CoinSwitch, The Aggregator Enabling Users To Find, Buy And Exchange Cryptos

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There has been an exponential increase in the number of cryptocurrencies as well as exchange platforms over the past year. Whilst this indicative of a healthy and booming industry, it presents problems to retail investors. We believe these problems can be resolved through the use of aggregate trading platforms such as CoinSwitch.

It is estimated that there are over 5000 different available cryptocurrencies actively being traded at present: so many that popular data aggregate tool CoinMarketCap only lists the top 100 tokens at any one time for a handful of metrics.

Furthermore, there are more than 500 different exchanges worldwide (341 of which are listed on CoinMarketCap) through which investors can purchase tokens for fiat, or trade crypto-to-crypto. This is more than double the number of exchanges reported to have been active around this same time last year, June 2019 (approximately 190).

CoinSwitch vs Exchanges

The large volume of cryptocurrencies and exchanges makes digital asset trading difficult for newcomers to fathom, and even those with experience are likely to have some issues with the current state of the market.

Each individual exchange only offers a small fraction of the all cryptocurrencies and trading pairs on the market This means that, to get access to the largest possible spread of tokens and pairs, an investor will have to sign up to multiple different exchanges; and this comes with its own setbacks.

When you sign up to most major exchanges, investors are required to submit personal identification information to satisfy regulatory ‘know your customer’ (KYC) verification; and if purchasing with fiat, they may also be required to divulge payment details also. 

Most exchanges, by default, store user funds (as well as aforementioned personal details) in so-called ‘hot wallets’. This means that funds are kept on cryptocurrency wallets whose information is accessible from a central server / authority: operated by the exchange itself.

Exchanges are popular targets for hacks, with a recent example being orchestrated by the North Korea-linked Lazarusgroup. The more places your information is stored: the greater the number of opportunities for them to be accessed illicit by internal or external bad actors.

What is CoinSwitch?

CoinSwitch is a cryptocurrency exchange aggregator which provides access to several leading exchanges from one place, and it claims to be larger than any individual cryptocurrency exchange. Crypto exchange partners whose platforms are supported include: Huobi, KuCoin, Binance, HitBTC, IDEX, ETHFinex, Changelly, and Bittrex.

A single sign-up is all that is required to gain access to trade over 300 cryptocurrencies and over 45,000 trading pairs. CoinSwitch removes the need for investors to undertake the laborious process of signing up to multiple exchanges. It also provides the option of purchasing cryptocurrencies via fiat using a credit card (Mastercard or Visa only).

The platform offers the purchase of cryptocurrencies using fiat currencies, in addition to crypto-to-crypto trades. Transaction fees are 0% to 0.49% on each transaction on top of any fees instilled by the original platform, which varies depending on the exchange.

Once crypto is purchased it is sent directly to a private custody wallet registered and (expectedly owned and operated) by the customer, rather than an on-exchange platform’s hot-wallet.

Non-exchange partners of CoinSwitch include:

• Wallets: Trezor, Exodus, MetaMask, Guarda Wallet
• Coins / Tokens: Skycoin, BitBay, Komodo, Verge
• Gaming: Crypto.Games, PrimeDice, Stake

Earlier this month (May 6, 2020) CoinSwitch launched a new app specifically directed at the India market called ‘CoinSwitch Kuber’, with the aim of increasing cryptocurrency adoption within the country. The release comes after significant regulatory pressure from authorities in the country, such as the Indian Supreme Court.

Crypto trading companies are banned in India, but CoinSwitch is not itself a trading exchange but an aggregate. As it rather facilitates integrated access to a multitude of international platforms in one place, CoinSwitch managed to skirt scrutiny under these rules.

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