CoinSwitch Review – All You Need To Know
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Since the inauguration of the first cryptocurrency in 2009 consistently followed by the unveiling of hundreds of other altcoins in the subsequent years, the subject of how users and investors can easily exchange different virtual currencies for others has been of great concern among the crypto community. The need for reliable cryptocurrency exchange services has, therefore, piled up pressure on technocrats to come up with different exchange platforms that accommodate both novice and experts traders.
With the rising cases of hacking and the thefts of the digital currency assets on different crypto-related exchange platforms, virtual currencies users are growing more vigilant with their choices of exchange platforms to avert the loss of their hard-earned coins. In this bulletin, we are going to unveil the various facts surrounding the CoinSwitch Exchange; providing you with a more informed decision-making avenue. Stay tuned as the various paragraphs unfold.
What is CoinSwitch?
Unlike many crypto exchange platform, CoinSwitch has stood out unique as an aggregator exchange site that sources and compares real-time data from leading exchange platforms. Having integrated many exchange services from different parts of the globe, CoinSwitch boasts of the best exchange rates enjoyed by its users.
The company was launched in June 2017, under the leadership of Ashish Singhal and Govind Soni; the former is the CEO while the later is the CTO. Sagar Tiwari joined the team as co-founder and COO. Despite being an Indian-based company, CoinSwitch accepts traders from across the world, giving them the liberty to convert their coins without having to transfer them from one exchange to another.
Trading on CoinSwitch
According to their official website, as per the time of writing this review, the exchange platform has a cryptocurrency list of more than 275 cryptocurrencies, with over 45000 pairs for exchange. This is surely a great altcoins trading opportunity to many cryptocurrency fans as CoinSwitch eliminates the hassles associated with converting most cryptocoins to other available cryptocurrencies.
Unlike many cryptocurrency exchanges, CoinSwitch doesn’t have any limitations set for buying and selling amounts when it comes to cryptocurrency or altcoins trading. However, as a trader, when transacting low amounts, ensure that they cover all the network fees required by the blockchain to facilitate the transaction; the amounts you are going to send or receive should be sufficient to cover both the input and output fees required by the blockchain. The platform issues an alert message to customers who would like to exchange insufficient funds, since going against the proposed recommendations is a potential avenue to losing one’s money.
On a different note, since the exchange aggregates between different leading exchanges, customers may incur the maximum buying and selling limitations set by their different partners.
If you are looking forward to using the platform, note that CoinSwitch has clearly stated that the exchange rates and the cryptocurrency prices can change during the transaction process. Therefore, if you send or receive an amount more or less than what you had initially verified, do not be worried, due to the volatile nature of cryptocurrencies, the amount sent or received may differ from what you encountered during the comparison.
According to the official website, CoinSwitch charges a fee of between 0%-0.75% depending on the exchange you choose. However, the quoted amount does not include the fees imposed by the exchange as well the network. A few other sources suggest CoinSwitch fees as tabulated below:
|Changelly, ShapeShift, Changer, Evercoin.||0%|
|Bittrex, Cryptopia, and others||0.25%-0.98% or 0.49%-0.98%|
Overly, there are no clear details on the fees charged by the various exchanges affiliated to CoinSwitch. Currently, there are divergent views of the fees charged from different avenues, an issue that only CoinSwitch can clearly define.
CoinSwitch Verification Requirements
Little information is required to verify your CoinSwitch account. These include an email verification and a phone verification. Beyond these, the platform does not have any KYC (Know Your Customer) requirements; this means that users can remain as anonymous as possible while using the exchange site.
CoinSwitch’s special features
The idea behind the CoinSwitch exchange platform is in itself unique as no any other site as has come to compete against the only existing aggregator. The site sources and compares data from different leading exchange platforms including Changelly, Bittrex, and KuCoin, enabling users to pick the best buy and sell rates in the market.
Furthermore, users do not have to be logged into their account while carrying out some transactions.
Is CoinSwitch safe?
Safety is the single most leading concern among the crypto user and investors’ community; no one would love to lose their hard-earned coins in the process of exchanging them for other coins or sending them as remittances for goods and services provided. Below are various parameters that unveil the safety of the exchange platform:
CoinSwitch has received a remarkably high number of positive reviews from its user community. Despite having received excellent reviews among its wide base of users, there are a few users who are uncomfortable with how business is being run on the site, especially on matters pertaining the fluctuating exchange rates even during transactions.
So far, there has not been any reported cases of the platform incurring an attack from hackers. Their site enjoys a secured connection (https), an indication that any information you share with them is safe and cannot be leaked or intercepted by third parties while in transit. Additionally, CoinSwitch provides its users with a high level of anonymity as one doesn’t need an account in order to carry out some transactions with them; and if you opt to open an account with them, they do not have any KYC measures in place that will require too much of your personal information.
Apart from the aforementioned security measure, the platform doesn’t broadly outline any other security measures it has in place such as embracing cold storages to protect its user’s funds.
From the experiences posted by various CoinSwitch’s customers, it can be confidently concluded that the platform has an excellent customer support service. A majority of the users who have raised a support ticket to push various inquiries have had their concerns addressed in good time.
CoinSwitch has a relatively fast handing speed in addressing its customer queries. Some customers have reported a resolution span of less than an hour after they raised their concerns with the CoinSwitch’s customer care team.
How to use CoinSwitch?
It is not a must for you to sign up for a CoinSwitch account or into your CoinSwitch account to carry out some exchanges. However, this is usually displayed as “no sign in. required” as you key in your exchange particulars and the various exchange options consequently displayed to you. All the same, you can opt to sign up for an account with the exchange platform by providing a valid email address and setting up a strong password to secure the account. You will then verify your email address via a link sent to the provided email address.
After verifying your email address, CoinSwitch will require that you undertake a further verification of your phone number and provide your name, your date of birth, and your country of residence.
Outlined below is how actually to exchange different currencies on the platform:
- Enter the exchange pairs and amounts: On the interface provided, you will have to select your exchange pairs as well as specify the amount you would like to send. The interface will, in turn, display the approximated amount to be received at the end of the transaction process.
- Select the exchange: After receiving an approximate value of the amount to be received when done with transacting, CoinSwitch will display a number of options from their different exchange partners. You can either choose the best-recommended exchange with the fairest rates or opt for an alternative exchange platform depending on your taste and preferences.
- Convert: CoinSwitch will take you through a process of converting your coins for other virtual currencies or supported tokens on the exchange you chose.
- Track: Finally, you will track the transaction to note its progress, after which you will finally receive the exchanged amount on the stated recipient’s
In a Nutshell
Overly, CoinSwitch is a good exchange for both beginners and experts traders or users alike. The platform provides an easy user interface, with simple and precise instructions to follow. Most users have praised it for currently standing as one of the easiest platforms to buy and sell cryptocurrencies. Atop its simplicity, CoinSwitch supports more than 275 cryptocurrencies, coupled up with over 45000 pairs. This makes it one of the best platforms to get crypto-crypto liquidity.
Pros of CoinSwitch
- The platform offers lots of cryptocurrency for trade along with altcoins trading.
- CoinSwitch has an easy to use customer interface, an attribute that has been praised by most of its users.
- CoinSwitch provides its customers with top-notch anonymous transactions.
- There are no transaction limits imposed by the platform. This gives users the opportunity to trade as much an amount as they can afford.
- CoinSwitch gives users the liberty to compare rates between different exchange platforms. Users, therefore, end up with the best market rates from the different exchange platforms available.
- The platform is a quick one to use, coupled up with a responsive customer support team.
Cons of CoinSwitch:
- Trading fees vary between the different exchanges supported by CoinSwitch. Furthermore, the platform is yet to outline the fees charged for various transactions they facilitate clearly.
- CoinSwitch does not support fiat currencies.
- The platform is more transparent on security measures they have in place to protect user’s funds.
Thank you for reading through our comprehensive CoinSwitch Exchange review. We are committed to providing you with such detailed guides on the different crypto-related subject; therefore, always feel welcomed for more such reviews and other crypto-based comprehensive coverages.