Coinswitch Review: The Best Way To Instantly Trade Crypto?
Coinswitch is a crypto trading platform based in Bangalore, India. Founded in 2017, the platform grew quickly to become the largest Indian crypto marketplace with more than 10 million users.
The platform was founded with the mission to make buying and selling crypto as easy as buying anything else online. Ever since, Coinswitch has been working on bringing financial inclusion to people around the world.
The platform is not a traditional cryptocurrency exchange but an exchange aggregator. This means it doesn’t have its own liquidity but allows users to trade in different exchanges. The platform allows users to instantly trade cryptocurrency with no lockdown period, super low fees, and great prices.
With a simple and straightforward user interface, the platform is great for crypto investors who are starting their journey. It allows users to invest as little as $1.3 after making an account and completing the KYC process should you choose to do so.
The company behind the platform has received support from some of the biggest names in and out of the crypto space. These names include Sequoia Capital, Ribbit Capital, Paradigm, and Tiger Global.
With support for more than 300 cryptocurrencies and 45,000 trading pairs, CoinSwitch has become a favorite of many crypto investors. In this Coinswitch review, we will be taking a look at what the platform has to offer and if this popularity is warranted.
How Secure is Coinswitch?
Coinswitch is widely considered a safe cryptocurrency exchange as no known hacks have taken place. Even if a hack were to happen, its non-custodial nature would mean no crypto could be stolen.
Unfortunately, Coinswitch does not provide information on what security practices it implements to protect its users. However, as the platform never holds crypto on your behalf, the benefits a hacker could expect by attacking it are minimal.
This means that the security of Coinswitch depends entirely on the security of the exchanges it aggregates. This list includes Binance, HUOBI, KuCoin, HitBTC, Cryptopia, and IDEX. As Coinswitch decides which exchanges are aggregated, all of them will have to comply with certain requirements, including a high degree of security.
That being said, the platform is not regulated like some other cryptocurrency exchange platforms. While this might be a benefit in a lot of ways, it also involved certain risks given its centralized nature.
All in all, based on its history and how it operates, Coinswitch is a safe exchange for crypto investors to use. However, if security is your priority, there might be other exchanges worth looking at in our section on exchanges.
What Features Does Coinswitch Offer?
Since Coinswitch is an exchange aggregator rather than an actual exchange, it comes with some unique features that you won’t find elsewhere.
Although, Coinswitch is limited when it comes to advanced trading features. If you are looking for staking, creating market orders, borrowing or lending crypto, or other features, you will need to look elsewhere.
These limitations might make Coinswitch a non-viable option for advanced crypto traders looking for more features in a single platform. However, many advanced users choose to use the platform to trade and another platform to use advanced features.
Trade Crypto Without Registering
One of the unique features of Coinswitch is that you do not need to register for an account or complete KYC verification in order to buy crypto.
Yup, you heard that right. On Coinswitch you can start buying & selling crypto instantly when you get the app. This makes it one of the fastest ways to purchase crypto.
If you do choose to register for an account however, this will allow you to access more exchanges which in turn may help you save some money. Nevertheless, it is not required.
Finding The Best Price
Coinswitch’s purpose is to compare prices from a large number of exchanges and show you the best price.
Although saving a couple of % when trading small amounts of crypto won’t make much of a difference, once you start trading frequently or in large amounts, these start to add up.
When you search for a trading pair on Coinswitch, the platform will show you the exchanges available to you and their prices. You then get to choose the exchange you want to use.
You can check the current prices on Coinswitch here.
Buying Crypto With Debit/Credit Card
When it comes to buying cryptocurrency using a debit or credit card, Coinswitch excels. Unlike other platforms, Coinswitch will allow you to acquire any of the cryptocurrencies it supports. This increases the convenience of using the service by making the buying process easier by removing the creation of trade orders.
This feature is powered by Simplex, a platform based in Europe that is trusted by many crypto investors. For this reason, it is important to keep in mind you will be required to complete the KYC process to use this feature.
The trading feature itself is pretty straightforward to use. You select the cryptocurrencies you want to trade as well as the amount.
A list of exchanges supporting that pair will show up for you to choose the one you want to use. You then add the wallet address you want to receive your crypto on, send the crypto to the address you will be provided, and wait for the trade to take place.
The waiting time will depend on the exchange you are using but can take up to 30 minutes.
How Good Is Coinswitch Customer Support?
Unlike many crypto exchanges we have reviewed, Coinswitch offers live support in the form of 24/7 live chat as well as via tickets. This makes contacting their customer support team very easy, which is a great option to have.
When submitting a ticket, you will usually receive a reply in less than 12 hours. However, as with all exchanges, this will depend on how much demand there is at any given time.
An area we really think could be improved on is Coinswitch’s knowledge base. While there are more than 30 articles on different topics you might be interested in, some of them seem to be outdated. The interface and search feature also make it difficult to find the information you are liking for.
However, as the platform is pretty simple to use, chances are you will not be needing guides on how to use the platform. If an issue occurs when trading, it will probably be technical in nature and require you to contact support. In that case, its customer support team should get you covered.
Lastly, we want to highlight that, unlike other exchanges, Coinswitch’s support team won’t be able to return funds sent to incorrect addresses. This is due to the exchange’s nature, as the transaction is not being processed by them.
That being said, you should be always careful when transferring crypto, no matter the platform.
Does Coinswitch Charge Fees?
Coinswitch is a centralized for-profit service and as such, it charges fees to keep its platform afloat. That being said, the fees charged by the platform are extremely low, which makes it a favorite among many traders.
As with any exchange, you will need to pay network fees. These fees depend on the coin and network you are using to trade, with the fee being subtracted from the amount you are going to receive. This fee is entirely up to the network and kept by it, which means Coinswitch doesn’t profit from them.
On the other side, you have transaction fees. These fees are charged by Coinswitch and will range between 0 and 0.49% based on the exchange. However, you might incur additional fees depending on the exchange you choose to use, with the fees already included in the price you will see.
What Currencies Are Supported By Coinswitch?
Coinswitch supports- multiple fiat and cryptocurrencies, which makes it really useful for any user looking for flexibility and variety.
Let’s start by taking a look at the fiat currencies you can trade using Coinswitch:
- United States Dollar (USD)
- Japanese Yen (JPY)
- Russian Ruble (RUB)
- Euro (EUR)
While this is not an extensive list, it is still varied enough for most users as USD and EUR are the most widely used currencies.
This lack of variety in terms of fiat, however, is compensated with vast support for cryptocurrencies.
Unfortunately, it is not possible for us to list all currencies and the platform doesn’t offer a full list of them.
As such, we recommend you go to the platform and manually check for the currency you are looking for. It is highly likely it will be available as the support is extensive.
Some of the cryptocurrencies supported by the platform are:
|Avalanche (AVAX)||Bancor (BNT)||Bitcoin (BTC)|
|Bitcoin Cash (BCH)||Cardano (ADA)||Dash (DASH)|
|Dogecoin (DOGE)||EOS (EOS)||Ethereum (ETH)|
|Ethereum Classic (ETC)||Filecoin (FIL)||Internet Computer (IPC)|
|Litecoin (LTC)||Monero (XMR)||NEO (NEO)|
|Polkadot (DOT)||Ripple (XRP)||Solana (SOL)|
|Stellar (XLM)||Storj (STORJ)||Terra (LUNA)|
|Tether (USDT)||Tron (TRX)||Uniswap (UNI)|
|VeChain (VET)||Verge (XVG)||Verge (XVG)|
As you can see from this Coinswitch review, it is a pretty straightforward platform that doesn’t deviate from its mission to make crypto buying and selling simple. Let’s recap some reasons why you might want to consider using Coinswap:
- Non-custodial services add security to your transactions.
- No KYC or registration is necessary to trade cryptocurrencies.
- Low fees.
- Support for more than 300 cryptocurrencies.
- Easy to use.
- No limits on transactions.
- Use debit/credit card to buy cryptocurrency
- Multiple exchanges allow you to find the best price.
It is easy to see why Coinswitch is used by so many crypto enthusiasts around the world.
However, we believe that there are better options out there when it comes to buying cryptocurrencies. This is especially true when considering the increasing popularity of decentralized aggregators.
That being said, if you are looking for an aggregator that provides you with customer support to take away some of the worries when making mistakes… Coinswitch is a good option to be aware of.
Credit Cards2 years ago
What is Credit Utilization And How Can You Use It To Improve Your Credit Score?
Crypto2 years ago
What Is Cryptocurrency? The Ultimate Crypto Learning Resource
Credit Cards2 years ago
How Credit Score Works
Crypto2 years ago
How To Buy VeChain (VET) – A Quick Step By Step Guide