What is Coinswitch? Is it a legit platform? Should you really use it? Read this review and find out.
- What Is Coinswitch?
- Features
- Coinswitch Fees
- How to Get Started with Coinswitch
- How to Use Coinswitch
- Verification
- Customer Support and Reviews
- Is Coinswitch Safe?
- Conclusion
What Is Coinswitch?
Coinswitch is an aggregator of exchanges for trading digital assets that appeared on the financial market in 2017. During this period of time, the company has been actively developing and has become popular among users around the world.
The company tries to provide its clients with not only comfortable, but also favorable conditions for trading. In total, the site contains more than 400 types of cryptocurrency. The main digital assets are Bitcoin, Ethereum, Ripple, and Litecoin. The service is suitable for both experienced traders and beginners, thanks to the guides and training materials.
From time to time, various promotions and information about bonuses appear on the aggregator's website. An affiliate program is provided for active users. Within the framework of the program, clients can attract new participants to the project and receive a reward for this. Unfortunately, the company does not have its own application at the moment. In the future, the application will allow a trader to access their own account using their smartphone anywhere and anytime.
The exchange brings together several of the leading exchanges around the world to ensure fast order execution and no trading restrictions on some of the world's most popular coins and tokens. It is a global platform, therefore it is available for traders from any country in the world.
The service focuses specifically on the international market, as evidenced by the multilingual interface of the official website. The platform is translated into 11 languages.
You can exchange assets through the Coinswitch platform using any tokens or coins that are supported by the exchanger. More recently, the platform has started supporting the function of fiat currency replenishment.
Is Coinswitch Legit?
The fact that Coinswitch operates in India makes it hard for the company to get a license. The platform has to operate in the gray area due to strict anti-cryptocurrency regulations existing in India. So far Coinswitch manages to maintain a safe operation. The services used by Coinswitch for KYC checks are licensed, however. The services are compliant with SOC2 Type II and have ISO 27001. It doesn't make Coinswitch a 100% legit enterprise. Rather it increases the trust to this exchange and shows that CoinSwitch is trying to do their best to safeguard the users' data despite the unfriendly environment the company exists in.
Currently, it is hard to figure out if Coinswitch will be able to register officially or when will it happen. The fact that the company doesn't share much information about the way Coinswitch is protecting the user data and funds is quite disturbing. There is no chance that anywhere on the CoinSwitch website you will find any worthy info about the security measures applied by the company. What makes the situation worse is that even the support agents don't provide much info on the topic to users. However, it doesn't necessarily matter that Coinswitch is a scam. The good thing is that the company is not anonymous and on the website we can see the key managers working for Coinswitch.
Features
Coinswitch is a global cryptocurrency exchange platform that offers its services to traders from all over the world. During this period, the company has been actively developing and was able to become popular among users.
The Coinswitch exchange has a lot of advantages that could attract any user on the crypto space. Among the benefits are the following:
- On the exchange you can find more than 400 cryptocurrencies are available in the form of more than 10,000 currency pairs;
- Coinswitch has intuitive interface makes it easy to use the platform;
- No registration needed on the platform;
- Lack of mandatory verification;
- Exchange works with a large number of partners, providing more opportunities for exchange;
- The website has been translated into 11 languages;
- Users can independently find the best exchange rate;
- Speed and ease of use.
Like any other service, Coinswitch has its drawbacks:
- Trading fees vary from exchange to exchange, so be sure to check what fees apply to your transaction;
- There are limits on the exchange;
- The long wait for the support response.
As for the transaction speed, it takes 15 to 30 minutes to process transactions. It is quite average time frames for such an exchange. Large transactions of 1 BTC or more may take longer depending on the amount and bandwidth of the blockchain.
Coinswitch Fees
The commission charged by the exchange from the user depends on the cryptocurrency exchange that he/she uses for his/her work. In percentage terms, this is approximately 0.49% - 0.98%. However, various additional fees may apply, which are separately charged by crypto exchanges.
How to Get Started with Coinswitch
All users of the Coinswitch platform have the opportunity to register an account, however, this is not a prerequisite. Users can make exchange transactions without an account on this service.
To register, just go to the "Account" tab and in the menu and click on the "Sign up" button. In the form opened you will need to indicate your email address and password (and referral code if you have any). Upon a completion press “Create Account”.
That’s it! Now you can use Coinswitch exchange!
How to Use Coinswitch
As it was mentioned before, in order to start an exchange, an ordinary user does not need to register. To initiate an exchange, on the main page of the website, select the currency that you want to exchange and the currency that you want to receive. You will be shown the best available rate on the market by Coinswitch, however, if you click on "View All Offers", you will see the full list of the services with offers.
On this page, you will see all the available offers for the cryptocurrency pair indicated. Among the services provided on the platform you can choose whether you want to swap your coins on this or another exchange.
After choosing the best rate, you will need to go through 3 easy exchange steps. You will need to provide the recipient's address, check all the information provided, and accept the terms of exchange. Within 15-30 minutes, your coins will be exchanged and delivered to the specified address.
Verification
Verification is not a mandatory process on the platform, but it directly affects the exchange limits. Thus, by confirming your phone number, you can get a limit of up to 6 BTC per day, and after passing full verification, increase the limit to 100 BTC.
Verification consists of several steps. First, the user needs to confirm the phone number, as well as fill in basic data such as first name, last name, country of residence, and date of birth.
The next step is to upload documents. First, the client needs to select the type of identity document (passport, driver's license or ID-card) and upload its scan or color copy. You also need to take a selfie with a spread of the document in your hands.
On average, the identity verification process takes from a few days to several weeks, but verification can be completed faster.
Customer Service and Reviews
If you have any problems with your account or questions regarding Coinswitch, you can contact the support team by sending an email to [email protected]. Email inquiries are usually answered within 12 hours. You will also have access to a list of frequently asked questions and an online exchange guide. Additional help is available via live chat.
Over the 3 years of the continuous existence of the organization on the Internet, there have been many reviews from users. In general, the service has a positive reputation, although there are negative responses. Having studied in detail all the possibilities implemented by the project, can we conclude that Coinswitch is a scam and scam? No, since the platform has been successfully operating for 3 years and provides its services to users around the world.
Is Coinswtich Safe?
Before you start using any exchange it is important to learn which security measures this platform supports/offers so you can decide if you are ready to entrust your data and funds to the platform.
Coinswitch doesn't provide any significant information on what the company does to keep the users' funds and data safe. That's a huge misstep that can turn away many experienced traders who won't start using the platform before knowing exactly how this platform treats the users' private keys and personal data.
Searching through the user reports and posts on forums we have gathered some facts or rumors on how Coinswitch protects the users' accounts. In an interview, the Coinswitch CEO claimed that most of the users' funds are stored offline which is a good news. As we have already mentioned above, the data collected via KYC checks are protected by services with ISO 27001 certificates and SOC2 Type II compliance. It also reduces the risks of this info getting stolen.
The fact that the company is not transparent and not licensed is disturbing, though. In the case of suspicious activity you will have to rely on the support team which is a part of the exchange that you trust but only to some extent. The good sign is that we don't have signs of the past hacks of the platform and not many complaints left online. Considering how many customers there are on Coinswitch, it seems that so far the platform is safe.
Conclusion
CoinSwitch is an exchange aggregator for cryptocurrency trading, which started its work three years ago. During this period of time, the platform has been actively developing and has been able to earn a positive reputation among clients around the world. The platform provides favorable and loyal conditions for trading activities. Since the website has an intuitive interface, the platform is suitable for both beginners and experienced users. Given all that, we can conclude that Coinswitch is a legit crypto platform that is worth your time.