CoinSwitch Kuber Review – Fees, Payment Methods, Supported Coins
Philipp Traugott
Today, we will talk about the Coinswitch Kuber exchange, a crypto exchange that is popular in the middle east region. In this review, we will cover its various features as well as its merits and demerits. Are you ready? Let’s go.
What you'll learn 👉
COINSWITCH KUBER OVERVIEW
Coinswitch Kuber is an Indian crypto exchange that was launched in 2017. It was created as a group project by Ashish Singhal, Vimal Sagar Tiwari, and Govind Soni. It didn’t immediately start off as a crypto exchange when it started in 2017 because of the ban on cryptocurrencies imposed by the Reserve Bank of India at that time. However, when the ban was overturned in 2020, the exchange then fully entered the crypto sector.
As an overview, these are the features of the exchange:
- It is Indian-based, supports only Indian crypto users and uses only the Indian Rupee as the supported fiat currency.
- It has a mobile app for the Android and iOS operating systems which it prioritizes for continued use of its services.
- It doesn’t have a native token
- It connects traders to different exchanges to find the best rates for their intended crypto swaps. This makes it unique among crypto exchanges.
- It has a simple and quick know your customer (KYC) verification process.
- Allows bank deposits but does not support credit and debit card payments.
- It has a referral program, offering a maximum of 50 Indian rupees for every successful referral.
COINSWITCH KUBER SERVICES AND FEATURES
BUYING AND SELLING OF CRYPTO
The exchange allows users to buy and sell cryptocurrencies easily. The only accepted fiat currency for making crypto purchases is the Indian Rupee. To purchase any of the 100+ cryptocurrencies on the platform, go to the ‘Markets’ section of the app and select the cryptocurrency you want to buy. Once purchased, it shows up in your portfolio with the fiat value displayed in rupees.
If you still want to monitor a coin before deciding whether or not to buy it, you can add it to your watchlist and monitor it easily. Also, the website interface contains some other necessary information about your purchased coins and entire portfolio. Information like charts, investment value, profit or loss percentage, etc.
SPOT EXCHANGE
The spot exchange feature allows users to trade cryptos against one another. There are three types of orders on the Coinswitch spot exchange. They are:
- Market Order: A type of order where you trade assets at the current market price. There is no waiting with this type of order. Trades are executed instantly. This kind of order is also known as a taker order.
- Limit Order: Antonymous to market orders, these orders are executed when the market price reaches a certain level. Traders who place these orders have to wait for their orders to get filled, thus there is no urgency. This kind of order is also called a maker order.
- Auto-Limit Order: To understand this order type, you need to remember that there are usually two different prices for an asset in a financial market – the buy price(or ask) and the sell price. The difference between these two prices is called the spread and is a common term in the financial markets. How does this concern Auto-limit orders?
On Coinswitch, auto-limit orders are orders that execute the sale of a crypto asset at the market sell price, not the buy price. It is similar to the limit order in that it is not instant but is only executed when the set conditions are met.
COINSWITCH KUBER SUPPORTED COINS
Coinswitch currently supports more than eighty cryptocurrencies on its platform with room for more. Some of the supported coins are Bitcoin, Ethereum, Ripple, Decentraland, Tron, Uniswap, Avalanche, Solana, Polkadot, Terra, Polygon, Cardano, Dogecoin, Litecoin, Bitcoin Cash, Ethereum Classic, etc.
COINSWITCH KUBER DEPOSITS AND WITHDRAWALS
Deposits and withdrawals on Coinswitch Kuber are in two categories: Cryptocurrencies and Fiat.
FOR FIAT:
The only supported currency on the platform is the Indian Rupee. To deposit INR, you would first need to create and verify an account with the exchange, of course. Part of the verification process involves linking your registered bank account with your Coinswitch profile. Once that is done, you can make deposits by clicking the ‘Deposit INR’ button at the top right of the home page of the mobile app.
Coinswitch Kuber integrates a number of payment options that make it easier for the average Indian to make fast fiat deposits. One of them is the UPI method which enables users to make direct deposits using payment processors like Google Pay, Phone Pe, BHIM, Paytm, etc. Also, using NEFT, IMPS, or RGS, payments can be made directly from your bank account. The bank transfers are instant and process anything between 100 to 5,000,000 INR.
Withdrawal of fiat also follows the same payment methods that were used to deposit INR. However, withdrawals can only be made to your registered bank account. Also, take note that deposits and withdrawals of fiat do not attract any processing fee from Coinswitch.
FOR CRYPTO:
The method for deposit and withdrawals of cryptocurrencies follow the same standard in all crypto exchanges. As a recap, this is how it goes:
- Crypto Deposits: To make crypto deposits:
- Go to your Coinswitch portfolio on the app
- Select the coin you want to deposit
- A QR code comes up along with the address of your wallet for the coin in question
- Copy the address and paste in the withdrawal section of the exchange or wallet you’re sending from.
- Confirm the transaction.
- Crypto Withdrawals: To withdraw crypto from the Coinswitch app, you would first need to whitelist the address for withdrawals. To do that, click on ‘Add address’ on the ‘Send’ page of the coin you want to withdraw. You would then need to enter the wallet name, wallet address and destination tag and wait for 24 hours. After 24 hours, the address will be activated and you can then withdraw funds freely into it.
To withdraw the coin:
- Tap on the Coin’s page on your portfolio
- Click on ‘Send’
- Select the already whitelisted address
- Tap on withdraw
- Confirm the transaction.
COINSWITCH KUBER TRADING FEES
Coinswitch’s trading fees program is one of the reasons why it is very popular in India. For one thing, it doesn’t charge fees for transactions during the first 100 days of registration. After that, it charges a fee of 0% to 0.5% depending on the exchange that was selected by the user.
DOES COINSWITCH KUBER REQUIRE KYC?
Even though cryptocurrency transactions are meant to be decentralized, the increasing heat of regulation in the crypto world requires that all major crypto exchanges implement KYC procedures to comply with Anti-Money-Laundering rules. Coinswitch is no exception. After starting the registration process, the next step is verification before you can start full activities on your account. We will explain more on this as we go on in this article.
COINSWITCH KUBER SUPPORTED COUNTRIES
Coinswitch supports only Indian customers. That is why the Indian Rupee is the only accepted fiat currency. That is also why the KYC requirements are customized to Indians alone. This doesn’t detract from its customer base, though, as it has reported more than six million users, and still counting.
HOW TO START WITH COINSWITCH KUBER
REGISTRATION
Users of Coinswitch Kuber have to use the mobile app in their transactions. Thus, downloading the mobile app is the first step towards registration. You can download the app on Google or Apple store directly or you can request a link on the website. The link will be sent to your provided phone number.
After installing the app, open it and start registration. For account creation, a valid phone number is required from you. Once you provide the number, an OTP will be sent to it which you have to enter on the app to proceed.
The next step is to create a 4-digit PIN that would grant you access to your account. You’ll need to re-enter the PIN for confirmation purposes. Once that is done and confirmed, you now have an account with Coinswitch Kuber. Congrats!
VERIFICATION
This is the last step of the registration process that allows users to deposit, withdraw, and trade freely on the platform. The verification process goes thus:
- Log into the app with your details and open the settings tab
- On the settings page, click ‘User Verification’ and then ‘Basic Verification’
- Provide the required details like Date of Birth, full name, and email address. Make sure the DOB and name you provide are as shown on your ID document
- An OTP will be sent to your email to verify it. Enter it in the space provided.
- To verify your PAN card, use your device’s camera to snap it, submit the picture, and wait for it to be verified.
- Next, select the ID document you would like to submit. You can choose any of the following: Aadhar card, International passport, Driving License, Voter’s card.
- Submit a clear picture of it and wait for it to be verified.
- You’re good to go!
DOES COINSWITCH KUBER HAVE A NATIVE TOKEN?
Coinswitch Kuber does not have a native token. The main currency on the platform is the Indian Rupee. Also, there are no talks yet of introducing a native token at any time in the near future.
IS COINSWITCH KUBER LEGIT AND SAFE?
Yes, we believe strongly that the exchange is legit and safe. Consider the following reasons below:
- The exchange uses blockchain analytical tools to pick out and address crypto-related crimes even before they occur. Thus, the exchange is usually a step ahead of malicious fraudsters, keeping them in check.
- Users are mandated to complete basic KYC verification in order to confirm that they are really who they say they are. In this way, the exchange screens out some fraudulent individuals. Also, the fact that necessary information about a person is collected before trading functions begin acts as a deterrent for registered users who may be thinking of scamming.
- Coinswitch does not hold or block your funds. Buying and selling of coins on the platform is done through link-ups with the best exchanges available for that rate. The only instance in which your funds are under ‘lock’ is when you place limit orders. Even in this case, your funds are ‘unlocked’ when you cancel the orders or when they are executed.
- On April 22, 2021, Coinswitch announced that it had successfully completed a funding round led by Tiger Global Management. This funding round raised $25 million and catapulted Coinswitch to become one of India’s top five finance apps. Does this make you more confident in Coinswitch? It should.
IS COINSWITCH REGULATED?
Being one of the most popular crypto exchanges in India, Coinswitch Kuber has not shied away from engaging with government officials on matters involving crypto and its eventual adoption and regulation. This is checked by these government establishments.
CONCLUSION
Trading cryptocurrencies in India has had its bittersweet moments. The days before June 2020 were dark days for Indian traders as crypto-assets were still forbidden under the law. However, with the advent of Coinswitch Kuber, trading crypto has become much easier for Indians.
With their fast INR to crypto conversion, user-friendly interface, intuitive mobile app, and crypto educational initiatives, they are a force to reckon with in the Indian crypto world.
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FREQUENTLY ASKED QUESTIONS
WHAT FIAT CURRENCIES DOES COINSWITCH KUBER SUPPORT?
The only fiat currency that is supported on the platform is the Indian Rupee(INR)
DOES COINSWITCH KUBER HAVE FIAT DEPOSIT?
Yes, there is a feature on the exchange for you to deposit INR, the only supported fiat currency.
To deposit INR, you would first need to create and verify an account with the exchange, of course.
Part of the verification process involves linking your registered bank account with your Coinswitch profile. Once that is done, you can make deposits by clicking the ‘Deposit INR’ button at the top right of the home page of the mobile app.
Coinswitch Kuber integrates a number of payment options that make it easier for the average Indian to make fast fiat deposits. One of them is the UPI method which enables users to make direct deposits using payment processors like Google Pay, Phone Pe, BHIM, Paytm, etc. Also, using NEFT, IMPS, or RGS, payments can be made directly from your bank account. The bank transfers are instant and process anything between 100 to 5,000,000 INR.
CAN I TRADE WITH LEVERAGE ON COINSWITCH KUBER?
Coinswitch Kuber does not have the leverage trading option. However, bear in mind that you can’t actually trade on Coinswitch, it only connects you with various exchanges with the best rates for your trade. Some of those exchanges have leverage trading. Also, the Coinswitch blog contains articles about margin trading
WHERE IS COINSWITCH KUBER BASED?
It is based in India with headquarters in Bangalore, Kanataka, India.
HOW DO I GET CRYPTO ON COINSWITCH KUBER?
The first step is to register an account on the website, which would require you to download and install the mobile app. After registering, complete KYC verification, and you’re ready to trade. Coinswitch Kuber doesn’t directly handle trades for users but directs them to exchanges where they can get the best rates for that trade.
IS COINSWITCH KUBER TRUSTWORTHY?
Yes, they are. They have completed a series of successful funding rounds led by some big names in the finance sector, with the latest being a $250 million funding round led by Andreessen Horowitz and Coinbase Ventures.
CAN I WITHDRAW MONEY FROM COINSWITCH KUBER?
Yes, you can. You can withdraw fiat through the same method you deposited with, whether through UPS, NEFT, IMPS, etc. Withdrawals can only be made to registered bank accounts with no fee attached. To withdraw crypto, you would need to first whitelist the address for withdrawal and wait for 24 hours. Once it is approved, you can withdraw freely.
IS COINSWITCH LEGAL IN INDIA?
Yes, it is legal. Trading in crypto has been legalized since June 2020.
WHY IS COINSWITCH KUBER NOW WORKING?
Sometimes, the app malfunctions because of a glitch on the app or network issues. It is nothing to worry about, the customer support team is always available to help out when issues like that arise.
