CoinSwitch Review

CoinSwitch LogoCoinSwitch is the world’s first cryptocurrency exchanges aggregator. Launched in 2017, the brand features the most comprehensive list of crypto-currency exchanges, giving you a great market depth on the alternate currency domain. CoinSwitch currently offers more than 300 cryptocurrencies, digital currency, altcoin, etc. and 45,000 currency pairs for trading.

CoinSwitch also opens the door for multiple exchanges to showcase their best rates for a particular currency combination. This gives users the best market price of exchange rates. The platform is quite mature and offers open-end API for developers to create their trading systems through the exchange rates. This provides a ripe opportunity for arbitrage trading and cashing in on sudden price movements due to market news.

CoinSwitch also offers niche B2B crypto-currency based services to aspiring startups and companies. A new vertical of products was launched by the company in 2019 that helps organisations set up their cryptocurrencies.

Why Trade Crypto Currencies?

The cryptocurrency exchange market is as robust as any other commodities market. It has become synonymous with freedom. While the traditional forex market is highly regulated, cryptocurrency trading is dependent on market sentiments. In recent times, the crypto market has gained formidable volatility and liquidity that traders can’t afford to miss.

Advantages of CoinSwitch

CoinSwitch is the largest aggregator of cryptocurrency exchanges, making it perfect-knowledge market place. The first big advantage of such a platform is the availability of best exchange rates. The platform has partnered with thousands of exchanges across globes, so users get distress sale prices from sudden news. For example, sudden banning of a cryptocurrency in one country will lead the brokers of that country to drastically reduce the price while the global price remains unchanged. CoinSwitch offers great information-relay in real-time and updates its prices very quickly.

This makes it a hunting ground for arbitrage trading. Since the volume of transactions is very high, traders can enjoy a great deal of volatility and preference in blockchain confirmations while trading on CoinSwitch. Another big advantage of CoinSwitch is the ability to stay anonymous. The platform means business.

Compare Convert Advantages

You can trade on the platform even without opening an account if you bring your cryptocurrency. This makes it a top place for traders from countries that have no cryptocurrency exchanges or banned crypto transactions. Every transaction done on CoinSwitch is backed by an order id, and anonymous users can check the status of their order through this feature. Customer support is universally accepted, and users without an account can get help from the platform through their order ID.

For users buying crypto through fiat in CoinSwitch, some basic KYC is required along with an account. However, the process is quite easy, and we found a fair price on fiat to crypto exchanges rates.

CoinSwitch Airdrop

Users can access a range of airdrops or free giveaways during ICOs (Initial Coin Offerings) through the CoinSwitch Airdrops. These free giveaways are funded by startups to gather up a popularity momentum in the market. The rewards can sometimes reach as high as 0.005BTC in value, and you also extra for referrals. A dozen new coins are added to the airdrop list from around the globe. Each offering comes with a short description of the startup.

Simply browse through the offerings and read the story that you think will survive into the future. However, the feature is not completely free for all offerings. You may need to perform certain tasks like take part in a survey, follow a social media of the startup, or simply comment on the startup’s social media handles. While these coins are free giveaways, they can sometimes carry a lock-in period of a few weeks, before you can sell/exchange it for other currencies.

Airdrops are not a unique feature of CoinSwitch, but it sure is the biggest market. Many other platforms and social media marketing channels are flush with airdrops. The truth about airdrops is that most startups won’t survive into the future but a few surely will. Owning the share of cryptocurrency in these startups through airdrops is a good way for beginner traders to make some quick cash on germination profit bookings. However, it is not a sustainable strategy to make money off the cryptocurrency trading scene.

Disadvantages of CoinSwitch

CoinSwitch is a great platform but not the perfect. It comes with its share of disadvantages. The first most prominent shortcoming of the brand is the lack of charts and technical indicators. The platform’s minimalism does affect its overall functionality. Except for currency pairing and exchange rates, there is hardly any other feature.

Users need to do their research and analysis outside the platform and scout for the best exchange rate. With such a wealth of information available for grabs, a scanner for sudden price movements would have been of much help. Developers can use the information on the platform to create their trading systems and automize their trading strategies. However, regular traders need extra help to make money off the platform.

The second disadvantage is the loss of anonymity for users buying cryptocurrency with fiat currency on CoinSwitch. Users bringing their own cryptocurrency to the platform doesn’t require any KYC. On the other side of the coin, we would appreciate a bit more transparency on the brand itself. The brand has a single email id ([email protected]) in the name of customer support, and we couldn’t find much reliable information on its exact location, telephone number, security features, or KYC norms. CoinSwitch doesn’t provide any licensing details, and we assume it to be unregulated.

Cryptocurrencies Available for Trading

  • Bitcoin
  • Ripple
  • EOS
  • Verge
  • Ethereum
  • Litecoin
  • Po.et
  • Tron
  • Monero
  • Bankex
  • DigiByte
  • Dogecoin
  • Lisk
  • Augur

All currencies are priced with respect to USD.

It is also important to note that while users can buy cryptocurrencies through their credit/debit cards, there is no option of selling cryptocurrencies on the network for fiat. You will have to trade your cryptocurrency with other cryptocurrencies.

The standard time for crypto-currency exchanges is 15-30 minutes. However, this increases for big volume transactions (more than 1BTC or equivalent). The time also increases during peak periods of high volatility. In rare cases, it can reach 2-3 days for a blockchain confirmation to validate. Users can track their orders by entering the Order ID.

CoinSwitch Fees

CoinSwitch charges anywhere between 0-4.9% for each transaction, depending on the exchange you select. This fee is merged within the exchange rate but is shown separately. Apart from this, users need to pay an extra exchange brokerage and the blockchain network fees. Compared to the industry average, CoinSwitch has a pragmatic fees structure. Most of its traders are in the 0% slab, meaning that end-users don’t need to pay a dime to CoinSwitch.

Conclusion

ApprovedCoinSwitch is an intuitive platform that is best suited for expert traders who have a parallel research platform. It is purely designed to get you the best market price on your trades, and there are no other tools to help you understand the analytics. We appreciate the depth of currency coverage and user-friendliness of the platform. The website has a detailed blog cum F&Q that covers every aspect of cryptocurrency trading and using the CoinSwitch platform. The website has a DIY approach and users shouldn’t rely too much on customer support for help on using the platform.

We also won’t recommend this brand to users paying through fiat as we are not sure of the company background. We don’t think it’s wise to give your credit/debit card details to CoinSwitch. However, as a cryptocurrency exchange platform, CoinSwitch is as great as it can be.

Users can care less about the company’s information as user transactions happen directly with the end broker and are automatically logged onto the blockchain. It performs its task of an aggregator beautifully, but we would love to see more analytical features. With this said, we also recommend the brand for its extensive list of airdrops that

Is this your final decision?

We suggest you visit one of the most popular trading platforms instead!

 

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General Risk Warning: The financial products offered by the company carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose.

7 Binary Options review: Coin Switch: 4 stars

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