Coincheck is a well-known cryptocurrency exchange in Japan, renowned for its user-friendly interface. However, many users express concerns about its fees. This article provides an in-depth comparison of Coincheck's fee structure against other major Japanese exchanges.
Fee Comparison with Major Exchanges
When compared to other leading Japanese exchanges, Coincheck's fees are generally higher across multiple categories, including deposits, withdrawals, transfers, and trading. For instance, GMO Coin offers zero-fee JPY deposits, withdrawals, and crypto transfers, which significantly reduces costs for active users.
Here’s a simplified overview of how Coincheck stacks up against key competitors:
- JPY Deposit/Withdrawal Fees: Coincheck charges fees for convenience store/quick deposits and a flat withdrawal fee. Some competitors offer these services for free.
- Crypto Transfer Fees: Transmitting assets like Bitcoin incurs a network fee on all platforms, but the amount varies.
- Trading Fees: Coincheck's exchange boasts a 0% fee for both maker and taker orders, a standout feature. Other exchanges may charge taker fees or offer rebates for maker orders.
For users who prioritize moving funds in and out of their accounts frequently, these differences can add up to substantial costs over time. 👉 Compare real-time fee structures
Are There Scenarios Where Coincheck Is Cheaper?
While Coincheck's deposit, withdrawal, and transfer fees are often higher, its trading fee structure is highly competitive. The fact that both maker and taker trades on its exchange carry a 0% fee is a significant advantage, especially for takers who typically pay fees on other platforms.
Therefore, for users who primarily execute trades on the exchange and do not frequently move JPY or crypto assets, Coincheck's overall cost can be very low.
Detailed Fee Breakdown: Coincheck vs. Others
To understand the true cost, we need to look beyond just commission fees and examine spreads and other hidden charges.
Understanding the Spread
The spread is the difference between the buying (ask) and selling (bid) price of an asset in an exchange's "instant buy/sell" marketplace. A wider spread means a higher hidden cost for the user.
| Exchange | Typical Spread (Example) |
|---|---|
| Coincheck | ~6.2% |
| GMO Coin | ~5.0% |
| bitbank | ~2.5% |
| bitFlyer | ~3.1% |
Note: Spreads are dynamic and can change based on market volatility.
This demonstrates that using the instant-trade marketplace on Coincheck can be costly. For cost-conscious trading, using the exchange function (limit orders) is always recommended to avoid the spread.
Exchange Trading Fees
This is where Coincheck shines. Its exchange platform charges no fees for executing orders.
| Exchange | Maker Fee | Taker Fee |
|---|---|---|
| Coincheck | 0.000% | 0.000% |
| GMO Coin | -0.01% | 0.05% |
| bitbank | -0.02% | 0.12% |
| bitFlyer | 0.01% - 0.15% | 0.01% - 0.15% |
Maker orders add liquidity to the order book (limit orders), while taker orders remove it (market orders).
For active traders using limit orders, exchanges like bitbank that offer maker rebates can be more profitable. However, for those using market orders, Coincheck's zero taker fee is unbeatable.
JPY Deposit and Withdrawal Fees
This is a major differentiator. Frequent fiat movers should pay close attention.
- Coincheck: Charges fees for quick/convenience deposits and a standard withdrawal fee.
- GMO Coin: Offers free bank deposits and free JPY withdrawals (with a small fee for very large withdrawals).
- bitbank: Free deposits, but charges withdrawal fees based on amount.
- bitFlyer: Fee structure depends on the bank and method used.
GMO Coin's policy of free JPY transfers provides a clear advantage for users who regularly convert between crypto and fiat.
Cost Simulation: Trading 1 Million JPY
Let's see how these fees translate into real-world scenarios.
Scenario 1: Using the Instant-Trade Marketplace
If you buy and sell 1,000,000 JPY worth of Bitcoin in the marketplace with a 10% price increase, the wide spread significantly impacts final profit. Exchanges with narrower spreads, like bitbank, leave users with a higher final balance after the two trades.
Scenario 2: Using the Exchange
If the same trade is executed using limit (maker) orders on the exchange:
- Coincheck: 0 JPY fee. Final balance: 1,100,000 JPY.
- bitbank: -0.02% fee (you receive a rebate). Final balance: ~1,100,220 JPY.
If executed using market (taker) orders:
- Coincheck: 0 JPY fee. Final balance: 1,100,000 JPY.
- GMO Coin: 0.05% fee. Final balance: ~1,099,500 JPY.
This clearly shows Coincheck's strength for taker orders and its competitiveness for maker orders compared to exchanges with fees.
Why Is Coincheck Still Popular Despite Its Fees?
If fees are higher in some areas, why does Coincheck remain a top choice? The answer lies in its unparalleled user experience and service diversity.
Intuitive Operation and Design
Coincheck's app and website are celebrated for their simplicity. Buying Bitcoin can be completed in three intuitive steps, making it incredibly accessible for beginners. The interface avoids complex terminology and charts that can intimidate new users.
1 App Download Ranking
Coincheck consistently ranks as the most downloaded crypto exchange app in Japan. This widespread adoption is a testament to its perceived trustworthiness, ease of use, and brand recognition among first-time investors.
Diverse Service Offerings
Coincheck is more than just a trading platform. It provides a full ecosystem of services, including:
- Crypto Accumulation Plans: (DCA) allowing regular, automated purchases.
- Staking: Earn rewards on held cryptocurrencies.
- NFT Marketplace: A platform to buy and sell non-fungible tokens.
- IEO Participation: Access to initial exchange offerings.
This "all-in-one" approach means users don't need multiple accounts for different crypto activities. 👉 Explore more advanced trading strategies
Recommended Exchanges with Lower Fees
For users whose primary concern is minimizing costs, especially on transfers, these alternatives are worth considering.
GMO Coin: Best for Fiat Transfers
- Key Advantage: Free JPY deposits and withdrawals. Free crypto transfers.
- Trading Fees: Maker rebate (-0.01%), Taker fee (0.05%).
- Best For: Users who frequently move between JPY and crypto and want to eliminate those costs entirely.
bitbank: Best for Active Traders
- Key Advantage: Highest maker rebate (-0.02%) among major Japanese exchanges.
- Trading Fees: Maker rebate (-0.02%), Taker fee (0.12%).
- Best For: Active traders who primarily use limit orders to maximize rebates and trading volume.
5 Ways to Reduce Fees on Coincheck
You can optimize your costs on Coincheck with a few strategic practices.
- Use the Exchange, Not the Marketplace: Avoid the wide spreads of the instant-trade platform. Use limit orders on the exchange for significantly lower costs.
- Consolidate Withdrawals and Transfers: Since fees are often per transaction, combine operations. One large withdrawal is cheaper than several small ones.
- Use Low-Fee Currencies for Transfers: Instead of transferring Bitcoin (BTC), which can have high network fees, convert to a low-fee coin like Ripple (XRP) or Litecoin (LTC) first, then transfer.
- Use Bank Transfers for JPY Deposits: Avoid the higher fees associated with convenience store or quick deposit methods.
- Trade During Stable Markets: Spreads on the marketplace can widen during periods of high volatility. Trading when the market is calm can result in better prices.
Frequently Asked Questions
Q: When exactly do fees occur on Coincheck?
A: Fees are triggered for specific actions: non-bank JPY deposits (e.g., convenience store), all JPY withdrawals, cryptocurrency transfers to external wallets, and the built-in cost (spread) when using the instant-trade marketplace.
Q: What is the difference between the Marketplace and the Exchange?
A: The Marketplace is for instant buying and selling from Coincheck at a set price, which includes a wide spread. It's simple but more expensive. The Exchange is for trading with other users using order books. It has a narrow spread and 0% trading fees, making it cheaper but requiring a bit more knowledge.
Q: Can I do everything on the mobile app?
A: Almost. You can manage deposits, withdrawals, and trade on the Marketplace via the app. However, access to the full Exchange functionality with advanced order types is only available on the desktop/web browser version of the platform.
Q: Is Coincheck safe to use?
A: Coincheck is a registered and regulated exchange in Japan. It employs standard security measures like two-factor authentication (2FA) and stores the majority of its assets in cold wallets. Since a past incident, it has strengthened its security protocols significantly.
Q: Which is better for a complete beginner: Coincheck or a lower-fee exchange?
A: For a complete beginner, ease of use is often more important than minimal fee differences. Coincheck's intuitive interface and simple buying process make it an excellent choice to start. As users become more experienced and their trading volume increases, they can then evaluate if moving to a more cost-focused exchange makes sense.
Q: Does Coincheck offer any fee discounts for high-volume traders?
A: Unlike some global exchanges, Coincheck's fee structure is generally flat and does not publicly offer tiered discounts based on trading volume. Its main advantage is the standard 0% fee on its exchange.
Conclusion
Coincheck presents a mixed fee structure. While its costs for JPY movements and crypto transfers can be higher than some competitors, its 0% trading fee on its exchange is a major benefit. The platform's greatest strength is its user-friendly design, comprehensive all-in-one services, and strong reputation, making it an ideal starting point for beginners in the Japanese crypto market.
Your optimal choice depends entirely on your trading style:
- For beginners and those valuing simplicity: Coincheck is an excellent, hassle-free option.
- For frequent fiat depositors/withdrawers: GMO Coin's free bank transfers are unbeatable.
- For active traders using limit orders: bitbank's maker rebate offers the best potential value.
By understanding these fee structures and using strategies to minimize costs, you can effectively manage your expenses on any platform you choose.
Disclaimer: The information provided on this site is for general informational purposes only and is not intended as investment advice. It does not constitute a solicitation to buy or sell any cryptocurrencies. The editorial team assumes no responsibility for any damages or losses resulting from the use of this information. Please use the information at your own discretion and risk.