CoinSwitch Exchange Review | Fees, Security, Pros And Cons In 2020

In today’s article, we will be looking at some of the features offered by the CoinSwitch service, as well as its pros and cons.

CoinSwitch Overview

CoinSwitch is a cryptocurrency exchange aggregator that was established in 2017 in India. The platform enables users to have access to over 600 cryptocurrencies and trade with 45,000 currency pairs. By integrating a number of world-leading exchanges, the platform allows for fast trades with no limits.

As with Changelly and Shapeshift, you can convert cryptocurrencies across exchanges at the most convenient rates.

CoinSwitch saves users time by comparing the rates of their cryptocurrency pairs across the most popular exchanges in an automated manner. Its user-friendly platform is very intuitive and allows even inexperienced traders to easily use its services.

Supported Currencies and Available Countries

CoinSwitch supports a wide list of cryptos which comprises of 646 tokens and coins, including the following: Bitcoin (BTC), Bitcoin Cash (BCH), Cardano (ADA), Dash (DASH), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), Monero (XMR), NEO (NEO), Ripple (XRP), VeChain (VET), Verge (XVG).

CoinSwitch offers its services on a global level, meaning that most of the world’s users can use the platform. Cuba, Iran, North Korea, Crimea, Sudan, Syria, Afghanistan, Pakistan, and the United States of America (including all USA territories like Puerto Rico, American Samoa, Guam, Northern Mariana Island, and the US Virgin Islands St. Croix, St. John and St. Thomas) are countries that cannot access or use CoinSwitch. Contact support directly in order to find out exactly if your country of residence can access the exchange.

System Compatibilities

CoinSwitch can be accessed via a web browser on all desktop operating systems. The mobile app is available only to the Indian market. The app is called CoinSwitch Kuber, and it was launched this June.

User Interface and Experience

The platform has a simple and intuitive interface that is easy to understand by all traders, regardless of their experience.

How to Get a CoinSwitch Account

To start the registration process for a CoinSwitch account, follow the steps below:

• Go to its official website, click on the “Account” tab;
• Click on “Register;”
• Fill in the fields with your email address and select a strong password;
• After you have agreed on the terms, enter your name, date of birth, country of residence, and your phone number;
• Wait for your email address and phone number to be verified.

How to Use a CoinSwitch Account

Convert crypto to crypto

• Select BTC in the “You Send” dropdown and ETH in the “You Get” dropdown.
• Enter the amount of BTC you want to exchange. This will show the amount of ETH you can get at the exchange rate.
• Click the “View All Offers” button to see the list of all exchanges with the amount of Ether (ETH) you will get if you exchange from them.
• Select the most convenient exchange for you to convert your Bitcoin (BTC) to Ether (ETH).
• Paste your Etherrum (ETH) wallet address.
• Click the “Next” button.
• Copy the Bitcoin (BTC) address of the exchange and send BTC from your BTC wallet to that address.
• After the BTC has been deposited, the Ether (ETH) conversion will start.

Buy cryptos with card

• Select from the “You Send” dropdown a fiat currency and the crypto you want in the “You Get” Dropdown.
• Put in the USD amount you want to use for purchasing coins and choose the exchange with the best price.
• Provide your crypto wallet address.
• Pay with your Credit Card.
• After the payment has been made, the coins will be sent to your address.

CoinSwitch Fees

The fees charged by CoinSwitch vary depending on the exchange that you select for your trading operation. This fee is added to the fees charged by the exchange you choose for your trade.

If you opt to trade on Changelly, Changer, BlockTrades, Evercoin, or ShapeShift, CoinSwitch will not apply any fees on its part. Below is a list of exchanges and the fees charged by CoinSwitch:

• Changelly: 0% fee;
• Shapeshift: 0% fee;
• Changer: 0% fee;
• Evercoin: 0% fee;
• KuCoin: 0.25%-0.59% fee;
• Bittrex: 0.25%-0.98% fee;
• Others: 0.25%-0.98% fee.

By being able to select the exchange that offers the most advantageous rates, users can save money and time by having the platform gather and compare the data for them.

Payment Methods

You can make deposits and withdrawals on CoinSwitch by using available cryptocurrencies and fiat options. The site supports USD, AUD, EUR, RUB, and JPY. Fiat purchases can only be made via credit or debit card. Only Visa and MasterCard cards are supported.

In order to be able to purchase via fiat, you will have to sign up and go through a KYC procedure in which you will have to provide ID documentation.

Transfer Times

Transaction processing times on CoinSwitch may take anywhere between 15 and 30 minutes. Transaction size and the capacity of the blockchain are factors that can affect how fast your order is processed.

Transfer Limits

No minimum or maximum limits are applied to transactions by CoinSwitch. But, if your exchanged amount is lower than the network fee of your coin’s blockchain, the transaction might not be accepted, and you’ll have to adjust the amount to reach that minimum fee.

It should be noted that depending on the exchange you choose to trade on, you may have a maximum limit on transaction amounts imposed by the platform.

For fiat purchases, the minimum transaction amount is $50, and the maximum amount is $10,000. A $50,000 monthly limit also applies.

Security Features

In order to open an account and start trading on CoinSwitch, you will be required to provide the following information: a valid email address, your name, date of birth, your country of residence, and your phone number.

Your email address and phone number will have to go through a verification process before the account can be activated.

The security measures implemented by CoinSwitch for customer funds and data are not specified on its website or other outlets, so there is no way of evaluating if the platform is safe to use.

Customer Support

Customers can contact the CoinSwitch support team by sending an email to the following address: [email protected] Its customer support has been rated positively due to its fast response times. An email response is usually given within 12 hours.

For further queries and clarifications, users can access a list of frequently asked questions and an online exchange tutorial. A live chat feature is also available for direct contact with a support team member.

CoinSwitch Reputation

So far, CoinSwitch has a positive reputation in the online community, having a rating of 4.6 out of 5 on Trustpilot out of 476 reviews.

CoinSwitch Review: Verdict

CoinSwitch is a cryptocurrency exchange aggregator which gathers and automatically compares crypto trading pairs from the most popular exchanges. The lack of information regarding the platform’s security features or development team can be of concern for those who are looking for more transparent service.

However, the CoinSwitch platform still remains a viable option for traders searching for the best cryptocurrency exchange rates.

Note: This post was originally published on 9 March 2019 and has been totally updated for the completeness and veracity of the content on 15 June 2019.

Featured image: blockonomi.com