![]() ![]() And so to ensure that that the company has enough funds to pay back its customers, 10 members of the Financial Services Agency paid a special visit to Coincheck’s Tokyo office on Friday morning, Jiji Press reported. The exchange has promised to pay the 260,000 affected users in Japanese yen via its CoinCheck Wallet, although Coincheck has yet to determine how to roll out the repayment. The hack went down as the biggest theft in world history, effectively dethroning the infamous Mt. If you recall, Coincheck made history recently after hackers stole around 523 million NEM tokens (XEM), worth JPY58 billion (USD525.48 million) at the time, from its hot wallet. It has a nice interface and enough advanced trading features to cater to the needs of a wide array of users.In a bid to find out whether Coincheck is capable of refunding its customers, Japanese financial regulators conducted an on-site inspection on the beleaguered cryptocurrency exchange on Friday. Regardless of the attack, Coincheck still remains one of the biggest crypto exchange, especially in the Japanese crypto market. The attack took place on 26 th January 2018 and hackers managed to get away with $530 million worth of XEM coins. However, in spite of all these security features, Coincheck suffered the largest heist in the history of crypto exchanges so far. When it comes to security Coincheck is generally rated high, and, at least on paper, it has all the right elements to back this up.Ĭoincheck uses cold storage technology to store digital currencies as safe as possible, two-factor authentication by SMS and Google Authenticator, and regular backups for its records. Of course, security is one of the most important aspects of any cryptocurrency exchange. There are also various reports that hint at the fact that the customer service is not exactly the best in the industry. When it comes to downsides, the biggest is by far the fact that it only allows traders to trade against the Japanese Yen. Other advantages include the fact that it allows deposits in both fiat and crypto, spot and leveraged trading, deposit via credit and debit cards and it also provides basic wallet features. Even though the exchange is highly focused on the Asian market, international traders can rest assured that Coincheck also accepts deposits in USD.Ĭoincheck has the support of the Japanese government and that should go a long way for most crypto traders looking for a well-established crypto exchange. In addition, Coincheck also provides its traders with the option of paying through a platform called Payeasy. Users can deposit funds either through bank transfers, by using credit and debit cards, as well as directly from some of the government-approved stores in Japan. Regarding methods of payment, Coincheck can be deemed a versatile and very accessible exchange, as it provides options both in cryptocurrencies and fiat currencies. Supported CryptocurrenciesĬurrently, the Coincheck does not support many cryptocurrencies, but it does support some of the most popular such as Bitcoin, Ethereum, Ethereum Classic, Bitcoin Cash, Zcash, Augur, Ripple, Factom, Monero, and Lisk. There’s also an interface for spot trading which has support for English and is so intuitive that it can be used even by the most novice of traders.Ĭoincheck also provides its users with the possibility of accessing the service on the go via their mobile phones through its official Android and iOS apps which combine e-wallet, spot trading, and money transfer capabilities. For starters, it offers leveraged trading through another platform called TradeView. The trading platform is not all about looks, as it also offers a lot of trading options for its users. One of the main advantages of Coincheck is the fact that its trading platform’s interface is modern and very user-friendly. As far as Coincheck is concerned, it has enough features to recommend it as a viable solution for anyone looking to trade cryptos for Japanese Yen. There are a lot of aspects that need to be taken into account if a cryptocurrency exchange service wants to stay atop of the competition. It provides its users with the possibility of exchanging Ethereum and Bitcoin for the Japanese Yen and vice versa. Coincheck if one of the few exchanges of this type to be supported by the Japanese government.įunded by Yusuke Otsuka and Koichiro Wada, Coincheck is Kwon for being a relatively stable, advantageous peer-to-peer trading platform and also provides wallet services. ![]() ![]() Coincheck is a very popular cryptocurrency exchange based in Tokyo, Japan.
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