Finding an exchange that allows you to trade multiple coins on its platform can be hard. However, CoinSwitch allows its users to trade over 300 coins as well as bitcoin. Users can convert over a hundred coins to bitcoin as well as trade between over 4500 pairs. However, there are over a hundred cryptocurrency exchanges, why choose CoinSwitch? This CoinSwitch review will be looking at all the intricate details of the exchange.
What is CoinSwitch?
CoinSwitch is a unique cryptocurrency exchange that allows its users to convert cryptocurrencies across several exchanges anonymously. The India based exchanged was founded in 2017. CoinSwitch is actually a cryptocurrency exchange aggregator. What this means is that it integrates with several leading exchanges across the world and connects its users to the best rates to convert, trade or pair the crypto of their choice.
In other words, users can choose crypto coins at their choice rates from exchanges such as Binance, Cryptopia, HUOBI, KuCoin, HitBTC, and DEX. The function of CoinSwitch can be compared to that of Changelly and Shapeshift. It has a user-friendly interface that is easy to use and a wide offering of cryptocurrency pairs.
What Cryptocurrencies can I find on CoinSwitch?
According to the data provided by CoinSwitch’s website, you can trade over 300 coins even without having an account with them. Users can easily search through the website to check the list of supported coins and pairs. However, in this CoinSwitch review, we will list just a few popular coins you can easily trade on the platform.
- 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)
Is the Use of CoinSwitch Restricted in my Country?
Currently, CoinSwitch has a pool of users across the globe. Users can access the platform from any country. Since the platform is not regulated, CoinSwitch accepts users from any country. However, you may need to find out if you are eligible to use the platform. Here is a list of countries that CoinSwitch offers its services to:
- United States
- Czech Republic
- United Kingdom
- San Marino
You should note that users from about 226 countries can access the CoinSwitch platform.
You will have to pay a fee based on the cryptocurrency exchange you choose. The fee charged by CoinSwitch is covert, even though it claims to cut down on extra costs for its users. Anyway, the charges vary based on the exchange you are using for your transaction. Usually, the fee ranges from 0% to 0.98%. Likewise, users should expect to pay service and management fees as well as conversion rates.
Also, CoinSwitch does not set limits on deposited amounts. So when depositing just ensure you have enough to cover for network fees. If you do not have sufficient funds to cover for your network fees, CoinSwitch sends you a message to alert you of your insufficient funds. On the other hand, you can check for the exchange fee of your preferred exchanges from the following:
|Bittrex||0.49% – 0.98%|
|Cryptopia||0.49% – 0.98%|
|Other Exchanges||0.49% – 0.98%|
To gain access to these exchanges, you have to deposit crypto coins into CoinSwitch. You should note that CoinSwitch does not accept fiat currency payment from wire transfer and PayPal. You actually have to buy the coins directly from the website using Master or Visa Credit card. Also, you cannot hold the fund in CoinSwitch, you have to purchase your coins as soon as you deposit your funds to avoid market fluctuations.
How Does CoinSwitch Work?
CoinSwitch allows you to replace one coin for another saving its users time and money. So instead of paying a hefty fee to convert your BTC to XRP, you convert it at affordable rates using CoinSwitch. The user interface of the platform is easy to navigate. There is no need for you to create an account with CoinSwitch to convert your coin. In other words, you are absolutely anonymous while utilizing the website.
All needed information is accessible to the user on the website. To convert your coin, you go to the crypto conversion box at the top of the page. After choosing the pair you want to exchange, you select the ‘View All Offers’ option. The website will redirect you to a new page where you have to select from the rates of your choice and send it to your wallet. You can now confirm if your coin is in your wallet.
Is CoinSwitch Safe?
Since you do not store your funds on CoinSwitch, it is relatively safe. You can only buy and convert coins instantly on the platform. It does not hold your funds for trading. However, the exchange is not regulated and therefore not safe for investors. Also, since it does not hold your funds, the threat of theft is reduced.
CoinSwitch has an active team to offer support in the event of any problem while transacting on the platform. You will have to send an email to the management team and get a response within 12 hours. The platform’s website also contains Frequently Asked Questions to help its users. There are also video tutorials to help with issues relating to the account set up and trading. Since the website does not collect your personal details your Visa or Mastercard information should be kept safe.
Is CoinSwitch Legit?
If by Legit you mean to ask if CoinSwitch is regulated, then it is not. The exchange is not regulated and therefore not bound by any regulatory standard. Also, CoinSwitch is based in India. The Indian government has a strict policy on cryptocurrency trading due to money laundering activities through cryptocurrencies. The exchange, however, functions largely as a virtual firm and so; it still manages to survive the strict regulations in India.
Anonymity is one of the features CoinSwitch offers its users. Although governments across the world demand for record of exchange users to monitor tax payment, CoinSwitch is likely not to share its users’ record as it is not bound by regulatory status. Since it is not regulated and is anonymous, CoinSwitch seems like the perfect cover-up for illegal activities. However, all transactions are recorded on the blockchain.
Coinswitch Review Conclusion
From all indications, CoinSwitch has some attractive features. As a cryptocurrency exchange aggregator, it offers its users’ price data from about 9 cryptocurrency exchanges. Coins are converted and transferred straight into the users’ wallets. Its anonymity feature also makes it an attractive option for investors seeking anonymity. We hope after reading this Coinswitch review you are able to have a better understanding of the platform and if it’s right for you.
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Please leave any questions or comments below!
Coinswitch is an easto to use, convenient online crypto aggregator used for buying, selling, and exchanging cryptocurrency at the best rates possible.
- Ease of Use
- Coin Selections
- Exchange Fees
- Easy to use platform
- More than 500 Cryptocurrencies to Exchange with
- Fast and secure service
- No limits on transactions
- Does not accept fiat deposits
- No regulation
- No price charts or trading history