CoinSwitch Review | Fees, Security, Pros and Cons
In this CoinSwitch review, we look into the fees, security, pros and cons, and many other components of this crypto exchange aggregator.
CoinSwitch Review: Exchange Overview
CoinSwitch is an India-based cryptocurrency exchange aggregator established in 2017. The platform doesn’t run its own exchange like other traditional exchanges. Instead, it links up with several cryptocurrency exchanges to give its customers the best exchange rate.
Before you get started with this platform, you should read this CoinSwitch review to know how it compares with other best cryptocurrency exchange platforms.
CoinSwitch customers can easily convert any token within its pool. Currently, CoinSwitch supports more than 45,000 currency pairs. Traders on the platform have no trading limits and can trade fast, as it integrates a good number of global mainstream exchanges.
One advantage of this platform is that it saves users time. Traders can easily compare the rates of their cryptocurrency pairs with those of the mainstream exchanges. This happens automatically because the exchanges are already in the CoinSwitch network. Additionally, CoinSwitch is user-friendly, intuitive, and easy to use, even for amateur traders.
Supported Currencies and Available Countries
The CoinSwitch exchange supports a large pool of digital currencies. Currently, traders have access to more than 600 coins. But this number is likely to change any time, which is why you should read the latest CoinSwitch review for the most relevant information.
Supported currencies include Bitcoin (BTC), Bitcoin Cash (BCH), Dash (DASH), Cardano (ADA), Ethereum Classic (ETC), Ethereum (ETH), Monero (XMR), Litecoin (LTC), Ripple (XRP), Verge (XVG), and VeChain (VET) among others.
CoinSwitch is a global crypto exchange aggregator. Traders from most countries of the world can access its services. However, some countries cannot use the platform:
- North Korea;
- The United States of America and its territories.
Traders should contact support directly to find out whether their countries are supported. Some traders may try to access the platform via a VPN, but this is risky. If the exchange finds out, they block the trader. In that case, all crypto funds are lost.
User Interface and Experience
CoinSwitch is accessible on all desktop computers through a web browser. It also has a mobile app – CoinSwitch Kuber, which is available to the Indian market only. The platform is unique because, unlike other crypto exchanges, it allows individual traders or businesses to accept digital currencies and get paid in any other cryptocurrency of their choice.
For example, users can pay an invoice in any of the cryptocurrencies supported by the platform. Importantly, CoinSwitch has an intuitive interface that is friendly even to new traders.
How to Use CoinSwitch Exchange
In this CoinSwitch review, we will show you all the steps you need to follow to have a great experience using the platform.
Creating an Account
To get started with CoinSwitch, users need to create an account on the platform. The registration process is easy and takes a user through the following steps:
- On the official CoinSwitch website, click on the “Account” tab;
- Click on “Register;”
- Enter your e-mail address and password in the provided fields;
- After agreeing on the terms, provide personal details: your name, date of birth, country of residence, and phone number;
- Wait for the system to verify your e-mail address and phone number.
Once you receive the confirmation message, your account is ready to go.
Using Your Account
Users can use their CoinSwitch accounts to convert funds from one crypto to another or buy digital currencies with a card.
Converting Crypto to Crypto
- Select a digital currency in the “You Send” dropdown, let’s take BTC as an example;
- Select another cryptocurrency of your choice in the “You Get” dropdown, suppose we want ETH;
- Select the amount of ETH you want to convert. This should give you the amount of the second cryptocurrency you’ll get based on the exchange rates;
- Click on the “View All Offers” tab to see all the offers from other exchanges;
- Select the most convenient exchange for you to convert your cryptocurrencies;
- Provide your ETH wallet address;
- Click on the “Next” tab and enter the BTC address of your preferred exchange;
- Send BTC from your BTC wallet to that address;
- Once you deposit the BTC, the ETH conversion process starts.
Buying Cryptos with Card
Alternatively, users can buy crypto assets with a card on CoinSwitch. The process is as follows:
- Click on the “You Send” tab and choose a fiat currency from the dropdown;
- Choose the crypto you want from in the “You Get” dropdown;
- Enter the USD amount to purchase crypto and select the exchange with the best offer;
- Enter your crypto wallet address;
- Pay using your credit card;
- Once paid, you receive the crypto in your digital wallet through the address you gave.
Below is a detailed tutorial to better understand how to go through these steps:
CoinSwitch Exchange: Fees
CoinSwitch exchange charges its fees based on the exchange chosen by the users for their trading operations. This is added to the fees charged by the particular exchange that a trader chooses.
However, traders who choose to use Changelly, BlockTrades, ShapeShift, Changer, or Evercoin do not incur any fees from CoinSwitch. Here’s how it works:
- Changelly: 0% fee;
- Evercoin: 0% fee;
- Changer: 0% fee;
- Shapeshift: 0% fee;
- KuCoin: 0.25% – 0.59% fee;
- Bittrex: 0.25% – 0.98% fee;
- Others: 0.25% – 0.98%.
Overall, users on CoinSwitch can select the exchange with the most user-friendly rates. This allows them to save time and money because the platform collects and filters the data on their behalf.
Users can deposit and withdraw on CoinSwitch through the available crypto and fiat options. Currently, the exchange supports EUR, USD, RUB, and JPY. Besides, users can buy fiat through their credit or debit cards only. The platform supports only Visa and MasterCard cards.
Transaction duration on CoinSwitch varies based on the size and blockchain capacity. All the same, the processing time ranges from 15 to 30 minutes.
Regarding transfer limits, CoinSwitch offers no minimum or maximum limits. However, in a situation where the exchanged amount is lower than the network fee of the coin’s blockchain, the system might not accept the transaction. In that case, the user will have to adjust the amount to reach the minimum fee.
It’s equally important to note that based on the chosen exchange, a trader might have to bear a maximum limit on transactions according to that particular exchange. Fiat purchases often attract a minimum transaction amount of $50 and a maximum amount of $10,000. A monthly cap of $50,000 also applies.
In terms of security features, CoinSwitch has scanty information on its website or other outlets. Therefore, there is no way to evaluate whether the platform is safe to use.
Customer Support and Reputation
CoinSwitch has a strong customer support team, through which their clients can reach the exchange. Customers with concerns can simply send an e-mail to email@example.com. Response time is often within 12 hours.
Additionally, the exchange has a frequently asked questions section and an online exchange tutorial on their website. They also run a live chat feature, which allows customers to interact directly with company staff.
CoinSwitch Exchange Review: Verdict
As a cryptocurrency exchange aggregator, CoinSwitch collects and automatically analyses crypto trading pairs from mainstream exchanges. This is the biggest upvote for the platform. However, clients looking for a more transparent service might cite the security concern. Overall, the platform offers the best user-friendly cryptocurrency exchange rates. This CoinSwitch review should help you make an informed decision.
CoinSwitch Review: Pros and Cons
- Easy to use based on the intuitive interface;
- Access to a large pool of cryptocurrencies and currency pairs;
- No transaction limits;
- Allows users to compare and find the best exchange rate;
- Faster and convenient.
- No fixed trading fees, as they vary between exchanges;
- Doesn’t accept fiat deposits.
Note: This post was originally published on 9 March 2019 and has been totally updated for the completeness and veracity of the content on 11 March 2021.