Coincheck review
Coincheck is the easiest Japanese exchange to start with and the one carrying the heaviest history. Both things are worth knowing before you open an account.
In January 2018 attackers stole roughly 530 million dollars of NEM from Coincheck, the largest crypto theft anywhere at the time. Coincheck reimbursed affected customers, was acquired by the listed financial group Monex, and rebuilt under FSA registration. It has since listed on Nasdaq through its parent. That is about as complete a recovery as this industry offers, and it is still a reason to hold your own keys.
Today it is registered with the Financial Services Agency under the Payment Services Act and runs Japan's most downloaded crypto app. Yen bank transfers are free, which is straightforwardly good and not universal.
The usual Japanese caution applies to pricing: the simple buy screen and the exchange order book are not the same product and do not cost the same. Check which one you are on. And as everywhere in Japan, gains are taxed as miscellaneous income rather than capital gains, which can be considerably less favourable on a large profit.
- Founded
- 2012
- Headquarters
- Tokyo, Japan
- Fees
- Yen bank transfers are free. The simple buy screen and the exchange order book are priced differently, so confirm which product you are using.
- KYC
- Required
- Payment methods
- Furikomi bank transfer
- Status
- Operating
How you can pay on Coincheck
Every deposit rail Coincheck supports in at least one market.
- Domestic bank rail
- Furikomi bank transfer
As published by Coincheck: Furikomi bank transfer.
Pros and cons
What works
- Free yen bank transfer deposits, which several Japanese rivals charge for
- Japan's most downloaded crypto app, with the smoothest onboarding in the market
- FSA-registered and owned by Monex Group, a listed financial company, with a Nasdaq listing behind it
- Reimbursed customers in full after its 2018 breach rather than passing the loss on
What to watch
- Suffered the largest crypto theft of its era in January 2018, roughly 530 million dollars of NEM
- The simple buy screen costs more than the exchange order book, and the naming does not make that obvious
- Custodial until you withdraw, which its own history is the argument for
Fees in detail
- spread note
- The simple buy screen prices through a spread; the exchange order book is the cheaper route for the same bitcoin.
- deposit note
- Yen bank transfers are free.
- withdrawal note
- Yen withdrawals to a Japanese bank account, and bitcoin withdrawals to self-custody.
Where we recommend Coincheck
Countries where Coincheck ranks in our local guide. Availability beyond these is possible but unverified by us.
JapanFrequently asked questions
Was Coincheck hacked?
Yes. In January 2018 roughly 530 million dollars of NEM was stolen, the largest crypto theft at the time. Coincheck reimbursed affected customers, was acquired by the listed Monex Group, and rebuilt under FSA registration.
Is Coincheck safe to use now?
It is FSA-registered, owned by a listed financial group and public on Nasdaq through its parent, which is meaningful oversight. It is also a custodian whose own history is the best argument for withdrawing holdings to a wallet you control.
What does Coincheck cost?
Yen bank transfers are free. Trading depends on which product you use: the simple buy screen prices through a spread, while the exchange order book is cheaper for the same purchase.
Worth comparing
- 4.4bitbankFSA-registered Japanese order book that pays makers a rebate rather than charging them, with full yen deposits and withdrawals.
- 4.3GMO CoinFSA-registered exchange backed by a listed Japanese internet group, with a 0.05 percent taker fee and free crypto withdrawals up to a monthly threshold.