Coinswitch cryptocurrency exchange is a cryptocurrency exchange service, very similar in function to Shapeshift and Changelly except for 1 important difference. Their claim is that they are an exchange aggregator – in other words, they take the best rate from the ‘worlds leading exchanges’ and offer you the customer the best rate and choice. In reality though, this doesn’t quite work in practice, read on to find out why.
They are an Indian based Company launched in July 2017 by 2 ex-Amazon guys Ashish Singhal and Govind Soni. They are rumored to be backed by one of India’s top Investment Capital firms.
So how does this alternative to a full exchange compare?
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Coinswitch tells us they are an ‘exchange aggregator’, comparing rates from the ‘worlds top exchanges’. The exchanges they are currently aggregating though are very limited, in fact, there are six, and 2 of them are Changelly and Shapeshift!
The process of exchanging coins is very straightforward. You simply select the relevant coins and amounts and click to get the best offering. Coinswitch does offer a vast number of choices when it comes to their coins, we could see 316 in their search box, this is a fantastic range.
Not all of the exchanges they use support all of the coins, so those that do will show in the results window. You then have the choice to select which offer you want to proceed with:
After we selected the transaction shown above we went to Changelly just to check what the result was there, to our surprise we could get a slightly better rate going directly to Changelly. This begs the question ‘Why use Coinswitch’? The simple answer has to be that it is just simply very convenient. Often convenience comes at a price and this is it. There are also coins supported by Coinswitch that are not supported by Changelly, and other exchanges. If you are someone short of time and not prepared to open accounts with a number of exchanges then Coinswitch offers a very convenient ‘one-stop’ shop with a vast array of coins on offer.
So, using Coinswitch is very simple and straightforward and unless you are seeking a very new listing or very obscure token then you are most likely going to find the coins you need on the Coinswitch Exchange. It will come at a premium though. Also, the statement about aggregating the worlds top exchanges is a little far-fetched at this time, hopefully, Coinswitch can improve on their offering as, in principle, its a great concept.
As we can see from the example above it is likely that Coinswitch is taking some fee in the form of the rates they are offering, similar to the way Shapeshift does. They also charge a fee of between 0-0.75% (depending on the exchange). In addition, they also state there can be certain exchange fees levied by the exchange chosen by the customer.
This means that, as we have mentioned, you do pay a price for all this simplicity and convenience. There are more competitive ways to purchase your cryptocurrency but Coinswitch may suit certain users.
As Coinswitch only exchanges immediately to a wallet address you provide there is no issue surrounding the security of the site should you choose to hold coins there as this is not possible. As the information you provide is very basic there are also no issues with account details held with Coinswitch.
We have no real-life experience with the Customer Support at Coinswitch but reading other experiences online varies from excellent to not great. Unfortunately, this echoes experiences of all cryptocurrency exchanges right now and in recent times, it’s all part of the crypto experience. There are 1 or 2 quite high profile suggestions online that Coinswitch is actually a scam, again you have to be your own judge. If you take the ratings on Trustpilot then Coinswitch is not a scam and we support that conclusion.
Our friends over at Crypto Coin Society have an updated review which may also be of interest.
The site does have a comprehensive FAQ page and email support. In addition, there is a Tracking service to follow your transactions. There is no telephone support.
- Lots of coin options
- Extremely simple to use
- Great in principle
- No verification required
- No FIAT option
- Not really offering a huge range of Exchanges to aggregate
- High fees
- No benefits of a ‘full exchange’
Do you have any experience with Coinswitch that you would like to share? Please add your comments below.