Coinbase and Coinswitch are one of the biggest crypto exchanges in the world. This article gives a glance on both platforms by collecting features and benefits.
Coinbase vs Coinswitch: Introduction
In recent years, cryptocurrency exchanges have gained great traction across the globe. Mostly by providing a seamless and trustless method of trading crypto in a manner that is devoid of any third-party involvement.
According to Coinmarketcap, there are currently over 300 crypto exchanges available. Additionally, each of them possessing one or more distinctive functions or features. While trying to choose the most suitable exchange to manage your cryptocurrencies; There are several features you might want to look out for in order to make sure you get the best services you can count on anytime.
The rest of this article will help provide readers with information on two popular exchanges. After reading this article, new users would be able to compare the amazing features which both platforms provide and decide on the most preferable exchange for their transactions.
Coinbase vs Coinswitch
Coinbase and Coinswitch are two notable exchanges widely known across the crypto industry today. These two exchanges provide a fully equipped environment where users cannot only buy and sell cryptocurrencies. However, they also perform a wide range of other crypto-related activities. Although both platforms seem to provide similar services to their users, they possess several exclusive features that this article intends to expose.
Introduced in June 2012, Coinbase is one of the longest-running exchanges around today. This reputable platform provides a wide range of crypto services trusted by millions of users across the globe. Among the long list of services this exchange provides, their brokerage service is arguably their strongest selling point to date. Coinbase offers one of the easiest channels through which new users seeking to build a strong digital portfolio. For instance, customers can buy cryptocurrencies directly from their banks through bank transfers, debit/credit card transactions, as well as SEPA transfers. Moreover, Coinbase makes buying and selling of cryptocurrencies as easy as ordering a pack of pizza. In particular, by featuring one of the most decent interfaces on any exchange.
Coinswitch cryptocurrency platform
Launched in June 2017, CoinSwitch is a cryptocurrency exchange aggregator that basically grants its users access to multiple exchanges. These include Binance, Huobi, HitBTC, Kucoin, Cryptopia, and DEX where they can conveniently buy and exchange cryptocurrencies at the best rates available on the market.
First of all, users do not necessarily have to register before they can enjoy the services provided on this platform. Instead, they would be required to create an account in order to access a wider range of exchanges and better prices. Aside from the fact that they permit cross-compatibility across a wide range of exchanges, they also allow users to purchase over 100 different cryptocurrencies using their debit/credit cards. All these amazing features are fully packed in a user-friendly environment, thereby making CoinSwitch one of the best exchanges for newbies.
Coinbase vs Coinswitch: Buying and Verification Process
Coinbase has consistently built its platform on the foundation of simplicity. For this reason, buying cryptocurrencies using this platform has been made very easy for even those with no experience. First, you have to create an account by providing your name, email address, and preferred password. After setting an account up, the next step is to choose the method through which you intend to buy your preferred crypto and you’re good to go. Besides, you would be required to complete a verification process if you intend to enjoy added features like higher transaction limits, unlimited trading, and a whole lot more. In this process, you would be required to verify personal information about yourself and also provide a valid ID.
For those who prefer to stay anonymous in all their crypto dealings, CoinSwitch might be a better pick. Mostly, because you basically do not need to sign up to start using this platform. With CoinSwitch, you can compare current crypto rates across major exchanges and buy your preferred crypto with credit cards instantly. The list of major fiat currencies accepted on the platform includes USD (US Dollar), Euro (Euro), JPY (Japanese Yen), RUB (Russian Ruble), AUD (Australian Dollar).
In terms of the total number of cryptocurrencies both platforms support, CoinSwitch has a greater advantage. In particular, due to its ability to connect to multiple exchanges. Currently, CoinSwitch supports over 300 cryptocurrencies and has over 45,000 trading pairs available. Coinbase on the other hand supports only 29 cryptocurrencies. Although they also provide an exhaustive list of trading pairs, most of these pairs are restricted in certain regions. All in all, both platforms provide users with the opportunity to buy and sell some of the most popular cryptocurrencies.
Although both Coinbase and CoinSwitch have a long list of countries from which users can enjoy their services, CoinSwitch wins this round. Especially, by offering a wider margin because their services are available for users in virtually every country of the world. For Coinbase, only 102 countries are supported at the moment, although there are major plans to add other countries to this list in the nearest future.
While trying to take a decision on the most suitable exchange for you, the transaction fee is one major determining factor that you shouldn’t overlook. Nowadays Coinbase and Coinswitch appear to provide very competitive fees to their customers. However, it is important to bear in mind that many of these exchanges try to embed some added charges into every transaction. In addition, it might be difficult to notice unless you observe closely.
For instance, every transaction you make on Coinswitch, they charge a fee of 0% to 0.49%. Furthermore, depending on the exchange you select for your transaction. However, these fees do not include the regular network charges and any other amount charged by the exchange you decide to choose.
Coinbase on the other hand has a different fee structure. Coinbase charges a standard fee of 3.99% for every debit/credit card transaction on its platform. Also, crediting your Coinbase wallet through SEPA transfer will not attract any extra fee aside from the normal bank charges.
According to a large number of reviews from Coinbase users, their customer support system is really poor. On multiple occasions, users have had to wait for as long as 48-72 hours to get a response via their email support channel. Also, trying to reach their customer support representatives via their phone line could prove really frustrating at times.
CoinSwitch on the other hand appears to offer a decent customer service experience. Mostly through their automated chat support system which provides real-time support on any issue users might encounter while using the platform. Especially, through their email support system, users can send their complaints to the email address provided on the platform. In addition, they can be sure to get positive feedback within 12 hours.
Coinbase vs Coinswitch: Safety and Security
While choosing an exchange for your crypto dealings, your number one priority should be the safety and security of your assets. Getting this first rule right would obviously save you a whole lot of stress while trading. Saving your crypto assets in wallets provided by centralized exchanges might not be the ideal thing to do. For instance, history has shown that even the best exchanges could be vulnerable to hack attacks and in the event of such an attack, users’ funds might be lost.
For this reason, Coinbase might not be the best place to store your cryptocurrencies whenever you are not trading. The case is quite different for CoinSwitch since you basically cannot store your funds on the platform. The platform only allows you to buy and convert coins instantly on it. At no point do you have to leave your coins on the exchange. Instead, you get to keep them in your own private wallet or on your local desktop PC.
Coinbase has made big efforts to improve its security standards in recent years. Particularly, by introducing a cold storage system where over 98% of user’s funds are now stored. Assets placed in cold storage are completely offline and disconnected from any automated system which makes them impossible to access through hacks. Additionally, Coinbase provides a standalone app that allows users to store their crypto assets in a decentralized manner. The Coinbase Wallet app also allows users to manage their own private keys and store their crypto assets directly on their devices.
One major advantage that Coinbase has over CoinSwitch is its availability on mobile devices. Currently, Android and iPhone users can enjoy the services of Coinbase. Additionally, by downloading the mobile app from their respective app stores. CoinSwitch users can only enjoy their services through their website as they currently do not have a mobile application for users outside India.
In December 2018, Coinbase launched a huge project which presented users with the opportunity to earn cryptocurrencies while they learn about them. This unique feature was aimed at enabling users to understand more about an asset’s utility and its underlying technology. Also, while getting a bit of the asset. In this program, users get to complete educational tasks like watching short videos and answering quizzes which could earn them small amounts of cryptocurrencies.
CoinSwitch Referral Program
While Coinbase provides an avenue for users to earn cryptocurrencies through learning, CoinSwitch provide users with almost the same opportunity, but in a different form. In this case users get to refer new members and earn rewards in bitcoin. For a user to participate in this referral program, he will be required to add his bitcoin wallet address. Additionaly, CoinSwitch uses it to generate a unique referral link. For every person who clicks the link, and completes a transaction worth at least $100, the referrer and the new user gets to earn $5 each. After the initial $5, the referrer will continue to receive a 25% revenue share. Moreover, for as long as the person he referred continues to use CoinSwitch.
Coinbase vs Coinswitch: Pros and cons
|✓ Provides a pretty decent interface which makes it easy to use||✗ CoinSwitch is a crypto-to-crypto exchange and does not permit fiat deposits|
|✓ Provides a wide variety of cryptocurrencies and trading pairs to choose from||✗ High transaction fees due to a number of hidden charges|
|✓ Effective customer support system||✗ Withdrawal limit vary depending on the selected exchange|
|✓ Users can choose to stay anonymous and still enjoy their services||✗Not available in the United States|
|✓ Supports credit card purchases|
|✓ User-friendly interface||✗ Users do not have control of their funds on the exchange|
|✓ Accepts a variety of fiats on their exchange||✗ No anonymity as accounts are monitored|
|✓ Competitive fees||✗ Poor customer support system|
|✓ Accepts credit/debit cards purchases||✗Does not provide a long list of crypto options compared to CoinSwitch|
All in all, the exciting features and benefits provided by Coinbase and Coinswitch encompasses a large number of their flaws. While I can only provide valuable information it’s totally up to you to decide which exchange fits you best. However, it is important to note that prioritizing the strongest traits of both of these exchanges and comparing them side by side would be of great help in the decision making process.
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