CoinSwitch Experience 2021: The Crypto Exchange Test
10 Stars
CoinSwitch in the big test: What exactly distinguishes the crypto marketplace? What fees are charged here? What does CoinSwitch do to protect you from fraudsters? And how reliable is the CoinSwitch support? Our CoinSwitch experience at a glance.
We test the best crypto exchanges and brokers on the web. This time: CoinSwitch. In our critical analysis of CoinSwitch, we look at all the criteria relevant to you as a potential customer of the platform.
How does the offer differ from that of other exchanges? What do the CoinSwitch fees cost? And how does CoinSwitch prevent fraud? Can CoinSwitch convince us in the test, or would you be better off with an alternative? Our test should help you to choose the exchange that suits your needs.
Our recommendation: Buy cryptos with eToro
Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades
Advantages and disadvantages of CoinSwitch at a glance
The enormous number of listed cryptocurrencies is undoubtedly the biggest advantage that CoinSwitch has over the competition. The possibility to directly compare the fees of the providers is also attractive. The offer includes not only the frontrunners Bitcoin, Ether, Ripple, Litecoin & Co., but also many currencies that are only known in smaller circles, such as OmiseGO, Augur, Wing or Zcash. CoinSwitch thus offers the largest selection of crypto exchanges in the world.
CoinSwitch broker services do not exist. For example, CoinSwitch does not offer CfDs and other financial instruments. All CoinSwitch Exchange is the platform, which is especially useful if you already own cryptocurrencies and plan to trade them against others. If you don't own any yet, here's how to buy cryptocurrencies that suits you.
CoinSwitch Review - The Offer
With a CoinSwitch login, you can trade hundreds of cryptocurrencies against each other, including big names like Bitcoin, Ether and Ripple. A particular strength of the offer is the 45,000 trading pairs that make direct exchanges between currencies possible. We list an excerpt of the offer here:
CoinSwitch cryptocurrencies
Bitcoin (BTC) | Bitcoin Cash (BCH) | Eos (EOS) |
|---|
Our recommendation: Buy cryptos with eToro
Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades
Step by step guide to trading on CoinSwitch
Although customers from the EU cannot currently buy cryptocurrencies via CoinSwitch, they can trade them against each other. To do this, of course, you first need to own cryptocurrencies. A good starting point for the first purchase of Bitcoin, Ether, Ripple, IOTA and Co. is the eToro Wallet. Combined with CoinSwitch, you can use the eToro broker's wallet to exchange any cryptocurrency traded here. You can find out more about your initial investment here. And below we take a look at how you can trade with the Indian exchange: Starting with the CoinSwitch login and ending with exchanging cryptocurrencies.
Step 1: The registration
In order to trade cryptos such as Bitcoin, Ripple, Ether or Litecoin for hundreds of other coins at low prices with CoinSwitch, you first have to register with the exchange. This is no big deal: You can find the registration form directly on the homepage, verification is not required. An e-mail address and the choice of a password are required.
Once you have entered everything, you will receive an activation link by e-mail. Click on the link to use your profile. You can then use your newly created CoinSwitch login by registering on the homepage.
Step 2: Select a crypto trading pair
The exchange is now open to you for trading cryptocurrencies. For an unlimited trading limit, you still need to enter a few more Coinswitch trading pairs, but even so, you can already use CoinSwitch - and largely anonymously. Simply select a cryptocurrency you want to trade in the header. You can also decide which cryptocurrency you want to pay for it with.
CoinSwitch now shows you on which supported exchanges your selected trading pair is available and at what conditions. Simply select the most favourable trading pair. The fees can vary depending on the price behaviour on the market, so that, for example, Binance appears as the cheapest exchange at the first attempt, but another one at the second attempt. Try it out.
Step 3: Trade cryptocurrencies
To be able to trade cryptos, you need to have a wallet Coinswitch trading ready for the currency you want to exchange. We'll try it with Ether in this example. After selecting the ETH/BTC trading pair, we are asked to enter our Ether wallet address. Then we are shown an address to which we should send our bitcoin. Once we have done this, the rest happens automatically: after a certain waiting time, the exchanged Ether will then arrive on our Ether wallet. Bear in mind that depending on the load on the blockchain, transactions can take a few hours.
Our recommendation: Buy cryptos with eToro
Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades
The story behind the CoinSwitch Exchange
CoinSwitch is a trading platform founded in 2017 that makes it possible to compare the fees of a wide range of exchanges in real time, depending on the currency pair selected. The coveted coins can then be exchanged directly with each other via the portal. For this purpose, CoinSwitch uses the services of renowned exchanges such as Changelly or Shapeshift. CoinSwitch allows trading with more than 300 cryptocurrencies and offers more than 45,000 trading pairs. CoinSwitch does not set any trading limits for its customers; its sole purpose is to trade cryptocurrencies. Financial instruments such as CfDs are not offered on CoinSwitch. The company is based in India.
Because CoinSwitch specialises primarily in trading different cryptocurrencies against each other, the platform is not immediately usable for beginners who, for example, do not yet have their own Bitcoin. They should first get some bitcoin if they are interested in one of the altcoins offered here. The quickest way to do this is with the wallet app of the broker eToro. For everything about buying Bitcoin click the link.
No verification is required to trade cryptos on CoinSwitch.
CoinSwitch payment methods
In order to use exchanges like CoinSwitch for trading and buying bitcoin and co, interested parties usually need to transfer fiat money or a payment method to their registered profile. With CoinSwitch, this works a little differently.
CoinSwitch does not itself hold the cryptocurrencies that you can trade here. Instead, it acts as an intermediary between you and a selection of different exchanges. Fiat money plays no role at all, and there is no deposit option.
Instead, you can only trade cryptocurrencies here, there are no other payment options on CoinSwitch.
Payment method | yes/no |
|---|---|
Credit cards | no |
Paypal | no |
Instant bank transfer | no |
Skrill | no |
Neteller | no |
Paysafecard | no |
Bank Transfer | no |
Other | yes |
Our recommendation: Buy cryptos with eToro
Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades
CoinSwitch: Security
The crypto marketplace CoinSwitch is not regulated by any financial supervisory authority. This is typical for an exchange dedicated exclusively to cryptocurrencies, because the virtual coins are not yet legally recognised in hardly any country, and thus elude access by the authorities. This has the disadvantage that fraud with crypto-money flourishes freely.
Is CoinSwitch a scam? As far as we can tell: No. The platform is used by numerous people worldwide. There is no known case of fraud in connection with CoinSwitch so far.
But is CoinSwitch fraud-proof? Since you have to use your own wallets if you want to trade with CoinSwitch, your security is entirely in your own hands. How secure you treat your wallets, that you never give your private key and other sensitive information to third parties, decides to a large extent how likely it is that someone can gain access to your cryptocurrencies.
How do you protect yourself against CoinSwitch fraud?
If you want to use CoinSwitch to exchange Ether for Bitcoin, for example, you will quickly realise how convenient a bank account is: Because with cryptocurrencies, you are suddenly responsible for the secure management and safekeeping of your virtual assets. If you lose a private key or pass it on to a third party, you could lose your crypto assets.
Knowing how to effectively protect yourself from fraud damage can be crucial. We have summarised the scams of scammers, the cases that have become known in recent years and more for you in the linked article. In it, you will find helpful tips and tricks for the safe handling of cryptocurrencies.
The CoinSwitch app
There is currently no CoinSwitch app. And there's no need for one: the CoinSwitch offer can be used comfortably via any browser - even on mobile devices. Apps usually serve to keep you up to date on current market movements and enable you to react regardless of time and place. This is not relevant for the services offered by CoinSwitch. The fact that there is no CoinSwitch app therefore has no influence on our rating.
CoinSwitch Experience: Customer service
When there are problems with trading and something doesn't work as it should, your money is at risk. Then you want to be able to reach support as quickly as possible. How well CoinSwitch is prepared for such cases and what the platform is able to do for its customers in an emergency plays an important role in our reviews. After all, you want to be in good hands, reach support quickly and receive competent help when things really go wrong. So how good is CoinSwitch Support?
CoinSwitch Support provides more of the minimum programme: a FAQ provides quick and simple answers to the most frequently asked questions. If, on the other hand, you would like to contact a CoinSwitch employee, you can use the contact form. There is also a live chat module. Curiously, you will not discover this in the "Support" section, but during further exploration of the site. Look for the following symbol if you want to contact the CoinSwitch live chat (screenshot):
It should be noted that CoinSwitch is neither an exchange nor a broker in the strict sense. The fact that CoinSwitch support is not outstanding is not surprising under these circumstances. The fact that a live chat module exists at all is therefore all the more noteworthy.
As things stand, knowledge of English is a prerequisite. The CoinSwitch homepage does not tell us whether there are plans to implement further language support.
Contact way | yes/no |
|---|---|
phone | no |
no | |
Live chat | yes |
contact form | yes |
FAQs | yes |
Our recommendation: Buy cryptos with eToro
Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades
CoinSwitch: The fees
The CoinSwitch fees you have to pay depend on which cryptocurrency you want to exchange for which other, and which exchange has to be used for this. As a rule, there are significantly lower fees when trading cryptocurrencies than when buying with real money. Because you cannot pay for bitcoin or the like with euros on CoinSwitch, the question of the cheapest way to make deposits for this platform does not arise. The CoinSwitch fees for trading vary from 0 percent to 0.49 percent, according to the website.
CoinSwitch: Compare fees
A special feature of CoinSwitch is the ability to compare the fees charged at the various exchanges for trading in real time. In this way, users can search for the cheapest offer and then decide to register directly on the Exchanges or to use CoinSwitch as an intermediary for trading.
Fee type Costs
Trading fees 0 - 0.49 percent
The transaction fees at CoinSwitch are never confusing. Verification is not required for trading cryptocurrencies on Coinswitch. In order to be able to trade with CoinSwitch, you already need your own cryptos in advance. At this point, we would like to refer you once again to our guides for buying cryptocurrencies.
CoinSwitch experience - the conclusion
For our CoinSwitch review, we registered on the exchange and looked at how exactly the platform works, what it can and can't do, and how easy it is to use. We reviewed the support, looked at the fee model and talked about what CoinSwitch does to protect its users against fraud and cyberattacks.
The exchange CoinSwitch convinces above all with its huge offer. Comparing and using more than 45,000 trading pairs with each other is a great service and can nicely save you from registering on a multitude of platforms that you only use once. CoinSwitch is an intermediary, and in the strict sense neither an exchange nor a broker, but simply an exchange that serves the exchange of different cryptos.
It would be nice if CoinSwitch could also offer, for example, the purchase of cryptocurrencies. If CoinSwitch also offered CfDs or forex options, the platform would be a real all-in-one wonder. It is currently not that, but it can reliably serve what it promises with just a few mouse clicks. Being able to compare the fees of the exchanges for each trading pair in real time and then choose the cheapest one: that's a great thing.
CoinSwitch support goes above and beyond the standard and, in addition to an FAQ and a contact form, even offers a live chat module that you can use to get in direct contact with a service employee.
Our CoinSwitch review
CoinSwitch is not regulated, which makes it possible to use the platform (limited) anonymously for trading cryptocurrencies. There is no CoinSwitch app. We did not encounter any problems in the CoinSwitch test, with the only deduction being that we cannot pay with fiat money on CoinSwitch. In our rating, the exchange achieved a proud 4 out of 5 possible points.
Did you like our CoinSwitch review? Our CoinSwitch review is part of our big series on the best exchanges on the web. You can find a good alternative to CoinSwitch registration in our test winner. Are you wondering whether cryptocurrencies are still worth it in 2020? Or do you want to learn more about cryptocurrencies? Then you can find our overview pieces on the most important coins here.
Our recommendation: Buy cryptos with eToro
Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades
FAQ
The provider is a crypto exchange where cryptocurrencies can be bought and sold.
CoinSwitch was convincing in our test. The diverse trading options and excellent customer support attract many customers, most of whom are very satisfied with the provider.
The amount you invest should depend on your own liquidity, the cryptocurrency you choose and your own risk tolerance. In general, you should never invest money that you actually need elsewhere, as profits can never be guaranteed.
Here, too, the platform is convincing. Payouts are processed very quickly and, depending on the selected payout method, are in your account within a few minutes to 2 working days.
You should always know what you are investing in. Cryptocurrencies are highly volatile, so you should first familiarise yourself with the selected coin in detail. If you have the necessary know-how, as well as the occasional bit of luck, then nothing will stand in the way of early profits.
