CoinSwitch Review: Is It Safe?

The global cryptocurrency market has experienced an unheard-of surge in recent years. Choosing the best trading platform gets harder as more people join the cryptocurrency trading scene. There are many cryptocurrency exchanges on the market that provide various services in an effort to attract customers. CoinSwitch is an exchange aggregator for cryptocurrencies; however, unlike conventional exchanges, which create their own liquidity, CoinSwitch does not actually operate its own exchange. CoinSwitch is secure, though. Please read on for more information.

What Is CoinSwitch Kuber?

Well-known cryptocurrency exchange with a base in India is called CoinSwitch Kuber. It began in 2017 and now has more than 7.5 million traders. The platform provides access to more than 100 cryptocurrencies, including well-known ones like Bitcoin, Matic, Ethereum, Dogecoin, and others. The exchange is connected to various cryptocurrency wallet and exchange services.

Beginners can get started right away thanks to its straightforward registration and KYC procedures. Users can access the best cryptocurrency exchanges and trading rates once they have finished the KYC/AML verification process.

Furthermore, many traders even consider it to be the best trading platform due to its no deposit and withdrawal fees policy.

Pros Of CoinSwitch

  • Over 400 coins are available for trading on CoinSwitch’s platform, which has an astounding number of trading pairs.
  • Simple trade execution is made possible by lack of registration. There is no requirement to register or submit any KYC information for verification.
  • Even for novice cryptocurrency traders, CoinSwitch’s user-friendly design makes it very simple to use.
  • The use of credit cards is supported by CoinSwitch.
  • There is a referral program with the potential to be very profitable that makes it simple to earn a bonus paid out in Bitcoin.

Cons Of CoinSwitch

  • Certain nations, most notably the United States, do not offer CoinSwitch.
  • Since wire transfers or bank transfers cannot be used to deposit fiat on CoinSwitch, it is primarily a crypto-to-crypto exchange.
  • Due to the fact that each transaction on CoinSwitch is subject to an exchange and network fee, fees are occasionally higher than they appear to be. Compared to an exchange like Changelly, where all costs are already factored into the trading fee quote for a transaction, this model is different.
  • You cannot buy or sell stocks like Amazon, Facebook, Tesla, Netflix, or Google on CoinSwitch because it does not offer tokenized stocks like many traditional exchanges do.

Features Of CoinSwitch

Users read reviews of CoinSwitch Kuber primarily in order to understand its features. So here is a quick overview of the feature offered by the exchange:-

  • Instant Cryptocurrency Trading: Through this platform, users can quickly buy, sell, and trade more than 100 cryptocurrencies with just one tap.
  • Minimal Initial Deposit: The platform requires a $100 initial deposit. As a result, it enables newcomers to grasp the cryptocurrency market without having to take a big financial risk.
  • No Brokerage: The zero brokerage policy is upheld by CoinSwitch Kuber. As a result, it enables users to buy and sell their preferred cryptocurrencies without paying additional fees.
  • Best Rates: It links them to various platforms in order to guarantee that each customer receives the best rates.
  • No Lock-In Restrictions: CoinSwitch Kuber, one of the best cryptocurrency exchanges in India, allows users to withdraw their money instantly. The exchange is a favorite among Indian traders due to its no lock-in period feature as well.
  • Simple KYC and AML: KYC and AML verification on CoinSwitch Kuber is quick and easy to complete. Customers can quickly experience premium trading features as a result. This verification procedure secures the exchange.
  • Multi-Payment Compatibility: The platform accepts a variety of payment methods because it was created for a specific area. Users have a variety of ways to invest money, including UI, IMPS bank transfers, and NEFT.
  • Quality Customer Service: To quickly address customer questions, the CoinSwitch Kuber website offers live chat. Additionally, it quickly addresses customer issues with its straightforward support ticket system.
  • Referral Program: After successfully referring a new client, users can earn 50 Rupees’ worth of Bitcoin. Customers must finish the KYC verification process before they can join the referral program.
  • Reward System: After reaching certain milestones, a coupon-based incentive system becomes available. For instance, confirming the account is rewarded with a coupon.
coinswitch review

The Function Of CoinSwitch

A trader first visits CoinSwitch and informs the platform of the trade they want to carry out, for example. trade They then specify the amount they want to trade with CoinSwitch, such as Bitcoin for Ethereum. 0.25 Bitcoin.

CoinSwitch will give the trader a list of exchanges to execute the trade on after the trader enters this information.

Observe how this model is unique compared to those of other websites like Changelly. When a trader uses Changelly, the platform automatically chooses the exchange with the best rate and completes the trade there.

Users can choose which exchange to use by viewing the exchange rates from all of the exchanges on CoinSwitch.

CoinSwitch will give a trader a deposit address once they’ve decided which exchange to use. The trader should mail their coins to that address. They will also need to provide a different address where they want the coins they exchanged to be sent.

As previously mentioned, the trader is not required to open an account or submit to KYC verification in order to execute a trade.

To exchange for free BTC worth $5, go through CoinSwitch here.

Payment Platform

The ability for people or businesses to accept cryptocurrency and then be paid in any other cryptocurrency is one feature of CoinSwitch that makes it stand out from other cryptocurrency exchanges.

For instance, due to CoinSwitch’s support for more than 400 different currencies, it is possible for someone to pay an invoice in any of those currencies.

After the invoice has been paid and the coin has been received by CoinSwitch, it will be converted into another cryptocurrency and sent directly to the company or individual who is being paid.

A person who is willing to accept cryptocurrency as payment but only one particular currency, such as Bitcoin, will find this feature to be especially useful. In this manner, CoinSwitch handles the entire process of exchanging the coins, making the adoption of cryptocurrencies simple.

We can only hope that more exchanges will take note and start providing a transaction service like this one.

coinswitch review

As an alternative to more conventional payment methods, CoinSwitch has also developed a calculator that shows people how much money they can save by accepting cryptocurrency. To exchange for free BTC worth $5, go through CoinSwitch here.

Country Restrictions

CoinSwitch limits who is able to use their platform, just like virtually every other exchange. The following nationalities are prohibited from using CoinSwitch:

Cuba, Iran, North Korea, Crimea, Sudan, Syria, Afghanistan, Pakistan, and the United States of America (including all US territories like Puerto Rico, American Samoa, Guam, Northern Mariana Island, and the US Virgin Islands St. Croix, St. John, and St. Thomas).

Cryptocurrency traders from prohibited countries occasionally use a VPN to access an exchange like CoinSwitch. Although this has potential, it carries risk as well. If the exchange discovers that a trader is using a VPN to access the platform from a restricted country, they may freeze all of the trader’s funds, making it impossible for them to get their cryptocurrency back.

The CoinSwitch Exchange Rate

Depending on where a trader chooses to exchange coins, the exchange rates on CoinSwitch may change. The CoinSwitch fee ranges from 0% to 0.49% of the total trade value.

Though it does not fully convey the situation, that rate. In addition to the CoinSwitch network fees, an exchange fee and network (miner) fees might also be assessed.

As a result, compared to other cryptocurrency trading platforms like Changelly, CoinSwitch has a more complicated pricing structure. The fee is more transparently disclosed and known in advance on Changelly.

What Can You Purchase On CoinSwitch?

More than 650 cryptocurrencies are supported by CoinSwitch, along with 300+ trading pairs, all of which can be bought using a credit card. Over 45,000 crypto to crypto exchange pairs are supported overall. Here is just a small fraction of the digital assets available for purchase on CoinSwitch:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Cardano (ADA)
  • Litecoin (LTC)
  • Ripple (XRP)
  • Ethereum Classic (ETC)
  • Neo (NEO)
  • Chainlink (LINK)
  • Tron (TRX)
  • Basic Attention Token (BAT)
  • Stellar (XLM)
  • Bitcoin Cash (BCH)
  • Bitcoin SV (BSV)
  • Polkadot (DOT)
  • Tether (USDT)

How Do I Begin Using CoinSwitch?

One of the minority groups that puts emphasis on trading through mobile apps is CoinSwitch Kuber. Users can trade their preferred cryptocurrencies using the platform’s Android and iOS apps. Customers need to download the app and make an account before they can begin. Here is how users can do it:-

Account Creation

  1. either open Google Play Store or go to the CoinSwitch Kuber official website.
  2. To receive the download link, enter a working mobile number on the website. Search for the app on the Play Store, then select install.
  3. Wait until the app is installed.
  4. Launch it and enter your mobile number.
  5. inputting the OTP that was sent to the number
  6. Create an easy-to-remember 4-digit PIN.
  7. To confirm the PIN, enter it again.
  8. Once everything is finished, a new account is created.

Account Login

The exchange’s login procedure is easy to understand. Clients need only enter their registered phone number or email address to use the app. Following the PIN entry or creation of an OTP, users can begin trading. But before depositing money, traders must finish the KYC verification.

Kyc Verification Process

The exchange asks for the given documents and information to complete the ID verification process:

  • Date of birth, user name, and email address.
  • A scanned/printed copy of the PAN card
  • A scanned/printed copy of Voter ID/Passport/Aadhar Card

Note: Identification documents must contain accurate applicant information. For the verification process, a driver’s license is not required.

Here are the steps to complete the verification process:-

  1. Launch the app first, then select the settings tab.
  2. Select User Verification, then Basic Verification.
  3. Name, date of birth, and email address are just a few examples of the information you should enter.
  4. Activate the OTP you were sent via email.
  5. Give the app permission to use the camera on the PAN verification page.
  6. Tap the submit button after clicking a picture.
  7. Hold off until the photo has been confirmed.
  8. Select the file to start the next phase.
  9. To upload it to the page, click the image.
  10. Hold off until the photo has been confirmed.

How To Trade On CoinSwitch?

Users must finish the KYC verification process before they can begin trading on CoinSwitch Kuber. The platform must then have money deposited. Keep in mind that there are no restrictions on the exchange’s minimum or maximum transaction amounts. To pay the network fees, a minimum deposit is required. Here are the steps to deposit money on the platform:

Depositing Money On CoinSwitch Kuber

coinswitch review
  1. Initiate the mobile app.
  2. The Deposit INR option can be found; select it.
  3. The desired amount has now been entered. 100 Rs. is the minimum deposit amount.
  4. Choose Deposit by tapping it.
  5. Choose between UPI and direct bank transfers using RTGS, NEFT, or IMPS as your preferred payment method.
  6. To complete the transaction, choose your preferred UPI app.
  7. Fund the account before completing the transaction if it involves a direct bank deposit.

Users can begin purchasing cryptocurrencies as soon as deposits are made. Limit orders can be used, as opposed to deposits and withdrawals. The quantity and price to buy or sell a cryptocurrency must be entered by traders in order to place an order. The exchange will end the trade when the price of the cryptocurrency is reached.

Buying Cryptocurrencies On CoinSwitch Kuber

Here is a step-by-step process to buying cryptos on CoinSwitch Kuber:-

  1. Navigate to the bottom menu on the mobile app.
  2. Decide on the Market option.
  3. Make your selection from the list of cryptocurrencies by going through it.
  4. Select “Buy” from the menu on the left.
  5. To purchase cryptocurrency, users must enter the desired amount.
  6. Then click Preview Buy.
  7. Check the transactional information, then click “Buy.”
  8. The transaction is complete, and the digital assets will now be added to the portfolio.

Is CoinSwitch Safe?

Use of CoinSwitch is very safe because the only risk is from user error. You lose your money if you somehow enter the incorrect recipient address. However, this holds true for all cryptocurrency transactions, so using CoinSwitch is not inherently unsafe.

As a trade facilitator that never actually holds any users’ money and lacks a wallet, CoinSwitch is secure. Therefore, if the website were hacked, all that would be stolen except for user email addresses would be the case because CoinSwitch does not request any other personal data from its users.

Users Reviews

  • The biggest scam in this application involves the crypto exchange rates. No website matches their pricing. People who invest through this application will regret it. I keep track of Chilliz’s price from this app and compare it to many other applications; it is completely useless.
  • I still have not received my refund after 18 days.. BAD SUPPORT! SCAM!
  • My transactions appeared to be taking several hours to complete a few times. However, after informing support, their response was prompt and their remarks were consoling.

Conclusions

Keep in mind that trading cryptocurrencies is always risky because the technology is still developing and a lot can go wrong. However, CoinSwitch offers a safe platform for trading and has a stellar reputation for providing top-notch customer support.

Additionally improving its functionality are its quick KYC verification and support for multiple payment methods. The exchange also provides earning opportunities through its referral and reward programs. Most CoinSwitch Kuber reviews rate it highly due to its reputable customer service.