you’ll be asked to apply for the Maccromil new monitor registration where you’ll answer questions that will guarantee you a set of points.
Next, head to the ‘my page’ section of the Macromill monitor site and click on the point exchange application. After this step, your points will immediately be reflected on your Coincheck balance.
Pros and cons of using Coincheck
To give a more concise look on Coincheck. Here are its pros and cons:
- Strong security measures
- Multiple modes of payments accepted
- It supports both USD and JPY
- Easy to use interface
- It has a dedicated wallet app
- It supports several major cryptocurrencies.
- Customer support lacks accessibility.
- The complex verification process for international account holders.
Is it safe to use Coincheck?
The short answer is yes, Coincheck exchange is safe to use. It has a good and strong reputation that spans over half a decade and it’s audited regularly for both financial reasons and cybersecurity.
As for each transaction’s security, it is ensured by using top-notch measures such as cold wallet storage and two-factor authentication.
Should you use Coincheck?
If you’re looking for an easy to use an exchange that can do the bare minimum as well as offer more, then Coincheck is a solid choice for you! This exchange is one of the leading crypto exchange platforms in the market today. Aside from being able to trade assets with ease, it also offers several uses such as online payments, lending, money transfers and more while maintaining its accessibility.
Bitcoin (BTC) $ 28,309.00 2%
Ethereum (ETH) $ 1,802.05 3.3%
Tether (USDT) $ 1.01 0.38%
BNB (BNB) $ 339.84 2.51%
USD Coin (USDC) $ 1.00 0.37%
XRP (XRP) $ 0.460175 19.52%
Cardano (ADA) $ 0.380766 13.46%
Dogecoin (DOGE) $ 0.076009 5.81%
Lido Staked Ether (STETH) $ 1,801.97 3.55%
Polygon (MATIC) $ 1.15 4.72%
Expand your knowledge and invest in the cryptocurrency industry.