No Regulation

Score

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/10

COINSWITCH

China

|

5-10 years

Suspicious Regulatory License|

Medium potential risk

https://coinswitch.co/

Website

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Influence

A

Influence Index NO.1

India 7.84

Better than 98.61% exchange(s)

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No effective regulatory information has been founded yet, please pay attention to the risks!

Exchange Info

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Company Name
COINSWITCH
Phone of the company
--
Company website
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Customer Service Email Address
support@coinswitch.co

WikiBit Risk Alerts

1
Previous Detection 2024-07-19

It has been verified that this Exchange currently has no valid regulation, please be aware of the risk!

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Time Machine

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User Reviews

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2 ratings

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FX1140398987
Since I started trading with COINSWITCH, I have found that the liquidity of this platform is quite good. On the other hand, I have noticed that the trading fees are relatively high. Overall, you get what you pay for.
2024-01-21 14:47
5
Heroic lim
COINSWITCH is highly secure and offers a wide variety of cryptocurrencies. However, there are some shortcomings in transaction fees, and we look forward to improvements!
2023-12-26 21:19
4
Aspect Information
Company Name COINSWITCH
Registered Country/Area United States
Founded Year 2017
Regulatory Authority Unregulated
Cryptocurrencies Offered/Available Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and more
Trading Fee maker fees: 0.1% to 0.05%; taker fees: 0.2% to 0.05%
Deposit & Withdrawal Bank transfer, credit/debit card, cryptocurrency transfer
Customer Support 24/7 live chat, email support

Overview of COINSWITCH

COINSWITCH, established in 2017 and headquartered in the United States, operates as an unregulated exchange. It lists over 100 cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), among others. With a 24-hour trading volume of $2.1 billion, the platform maintains competitive trading conditions. COINSWITCH employs a tiered fee system, with maker fees ranging from 0.1% to 0.05% and taker fees from 0.2% to 0.05%. The exchange offers customer support via 24/7 live chat and email assistance.

Overview of COINSWITCH

Pros and cons

Pros Cons
User-friendly interface Lack of regulatory oversight
Diverse range of cryptocurrencies Potential security risks due to lack of regulation
Educational resources available Withdrawal speeds can be sluggish
Convenient deposit methods Room for improvement in privacy and data protection

Pros:

1. User-friendly interface: CoinSwitch offers an easy-to-use platform, making it accessible for both beginners and experienced cryptocurrency traders

2. A diverse range of cryptocurrencies: The platform provides access to a wide variety of cryptocurrencies, allowing users to explore different investment opportunities.

3. Educational resources available: CoinSwitch offers educational materials to help users understand cryptocurrencies and trading strategies.

4. Convenient deposit methods: The platform supports multiple deposit methods, making it convenient for users to fund their accounts.

Cons:

1. Lack of regulatory oversight: CoinSwitch operates without regulatory oversight, potentially exposing users to risks associated with unregulated platforms.

2. Potential security risks due to lack of regulation: The absence of regulatory supervision could lead to security vulnerabilities, posing risks to users' funds and personal information.

3. Withdrawal speeds can be sluggish: Users may experience slower withdrawal processing times on the platform, affecting their ability to access funds promptly.

4. Room for improvement in privacy and data protection: CoinSwitch could enhance its privacy and data protection measures to ensure users' sensitive information is adequately safeguarded.

Regulatory Authority

COINSWITCH operates as an unregulated cryptocurrency exchange. As of the latest information available, there is no official regulatory oversight governing the activities of this exchange. This lack of regulation means that the exchange's operations, security measures, and business practices are not subject to supervision by any governmental or financial authority. While unregulated exchanges may offer a wide range of cryptocurrency trading options, users should be cautious and consider the potential risks associated with trading on such platforms. The absence of regulatory oversight could lead to concerns related to security, transparency, and the protection of users' funds.

Regulatory Authority

Security

COINSWITCH claims to prioritize security measures to protect user funds and personal information. The exchange implements various measures to ensure a secure trading environment. These measures may include encrypted data transmission, two-factor authentication, and secure storage of user funds in cold wallets.

It is important to note that no exchange is completely immune to security risks, and users should always exercise caution and follow best practices to protect their own security. This includes using strong and unique passwords, regularly updating antivirus software, and being vigilant of phishing attempts or suspicious activity.

Trading Market

The Crypto Rupee Index (CRE8) Systematic and Investment Plan (SIP) on CoinSwitch offers several features to enhance the investment experience.

Investors utilizing CRE8 SIP can establish a customized schedule for regular investments, allowing them to allocate a fixed amount at intervals such as daily, weekly, or monthly. The process is streamlined through automation, where the SIP feature automatically deducts the specified amount from the investor's account and invests it in CRE8 at predetermined intervals, eliminating the need for manual intervention.

Employing the strategy of dollar-cost averaging, SIP involves purchasing assets at different price points, thereby mitigating the impact of market volatility. This approach allows for flexibility in investment amounts, enabling investors to choose the sum for each SIP installment based on their preferences. With SIPs generally regarded as a long-term investment strategy, investors are encouraged to stay committed over time, potentially benefiting from the cryptocurrency market's growth.

To participate in a CRE8 SIP on CoinSwitch, users can follow a simple process: register on the CoinSwitch platform, complete the necessary KYC procedures, navigate to the SIP section tailored for CRE8 or Crypto Rupee Index, set investment parameters including amount and frequency, and initiate the SIP. The platform will then automatically deduct the specified amount at regular intervals, investing it in CRE8 on behalf of the user. For the most accurate and up-to-date details, it is recommended to refer to CoinSwitch's official documentation or reach out to their support.

Trading Market

CoinSwitch APP

The CoinSwitch app boasts a comprehensive set of features designed to enhance the cryptocurrency trading experience. Firstly, users can access a wide array of cryptocurrencies, facilitating the trading of diverse digital assets. The app is known for its user-friendly interface ensuring ease of navigation and execution of trades. Real-time price tracking is a key highlight, empowering users to stay informed about cryptocurrency prices and market trends, and aiding in well-informed trading decisions.

Additionally, CoinSwitch often integrates seamlessly with cryptocurrency wallets, providing a secure platform for users to store and manage their digital assets. Furthermore, the app offers access to order books and various trading pairs, fostering flexibility in trading options. Overall, these features contribute to making CoinSwitch a versatile and user-centric platform for cryptocurrency enthusiasts. For the latest and most accurate information, it is advisable to refer to CoinSwitch's official documentation or reach out to their customer support.

How to Download CoinSwitch App:

For Android (Google Play Store):

1. Open the Google Play Store on your Android device.

2. In the search bar, type “CoinSwitch” and press Enter.

3. Find the official CoinSwitch app in the search results.

4. Tap on the app to open its store page.

5. Click on the “Install” button to download and install the app on your device.

For Apple (App Store):

1. Open the App Store on your Apple device.

2. In the search tab, type “CoinSwitch” and press Enter.

3. Find the official CoinSwitch app in the search results.

4. Tap on the app to open its store page.

5. Click on the “Get” or Download button to download and install the app on your device.

CoinSwitch APP

How to Buy Cryptos

App (Web and Mobile):

1. Supported payment methods: CoinSwitch primarily accepts various local currency payment options through integrations with regional providers. Depending on your location, this might include credit/debit cards, bank transfers, mobile wallets, and even cash deposit options in specific countries.

2. Process: Choose your desired cryptocurrency, select your preferred payment method, and follow the on-screen instructions to complete the purchase. CoinSwitch will automatically search for the best deal across its partnered exchanges and execute the trade.

ATM:

Limited availability: Direct crypto purchases through ATMs with CoinSwitch integration are not currently available. While some platforms offer ATM connections, CoinSwitch doesn't have this functionality.

Apple Store:

Direct crypto purchases not allowed: App Store policies prohibit apps from directly selling or facilitating cryptocurrency purchases. You cannot buy crypto through the CoinSwitch app on the Apple Store.

Cryptocurrencies available

CoinSwitch offers a diverse selection of over 100 cryptocurrencies available for trading, encompassing major players such as Bitcoin, Ethereum, Tether, and XRP. In addition to these well-known options, the platform also supports the trading of various prominent cryptocurrencies like Cardano (ADA), Solana (SOL), Dogecoin (DOGE), Polkadot (DOT), Avalanche (AVAX), Terra (LUNA), Binance Coin (BNB), Shiba Inu (SHIB), Axie Infinity (AXS), and The Graph (GRT).

The exchange maintains a relatively swift listing process for new cryptocurrencies, usually taking approximately 2 weeks for a cryptocurrency to be added to its offerings. However, this timeframe can fluctuate based on factors like the specific cryptocurrency and the compliance prerequisites set by the exchange.

CoinSwitch observes significant trading volumes for several key cryptocurrencies, notably Bitcoin, Ethereum, Tether, and XRP. These cryptocurrencies exhibit substantial liquidity and popularity on the platform. Bitcoin, in particular, demonstrates robust trading activity within both the 24-hour and 7-day periods.

How to open an account?

The registration process for COINSWITCH typically involves the following steps:

1. Visit the COINSWITCH website and click on the “Login To Pro” and “Sign up” button.

How to open an account
How to open an account

2. Provide your phone number and receive the verification code.

3. Complete the required personal information, including your full name and contact details.

4. Agree to the terms and conditions and complete any additional verification steps, such as providing identification documents.

5. Verify your email address by clicking on the confirmation link sent to your registered email.

6. Once your account is verified, you can log in to your COINSWITCH account and start trading virtual currencies.

Fees

When examining the fee structure of COINSWITCH, it's evident that the exchange employs a tiered system based on the rolling 30-day trade volume. The fees are categorized for makers and takers, where makers contribute liquidity to the market and takers withdraw liquidity from it.

COINSWITCH's fee rates for makers and takers in the lowest trade volume range (0 - 2.5 L) stand at 0.1% and 0.2% respectively. In contrast, WazirX imposes fees of 0.4% for both maker and taker categories. This trend persists across various trade volume brackets, with COINSWITCH consistently maintaining lower fee rates compared to WazirX. Particularly for higher trade volumes, COINSWITCH's fee advantage becomes more pronounced.

Rolling 30 Day Trade Volume COINSWITCHX Maker Fee (%) COINSWITCHX Taker Fee (%) WazirX Maker Fee (%) WazirX Taker Fee (%)
0 - 2.5 L 0.1 0.2 0.4 0.4
2.5 L - 10 L 0.09 0.19 0.38 0.38
10 L - 25 L 0.08 0.18 0.36 0.36
25 L - 50 L 0.07 0.16 0.34 0.34
50 L - 1 Cr 0.06 0.14 0.3 0.3
1 Cr - 5 Cr 0.05 0.12 0.26 0.26
5 Cr - 10 Cr 0.04 0.09 0.22 0.22
10 Cr - 50 Cr 0.03 0.06 0.18 0.18
50 Cr - 100 Cr 0 0.04 0.16 0.16

Deposit & Withdrawal

In regard to deposit and withdrawal methods, COINSWITCH offers various options to accommodate users' preferences. These options may include bank transfer, credit/debit card, and cryptocurrency transfer.

Bank Transfer: One of the commonly offered methods on Coinswitch is bank transfer. This allows users to deposit funds into their Coinswitch account directly from their bank. It provides a convenient and traditional way to move money securely. Similarly, for withdrawals, users can transfer their funds back to their bank account. Bank transfers are often favored for their reliability and widespread accessibility.

Credit/Debit Card: Coinswitch frequently supports credit and debit card transactions, enabling users to deposit funds instantly using their cards. This method is known for its speed and convenience, allowing users to swiftly start trading. Additionally, users may use their credit/debit cards for withdrawals, providing a seamless and accessible way to manage their funds.

Cryptocurrency Transfer: For users who prefer a decentralized and blockchain-based approach, Coinswitch typically supports cryptocurrency transfers. Users can deposit various cryptocurrencies into their Coinswitch account, providing flexibility in funding options. Likewise, withdrawals can be processed by transferring cryptocurrency from the Coinswitch account to the user's external cryptocurrency wallet. Cryptocurrency transfers are appreciated for their speed, security, and the global nature of blockchain transactions.

Educational Resources

COINSWITCH offers a range of educational resources designed to enhance users' understanding of the cryptocurrency landscape. Their educational platform covers various topics such as crypto insights, personal finance advice, opinions, informative videos, newsletters, news updates, and a glossary of key terms.

Through their blog, users can access market trends, analysis, and trading tips. The personal finance section aids in managing investments within the crypto market. Opinion pieces provide diverse perspectives, while videos and newsletters keep users informed about the latest developments. The inclusion of a glossary helps users grasp technical terminology commonly used in the crypto space. This comprehensive educational approach demonstrates COINSWITCH's commitment to empowering users with knowledge beyond the trading platform.

Educational Resources

Customer Support

COINSWITCH provides customer support services that operate around the clock, ensuring assistance is available whenever users need it. Users can easily reach out to the support team via email at support@coinswitch.co to address their queries or concerns. Additionally, the exchange offers a convenient ticket-raising system, allowing users to submit their issues through a simple process. This ticket system streamlines the communication process and helps users receive timely responses from the support team.

The 24x7 customer support availability is designed to accommodate users across different time zones, providing them with the assurance that help is accessible whenever they require it. The email contact option and the ticket system offer multiple avenues for users to seek assistance, enhancing the overall user experience on the platform. COINSWITCH's commitment to responsive and continuous customer support showcases their dedication to addressing user needs promptly and efficiently.

Is COINSWITCH a Good Exchange for You?

COINSWITCH is the best exchange for crypto beginners seeking a simple and intuitive interface.

There are a few factors that traders may consider when determining if COINSWITCH would be a suitable platform for their trading needs.

1. Experienced Traders: COINSWITCH offers a wide range of cryptocurrencies for trading, making it potentially appealing to experienced traders who are looking for a diverse selection of assets to trade. Additionally, the user-friendly trading platform may be beneficial for traders who are already familiar with the cryptocurrency market.

2. Traders Seeking Convenience: COINSWITCH provides a convenient web-based and mobile app, allowing users to access their accounts and trade cryptocurrencies easily from anywhere. This feature may be attractive to traders who value flexibility and accessibility.

3. Traders Interested in Security: COINSWITCH prioritizes security measures to protect user funds and personal information. This commitment to security may make it a suitable platform for traders who prioritize the safety of their assets.

Ultimately, traders should assess their individual trading needs and preferences before determining if COINSWITCH is suitable for them. It is advisable to thoroughly research and consider factors such as the available cryptocurrencies, trading fees, customer support, and security measures before making a decision.

Conclusion

COINSWITCH, operating since 2017, offers a user-friendly interface and a diverse range of cryptocurrencies for trading. While its educational resources and security measures contribute positively to the platform, the lack of regulatory oversight is a notable concern, potentially impacting transparency and user protection. Users should consider the possibility of slower withdrawal speeds and contemplate the unregulated status before deciding to trade on COINSWITCH. The convenience of its deposit methods and reasonable fees are balanced by the need for enhanced privacy protection. Ultimately, COINSWITCH might appeal to traders seeking convenience and variety, but the absence of regulation remains a critical factor to evaluate before engaging in trading activities.

FAQs

Q: Is COINSWITCH a regulated exchange?

A: No, COINSWITCH operates as an unregulated exchange, meaning it lacks official oversight from regulatory authorities.

Q: What is the registration process for COINSWITCH?

A: The registration process typically involves visiting the COINSWITCH website, providing your email address and personal information, agreeing to the terms and conditions, and verifying your email address.

Q: What fees does COINSWITCH charge for trading?

A: COINSWITCH employs a tiered fee system based on rolling 30-day trade volume, with varying fee rates for makers and takers. The fee rates are generally lower compared to some other exchanges.

Q: What deposit and withdrawal methods does COINSWITCH offer?

A: COINSWITCH offers various deposit and withdrawal methods, including bank transfer, credit/debit card, and cryptocurrency transfer.

Q: What educational resources and tools are available on COINSWITCH?

A: Yes, COINSWITCH offers educational resources such as tutorials, articles, webinars, and a glossary to enhance users' understanding of the cryptocurrency landscape.

Q: What are the customer support options on COINSWITCH?

A: COINSWITCH provides 24/7 customer support through live chat and email at support@coinswitch.co. They also offer a ticket-raising system for issue resolution.

User review

User 1:

COINSWITCH has a broad range of cryptocurrencies to trade, which is awesome. However, I'm concerned about security. They lack regulation, making me uneasy about the safety of my funds. The platform's interface is user-friendly, but I wish they were more transparent about fees. Customer support was a letdown; slow responses and limited info. I appreciate their educational resources, though.

User 2:

COINSWITCH is cool for trading different cryptos, but I'm wary of their lack of regulation. Security is a big deal for me. The interface is smooth and easy to navigate, and I haven't encountered any major issues with exchange stability. However, the absence of clear fee info is frustrating. Customer support was meh – slow and not very helpful. They could step up on privacy measures too, given data protection concerns these days.

Risk Warning

There are inherent security risks associated with investing in cryptocurrency exchanges. It is important to understand these risks before making such investments. Cryptocurrency exchanges are vulnerable to hacking, fraud, and technical glitches, which can lead to the loss of funds.

It is recommended to choose a reputable and regulated exchange, keep abreast of security measures, and be vigilant in detecting and reporting any suspicious activity. Please ensure that you understand the risks involved and note that the information contained in this article is for general information only.