Coincheck is a well-known centralized cryptocurrency exchange based in Japan. It ranks #53 on the BitDegree Exchange Tracker, with a recent 24-hour trading volume of $79,536,820** and a seven-day volume of **$68,338,842,949.
Launched in 2014, Coincheck has grown to become one of Japan's leading platforms for cryptocurrency trading. It offers a user-friendly spot market and also functions as a digital Bitcoin wallet. The platform is fully compliant with KYC (Know Your Customer) regulations, requiring identity verification from all users. The primary fiat currency supported is the Japanese Yen (JPY), and the exchange is accessible on both desktop and mobile devices.
Markets and Trading Pairs
Due to strict adherence to regional regulations, Coincheck supports a relatively small selection of trading pairs. As of late 2022, the platform hosts 19 different assets, including Polkadot (DOT). The exchange also supports block trading.
All trading occurs on the Coincheck spot market. Margin trading was discontinued in March 2020. Additionally, the platform offers over-the-counter (OTC) trading for transactions exceeding 10 million Japanese Yen. OTC trades are available for major cryptocurrencies like BTC, ETH, XRP, LTC, and BCH, with no commission fees applied.
Coincheck uses a maker-taker fee model for determining trading costs. The exchange's cryptocurrency prices are typically quoted in Japanese Yen. The fee structure is not tier-based, meaning trading volume does not influence commission rates.
For trades involving BTC, MONA, or PLT, neither maker nor taker fees are charged. When trading Ethereum, the maker fee is 0.050%, and the taker fee is 0.0100%.
Deposit and withdrawal fees vary depending on the method used. Bank transfers in Japanese Yen incur no withdrawal fees, though deposits may cost between ¥770 and ¥1,018. The standard withdrawal fee for fiat currency is ¥407. Deposits made in virtual currencies are free, but withdrawal fees are asset-specific.
Additional Services
Beyond standard trading, Coincheck offers a lending service that allows users to earn interest on their holdings. By entering into a loan agreement with the platform, users can earn up to 5% annual interest on all supported assets.
Japanese residents can also use Coincheck Denki and Coincheck Gas to pay utility bills with Bitcoin. Users receive discounts and can earn passive rewards of up to 7% of their monthly bill amount, which is credited back to their wallets.
The Coincheck NFT marketplace entered beta testing in 2021 and is expected to fully launch in the near future. It supports ERC-721 tokens, allowing users to buy, sell, and trade non-fungible tokens.
Through the Coincheck IEO (Initial Exchange Offering) program, the exchange supports blockchain-based startups seeking funding. Each project undergoes a thorough review before being listed for a token sale.
Company Background
Coincheck, Inc. was co-founded in 2012 by Koichiro Wada and Yusuke Otsuka. The exchange officially began operations in 2014, shortly after the collapse of Mt. Gox, once a major Japanese Bitcoin exchange. The company is headquartered in Tokyo.
In January 2018, Coincheck suffered one of the largest cryptocurrency hacks in history. A security breach led to the theft of approximately 500 million NEM (XEM) tokens, valued at over $500 million at the time.
In response, the company reimbursed around 260,000 affected customers from its capital. The incident also prompted the formation of a new self-regulatory cryptocurrency organization in Japan. Following the hack, Coincheck moved the majority of its assets from hot wallets to offline cold storage.
In April 2018, the Monex Group, a Japanese financial services company, acquired Coincheck for ¥3.6 billion.
The beta version of Coincheck Staking was introduced in January 2020 but was temporarily suspended in August 2021. No official date for its relaunch has been announced.
In 2021, Coincheck reported revenue of $130 million and a net income of $80 million. Trading volume in Q4 2021 alone was estimated at over ¥200 million, or approximately $14.4 million.
In 2022, Coincheck entered into a merger agreement with Thunder Bridge Capital Partners IV Inc., valuing the company at $1.35 billion and facilitating its public listing in the United States. At the time, the exchange had approximately 1.5 million verified users.
Coincheck is a member of several financial and blockchain associations, including the Japan Blockchain Association and the Japan Virtual & Crypto Assets Exchange Association (JVCEA). It holds nearly one-third of the market share among JVCEA members.
Koichiro Wada serves as Vice Chairman of Coincheck, Inc. and was directly involved in the technical development of the exchange. From 2019 to 2020, he also acted as Executive Director of the Monex Group.
Yusuke Otsuka is the Chief Operating Officer (COO) of Coincheck. He holds a degree in quantum mechanics from Waseda University and previously worked as a UX designer at Nexway, a fintech and e-commerce platform.
Frequently Asked Questions
What is Coincheck?
Coincheck is a Japanese centralized cryptocurrency exchange that offers spot trading, a Bitcoin wallet, lending, NFT trading, and utility bill payments using crypto.
Is Coincheck safe to use?
Yes, Coincheck is KYC-compliant and regulated under Japanese law. After a major hack in 2018, the company reinforced its security measures and now stores most assets offline.
What currencies does Coincheck support?
The platform supports 19 cryptocurrencies, including BTC, ETH, XRP, and DOT. The primary fiat currency is the Japanese Yen.
Does Coincheck charge trading fees?
Fees vary by asset. Some pairs like BTC/MONA have zero fees, while others like ETH/JPY follow a maker-taker model. OTC trades are commission-free.
Can I earn interest on my crypto holdings?
Yes, through Coincheck’s lending service, you can earn up to 5% interest per year on supported cryptocurrencies.
What is Coincheck NFT?
It is an NFT marketplace that supports ERC-721 tokens. It is currently in beta and expected to launch fully soon.
Whether you're new to crypto trading or looking for a regulated exchange with diverse services, Coincheck offers a reliable platform tailored especially for Japanese users. 👉 Explore secure trading strategies to enhance your investment approach.