What is Coincheck? A thorough explanation of President Wada’s wiki-like background, exchange features, and more.
Coincheck, after the hacking incident, resumed operations about nine months later.
In this article, we thoroughly explain the following five points about what kind of cryptocurrency exchange Coincheck is.
- Overview and features of Coincheck
- The cryptocurrencies traded on Coincheck
- Wiki-like background of former Coincheck president Wada
- Summary of the Coincheck incident
- About Coincheck's resumption
The above are described, so whether you already know about Coincheck or not, please read until the end.
What is Coincheck (CoinCheck)
CoinCheck is a Japanese cryptocurrency exchange operated by Coincheck, Inc., and has historically been the top exchange in terms of the number of app users and trading volume.
It is a member of the General Incorporated Association Blockchain Association and aims to develop blockchain technology.
However, due to a hacking incident in mid-January, it is now a wholly owned subsidiary of Monex Group, Inc.
Since the announcement of the resumption on October 30, more cryptocurrencies have gradually become available for trading again.
Coincheck is straightforward and easy to use, and profits and losses are displayed as graphs, making it user-friendly even for beginners.
Features of Coincheck
Coincheck has the following four features.
- Large spreads
- Low trading fees
- User-friendly app
These are the features; let's look at them one by one.
Large spreads
A large spread is something to be cautious of, but at Coincheck, currencies other than BTC (Bitcoin) are traded in a "remit" form as a marketplace transaction.
Therefore, there is a price difference called the spread between the bid and ask prices,price differenceand if you buy a currency and immediately sell it, you may incur losses due to the spread, so caution is required.
Low trading fees
Trading fees at domestic cryptocurrency exchanges tend to be high.
The reason is that trading fees are the main source of revenue for exchanges.
However, Coincheck's fees are the lowest among domestic exchanges, and among them, BTC (Bitcoin) trading is the cheapest.
User-friendly app
For people trading cryptocurrency for the first time, ease of trading is one of the most important criteria when choosing an exchange.
Coincheck’s app has a very easy-to-understand and simple interface, and you can buy or sell cryptocurrency just by entering the amount you want to purchase, so beginners can feel at ease.
Cryptocurrencies traded on CoinCheck (CoinCheck)
Coincheck trades the following nine cryptocurrencies.
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Ethereum (ETH)
- Ethereum Classic (ETC)
- Ripple (XRP)
- NEM (XEM)
- Litecoin (LTC)
- Factom (FCT)
- Lisk (LSK)
Additionally, USD, Dash, Zcash, XMR, and REP, which were previously available, have been discontinued for the following reasons.
As part of this review, considering the need to strengthen AML/CFT compliance and governance, we judged that handling currencies with even slight concerns is not appropriate, and we conducted a re-evaluation of the various risks associated with cryptocurrency characteristics.
As a result, we will discontinue the following currencies.
Discontinuation date: June 18, 2018
Details: Discontinuation of buying/selling, deposits/withdrawals, holdings, and lending to the company for certain target cryptocurrencies on Coincheck
Target currencies: XMR, REP, DASH, ZECCitation:CoinCheck blog “Notice of Discontinuation of Some Cryptocurrencies”
Wiki-like background of Coincheck's former president Wada
Coincheck....... Continue here ⇩
>>>View on the Official Crypto Trivia Site
