CoinSwitch Kuber Review | The Aggregator platform explained with its features, fees, pros, and cons – MindYourCrypto

Coinswitch Kuber review

CoinSwitch Kuber is a mobile-specific application exclusively for Indian cryptocurrency users, that offers instant buy-sell of crypto assets using INR.

The Supreme Court’s verdict quashing RBI’s crypto ban is a great development in the Indian cryptocurrency space. Seemingly, it has brought somewhat positive sentiment across the crypto community. It has encouraged both the new users and new businesses to enter the cryptocurrency space. In this post, I will review and introduce you to one such cryptocurrency platform that has recently joined the Indian crypto movement i.e. CoinSwitch Kuber.

Contents

1. CoinSwitch.co overview

2. CoinSwitch Kuber | Intro

3. CoinSwitch Kuber pros and cons

4. CoinSwitch Kuber features and offerings

5. CoinSwitch Kuber fees

6. How to start with CoinSwitch Kuber?

1). Account register

2). KYC, user verification

3). Updating your Bank account details

7. Deposits and withdrawals

1). INR deposits and withdrawals

2). Cryptocurrency deposits and withdrawals

8. Buying and selling of cryptocurrencies

9. Final thoughts

1. CoinSwitch.co overview

source : coinswitch.co

Founded in 2017, CoinSwitch is a global cryptocurrency exchange aggregator with headquarters in Bengaluru, India. Ashish Singhal, Govind Soni, and Vimal Tiwari are the founder members of CoinSwitch.co and the platform has already clinched funding of $1.5 million from venture capital firm Sequoia Capital in 2018.

CoinSwitch.co offers its users to exchange 300+ cryptocurrencies and 1000’s of cryptocurrency pairs to exchange. It also offers its users to buy 100+ crypto coins using fiat currencies (USD, JPY, EUR, RUB). It operates more or less similar to other instant cryptocurrency exchanges such as ChangeNow, Changelly, Shapeshift, etc.

CoinSwitch.co is available to users from all around the world, except for Cuba, Iran, North Korea, Crimea, Sudan, Syria, Afghanistan, Pakistan, and the USA. Yet it’s, primary clientele belongs to Asian countries.

In this post we will discover it’s counterpart CoinSwitch Kuber in detail.

2. CoinSwitch Kuber | Intro

source : coinswitch.co

Launched in June 2020, CoinSwitch Kuber is the latest offering from CoinSwitch.co, especially for Indian cryptocurrency enthusiasts. It’s a mobile-specific cryptocurrency exchange that enables it’s users to buy-sell over 100 (as announced) cryptocurrencies with native fiat i.e. INR.

The Indian version (Kuber) is aimed to provide a simplified and accessible route to the local cryptocurrency users via its mobile platform. Alongside it affirms to deliver the best cryptocurrency exchange rates to Indian users by aggregating the liquidity of top Indian crypto exchanges.

Unlike its global counterpart CoinSwitch Kuber doesn’t allow you to trade without completing KYC nor presently it offers instant crypto-to-crypto swaps.

3. CoinSwitch Kuber pros and cons

Before we move further, it’s better to have a look at its pros and cons.

Pros are;

1). It offers simplistic and beginner friendly user interface

2). The KYC process is quite fast and it takes few minutes to complete the verification.

3). Instant INR deposits and withdrawals via a variety of payment methods.

4.) It has got a decent rating score on Play Store.

5). Offers 58 cryptocurrencies to buy with INR. (at the time of writing)

6). The app also offers a real-time chat feature which is quite responsive. Yet, sometimes, you can get a delayed response (up to 30 minutes).

Cons are;

1). You can’t use the platform without updating your KYC details.

2). It isn’t suitable for day trading because it lacks must have tools for day trading.

3). As of now, you can only buy crypto coins using INR, but crypto-to-crypto conversions are not supported.

4. CoinSwitch Kuber features and offerings

source :coinswitch.co

CoinSwitch Kuber is a beginner-friendly cryptocurrency exchange platform. It’s a great place to buy-sell cryptocurrencies using Indian Rupee. The best part about CoinSwitch Kuber is that it offers the best cryptocurrency rates by pooling liquidity from leading Indian exchanges.

However, the initial version has launched with a limited features.

Currently, it offers just casual buy-sell of cryptocurrencies. You can buy-sell only 58 crypto coins using INR and not 100+ as announced earlier. However, more coins may be added in the coming months and we will update the same.

Furthermore, you can’t use CoinSwitch Kuber as a regular crypto trading platform nor you can make crypto-to-crypto conversions.

But for that purpose, you can visit its global version, where you can swap between 300+ cryptocurrencies.

5. CoinSwitch Kuber fees

There isn’t any clear info regarding the trading fee and for the same, we reached out to the support via live chat. We got a quick reply from the CoinSwitch Kuber team where the company clearly states that it doesn’t charge any trading fee, as of now. Below is the live-chat screenshot;

6. How to start with CoinSwitch Kuber?

CoinSwitch Kuber offers a simplistic user interface that provides a seamless user experience. It’s quite easy to start with CoinSwitch Kuber. All you need to do is to download the app and follow the three-step process.

1). Account Register

It’s quite straightforward process to register a new user account with CoinSwitch Kuber.

After downloading, as you open the app it will ask you to enter your mobile number. Then, it will send an OTP on your provided number for verification. Enter the OTP and click to verify. In the next step, it will ask you to enter a 4-digit password for your newly created account.

2). KYC, user verification

Now in order to unlock your INR wallet, you need to complete the below given three components of KYC for a complete account verification.

    • Basic verification

Here you need to provide your name, address, DOB, and email-id.

    • PAN card verification

In next step, you need to scan your original PAN card (not photo copy).

    • Identity Card verification

This is final step in KYC where you need to upload one of your photo ID, i.e Aadhaar, Passport or Voter ID.

Finally, a selfie is also taken by app for face verification.

3). Updating your Bank account details

After completing KYC verification, your account is ready to use. But in order to buy Bitcoin and altcoins, you need some INR in your Kuber wallet. And thus, to facilitate INR deposits and withdrawals you need to add your bank account with CoinSwitch Kuber.

In order to add a bank account, go to settings and click on “Bank details”. Enter the bank details such as account number, IFSC code, account type and click “Submit”.

7. Deposits and withdrawals

1). INR deposits and withdrawals

Now you have a verified bank account with CoinSwitch Kuber, which can be used to make instant INR deposits and withdrawals.

• INR deposits

For making a deposit request, click on the “Recharge Wallet” tab. Add the amount (min.100 or max.100000) that you want to deposit and click “Deposit”. It will redirect you to the payment gateway where you can make INR deposits via two methods given below;

(a). INR deposits via UPI: At the payment gateway page you can select the UPI app of your choice from the given UPI apps and make the deposit. (PhonepPe, Google Pay, BHIM, Paytm)

(b). INR deposits via NEFT, IMPS or RTGS: You can also deposit INR via NEFT, RTGS or IMPS by selecting the bank transfer option in other methods.

Once the deposit is made, the funds will reflect in your CoinSwitch Kuber wallet.

• INR withdrawals

INR withdrawals are quite simple. Click on “Indian Rupee” in currencies and “Click” withdraw. Enter the amount you need to withdraw. The app will display the bank account to which the funds will be transferred. Click “Confirm” and enter your 4-digit pin to approve the withdrawal. As soon as the withdrawal request is processed, the amount will be reflected in your bank account.

2). Cryptocurrency deposits and withdrawals

You can make a cryptocurrency deposit or withdrawal easily from the CoinSwitch Kuber app. First, you need to select the coin that you want to deposit or withdraw. Let’s assume Ethereum (ETH) for example.

Click Ethereum in given list, it will take you to the next page as shown below;

To deposit Ethereum, click on the QR icon on the top right side and it will show a QR code as well as an ETH deposit address. You can scan the QR code or copy the given ETH address for sharing.

In order to withdraw Ethereum, you need to click on an arrow-shaped icon next to the QR icon. It will open the next page showing the Ethereum amount in your ETH wallet. Enter (copy-paste) your ETH withdrawal address in the given space and click, “Next” to complete the withdrawal process.

Note: Never enter an address manually. Either scan the QR code (if possible) or copy-paste the address. Double-check your address before making a crypto transaction, if the funds are sent to the wrong address or other coin’s address, you will lose that amount as blockchain transactions are irreversible.

8. Buying and selling of cryptocurrencies

CoinSwitch Kuber offers a beginner-friendly user interface that makes buying and selling of cryptocurrencies a piece of cake.

You can buy or sell any crypto coin from the given list in few clicks. It works as follow;

1). Select the crypto coin that you want to buy or sell.

2). Click “Buy” or “Sell” tab in bottom.

3). Now, enter the amount accordingly. (INR if buying, Crypto if selling).

4). It will display the current price and amount you will get.

5). Check the final details and click “Buy” or “Sell”, accordingly.

The transaction amount will be updated in respective wallet.

9. Final thoughts

CoinSwitch Kuber may be launched with limited features but as of now, it has certainly lived up to the expectations. Its ease of use, fast KYC verification, instant INR D/W, and fair exchange rates are quite impressive.

The number of cryptocurrencies offered is quite low to that, what was initially announced (100+). However, after buying Bitcoin or other altcoins with INR, you can use its global version to make instant swaps in more than 300 crypto coins. Hence it’s not a big issue.

One last thing that I found worth sharing is the security aspect of the platform. As the app offers wallets for different crypto assets, and those wallets holding user funds are controlled by the company. As of now, there isn’t any solid info regarding the storage and security practices utilized by the team CoinSwitch. If they share the same, it will bring more trust among users.

Here, I would like to suggest you, not to store your crypto assets in your exchange’s wallet for the long term, especially if you have a large amount of crypto assets. Instead, you can use a hardware wallet for long term safe storage.

That’s what I have personally felt using the Kuber platform. Doing some research before using a product and service, is always beneficial.

Some other cryptocurrency exchanges that offers to buy Bitcoins and altcoins using INR are;

Wazirx Exchange: Read Review
Visit Wazirx

BitBns Exchange: Read Review
Visit BitBns

Zebpay Exchange: Read Review
Visit Zebpay

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