The gradual recognition of crypto assets such as Bitcoin and the trading of NFTs (non-substitutable tokens) has brought crypto asset trading into the spotlight.
If you want to buy crypto-assets, or NFTs and enjoy them, you first need to open an account on an exchange and convert Japanese yen into crypto-assets (bitcoin, ETC, etc.).
From the many crypto asset exchanges, We will introduce you to Coincheck, which has the highest number of app downloads.
- 1 How to register with Coincheck
- 2 How to deposit money to Coincheck
- 3 List of fees charged by Coincheck
- 4 Summary of Coincheck registration
How to register with Coincheck
In the past, when registering with Coincheck, you had to enter the necessary information on the web, and after verification was obtained, you also had to confirm your identity and a postcard was sent to your home. This is to confirm that you actually live at the address you registered.
Now it can be completed on the web and the account can be opened on the same day, and we will explain the details.
What you need to register with Coincheck
To register with Coincheck, you will need proof of identity, such as a driver’s licence, passport or my number card. Please ensure that your ID is up-to-date when registering.
Coincheck registration process!
You can start trading with Coincheck on your smartphone in as little as one day.
First, download the app.
Once downloaded, open the app and proceed to account registration.
From the registration tab, register with your email address. You will receive a six-digit PIN as SMS verification to your registered email address. Please enter it there.
Once authentication is confirmed, the basic information is verified.
1. enter name, date of birth, gender, occupation and address
2. enter purpose of use, trading experience and tick if not applicable to foreign PEPs
You will then submit identification documents. You can submit a driver’s licence, passport or my number card.
If you are submitting a driver’s licence, simply take a picture of the front and back with your smartphone and upload it.
Finally, hold your face and the face of your identification document towards your phone and photograph them together.
- Hold the phone so that your face is not obscured by your fingers.
- Project your face on the screen so that you can see the details on your identification documents.
- Follow the instructions on the screen and move your face slowly.
The AI determines that the face on the licence is the same as the actual face on the licence and that it is not a stranger. The thickness of the driving licence is also checked. This is to ensure that it is not a forged driving licence.
Once you have cleared everything and your application is complete, you can start trading with Coincheck.
How to deposit money to Coincheck
Once you have completed the initial registration, Coincheck will send you the bank account details you have specified. Please deposit the amount you wish to purchase there. You can trade from a minimum of 500 JPY.
You can transfer funds from your bank account to the bank account designated by Coincheck, either GMO Aozora Net Bank or SBI Sumishin Net Bank. In addition to the deposit amount, the user is responsible for any transfer fees. After the deposit is made, the money is generally received within 20 minutes on weekdays, so you can start trading immediately. Even on Saturdays and Sundays, the deposit amount can be reflected in less than half a day, so you can start trading immediately.
Convenience store deposits
Convenience store deposits are a method of depositing using a terminal located in a convenience store.
To make a convenience store deposit, click on ‘Wallet’ from the Coincheck menu and select Deposit.
Next, enter the required details such as name and deposit amount, and click ‘Payment Application’ to select the convenience store where the payment will be made. The convenience stores covered are FamilyMart, Lawson, Ministop and Seicomart.
The payment number (company code, order number) required for payment will be displayed. Click on ‘Show barcode’ and you will be given a barcode corresponding to the respective convenience store, which you can then pay at the cashier of the selected convenience store. Once payment is completed, the deposit amount will be reflected in your Coincheck account.
Like Quick Deposit, Convenience Store Deposit is also characterised by a shorter reflection time to your account compared to bank transfers. However, the commission fee is higher than for normal bank transfers.
A fee of JPY 770 is charged for deposits of less than JPY 30,000 and JPY 1018 is deducted from the amount of the deposit if it is between JPY 30,000 and JPY 300,000.
Quick deposit is a service that allows you to pay fees from your computer, smartphone or ATM. Payments can be made 24 hours a day, 365 days a year using the internet.
The procedure is similar to convenience store deposits: go to ‘Wallet’ and select ‘Deposit Japanese Yen’. Select ‘Deposit’ and click on ‘Quick Deposit’.
Once you have specified the deposit amount, ‘Issue Payment Information’ will appear.
Once you have confirmed the amount and payment deadline, click on ‘Confirm number and deposit method’ at the bottom.
As the payment is made via Pay-easy, you will be presented with the payment amount, storage period number, customer number, confirmation number and payment deadline, so please keep a note or screenshot so you don’t forget.
Once payment has been made, enter your email address in the ‘Submit payment information’ section. Once the payment is confirmed, you will receive an email notification confirming the payment. You will then be able to confirm the fallacy to Coin Check and you can make a transaction.
A handling fee of 770 yen is charged for deposits of less than 30,000 yen, and 1018 yen is deducted from the deposit amount if it is between 30,000 yen and 500,000 yen.
For deposits of 500,000 yen or more, the fee is 0.11% of the deposit amount + 495 yen.
List of fees charged by Coincheck
Want to trade crypto assets on Coincheck? Or you have made a profit on a crypto asset and want to convert it into Japanese yen. Such cases are likely to arise in the transaction of crypto-assets.
It is important to understand the fees charged in such cases.
Deposit fees are free for bank transfers, with the customer responsible for a separate transfer fee to be paid to the financial institution.
For convenience store deposits, a handling fee of JPY 770 is charged for deposits of less than JPY 30,000 and JPY 1,018 is deducted from the amount deposited if it is between JPY 30,000 and JPY 300,000.
For quick deposits, a fee of JPY 770 is charged for deposits of less than JPY 30,000 and JPY 1,018 is deducted from the amount deposited if it is between JPY 30,000 and JPY 500,000.
For deposits of JPY 500,000 or more, the fee is 0.11% of the deposit amount + JPY 495.
The fee for withdrawing crypto assets in exchange for Japanese yen is JPY 407.
Coincheck will pay the withdrawal fee via a financial institution, which will be deducted from the specified amount and credited to your bank account.
The maximum withdrawal amount per transaction is set at 50 million yen.
There are only four stocks available on the Coincheck exchange: BTC, ETH, MONA and PLT. Currently, the other stocks cannot be traded on the board.
The Maker commission is applied when a limit order is placed on the order board and subsequently executed. Conversely, the Taker commission is applied when an order is not placed on the board and is subsequently executed. Both commissions are 0%, so if you want to keep costs down, we recommend trading on an exchange.
Selling agent fees
There are no sales exchange fees at Coincheck. However, Coincheck has a spread value on the amount of crypto assets purchased when buying and selling on the sales exchange. This is a term used to describe the difference between interest rates and prices.
Coincheck’s sales offices sell at a premium to the market price.
The spread value corresponds to the real commission. The percentage varies depending on the type of coin, but ranges from 0.1-5.0%. As soon as you make a purchase, your profit or loss will be negative compared to the amount of your deposit, so care must be taken.
Crypto asset deposit fee
The crypto asset deposit fee is the fee charged when transferring crypto assets from an account or wallet on another crypto asset exchange.
There are no crypto asset deposit fees at Coincheck. However, the crypto asset exchange from which you send the money will charge a fee for the transfer, but please check the fee yourself as it varies from exchange to exchange.
It usually doesn’t take much time to deposit money, but for some crypto assets, it may take longer to transfer money if the network is congested with transactions.
However, this is due to the nature of the blockchain, not the service of the crypto asset exchange, so changing exchanges will not change the speed of deposits.
Crypto asset transfer fee
A ‘crypto asset transfer fee’ is charged when transferring crypto assets from a Coincheck account to an account or wallet on another exchange.
The fee charged for this depends on the type of crypto asset.
Coincheck has set the following transfer fees for each currency (as of October 2021).
In Bitcoin, the price is around 3.8 million yen/BTC as of 23 May 2022, calculated to cost around 2,000 yen per transaction. Please be careful when transferring money to ensure that there are no address or network errors.
Coincheck maintenance fee
Coincheck also offers an Advance Payment Service, which automatically accumulates a fixed amount of crypto assets each month for stable crypto asset investment. Using the dollar cost averaging method, you can increase your crypto assets over the long term.
You can accumulate as little as 10 000 yen per month, which is automatically debited from your designated bank account to purchase crypto assets. Although a transfer fee is charged, this convenient service always purchases bitcoins every month.
There are no account transfer fees or service usage fees. However, a commission equivalent of 0.1-4.0% is charged as a spread.
The service is convenient as the money is automatically debited every month, but it is important to understand that the spread is wide. In the long term, you can expect a price increase, but if the spread value is wide and the monthly commission is deducted there, it could be a big pain.
It is better to understand this yourself before applying for the service.
Summary of Coincheck registration
This section provides a summary of Coincheck registration and various fees.
Coincheck registration can be done easily on the web and can be opened on the same day. However, various forms of identification such as a driver’s licence or my number card are required.
Deposit fees are free for bank transfers. (Transfer fees are charged separately to the financial institution). Convenience store deposits and quick deposits are available 24/7, but a separate fee is charged.
Withdrawals are subject to a flat fee of JPY 407 deducted from the transaction amount.
Both sales offices and exchanges offer free trading with no commissions. However, the sales offices have a wide spread, which costs as a real commission.
Above. Understand the commission fees and spread values and manage your crypto assets successfully with Coincheck.