What is CoinSwitch?
CoinSwitch is a cryptocurrency exchange aggregator which was established in 2017 in India. The platform enables users to have access to over 300 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.
Like with Changelly and Shapeshift, you are able to convert cryptocurrencies across exchanges at the most convenient rates.
CoinSwitch saves users time by comparing the rates of their cryptocurrency pair across the most popular exchanges in an automated manner. Its user-friendly platform is very intuitive and it allows even inexperienced traders to easily us its services.
CoinSwitch supports a wide list of cryptos which comprises of over 300 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. Contact CoinSwitch support directly in order to find out exactly if your country of residence can access the exchange.
You can make deposits and withdrawals on CoinSwitch only by using the supported cryptocurrencies. Fiat deposits are not available.
This also means that you cannot make a deposit by using a credit card or bank transfer, which can be very inconvenient for first-time users. But as the exchange lacks fiat currency support, it complies with fewer regulations, but this can depend on the country you live in.
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.
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
- Cryptopia: 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 will be able to save money and time by having the platform gather and compare the data for them.
Is CoinSwitch safe to use?
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.
To start the registration process for a CoinSwitch account, you will have to enter its official website, click on the Account tab and then click on register. Fill in the fields with your email address and select a strong password. After you have agreed to the terms, enter your name, date of birth and country of residence, and your phone number. Wait for your email address and phone number to be verified.
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.
Pros and cons
- Intuitive and easy-to-use platform
- More than 300 cryptocurrencies and over 45,000 currency pairs
- No transaction limits
- Automated comparison for exchange rates
- Registration requires no private documentation
- Trading fees vary depending on the exchange selected
- Fiat options not available
- Withdraw limits depending on the exchange
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 that are looking for a more transparent service.
However, the CoinSwitch platform still remains a viable option for traders searching for the best cryptocurrency exchange rates.
Source From : Coindoo News