CoinSwitch Review: Here’s Everything You Need to Know
In 2009, the presence of cryptocurrency exchange wasn’t that crucial, considering that only Bitcoin (BTC) existed. Also, the thought that Bitcoin and other cryptocurrencies would gain any traction was far-fetched. But then, Ethereum came while BTC started appreciating.
Therefore, investors wanted a place to trade BTC, Ethereum (ETH), and other cryptocurrencies. This led to the creation of cryptocurrency exchanges. Unfortunately, what was meant to help investors make simple buy and sell decisions, has turned into a nightmare—too many exchanges with varying cryptocurrency prices.
Fortunately, to reduce investors’ stress, CoinSwitch was born. Instead of providing isolated prices to virtual currency traders, the exchange lets its user choose which exchange gives them the best rates. All on a central point. Below is a comprehensive CoinSwtich review. From its founders to its newest services and products.
Before we get to the intimate details, here’s the background
CoinSwitch’s General Overview
Launched in 2017, CoinSwitch is among the respected digital currency platforms in the market today. However, it does not operate like Binance, Coinbase, and other exchanges that provide isolated price tags to traders.
Instead, it’s more of an aggregator. It collects crypto prices from multiple leading crypto trading avenues and lets traders decide on the best rate. The exchange is built around speed, anonymity, ease-of-use, and reliability.
CoinSwitch Review: Anonymity
The exchange is among the few crypto trading platforms that live by the initial blockchain vision by enabling anonymous transactions. CoinSwitch allows users to trade without providing their personal details in a registration process. Unfortunately, trading anonymously only exposes a trader to a few coins. To access all the virtual currencies on the platform, a trader needs to create an account.
Since it powers the buying of crypto assets from different platforms, it does not have a typical fee structure. Instead, the trading commission depends on the exchange platform chosen. Notably, the fee oscillates between 0.0 percent and 0.98 percent. Apart from the normal transaction fees, a trader may incur losses during conversion and or management.
These fees are devoid of gas fees. Therefore, when depositing funds, CoinSwitch expects a trader to include the network’s processing fee. Note that where the amount deposited doesn’t cover the gas fees, the exchange considers the transactions unsuccessful due to insufficient funds. Fortunately, it alerts the trader allowing them to top up the amount to cover the network fees.
CoinSwitch Review: Ease of Use
CoinSwitch makes everything simple and easy to use. Whether with an account or trading anonymously. Also, the platform’s dashboard is professional and easy to use. Everything is clearly marked.
For example, because its main offering is exchanging one digital asset with another, the most conspicuous item on CoinSwitch’s homepage is the crypto conversion boxes. The first box takes the crypto that a trader is depositing while the second box contains the needed cryptocurrency.
More than just selecting the cryptocurrencies, a trader has to choose their preferred exchange by selecting “View All Offers.” The offers’ button displays all the supported digital asset trading platforms that have the preferred trading pair. The rest of the steps are guided by screen prompts. Consequently, even novice crypto traders can seamlessly convert their virtual wealth.
Unfortunately, although the exchange has the features needed by new cryptocurrency traders, experienced traders find it too simple for their liking. Some of the reasons why professional traders find it inhibiting are the lack of an order book and price charts. These features are commonplace on Huobi, Bitfinex, and other leading virtual currency exchanges. However, the lack of these features can be tied to CoinSwitch’s being an aggregator platform.
CoinSwitch Review: Security
The exchange can be viewed as a non-custodial exchange because it doesn’t store users’ funds. During a trade, traders provide the destination wallets. Consequently, malicious actors are offered little to no incentives to breach the platform’s security. In addition, users are responsible for the protection of their own coins.
Despite having a non-custodial approach, the exchange is not regulated. While this carries the decentralization spirit, it’s not entirely beneficial to the traders.
Why? Because without conforming to regulatory constraints can make the exchange impose features that may jeopardize the security of users’ funds during a trade.
While some virtual currency exchanges have gained the confidence of crypto traders even without conforming to government regulations, there’s always a risk factor associated.
For example, the risk of trading on Coinbase, which is regulated, is lower compared to when trading on Binance, which is largely unregulated.
CoinSwitch Review: Affiliate Program
When you bring more traders, CoinSwitch pays you. The exchange has a referral program where it rewards users for successfully pointing them to the exchange. A successful pointer is indicated by the new referral conducting a trade.
However, the commission earned is 5 US dollars for every 100 US dollars in trade from the referral. Note that the referral program is open for Bitcoin trades. Apart from earning $5, your referral also gets $5.
Payouts from the CoinSwitch referral program only happen when you have accrued a minimum of 0.005 BTC. The payout is also made in BTC, and BTC’s value is locked after the referral’s transaction is done.
Monetizing Your Crypto Audience
CoinSwitch offers a unique feature that allows its users to monetize their cryptocurrency followers. The feature enables the exchange’s users to easily create a personalized exchange within minutes. Interestingly, there’s no coding required. Thus, the feature is accessible to both experienced and inexperienced users.
From the custom exchange, the revenue is shared on a 50/50 ratio with CoinSwitch. Observe that the custom exchange has the same coins and trading pairs (45) as the parent platform.
Additionally, it mirrors CoinSwitch’s features, such as enhanced conversion limits and 24-hour dedicated support, including email and online chat support. Apart from enjoying a CoinSwitch clone, users can incorporate their own creative branding.
CoinSwitch API Developer Hub
This is another feature that deserves to be part of this CoinSwitch review. However, the feature is reserved for developers. By implementing the CoinSwitch application programming interface (API) on their creations, developers earn 25 percent of the revenue generated through their APIs.
Interestingly, the gain can be increased for those bringing high trade volumes into the exchange. The exchange’s API supports exposure to more than 350 cryptocurrencies with the option to request more coin listings.
CoinSwitch powers this feature in conjunction with Binance, IDEX, HitBTC, KuCoin, and Bittrex. To differentiate between participants, each developer is provided with a unique API key.
Apart from the API developer hub, CoinSwitch provides another API offering for other API integrations. This API’s functionality can be activated within hours. But, just as in the developer version, the revenue is shared.
Also, the exchange provides real-time analytics, dedicated support, a vast list of supported coins, and best rates. Note that the API can be integrated with Guarda Wallet, Exodus, Trezor, among other wallets.
CoinSwitch Review: Merchant Payments
More than just facilitating the conversion of one virtual currency to another for regular traders, the exchange also appeals to merchants. With CoinSwitch, merchants can accept over 400 virtual currencies and are guarded against the wild price fluctuations in the crypto industry. To make it easy for merchants, the process is simplified.
For instance, the merchants only need to ask for payments and provide their wallet address, amount due, and crypto of choice. Next, a shopper transfers the amount to the exchange, and the exchange converts it to the merchants’ favorite. CoinSwitch then sends the funds to the merchants’ address.
Supported Countries and Payment Methods
Although the exchange is based in India, it’s accessible from across the world. However, before using the platform, it’s good to confirm your country’s eligibility. Unfortunately, there’s no public list of allowed and restricted nations. Therefore, checking the availability of your geographical area requires you to contact customer support.
On supported cryptocurrencies, CoinSwitch has listed all the major coins such as BTC, ETH, Bitcoin Cash (BCH), Litecoin (LTC), Ripple (XRP), and Cardano (ADA). However, its full list includes over 300 digital currencies. Yet, fiat payments are supported only through MasterCard and Visa.
With new crypto projects being launched almost every day, giving free coins in the form of airdrops is the most used method of popularizing the projects amount crypto enthusiast.
However, there’re so many airdrops that it’s practically impossible to keep track of all of them. CoinSwitch makes it easy by listing upcoming airdrops and allowing its users to claim their rewards.
CoinSwitch Review: Conclusion
CoinSwitch is among the few trusted but unregulated cryptocurrency exchanges. However, its unregulated nature does not hinder it from providing products and services centered around cryptocurrency enthusiasts.
From a simple interface to global access to a referral program, the exchange is ideal for use by novice cryptocurrency traders. On the other hand, developers have their share through Dev-specific APIs.
Whether you’re a developer or a normal user, the chance to commercialize your following in the cryptocurrency space provides an easy way to earn passive income. Unfortunately, its lack of an order book and price charts hinder adoption by professional virtual currency traders.