de | cn | ru

CoinSwitch Review - is it scam or safe?

CoinSwitch Review - is coinswitch.co scam or good cryptocurrency exchange?

RATING: 2.5 / 4 REVIEWS CoinSwitch

RECOMMENDED BITCOIN BROKERS


Trading accounts and conditions

 

Account type Leverage Fees
Standard 1:1 0.25% for Bittrex, Cryptopia*

 *Depending on the exchange, CoinSwitch charges no fees or 0.25% for the above mentioned exchanges. Additionally, there may be fees charged by the exchange itself.

 

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

 

- Lots of 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.

 

- Convenient 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.

 

- Good 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.

 

- Lots of 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.

 

- Simple 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 no 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.

 

-  Favorable 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.

 

- Not enough info on 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.

 

- No 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.

 

- No 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.

 

>> See our list of regulated bitcoin forex brokers <<

 

- 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.

>> See crypto exchanges accepting credit cards <<

Conclusion

 

The idea of CoinSwitch is actually a very good one. Hopefully the aggregator will be developed further to add more cryptocurrency exchanges, in order to better cover the claim it offers data and rates from the largest platforms. On the other hand, this might not be necessary, as the instrument portfolio is quite impressive.

 

Another advantage of CoinSwitch is the anonymity of the services and the fact that it does not require a customer account.

 

As we have already noted, we dislike the fact that in reality the only platform in the aggregator that offers a full service is Changelly. The others on the list either do not offer the pair (we sought popular pairs), or have very low limits for the transaction.

  

Latest news about CoinSwitch
No news about CoinSwitch. Check back later.
Forex
Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
US NFA, CFTC MT4 $250 Review Website
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Australia ASIC MT4, MT5,
IRESSTrader
$100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
cTrader
$200 Review Website

Traders` reviews for CoinSwitch

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

More cons than pros

I was attracted by the big amounts of coins they support both in cryptotocrypto and in fiattocrypto.
The speed of transactions though and the fees that I had to pay in the end were ridiculous.

Even though Coinswitch is an API partner of Changelly, i find the latter guys much favorable. Fees are more transparent to my taste and the speed was real good, I've exchnaged Litecoin and BTC so far, paid even less than 0.2%. Just food for thoughts.

Luke 08/07/2019

Will not refund $4000

I had a simple transaction error with Coinswitch and have been sending them proof of transaction id copy of blockchain verification 4 times over 3 days and they reply saingbwe will check on it. It is worth $4000 of Tron and
They have made no effort to refund my money, I had used them twice previousely with smaller amounts without
Issue but now it looks definately like a scam. Beware Coinswitch.

Frank 05/30/2019

Coinswitch is a scam

We had a very bad experience with coinswitch. Coinswitch scammed us and refused to return the money they owed us. We wrote a review with proof they were lying and then they offered to pay the coin they owed us but only if we took the review down.
http://www.844bankbtc.com/coinswitch-review-coinswitch-scam/

844BANKBTC 03/14/2018

coinswith is scam

My transaction has been successfully completed but I didn't receive ripple into my account.customer care doesn't care about anything.i have lost about 9000 in India rupees worth 50 ripple coin each cost 3 dollars.coinswitch is big scam.

prashanth 01/04/2018
de | cn | ru