CoinSwitch Kuber 2024: Unveiling the Crypto Broker’s Evolution

Cryptocurrency is a hot topic in 2023. And trading and investing in it is hotter, especially if you are in India. Almost 57 percent of the Indian population plans to enter this dynamic space, according to a global report from Consensys.

While that looks like a heartening stat, people trying out cryptocurrency for the first time must rely on credible crypto brokers and exchanges. And CoinSwitch Kuber is one of them.

Across most social channels, CoinSwitch is currently being referred to without the Kuber suffix. There was a branding overhaul a few months back, followed by a logo change.

CoinSwitch started out as a crypto broker, working as an intermediary between users and exchanges. Over time, it expanded into the “exchange” space, letting traders experience best-in-class liquidity on crypto assets. But that’s not where the buck stopped for this Indian crypto giant.

With a mission statement termed “Making Money Equal for All,” CoinSwitch currently wants to foray into the fintech space. With so much going on for this platform, reviewing it across a wide range of parameters would be appropriate.

By the end of this piece, you should be able to ascertain whether onboarding CoinSwitch for your crypto-specific needs is the right way to go!

CoinSwitch: Pros and Cons

After using CoinSwitch for over 120 days, I have come up with a list of Pros and Cons — reading which might prepare you better for what comes ahead.

Pros

• An interactive and info-rich app interface
• Excellent liquidity for most cryptocurrencies
• The platform doesn’t levy fees for fiat deposits and withdrawals
• Both the app and website are loaded with educational and informative resources
• The Pro-platform comes with advanced trading tools and resources
• The platform runs several campaigns, offering referral rewards in the process

Cons

• Doesn’t offer margin or support leveraged trading.
• No “Earn” or staking-based programs to reinvest your purchased crypto is available.
• Card and UPI-based deposits aren’t supported.
• Doesn’t support crypto deposits and withdrawals.

The Pro platform mentions arbitrage opportunities for every crypto-INR pair listed. Consider trading the same, as there are multiple exchanges to buy and sell from.

Let us now move to the detailed, section-wise reviews.

Background and the Growth Curve of CoinSwitch

CoinSwitch Kuber came to fruition in 2017 and is the brainchild of Ashish Singhal, Govind Soni, and Vimal Sagar Tiwari. The company claims to have the largest crypto application, with a user-based of over 18 million.

Interestingly, CoinSwitch Kuber started as a crypto broker, aggregating liquidity from leading global exchanges and bringing the same and, over time, shifted to being a full-fledged exchange.

Tiger Global, a16z, and Sequoia Capital back this crypto broker-turned-exchange.

Also, it received its Series B funding worth $25 million in 2021, a move that propelled hires, expansions, and aggressive moves. The company has revealed its plans to foray into the fintech space, offering Fixed Deposits and Mutual Funds.

CoinSwitch and Its Offerings

Even though CoinSwitch offers every feature that a standard crypto broker would and more, it does bring some bespoke additions to its catalog for the Indian user base. Let us take a look at the offerings:

The CoinSwitch App: Overview

Arguably, the most impactful of CoinSwitch’s offerings is its mobile application. It is info-rich, loaded with Instagram story-like market updates, a dedicated knowledge section termed “Crypto Bytes,” and quick access to trade 100+ cryptocurrencies.

The CoinSwitch app lets you set up price alerts to initiate trades perfectly. Furthermore, you can create watchlists within the app to keep track of your favorite cryptocurrencies.

The app itself lets you track the portfolio, access short insightful pieces under the “Learn” section, and has a dedicated “Rewards” section for your vouchers. The “Market” section lists crypto assets as Top Gainers, Top Losers, New listings, DeFi tokens, and across other segments.

Crypto Rupee Index

Interested in tracking the Indian crypto scene with a dedicated index? CoinSwitch’s proprietary Crypto Ruppe Index (CRE8) has you covered. It is a weighted, rupee-denominated VDA index comprising eight high-market cap assets, including BTC, ETH, ADA, SOL, TRX, BNB, XRP, and DOGE — not necessarily in the same order.

Systematic Investment Plan (SIP)

What if, as a crypto investor, you want to set aside funds to buy certain assets periodically? CoinSwitch makes that possible with its SIP offering. You must declare the amount of crypto you wish to purchase on set dates, load up your wallet right before the date, and let CoinSwitch do the rest.

CoinSwitch Pro

If you are an experienced trader interested in using technical charts, arbitrage trading opportunities, and multi-exchange exposure, CoinSwitch Pro is the place to be.

You can access it for mobile from inside the app. Once it’s open, the interface is self-explanatory, comprising TradingView-like charts, and offers a bird’s-eye view of your trades.

Ventures

CoinSwitch plans to kickstart the most promising Indian Web3 startups as part of its “Ventures” initiative. In this incubator-like move, startups get access to 70+ VCs, capital infusion worth $250,000, and more.

CoinSwitch also offers Smart API access, helping you set up conditions for automated trades using the Pro interface.

Types of Accounts Supported by CoinSwitch

When it comes to setting up trading and investing accounts, CoinSwitch keeps things minimal. You can quickly log in and set up a basic crypto trading account. Or, you can simply start using the Pro account without having to log out and sign in all over again.

Even though you can use the Pro interface directly from the app, visiting Coinswitch.co from the desktop also allows you to trade seamlessly.

CoinSwitch Review: Fees and Overheads

Unlike a pricey crypto broker that levies a charge on every aspect of app usage, CoinSwitch makes the life of traders easy with easy-to-understand and affordable charges.

While the max fee is set at 0.5 percent, CoinSwitch doesn’t levy any charge on the trader for the first 100 days, offering a cost-effective trading experience.

The fee structure is transparent, as the platform charges anything between 0 percent to 0.49 percent, depending on the Cryptocurrency you wish to trade. If you have been using the “Pro” platform, the trading rates after execution show a clear breakup of the mentioned fees.

Apart from that, the crypto broker turned exchange doesn’t charge anything.

CoinSwitch’s User Experience and Ease of Usage

First of all, almost every bit of CoinSwitch’s existence as a crypto broker turned exchange is app-based. One look at the app, and you will know it is a breeze to work with. The interface is fluid, with the interface having colors and eye-pleasing fonts to make the user experience just right.

At CoinSwitch, you can start trading for as low as 100 INR, making it a great pick for most beginners.

As for the setup, unlike a stock or forex broker, you need not worry about setting up multiple accounts for multiple jobs. You can simply download the app, register with your phone number, feed in the KYC details, and register your bank account. Once the flow is complete, you can quickly load the CoinSwitch INR wallet and get to trading right away. Let us delve deeper into this:

How Does KYC Verification at CoinSwitch Work?

The seamlessness associated with the CoinSwitch app rubs onto the KYC verification flow. The process starts with mobile phone verification, followed by PAN and Aadhar (ID) verification. Each stage only takes a few seconds to complete. You can also furnish additional details like annual income, occupation, and more to give a brief overview.

Once all these stages are complete, you can head over to link your bank account.

Deposits, Withdrawals, and Order Size

CoinSwitch has a minimum and maximum INR deposit threshold of 100 INR and 50,00,000, respectively. As for the withdrawals, you can take out up to 2,00,000 in a single day.

At present, only Bank Transfer is the support mode for INR deposits and withdrawals. However, this crypto broker-turned-exchange doesn’t levy any withdrawal fee.

While deposits might take some time, you can register the CoinSwitch INR wallet account details on your bank’s mobile banking platform to speed up the fund transfers. The withdrawals, however, are instantaneous.

The order size on CoinSwitch depends on the type of crypto you plan to buy and its exchange-specific liquidity. It is advisable to check the minimum and maximum buy amount against each crypto to take a call.

As 100 INR is the minimum deposit order, most cryptocurrencies can be bought for 99 INR. However, some illiquid tokens can have a higher “Order Size.”

Supported Cryptos and Trading Pairs

CoinSwitch supports over 100 cryptocurrencies and only the INR currency to form trading pairs. Here is the detailed list if you want to see if your favorite token is listed or not.

Security Standards Set by CoinSwitch

The app flaunts the “Biometric Login” functionality, ensuring an added layer of defense alongside the pin. Plus, the SSL-certified servers are secure enough and keep malicious traffic out.

Another important safety aspect is CoinSwitch’s simple business model. They claim to be non-custodial, and the lack of “Earn” or “Vault” like programs ensures that the users’ cryptos aren’t reinvested and always belong to the user.

CoinSwitch’s Customer Support

It is easy to reach out if you have concerns related to deposits, withdrawals, portfolio discrepancies, or almost anything else. CoinSwitch’s app has a dedicated interface termed “Help and Support,” where users can create tickets and get their concerns addressed. It usually takes a few hours to a day max to resolve the issues.

CoinSwitch even allows you to close your account. You would need to create a ticket and submit a request. The customer support team will reach out to you in person and try to address your concerns. You can even ask them to liquidate and transfer funds to the registered bank account.

Additionally, you can reach out to the company folks via Twitter or connect with them over Telegram.

CoinSwitch in 2023: Learning Modules and Resources

Crypto continues to be an enigma for most. Yet, CoinSwitch tries to simply the path, courtesy of their highly informative and content-rich blog, Switch. If you are interested in crypto, there is a dedicated page for you. Or, you can get a feel for India’s financial market in the Personal Finance section. The user interface is easy on the eye and demonstrates variety.

From the website, you can directly subscribe to Switch Weekly, CoinSwitch’s weekly newsletter, loaded with crypto and finance-related content.

CoinSwitch even has a dedicated YouTube channel, educating users about price analysis, complex crypto terms, and more.

And the app itself is loaded with content, all of which can be accessed under the “Learn” section.

Should You Make the Switch to CoinSwitch?

Despite the crypto bear market, CoinSwitch remains a strong force in the Indian crypto community. While the app, website, and associated interfaces are easy to use and work with, inflated rates due to slippage, lack of liquidity, and additional features remain disconcerting for the more expressive users.

Regardless, if you are a crypto beginner from India, CoinSwitch Kuber’s short learning curve can work in your favor.