Coincheck is a cryptocurrency exchange and digital wallet based in Tokyo, Japan, that was founded in 2012. Coincheck is the seventeenth-largest cryptocurrency exchange in the world.
Coincheck Tradeview, a more advanced version of the service, is similar to platforms used to trade fiat currencies.
Coincheck is the world's seventeenth-largest cryptocurrency exchange based on traffic, liquidity, trading volumes, and market credibility. Customers may now buy, sell, and trade Ethereum and other cryptocurrencies in addition to bitcoins, which have long been the most traded cryptocurrency on the platform. Coincheck's exchange platform, Coincheck Tradeview, is similar to platforms used to trade fiat currencies such as the dollar.
Japan has been considerably more receptive to cryptocurrency usage and development than many other nations. Since April 2017, the nation's regulatory climate for cryptocurrencies is one of the most progressive in the world, recognizing Bitcoin and other digital currencies as lawful property under the Payment Services Act.
The country's light-touch approach to regulation has prompted some digital asset firms to move their operations from other Asian countries including China and South Korea, which have historically been more hostile towards cryptocurrencies. The growing popularity of cryptocurrencies in Japan may be linked to a scarcity of high-return investment alternatives, as the economy has struggled with slow growth and low inflation since the 1990s.
Customers submit their bids and offers, with the settled price representing the seller's lowest price and the buyer's highest bid. Customers may deposit fiat currency to conduct transactions at Coincheck.
Coincheck does not charge a transaction fee, but it does charge fees for deposits and withdrawals. The fee amount is determined by the currency that transfers, withdraws, and pays in. On top of that, executions of swap orders incur fees. The cost to move cryptocurrencies is specified in the token being moved, with Bitcoin expenses expressed in Bitcoin.
Coincheck is a bitcoin exchange that provides trading and payment services. Coincheck Payment is a payment service offered by the firm. This mechanism allows businesses to take payments in bitcoins. Coincheck Payment makes use of an API to manage transactions for e-commerce sites. Consumers can make a purchase using Coincheck Payment by downloading an Internet software. Businesses must create an account, complete SMS verification, provide identification documents, and download the program.
In January 2018, Coincheck made headlines when hackers were able to steal $534 million worth of NEM, a cryptocurrency, from customers' digital wallets. These wallets were "hot wallets," which means they were linked to the Internet rather than "cold wallets," which allow cryptocurrencies to be stored offline. The news sent cryptocurrency prices tumbling when Coincheck executives revealed that the heist had occurred. The firm said it would reimburse its clients for their losses.
The theft was the largest in bitcoin history, surpassing the $450 million worth of bitcoins stolen from Mt. Gox in 2014. Following the Coincheck hacking, Japan's Financial Services Agency (FSA) launched an inquiry into the firm; at the time of the heist, Coincheck had not obtained a license from the FSA.
Following the theft, several governments began weighing in on the cryptocurrency industry, including South Korea. In March 2021, South Korea prohibited cryptocurrencies it considers "dark coins," such as dash, monero (XMR), and zcash (ZEC). Under South Korea's Special Payments Act, the Financial Services Commission (FSC) alleged that these privacy coins aided money laundering activities.
The FSC has also compelled all cryptocurrency exchanges in the nation to implement tough know-your-customer (KYC) and anti-money laundering (AML) standards. China has banned all new cryptocurrencies and trading platforms from engaging in exchanges between real currency and virtual currencies or tokens. China also has a law that prohibits the use of cryptocurrency as money. (However, it is considered a virtual commodity.)
In February 2020, the Trump administration announced plans to implement new cryptocurrency regulations that would limit their usage in money laundering and other illegal activities. The decision to increase transparency around digital currencies was prompted by a growing fear that virtual currencies were being utilized to perform illegal activities (and possibly skirt American sanctions).
We'll discuss the support team, the exchange's reputation, and reviews in this Coincheck review, as well as common user issues. One of the most prevalent user issues is that pages are written in Japanese, and unless you have the capacity to automatically translate them, it is difficult to obtain the information needed. Unless you know Japanese.
There are several communication options, including a form and ticket. Customer service is only available during normal business hours on weekdays from 10 AM to 6 PM. There is no information about how long it will take for you to respond if there are a lot of requests. The time it takes to respond may be longer, and this is not announced. The majority of the evaluations on CryptoCompare.com state an average score of 2.9 out of 5 stars, with a sample size of just 22 reviews.
There are a number of queries on internet searches like "Coincheck hack," "is Coincheck safe," and "Coincheck fraud." In January 2018, there was a major Coincheck theft for $530 million in US dollars. In the immediate aftermath of the attack, the exchange had not been authorized by Japan's Financial Services Agency, which is responsible for overseeing financial institutions.
However, Coincheck decided to refund all users who, unfortunately, got affected by this hack. In early 2019 the exchange got a cryptocurrency exchange license to operate from the Financial Services Agency. So, the answer to the question is Coincheck safe is hard to answer. We rather suggest that now Coincheck is a safe platform.
The recent Coincheck hacking incident has harmed the firm's reputation. However, taking into account the currency regulator's official license implies that it has implemented stringent regulatory measures. The main reason people use Coincheck exchange is because of this official license. Safety measures, risk management procedures, and governance processes are now adhered to, providing a high level of consumer security.
Coincheck also takes extra precautions to ensure a secure experience. The company's money is kept in a cold storage, which prevents hackers from accessing it online. Users' funds are kept sepa- rately from Coincheck's money. On the user side, two-factor authentication (2fa) is a popular and effective security feature. Google Authenticator or Authy software must be installed on your mobile device to use this function. This program generates one-time passwords for your Coincheck account using the Authy app. The passwords are good for only 30 seconds. Every time someone attempts to log into the account, withdraw cash, or change passwords, the passwords are requested. Hackers won't be able to do any damage if they don't have access to the account owner's smartphone.
Several aspects of our Coincheck review, such as the platform itself and the many interesting services available, were addressed. The platform is simple to navigate, with service guides, several policies, and a more advanced trading method using Tradeview charts to help you make informed decisions.
The exchange was recently hacked and a huge amount of money stolen. Nonetheless, since then, things have dramatically altered at Coincheck, which is now recognized and regulated by the local financial regulator. The ability to pay numerous utility bills using Bitcoin and get compensated for doing so is a valuable function. There are several campaigns and rewards systems in operation at the moment, which may be another incentive to use this exchange.