CoinSwitch vs DigiFinex: Features and Fees 2021
Today we feature India’s CoinSwitch Kuber platform and Hong Kong’s DigiFinex, pitting the two against each other as we assess their trading fees, sign-up processes, design, security, deposit systems, and more. Let’s get underway!
Fees
CoinSwitch Fees
CoinSwitch aggregates the prices of all of their partnered crypto exchanges and provides their app-only audience with quoted prices that include:
- The quoted exchange’s own trading fees (average 0.2%)
- CoinSwitch’s 0.49% commission
- The blockchain network fees (vary by cryptocurrency)
- If making a purchase then the debit or credit card fees too
Overall, CoinSwitch offers crypto trading services at a high price.
DigiFinex Fees
DigiFinex offers pretty low fees at 0.2% for beginners. On the other hand, their trading rates don’t change based on 30-day trading volume, as is industry standard, so even high-volume traders will pay 0.2% per trade. Moreover, the trading fee can be reduced by 25% if you stock up and pay with DigiFinex’s native cryptocurrency – DFT.
Once you are trading more than $100,000 worth of crypto per month, you can pay some DFT to access this trading fee structure below.
CoinSwitch Kuber vs DigiFinex: The lowest fees belong to DigiFinex.
Sign Up & KYC Experience
CoinSwitch Onboarding
CoinSwitch Kuber is a mobile platform just for Indian citizens who have a PAN code. They used to serve over 160 countries, but in June 2020, they redeveloped the system only to serve the Indian market. So if you are Indian, follow the steps below:
- Go to Coinswitch.co
- Download the app and provide a mobile phone number when you open it
- Wait for a code via SMS then submit it
- Choose a secret PIN code for future logins
- Choose ‘Basic Verification’ and follow the KYC verification process
- You’ll need to provide personal data, identity documents, and your PAN code
Joining DigiFinex
DigiFinex is approved in most countries and will let anyone join the platform, encouraging them to ‘follow the crypto laws of their own countries. However, if you’re from the US or Singapore, it’s advised that you don’t use DigiFinex, as it will most likely violate those laws.
- Go to the DigiFinex website and click ‘Register’
- Give an email and password and click ‘Get Code’
- Copy the code in your emails and paste it into the website
- You’ll need to set up 2FA now, with Google Authenticator recommended
- Your account is made and ready to use
- KYC-free trading is permitted with a 1BTC daily withdrawal limit
- If you do proceed with KYC verification, you’ll have to submit an identity document and wait up to 3 business days
CoinSwitch Kuber vs DigiFinex: DigiFinex offers KYC-free trading.
Ease of Use & Feel of Website or App
CoinSwitch UX/UI
App-only CoinSwitch has done away with most website-based services, leading its Indian user base directly to the Android or iOS platform. This modernization has been popular with some and unpopular with others, but overall, it is a bold move towards supporting India’s 800m+ mobile users.
The app itself is clean, logical, and intuitive, keeping things simple and avoiding complications. On the downside, you will need an excellent external wallet, as CoinSwitch is completely non-custodial.
Using DigiFinex
Seasoned traders enjoy DigiFinex for its cool financial feel. It gives an air of professionalism throughout, complemented by the 150 crypto assets and 210 trading pairs listed on the site. Daily trading volumes are typically more than $1 billion, placing them in roughly the top 30 cryptocurrency exchanges globally for this metric.
The web browser UX/UI is highly rated, but crypto investors aren’t shy to express their feelings about the mobile app in the user reviews. Unfortunately, DigiFinex’s best is seemingly yet to come for mobile traders.
CoinSwitch Kuber vs DigiFinex: DigiFinex wins this round.
Deposit Methods
Getting your funds into CoinSwitch
CoinSwitch is non-custodial, so you cannot deposit funds.
Making deposits on DigiFinex
There are no wires, no bank transfers, and no card deposits. Unfortunately, DigiFinex also offers no fiat currency wallets. However, it does allow for crypto deposits as long as the coins are compatible.
CoinSwitch Kuber vs DigiFinex: DigiFinex edges this round.
Instant Buy Options (Buying with a Credit or Debit card)
Make purchases on CoinSwitch
CoinSwitch aggregates a number of other exchanges to find you the best price, not only for coin trades but also when purchasing digital assets.
You can buy cryptocurrencies with both debit and credit cards, choosing from more than 100 different tokens and paying in either USD, JPY, RUB, EUR, or INR. A real-time exchange rate will be applied.
CoinSwitch Kuber is designed to aggregate the crypto market; coin sales are a big part of their business.
Purchasing crypto assets on DigiFinex
DigiFinex opted for one of the best alternatives to running their crypto brokerage by partnering with liquidity providers Simplex, Mercuryo, and Wyre. This offers users a price comparison, some flexibility, and the ability to buy around 35 different supported cryptocurrencies.
Digital currencies can be bought with one of 40 different fiat currencies.
CoinSwitch Kuber vs DigiFinex: CoinSwitch aggregates sale prices the same way that Digifinex does, with both offering the best trading rates.
Trading Experience
Connecting crypto exchanges through CoinSwitch Kuber
These are the main aggregation partners for the crypto exchange:
- Binance
- Huobi
- KuCoin
- IDEx
- HitBTC
- Changelly
- ETHFinex
- Bittrex
As a result, Indian traders won’t need to open multiple accounts to find other cryptocurrencies, as any other platform cannot top the 45,000+ total trading pairs.
You will need to provide your wallet addresses manually, as CoinSwitch doesn’t handle your coins at any point. It’s just a middleman.
All data, viewing charts, and price conversions are clean and easy to understand, making placing market orders, limiting orders, and selling orders quite simple.
The DigiFinex trading platform
DigiFinex is primarily for spot traders, but it does have a few advanced instruments, like perpetual swaps (similar to futures trading), margin trading (11 pairs) with up to 5x leverage, and ETFs.
The cryptocurrency exchange offers different viewing options for when you trade crypto, as well as different ways to manage your crypto portfolio. For example, the basic version keeps things clean, simple, and clear, whereas the Pro version focuses on technical analysis, real-time data fluctuations, and advanced drawing tools.
CoinSwitch Kuber vs DigiFinex: DigiFinex will provide users with a traditional and quality trading experience.
Reputation and Security
CoinSwitch’s history
When you use the CoinSwitch trading platform, their algorithm moves your funds to exchange and funds from an exchange to your wallet. At no point do those funds enter CoinSwitch’s wallet, so the transaction is secure. But, of course, it all hinges on you providing the correct wallet address.
So, security is nothing to worry about, but what about reputation? This platform is on the rise after celebrating 10 million registered users, earning ever-increasing profits, and forging new and exciting partnerships.
On the other hand, many Indians realize that CoinSwitch is an overpriced middleman, taking a commission for something they could do themselves.
DigiFinex: reliable crypto exchange?
DigiFinex employs cold storage and cold wallet technology for its security, as well as regular IT audits. Cryptocurrency transactions are secure, and for any issues, support can be found via customer support tickets. The platform has never been successfully hacked.
With over 4 million users, DigiFinex is a highly popular platform for spot, derivative, and margin traders who trade coins like Bitcoin, Ethereum, and Bitcoin Cash.
CoinSwitch Kuber vs DigiFinex: It’s a tie here.
CoinSwitch vs DigiFinex: Which is the best crypto exchange?
The top cryptocurrency exchange is … DigiFinex. Click below to start trading now.
