CoinSwitch Review – is it scam or safe? explained by professional Forex trading experts the “ForexSQ” FX trading team.
CoinSwitch Review – is it scam or safe?
CoinSwitch is a cryptocurrency exchange aggregator that collects rates and data from some of the leading cryptocurrency exchanges. It supports over 100 cryptocurrencies and around 5000 pairs for exchange. CoinSwitch is based in India, but accepts clients worldwide.
CoinSwitch does not accept fiat currencies.
CoinSwitch Advantages
– Coins and pairs. CoinSwitch has a very large instrument list that includes both the major alt-coins and a long selection of more obscure ones and provides trading opportunities for the avid fans of cryptocurrencies.
– Service. Being an aggregator exchange, CoinSwitch provides a convenient service for its clients and claims to offer the best prices. It is indeed much easier to have all leading exchanges in one place, rather than visiting all the sites and looking for the best rates.
– Speed. According to client reviews, the service provided by CoinSwitch is quite fast and the customer support is prompt in case of a problem. According to the exchange’s FAQ section, the transaction usually takes between 15 and 30 minutes, but sometimes may take longer (naturally), depending on the network, the cryptocurrency and the load.
– Instruments. CoinSwitch offers trading in over 100 cryptocurrencies and around 5000 pairs. Here are some of the major ones on offer: Bitcoin, Bitcoin Cash, NEO, Ether, Ripple, Litecoin, Ether Classic, Doge, NEM, Dash, Monero, Stratis, Golem, BitShares, EOS, etc. The full list can be found on the site of CoinSwitch.
– Platform. CoinSwitch’s platform is as straightforward as it can get and is very easy to use, even by complete novices.
– Anonymity. It seems that CoinSwitch has not KYC requirements and users can remain anonymous in their transactions. This, considering that the platform offers only cryptocurrencies, is fairly logical and definitely convenient for the clients. There is no requirement for setting up an account either.
– Reviews. Judging by the reviews and comments, CoinSwitch’s clients are satisfied with the service and mostly with the customer support.
CoinSwitch Disadvantages
– Exchanges. CoinSwitch says it provides aggregated data and rates from the leading exchanges. Our experience, however, shows that most of the time the recommended exchange is the Czech crypto exchange Changelly. Nothing wrong with that, of course. But we find it somewhat annoying that most of the other exchanges on CoinSwitch’s platform (Shapeshift, Cryptopia and Blocktrades) do not support popular pairs like BTC/ETH, for example. At the same time the major exchange Bittrex has limits on the size of transactions. “The owls are not what they seem.”
– Platform. Similarly to the services, which we are listing in both sections, we are adding the platform in the “Disadvantages” as well. We said it is straightforward and easy to use and this is absolutely fine, but that’s pretty much it. CoinSwitch does not offer neither price charts, nor order book, nor trading history. Those features would have been handy for more experienced and serious traders, but, sadly are lacking.
– Fees. There is no consistent information about the fees charged by the various exchanges featured on CoinSwitch’s platform. Some are mentioned, but others are not. Most exchanges charge a commission for the transaction, some are also including the network fee. There is no clear information about the payment commissions, either. Usually cryptocurrency transfers, at least the deposits are free, but some exchanges and/or alt-coins charge a network fee for withdrawals.
– Regulation. Similarly to the vast majority of cryptocurrency exchanges, CoinSwitch is not regulated. For the time being most countries have not come up with a specific set of rules and requirements for the crypto exchanges, with a few exceptions like Japan. In some countries, at best, those platforms should be registered. In others, like China, they are simply forbidden.
– Leverage. CoinSwitch does not offer leveraged trading and neither do any of the exchanges featured on its platform. For those who are interested in leveraged trading in cryptocurrencies for fiat currencies, there are some exchanges who offer it: Kraken, CexIo, Bitfinex and Quoinex, for example. Bitmex and Okex, on the other hand, offer leveraged trading between alt-coins. There are also forex brokers who offer CFDs on cryptocurrencies for trading on margin.
– No fiat. CoinSwitch does not offer trading between cryptocurrencies and рespectively, does not accept payments in fiat currencies, including with credit card. The card payments, for the exchanges that work with “real money” are very convenient.
CoinSwitch Review – is it scam or safe? Conclusion
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