CoinSwitch is an Indian-based cryptocurrency exchange aggregator that lists crypto trading data from multiple exchanges like Coinbase, Kraken, Gdax, and Poloniex. As opposed to traditional exchanges that generate liquidity from users, CoinSwitch does not run a centralized crypto exchange platform.
The CoinSwitch platform can plug into multiple exchanges, allowing users to access the best prices and easy token trading processes. In addition, its users can access a large number of brokers and crypto instruments on one interface. This makes their platform one of the most unique and best cryptocurrency exchanges in India.
CoinSwitch launched in 2017. It is the brainchild of three Indian crypto enthusiasts Ashish Singhal, Govind Soni, and Vimal Sagar Tiwari. They officially launched CoinSwitch Kuber in June 2020, specifically for Indian retail investors.
Yes, Coinswitch are a regulated and secure exchange in India. CoinSwitch Kuber has reported more than 350% growth driven by India’s crypto hunger and interest. It currently has more than 4.5 million users and crossed $5 billion in trading transaction volume in March 2021. CoinSwitch Kuber hit this milestone within just ten months of its launch.
The Coinswitch team has also rasied $25 million in a Series B funding round from Tiger Global Management. This capital injection comes in the wake of CoinSwitch’s $500 million valuations.
Their latest funding round comes after a January 2021 Series A funding round. Here they raised $15 million from Ribbit Capital, a leading global investor in global fintech and crypto startups. Other major investors in the Series A round include Paradigm and Sequoia Capital India.
CoinSwitch will use this development money to revamp their aggregation technology, build their brand, boost product and security capabilities, and increase crypto awareness in India.
CoinSwitch user platform is a mobile app. Its aggregation protocols, therefore, have a focus on mobile and remote processes. As a result, this app has a clean and easy to user interface, perfect for beginner traders. However, the professional trader might prefer apps with a wide range of professional or premium trading tools and features.
To use the CoinSwitch platform, first state the type of trade you want to execute, e.g. BTC for ETH and the amount you wish to exchange. Its aggregation protocols platform will scan through all exchanges and create a list of exchanges that can execute the trade under the trader’s set conditions and trading strategies.
It will then display the exchange rates from all exchanges to allow users the freedom that they need to select the exchange that meets their trading needs. After selection, CoinSwitch will reveal a deposit address where traders can send their crypto assets. Additionally, traders will provide wallet addresses that will receive their crypto assets. Traders do not need to create an account to exchange cryptocurrencies.
CoinSwitch is a non-custodial platform. It does not store users private keys worth billions of dollars on its hot wallets. Instead, its users store their assets in personal wallets and protect their private keys. They, therefore, are in control over their investments. This factor also keeps CoinSwitch off-exchange hackers’ radar. That said, CoinSwitch has KYC processes, and its protocols are ISO 27001 and SOC2 Type II compliant.
CoinSwitch has dedicated customer care that handles user inquiries, complaints, and compliments. Their email address is firstname.lastname@example.org. Admins respond to all emails within 12 hours on average.
Users can also get answers to other queries via a dedicated FAQ page. In addition, several tutorials offer learning and guidance to users as they navigate the platform and the crypto space in general. Finally, users can get help by contacting admins through live chats on the CoinSwitch website.
Exchange charges on CoinSwitch may differ depending on the exchange platform chosen. CoinSwitch has a 0% and 0.49% fee on all trades. Its pricing model and fee structure are opaque when compared to other exchanges.
There are no trading limits on CoinSwitch, and users can trade any amount depending on the availability of liquidity on their exchange of choice. They, however, encourage traders to work with sizable trades that will adequately foot all blockchain fees.
CoinSwitch does not levy a direct charge on deposits. You can buy hundreds of cryptocurrencies using debit or credit card account deposits. They support all major currency denominations like USD, JPY, RUB, and EUR.
The minimum amount payable through card transactions is $50, while the maximum is $10,000. The platform also has a monthly limit of $50,000 on all card transactions. CoinSwitch uses Simplex, a European payments company, as a payment systems facilitator.
You can withdraw your funds from CoinSwitch, straight to your linked bank account. You will only need to input details such as your bank account, number, name and IFSC code to match your banking details to your KYC data.
CoinSwitch has a vibrant referral program that pays out exclusively in Bitcoin. Users need to enter their Bitcoin address to access a referral link. You will earn $5 for each new referee that uses the link to sign up and complete a transaction worth at least $100.
In addition, the referral will win $5 after sign up and the completion of their first transaction worth at least $100. Apart from the initial payout, the referrer also earns 25% revenue from all trades completed by referrals as long as they stay on the aggregator platform.
Within a few months of its operation, CoinSwitch has disrupted the crypto space with its innovative features. The platform allows users to access multiple trading platforms within a single interface, making crypto trading much faster and safer.
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