Coinswitch

Coinswitch – an aggregator of exchanges for trading digital assets, which appeared on the financial market in 2017. During this period of time the company actively developed and became popular among users around the world.

In our review, we will analyze in more detail the opportunities that the platform provides and find out whether Coinswitch is a scam or a reliable cryptocurrency exchange.

 

Why Coinswitch?

Coinswitch is an Indian aggregator cryptocurrency exchanges trading digital assets, which began its operation 3 years ago. During this period, the project was developing and gaining popularity among users. The service focuses on the international market, as evidenced by the interface of the official website coinswitch.cotranslated into 16 languages. The advantage is the availability of a Russian-language interface. The main office of the company is registered in Bangalore, where the organization is regulated.

The platform provides its users with favorable and comfortable conditions for trading. The platform offers more than 400 types of Cryptocurrencies, as well as more than 100 trading pairs. The main part of the market are the following types of cryptocurrencies: Bitcoin, Ethereum, Ripple, Litecoin. There is also a separate section on the site with the latest news of the project. Here customers can learn about all the changes at the site, as well as read informative articles on financial topics.

The trading platform itself has a simple and straightforward interface. An experienced trader will need no more than 15-20 minutes to understand the basic functionality of the service. Tutorials are provided for beginners, as well as a section with answers to the most popular questions. There is no trading terminal on the site as such. Clients get quick access to exchange the proposed trading pairs using the buying and selling cryptocurrency. Then the client can view all the offers from exchanges and choose the appropriate conditions for buying or selling cryptocurrency (How to Make Money on Cryptocurrency?).

Unfortunately, at this stage of the cryptocurrency aggregator’s development, no mobile application has been developed. The appearance of the application will greatly simplify traders’ access to their profile, as well as to the functionality of the project. Among the main advantages of the platform are:

• Russian interface;
• fast cryptocurrency exchange;
• intuitive interface;
• a large selection of trading pairs;
• the ability to compare and find the best exchange rate;
• referral program;
• Loyal Commissions;
• security.

 

How to exchange cryptocurrency on coinswitch.co platform?

To go to the exchange of cryptocurrency, the user must log in to the system and go to the “Products – Trade” section. Then the client needs to choose a trading pair and make a few simple steps:

• specify the amount of cryptocurrency to exchange;
• enter the wallet address in the selected cryptocurrency;
• send the specified amount to the address;
• to make an exchange.

 

Verification on the CoinSwitch platform

Verification is not a mandatory process on the exchange, but directly affects the limits for the withdrawal of earnings. Thus, by verifying your phone number you can get the limit of up to 6 VTB per day, and by passing the full verification you can increase the limit to 100 VTB. Verification consists of several steps. First, the user has to confirm the e-mail address and fill in the basic data:

• name and surname;
• email address;
• country of residence;
• date of birth.

The next step is to upload documents. First, the client needs to select the type of identity document (passport, driver’s license or ID-card) and upload a scan or color copy of it. It is also necessary to take selfies with a spread of the document in your hands.

In general, the identity verification process takes anywhere from a few days to a few weeks, but since the exchange is large, verification can go faster.

 

Deposit and withdrawal

Users have two options for buying cryptocurrency – topping up via a payment system or using a credit card. To recharge for a specific type of cryptocurrency, you need to select the type of digital asset and follow a few simple steps:

• specify the amount of cryptocurrency;
• copy the generated address and paste it where the transfer will be made from.

To make a deposit by credit card, you must go to the “Buy Crypto” tab and fill out the information on the form to buy currency.

Withdrawal of earnings

To make a withdrawal from the project, you must also choose the type of cryptocurrency and fill out the form:

• specify the amount of money to withdraw;
• insert the address of the wallet to which the funds will be transferred.

Cryptoexchange Commission

On the site coinswitch.co is indicated that the exchange charges a commission ranging from 0% to 0.49% of the transaction amount. Thus, the commission depends directly on the exchange, which cooperates with the project.

 

Coinswitch Bonuses

Periodically, the company conducts various promotions and contests for active traders, but at the moment there are no promotional offers.

Referral program

An affiliate program has been developed for users who want to earn extra income. As part of the program, clients can receive remuneration by attracting new participants to the project. Thus, a referral receives $5 for an attracted user, when she makes at least one transaction of $100 or more. The advantage is that the referral also receives a bonus $5 to her balance. All payouts are made in BTC. The minimum payout amount is 0.005 BTC.

 

Complaints about CoinSwitch

The exchange appeared on the financial market three years ago and is quite popular among users. That is why on the Internet you can find quite a lot of feedback from clients, in particular from the CIS countries. In general, the service has a positive reputation among traders, but there are also negative comments. From the positive sides of the project participants note the presence of a Russian-speaking interface, the rapid operation of technical support, intuitive interface. The disadvantages are the lack of a mobile application, as well as the lack of an opportunity to replenish the balance in fiat currency.

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Crypto exchange regulation

The financial sector is especially popular among fraudsters, so there are more and more unscrupulous projects in the network. To protect yourself from a negative experience of cooperation with a fraudster, the user should independently verify the presence of the necessary license and the relevant documentation on the official website of the exchange. Let’s consider in detail how the project is regulated. It is known that the company does not have any license, but it may be due to the fact that the service coinswitch.co is relatively young. The necessary documentation, as well as contact information for the project, is publicly available to users.

User Agreement

“User Agreement” – is the main document of the project, which sets out the information regarding the implementation of trading activities, as well as the obligations of clients and organizers. The agreement must be read by each trader before starting registration on the exchange site. Although the platform has a Russian interface, the document is presented exclusively in English, which may create difficulties for users from CIS countries. Let’s consider some points in detail.

The agreement specifies that it is the responsibility of the user to determine, collect, report and submit any/all taxes applicable to payments made or received in connection with the use of the platform and services to the appropriate tax authorities. The Company is not responsible for determining whether taxes apply to a trader’s transaction or for collecting, reporting or remitting any taxes associated with any transaction made through the platform or services.

It is worth bearing in mind that the use of the platform and service may entail the following risks:

• Virtual currency transactions are irreversible once they hit the network, and once a customer initiates a transaction, it cannot be undone, modified, or reversed by us.
• The value of digital assets is very volatile and tends to fluctuate, which can result in an increase or decrease in the value the user receives after conversion. Cryptocurrencies are subject to significant fluctuations in value and may even become worthless. There is always a risk of loss associated with buying, selling or trading cryptocurrency.
• Since cryptocurrency is digital money managed by a peer-to-peer network, there is also a risk of losing credibility in the trade. The valuation is based on a supply and demand economy model.
• There may be additional risks that the organizer has not foreseen or identified in these terms of use.

The user must carefully assess whether their financial situation and risk tolerance is suitable for buying, selling or trading cryptocurrency.

Each user must ensure that the following conditions are met when using or accessing the platform or service:

• Provide the company with up-to-date, accurate and complete information about yourself and update it.
• If there is suspicious activity associated with a transaction made by a customer through the platform or services, the company may request additional information, including authentication documents, and block any transactions pending review.
• The customer must immediately notify coinswitch of any unauthorized use of the platform by contacting the post office. A user who violates these terms of use may be subject to interest or restriction of access to the platform, and shall be liable for damages incurred by the company or any user of the platform.
• You may not use the platform with any activity that violates any law, statute, ordinance or regulation of any jurisdiction.

In case a user fund of a known and verified API client is flagged by CoinSwitch’s internal system (rather than partner exchange) and the user refuses to perform KYC verification, the company will return the funds within 72 hours of the user’s response. CoinSwitch will return the funds to the same address from which they were received. However, if the user requests a refund to a different address, he/she will have to provide his/her KYC information. Also, if funds are stopped for known reasons, they will not be returned directly to the user. If an affiliate exchange stops the user’s funds, it will be crucial to the refund.

CoinSwitch acts only as an information intermediary and aggregator of various virtual currency exchanges. In the event of any technical or manual errors occurring on the platform, the company will make every effort to make the necessary corrections, including the relevant transactions or records, and will inform the customer of the correction in a timely manner. If such correction entails liability, the user will have to bear that liability.

The Platform may provide links or other forms of links to other websites or resources that it does not control. Client acknowledges that CoinSwitch provides any such links or references to external platforms or resources, including API interfaces for various virtual currency exchanges, only as a convenience to clients. And it makes no representations about any external platforms that it may access through this platform, including external platforms that are free of such items as viruses, worms, Trojan horses and other items of a destructive nature. The organizer is not responsible for the availability and content provided on any external platforms, nor for third-party content made available through the platform, including opinions, advice, statements, prices, actions, and advertisements. It is the user who bears all risks associated with the use of such content on an external platform.

Users of this platform are responsible for their actions in connection with the use of the service. CoinSwitch shall not be liable for the outcome, whether positive or negative, of any action taken by any of its users within or in connection with the platform/service. The parties agree that in no event shall CoinSwitch or its affiliates, officers, directors, agents, employees or vendors be liable for lost profits or any special, incidental or consequential damages arising out of or in connection with the use of the service. In no event will the company be liable for any losses, claims, statements, losses, injuries, delays, accidents, expenses, business interruption costs or otherwise (including attorneys’ fees, costs of any claim or suit). And for any incidental, direct, indirect, general, special, punitive, exemplary or consequential damages, loss of goodwill or business profits, loss of venture capital or digital assets, work stoppage, loss of data, computer failure or malfunction or any other commercial or other damages, directly or indirectly arising from or related to these terms of use.

Also note that notwithstanding anything else in these terms of use, in no event shall CoinSwitch’s aggregate aggregate liability for losses exceed $25. In the event that any transfers are mistakenly credited, the user must report this and take action to return or transfer it to the appropriate exchange or legal owner, as verified by the exchange. Failure to do so will constitute a material breach and in addition to the remedies available through the courts.

CoinSwitch Support

You can contact the support team using:

• online chat;
• email: [email protected].

 

Is Coinswitch a scam?

Coinswitch is an Indian aggregator of exchanges for trading digital assets, which began its work in 2017. During this period the company actively developed and managed to become popular among users. The service focuses specifically on the international market, as evidenced by the multilingual interface of the official site. A clear advantage is the availability of a Russian-language interface. The organization’s headquarters is located in Bangalore, where the regulation of the exchange is carried out. The company is trying to provide its customers not only comfortable but also favorable conditions for trading activities. In total, the site offers more than 400 types of cryptocurrencies and more than 100 trading pairs. The main digital assets are Bitcoin, Ethereum, Ripple, and Litecoin. The service is suitable for both experienced traders and beginners, thanks to the availability of training materials.

Periodically, various promotions and information about bonuses appear on the aggregator’s site. An affiliate program is provided for active users. As part of the program clients can attract new participants to the project and receive remuneration for this. Unfortunately, at the moment the company does not have its own application. In the future, the app will allow traders to access their account from their smartphone anywhere, anytime. For 3 years of uninterrupted existence of the organization on the Internet there were a lot of reviews from users. In general, the service has a positive reputation, although there are some negative feedbacks. After a detailed study of all the features implemented by the project, is it possible to conclude that Coinswitch – a scam and fraud? No, because the platform has been successfully functioning for three years and provides its services to users around the world.

 

Conclusion

CoinSwitch – an aggregator of exchanges for cryptocurrency trading, which began its work three years ago. During this period of time the platform actively developed and managed to earn a positive reputation among customers around the world. The service focuses specifically on the international market, as evidenced by the multilingual interface of the official website, translated into 16 languages.

The platform provides favorable and loyal conditions for trading activities. However, many novice traders do not consider the risks of trading and lose their initial investment. To avoid this situation, before starting cooperation with the exchange, it is necessary to read the documentation provided on the website. At the moment, the project looks good among competitors, but there are still some shortcomings. If you have worked with the company – leave your independent opinion on our website to form a rating of exchanges for trading digital assets.