CoinSwitch is an aggregator of cryptocurrency exchange information, collecting data such as rates from the leading exchanges found around the world. The platform advertises giving users the ability to convert their cryptocurrencies across exchanges with the best rates, similar to how Changelly and Shapeshift function. It has a user-friendly interface that is intuitive to use and a wide offering of cryptocurrency pairs.
The exchange points out that it has the widest offering of cryptocurrencies, with more than 250 different coins to choose from. In addition, there is support for more than 6,000 pairs of cryptocurrencies. CoinSwitch also prides itself on the ease of transactions, unified platform with access to information from multiple exchanges, and reliable support.
As an exchange aggregator, CoinSwitch saves users a great deal of time by automatically comparing the rates for their chosen cryptocurrency pair across the most commonly used exchanges. In this way, users do not need to check multiple exchanges to confirm that they get the best rate. As a bonus, the ability to easily compare exchange rates across exchanges increases the chances that users will get a better rate and come out on top of their exchange, maximizing the value of their crypto assets over time.
What Coins and Pairs Does CoinSwitch Support?
You cannot succinctly list all the cryptocurrency coins or pairs supported by CoinSwitch due to their sheer volume. As mentioned, there are more than 250 cryptocurrencies and over 6,000 possible pairs. It keeps a running list of cryptocurrencies that it supports on the website, so you can easily check within seconds whether your chosen cryptocurrencies have support. The currencies are spread out over five pages and are mostly in alphabetical order. However, a convenient search function makes it easy to spot the currency you need to trade.
Does CoinSwitch Support Fiat Currencies?
CoinSwitch does not support any fiat currencies, which is a trade-off in terms of benefits and disadvantages. This means that you must own cryptocurrency to use CoinSwitch and cannot make a deposit with a credit card or bank transfer. Because CoinSwitch does not support fiat currencies, it is subject to fewer or no regulations, depending on the country you live in. This allows for greater anonymity. However, it also means that the platform is held to fewer standards, leaving users to check reviews to confirm CoinSwitch’s reputation.
What Exchanges Does CoinSwitch Display?
To get you the best possible rate at any given moment, CoinSwitch works with multiple leading cryptocurrency exchanges. You will find offerings from Bittrex, CoinSwitch itself, Changelly, Changer, Cryptopia, Evercoin, and ShapeShift. Because of the large number of exchanges CoinSwitch aggregates data from, you are more likely to find the cryptocurrency pair you want, which is how it can offer more than 6,000 pairings. If an exchange does not have one of your chosen cryptocurrencies, the page listing offers on CoinSwitch will tell you that this exchange doesn’t support the pair.
How Do You Trade with CoinSwitch?
There are several ways to trade using CoinSwitch. You can find your chosen cryptocurrency in the list of supported coins mentioned above. Once you find the currency in question, you can simply click on the “Trade” button next to it. From there, CoinSwitch will take you to a page where you can adjust the other cryptocurrency in the pair that you want to trade to or from.
You can also skip most of this process and simply input the two currencies you want to exchange between on the home page, then click “View All Offers.” As you adjust the currencies listed in the drop-down menu, you will notice that above “View All Offers,” it displays how many offers are available, in addition to the one that appears within the search form.
No matter which page you begin on, you will be brought to the page with offers. Scroll down to view all of them, which will include choices from multiple exchanges. You will notice that some offers are listed as having fixed rates for 10 minutes, while others are just the current rate. Because of the high volatility of cryptocurrency, you will have to choose whether you want to take advantage of the best current rate or prefer to opt for a locked-in rate, so you can count on it.
Once you select your exchange, enter the address of your wallet, confirming the information is correct. Read the terms and press “Next.” You will see the address for the exchange that you will send crypto to. As soon as the exchange receives your cryptocurrency, they will start the conversion.
How is the Platform to Use?
Overall, the CoinSwitch platform is highly intuitive to use. The drop-down menus on the main page make it simple to search for cryptocurrencies with clear labels that say, “You Send ___” and “You Receive ___,” so it is obvious which crypto you should enter in either menu. Even if you are completely new to cryptocurrency and exchanges in general, you should be able to figure out CoinSwitch quickly. For those who need more assistance, the FAQ section has step-by-step instructions.
While the platform is simple to use with an intuitive user interface, it does lack features. There is enough for the casual trader or someone who just occasionally needs to make an exchange, but experienced traders will have to do additional research. You cannot find trading history, order books, or price charts on CoinSwitch, tools that are commonly found on other exchanges. However, this might be because CoinSwitch is primarily an exchange aggregator.
CoinSwitch Customer Reviews
Online reviews are largely positive about CoinSwitch with it receiving a “great” rating on TrustPilot which is an aggregate rating from 70 reviews at the time of writing.
There are a few negative reviews with are about specific transactions being slow or not received, CoinSwitch itself has replied to these reviews with a resolution to the problem which is good to see.
How Can You Track Your Trades?
CoinSwitch makes it possible to track your exchanges with ease, as well. It has a “Track” tab on the main page so you can track your transactions. As the process proceeds, you will notice that it goes through such steps as “blockchain verification,” “exchanging,” “initiate transfer to your wallet,” and “track transfer.” You can always close the tab in your browser and return to it later to confirm your transaction status. Just make sure that you have your order ID since this is necessary to track the transaction.
How Long Do Transactions Typically Take?
In most cases, a CoinSwitch transaction will take between 15 and 30 minutes for processing. Larger transactions can take longer to process based on the blockchain capacity and your transaction size. These “large” transactions typically begin at about one BTC. It is also possible that a transaction will take longer due to an overloaded blockchain, something that can affect any blockchain. Since CoinSwitch cannot control these delays, your only option in this situation is to wait. Users of CoinSwitch regularly confirm the quick speed of transactions, so you should typically experience a prompt exchange.
CoinSwitch charges fees depending on the exchange that you choose to do your exchange on. This does not include whatever the exchange you select charges for the transaction, so you should be aware of those fees. Choosing to use Changelly, Changer, Blocktrades, EverCoin, or ShapeShift does not involve a fee from CoinSwitch. Opting for Bittrex or Cryptopia involves a 0.5 percent fee, and using CoinSwitch leads to a 0.6 percent fee.
These fees are very minimal for the service CoinSwitch provides in comparing all the data for you to ensure you get the best rate. If you choose the correct exchange, you will still save money by using CoinSwitch to compare, even accounting for the fee.
Does CoinSwitch Have Amount Restrictions?
CoinSwitch itself does not have any restrictions on the amount that you exchange, neither a minimum nor a maximum, but there are caveats. Some of the exchanges you will use via CoinSwitch have a maximum limit in place. Additionally, you must ensure that any amount covers all network fees taken by the blockchain. In other words, the amount you send as well as the quantity you will receive should cover both output and input network fees that a blockchain takes. You should receive a message if you are not exchanging enough funds to cover these fees.
Remember that if you send a transaction anyway and there is not enough for network fees, it will fail, and you might lose your money. Those network fees are required since the blockchain the cryptocurrency is based on automatically takes a fee.
What Is the Affiliate Program?
To provide incentives for users of CoinSwitch to share the platform with others, it offers an affiliate program. You get a unique affiliate link, which you can view when logged into your account. Use this link to refer people to CoinSwitch. When they use CoinSwitch to make an exchange, you get a bonus revenue share of 50 percent, a benefit that is advertised as being forever. In this way, you can share the link with just one or two people who regularly use the exchange and get a small passive income.
CoinSwitch Customer Support
CoinSwitch tends to get positive ratings for customer support, particularly the speed of its response. It responds promptly to problems, and the CoinSwitch website says that it typically responds to emails within 12 hours. Overall, CoinSwitch has high ratings by users. Customer support seems to be provided with an email address listed on the platform which is not ideal, a ticketing system or phone support would be better but the exchange seems quite small at the moment so maybe these options will be added as it grows.
Is CoinSwitch Safe ?
Because CoinSwitch only deals in cryptocurrencies and not fiat currencies, it is not bound by the restrictions that it would have with fiat. This allows for a high level of anonymity, something that users are typically in search of, particularly in the world of cryptocurrency.
In fact, CoinSwitch provides such a high level of anonymity that you do not need to create an account to use the platform for exchanges. You just need to enter the correct information, including your wallet address. This lack of accounts translates into no risk of stolen information or other custodial risks. Of course, transactions are still recorded, but there is no way to tell who completed which transaction.
Since CoinSwitch does not explicitly outline its security measures, there is no way to evaluate its security in an unbiased manner. Even so, the fact that you do not need to enter private information certainly helps prevent fraud of many types. Additionally, most reviews of the platform tend to be positive. CoinSwitch has been around for a while and claims to be among the most trusted exchanges in the world.
Keep in mind that as with any other transactions on the blockchain, any transaction done via CoinSwitch is final. This means that if you accidentally send funds to an incorrect address, you will not be able to recover them, either yourself or with assistance from CoinSwitch.
Is CoinSwitch Regulated?
While many view CoinSwitch’s ability to deliver anonymity as a benefit, it comes with the sacrifice of regulation. Because it deals solely with cryptocurrencies, most countries have not yet come up with laws and requirements for this type of exchange. However, the strong customer ratings and reviews of CoinSwitch can help to alleviate some concerns of users. It is also important to note that very few exchanges like CoinSwitch are regulated, so this is not unusual.
CoinSwitch works as a cryptocurrency exchange aggregator, gathering data from the most popular exchanges. In this way, it saves users the time and the effort they would need to put in to compare the rates on various exchanges. Depending on the exchange you choose to use via CoinSwitch, you may not be charged an additional fee by the aggregator, and any fees are low. The platform is intuitive to use, but many would appreciate additional features.
We would like to see more transparency about who runs the site as there is no clear indication on the website at the moment. This not a huge problem though as the exchange is not centralized, therefore you are not relying on trust of the exchange to complete your transactions.
Overall, CoinSwitch is an solid choice for those looking to exchange cryptocurrency and get the best rate while doing so, particularly if they do not need additional analysis or history tools.