Finding a trusted exchange with so many features and the best prices may be hard. That's why a group of three people wanted to create an exchange to provide their users with the best price. So, they made an exchange named CoinSwitch (currently has 3 + million users) that connects to multiple cryptocurrency exchanges with an eye to find the finest exchange and trade rates for their users and to make it straightforward to convert to any token. Now, you're probably wondering what is CoinSwitch and why is it so popular? Well, you don’t need to look any further as I'll cover all you need to know about CoinSwitch in one place.
Table of Contents
- What is CoinSwitch Kuber?
- Trading pairs and cryptos available
- Buying cryptos from Indacoin/Simplex via CoinSwitch
- Pros and Cons of Coinswitch
- CoinSwitch fees
- Place a buy order limit in CoinSwitch app
What is CoinSwitch Kuber?
Coinswitch is a crypto exchange aggregator that allows you to buy, sell and trade multiple coins via its platform with ease. With 3 million + trusted users in India, this Bengaluru-based crypto exchange is regarded as one of the top exchanges to trade through. CoinSwitch supports over 400+ cryptocurrencies, digital currency, altcoins (altcoins are all the cryptos except Bitcoin)etc with more than 45000 pairs for exchange. It allows you to buy (with Visa or Mastercard) and sell more than 660 cryptos including all the popular ones (the top 50 and more). This exchange was founded in June 2017 (with only 10 – 50 members after its start) by three people; Ashish Singhal (Co-Founder and CEO), Govind Soni (Co-Founder and CTO) and Vimal Sagar Tiwari (Co-Founder and COO).
Trading pairs and cryptos available
CoinSwitch offers a staggering number of trading pairs on their platform. As more than 4500 pairs are possible, it’s not possible to check out all of them. So if you want to check out all the coins and trading pairs, here you go.
According to CoinSwitch.co 400+ cryptocurrencies are available. You can also trade over 300 coins. Nothing interesting about that? Well, you can do all this without even having an account. If you want to buy ETH (Ethereum) or any other with USD (dollars), what you have to do, is very simple.
Imagine, you want to purchase $150 worth of Bitcoin so you type it in. Then click on the “Buy with Credit Card” option just below the conversion table. Or you can click on the “View All Offers” button and then select your required exchange. Anyway, both take you to another screen. Here, some exchanges are suggested. Below the conversion table, you can see “Recommended Offer for 150 USD” under which a few exchanges like Indacoin or Simplex are suggested (login not required). From here you can either proceed with Indacoin or Simplex
Buying cryptos from Indacoin/Simplex via CoinSwitch
Buy with Indacoin
From the steps suggested from the above heading “Trading pairs and cryptos available”, here’s the continuation for purchasing through Indacoin:
Step 1: Select Indacoin exchange
Step 3: Now, you get redirected to part 2; where you make your payment. Here, click on the “Pay with Visa/Mastercard” button. One thing that you should make sure of, is to check weather your bank card is 3D secure or not as this is needed to proceed.
Step 4: Here’s where you enter your details that includes:
- Amount to transfer
- Phone number
- Your full name
- Date of birth
Step 5: Here, you get redirected to another screen where you have to fill out your:
- Card number
- Valid Thru
- Your full name
Step 6: Enter the OTP that you have received by the number associated with the card. Then complete the KYC and that’s it, payment done. To track your order visit Indacoin link.
Buy with Simplex
From the steps suggested from the above headings “Trading pairs and cryptos available”, here’s the continuation for purchasing through Simplex:
Step 1: Select Simplex exchange
Step 2: This redirects you to a more pleasant UI screen. Here you can edit all the options like choosing between USD, CHF etc, and choosing the amount of BTC. Then, enter your Bitcoin address below and click on continue. Your first payment can range up to $10,000 from $50. One thing that you should make sure of, is to check weather your bank card is 3D secure or not as this is needed to proceed.
Step 3: Now you have to provide the following details:
- Card details; card number, expiry, name on card and security code
- Billing address; address, address 2 (optional), country, city, zip code
- Personal detail; email, phone number and DOB
Step 4: Verify your email and then enter the 4 digit code sent to your phone. Then complete the KYC and that’s it, payment done. To track your order visit Simplex link.
Pros and Cons of CoinSwitch
Pros of CoinSwitch
This is one great advantage of CoinSwitch. CoinSwitch does not require users to register before they start using this platform.
CoinSwitch connects to multiple cryptocurrency exchanges with an eye to find the finest exchange and trade rates.
CoinSwitch trading platform has currently processed over $5 billion (37,199 crore rupees) in crypto and hence is a trusted choice all for users.
Simple user interface
The interface of CoinSwitch is quite easy to access, seamless and fast. CoinSwitch has a great user interface that can be operated by beginners as well as experts.
Cons of CoinSwitch
Unavailable in most countries
CoinSwitch is only available in a few countries and is unavailable in certain countries like the United States.
Not possible to deposit fiat currency
CoinSwitch is only a crypto-to-crypto exchange. This means that it’s not possible to deposit fiat.
Here’s how the fee works: when you choose an exchange to buy or sell, the fee of the particular exchange gets calculated. Basically, the fee depends upon the exchange that you use. A fee ranging from 0% to 0.49% will be charged for your transaction.
The rate does not determine the full cost though. There may also be a fee that will be charged by the exchange you choose itself. Due to this CoinSwitch doesn’t have such a clear fee or pricing scheme as compared to other exchanges.
There is also a network fee. A network fee is like a commission a blockchain takes from the amount you transact. However, if your amount is too low to cover this fee, the transaction that you want to carry out will fail.
Place a buy order limit in CoinSwitch app
Placing a buy order is simple and is just like any other else. Here are the steps to place a buy order limit in CoinSwitch’s app.
Step 1: Open the CoinSwitch app. Then click on the “Market” from the bottom navigation bar.
Step 2: At the top, type BTC and then select it.
Step 3: Click on the “Buy” from the bottom navigation bar. Then click on the “Limit” toggle button at the top.
Step 4: Enter the INR amount which you wish to buy and then click on the “Set Limit” at the bottom of the screen.
Step 5: Here, in this screen, enter your limit price and then select the validity date (90 days, 7 days, or 24 hrs) for your order. Remember that this price is your final price so be careful.
Step 6: After you have confirmed everything, click on the “Preview Order Limit”.
Step 7: The preview of your buy limit order will then be displaced below. Then be sure to confirm your details and then click on the button “Buy”. Then that’s it, you have successfully placed a buy limit in CoinSwitch.
Disclaimer: Digital Wallets News does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.