Introduction to CoinSwitch
One of the newest major entrants to the crypto trading arena, CoinSwitch works a bit differently from the usual exchange model. Instead of having to place orders on an exchange, coin trades (swaps) can be done with a click of a button, with CoinSwitch scouring several different exchanges to find the best available rates for your trade. CoinSwitch has accounts and balances on several exchanges, meaning they perform the trade for you, and all you need to provide is a deposit address for receipt and the coins to be exchanged.
Within CoinSwitch’s service is access to over 430 different cryptocurrencies and 45,000 different trading pairs. The website is available in 14 different languages and there is customer support available 24/7 to answer support tickets day and night. Although their credit/debit purchase fees are a bit high and they don’t offer any other sort of fiat deposit option, CoinSwitch’s trading fees for crypto/crypto trades are remarkably fair at just 1-2% on average. CoinSwitch enjoys a good reputation as being a dependable way to swap coins without the hassle of depositing coins to and placing orders on an exchange.
Why use CoinSwitch?
Cryptocurrency trading can be a real pain sometimes. It is not always easy to sign up for an account on a trusted exchange, and when you do, they might not have exactly what you are looking for. You may have to place multiple orders across multiple trading pairs in order to change the coin you have into the coin you want. CoinSwitch solves these problems by offering a very convenient and affordable solution: you send them one type of crypto and they send you another, all for a low fee built into the exchange rate.
Basics of getting started
CoinSwitch is available to users everywhere in the world and has no ID or KYC requirements for basic level accounts, which are given a generous daily transaction limit of 6 BTC worth of trades. Of course, it is still your duty to comply with your country’s laws regarding cryptocurrency exchange — something which is not enforced by CoinSwitch.
How to create a CoinSwitch account
After clicking “Register” (under the “Account” section), you will be asked to enter an email address and then create a password. After checking the box to agree to the terms and conditions, press the green “Create Account” button. And that’s it! Your account has been created. You can start using the site now, but it is recommended that you first confirm your email by clicking the link sent to it by CoinSwitch.
The next thing you will want to do is verify your phone number by clicking on “My Profile” (under the “Account” section) and scrolling down to Phone Number Verification. This will allow you to perform up to 6 BTC worth of trades/swaps per day. To increase your limits to 100 BTC worth of transactions, go to “Identity Verification” which is located just under “Phone Verification” in your profile. You will first be asked to provide the following info:
- First and last name
- Country of residence
- Date of birth
After entering these details, press “Save”. Next, under the KYC tab, press “Verify” to being the KYC process. Here you are offered a choice of 3 documents to upload: passport, driver’s license, or identity card. After uploading a picture of the document of your choice by dragging and dropping it into the upload screen, press “Confirm”.
You will then be asked to upload a selfie. After doing this, again press “Confirm”. The verification process is automated and will take anywhere from a few minutes to a few hours, after which you will then be able to make up to 100 BTC worth of transactions per day.
How to make a credit/debit card purchase on CoinSwitch
CoinSwitch accepts about 50 different fiat currencies for credit/debit card payments, including USD, EUR, GBP, AUD, RUB, etc., and offers credit/debit card purchases of the following cryptocurrencies: BTC, BCH, LTC, ETH, XRP, XLM, BNB, ATOM, TRX, NANO, DAI, BUSD, EOS, DASH, and PAX.
Note: Unlike traditional cryptocurrency exchanges, no coins are actually held on CoinSwitch. Instead, they act as simply as a middleman between you and a buyer. This means you will need to have a wallet already set up for the coin you wish to purchase. If you don’t already have a wallet or at least address for the coin you are purchasing, you cannot complete any transactions.
To make a crypto purchase using a debit or credit card, click on “Buy Crypto” in the upper-right hand corner of the screen. Just select the type of fiat (national) currency in which you are paying, the amount which you would like to purchase, and the coin which you would like to purchase. Amounts can be selected by fiat or coin amount, and you will be charged the best available rate plus a premium that ranges anywhere between 7% and 23%, depending on the amount of crypto you wish to purchase. Smaller orders will have higher fees, whereas bigger orders will have lower fees.
Next, you will need to enter in the address for where you want your coins to be sent. Press “Continue” after you have entered your address and if you are OK with the amount being charged and coins being received. Here you will enter in your credit card information, billing address, and contact details. After doing this and checking the box agreeing to the terms and conditions, press “Pay Now”.
After confirming your purchase, your debit/credit card will be charged, and your crypto funds will be on their way to the receiving address you entered earlier (there will be a small processing delay and you will have to wait before the transaction containing your coins is confirmed by the network).
How to trade on CoinSwitch
The Trade feature is the main component of CoinSwitch and can be found by clicking on the “Products” menu at the top of the screen. Here it is possible to instantly exchange any one of 430 coins for just about any one of 430 other coins, without having to log into any other exchanges, place an order, and wait for it to be filled. As soon as your deposit is received by CoinSwitch, the trade is executed, delivering your new coins to your deposit address. The fees tend to be much, much lower than buying with credit card, at anywhere between 1% and 2% per trade.
To make a trade, first choose the coin you wish to send, the amount of that coin to be sent, and the coin you want to receive. You will be shown the amount of coin you are receiving, which as just mentioned, usually only has a premium of about 1-2 percent of the market price. The amount of the coin you will be receiving is based on what is the best possible exchange to carry out the transaction at the time. CoinSwitch will perform the transaction on the exchange for you; there is no need to log in to any other exchange.
Below the Send/Get screen is a list of exchanges on which the trade can be made, with the best deal listed first. If for some reason you prefer to use one of the other exchanges to make the trade (other than the recommended, which is listed at the top), you can click on “Exchange with xxxx” instead and conduct your trade through that exchange. If you are satisfied with the rate and the exchange, press the “Exchange with xxxx” button to proceed to the next step.
Next, you will be asked to provide an address for the coin you wish to receive. To the right of the address input area, you can find some basic statistics about CoinSwitch orders for that coin, such as monthly transaction volume, average processing time and how much faster (or slower) it is to perform that transaction than through other exchanges. Enter the address where you want your coins to be received (be sure that you are in control of this address), check the box to agree to the terms of service, and press “Next”.
You will then be transported to a screen that displays a deposit address for the coin you are sending, along with the address in QR code form. Remember that you will need to deposit the exact amount of coins displayed on the screen for your order to successfully be completed. Upon receipt of your deposited coins, the screen will be updated to reflect that your coins have been received. Note that it could take up to 15 minutes or longer for BTC-related transactions to go through and even appear in the Bitcoin network mempool, as some exchanges take longer to process withdrawals than others.
Below the deposit address generated by CoinSwitch can be found the receiving address for your order, along with an Order ID. The Order ID can be used in reference when dealing with support if something should happen to go wrong with your order. If the exchange rate between the two coins changes significantly between the time that you have placed the order and the time your sent funds are received by CoinSwitch, there might be a discrepancy between the amount requested and the amount received. This is why it’s a good idea to send your coins ASAP after receiving CoinSwitch’s deposit address.
To keep track of ongoing and completed orders, they can be found by clicking on “My Profile” and then the “Order History” tab. An asterisk next to an amount being received indicates that the amount may be changed based on changes in the exchange rate between the two coins. Usually, trades are completed rather quickly (within half an hour), but occasionally they may get hung up and require more than an hour to complete.
All fees charged by CoinSwitch are added in the form of a premium in the exchange rate. For credit/debit card purchases this premium ranges anywhere from 7% to 23%. For crypto/crypto trades (swaps) the premium is usually somewhere between 1% and 2%. This makes their fees above average for credit/debit card purchases and below average for coin swaps (as compared to similar services).
Overview of supported coins
CoinSwitch allows trades to be made between over 430 different cryptocurrencies, resulting in 45,000+ different coin pairing possibilities (including fiat/coin trades). While this makes the number of coins or pairings simply too high to list all of them, some of their most popular trading pairs include:
- ETH to BTC
- LTC to BTC
- DOGE to BTC
- ETH to ADA
- NEO to GAS
- DASH to BTC
Included in their list is just about every coin in the top 100 by market cap size, and they are constantly adding new coins to their list, so it’s a good idea to check back frequently to see if they’ve yet added the smaller-cap coin which you want to trade.
Overview of exchanges
Some of the exchanges used by CoinSwitch to make their trades include:
- Huobi Global
Airdrops are basically free coins that are given away for completing basic tasks, like following a Twitter account, providing an email address, etc. CoinSwitch has an “Airdrop” section that can be found under the “Products” menu selection. Listed here are all the available airdrops being promoted by Coinswitch that are currently ongoing, as well as a list of their previous airdrops. This is a good way to get your hands on the coins/tokens of some new projects to not only trade but help you discover what they are all about.
CoinSwitch has a generous referral program which allows you to earn $5 for every signup under your referral code after they make a trade worth at least $100. Additionally, you can earn 25% in revenue fees collected by each of your referral (in the form of BTC) which accrue in your CoinSwitch referral balance until you wish to withdraw them. The minimum amount that can be withdrawn is 0.005 BTC. To find your referral code (and view referral earnings), click on “Account”, then “My Profile”, then go to the “Referrals” tab.
CoinSwitch has been in business for a little over 3 years now and has not reported any major hacking incident or loss of funds in that time. One of their secrets for success is not actually storing any funds outside of the exchanges they used to process their transactions. Since CoinSwitch keeps no coins of their own off-exchange, there is nothing to lose. A problem could be posed if one of the exchanges they used was hacked; indeed this happened to one of their old partners, Cryptopia. However, this problem could only potentially affect customers if the exchange went down during the middle of a transaction.
Since no customer funds are actually held by CoinSwitch, there are no extra account security measures in place (except for the password, of course). If you have additional questions about CoinSwitch’s security of a problem with your order, they can be contacted by opening a support ticket under the “Support” menu option at the top of the screen.
CoinSwitch mobile app
CoinSwitch has a mobile app for Android devices called Kuber, but it is only usable by customers in India. The mobile version of the CoinSwitch website is quite responsive and can be used to do everything that you can with the regular desktop/laptop browser version.
Benefits of CoinSwitch (over competitors)
- Performs coin swaps between hundreds of coins for a very low fee.
- No need to create an account or log in to other exchanges.
- Good reputation for following through on customer orders and resolving complaints.
- Can be used by customers anywhere in the world.
Limitations of CoinSwitch
- Fee for credit/debit card purchases are very high.
- Exchange rate is subject to massive fluctuations, potentially resulting in fewer coins received that indicated.
- No live customer support (only a support ticket system, not easy to contact outside of this option).
- No fiat support outside of credit/debit card option.
Wrapping it up
In all, CoinSwitch is a trustworthy, well-oiled operation that takes away a lot of the stress and frustration that comes with trading cryptocurrencies. It provides a great deal of convenience for a relatively cheap price (unless you are paying for crypto using the credit/debit card option, then it is actually quite expensive).
Though doable, it’s not easy to find an exchange where you can readily convert one type of crypto into another and walk away from the process having paid less in fees than those charged by CoinSwitch. They are certainly a great option for those who value convenience and are looking to save time by not having to deal with transferring coins to an exchange, placing orders, waiting for the orders to be filled, and then performing a withdrawal.