CoinSwitch Kuber: Simplifying Crypto Trading in India!
CoinSwitch is one of the top cryptocurrency exchange platforms in India that provides an easy-to-use app, Coin Switch Kuber, for purchasing, selling, and exchanging cryptocurrencies with minimal fuss. Coin Switch was launched in 2017 and has grown to become a user base of more than 20 million people, rendering it a safe and reliable option for crypto traders. Is CoinSwitch safe, legal, and reliable? In this comprehensive guide, we dive into Coin Switch fees, customer care, legitimacy, and many other things. Learn why millions of users rely on CoinSwitch for their crypto investments! [source]
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What is CoinSwitch?
Coin Switch began as a global aggregator of cryptocurrency exchanges with the mission of providing users with the most favorable prices by comparing prices across various platforms. With the Reserve Bank of India removing its ban on cryptocurrency trading in March 2020, Coin Switch launched in June 2020, focusing specifically on Indian retail investors. The ease of the platform and the seamless services have impressed millions of users throughout the country.
Is CoinSwitch Safe?
Security is paramount for any finance platform, especially in the case of cryptocurrencies. Coin Switch prioritizes security protocols to protect the assets and data of users. Coin Switch implements extremely sophisticated encryption technology and multi-factor authentication to secure the trading platform. Additionally, Coin Switch has been in the vanguard by publishing Proof of Reserves reports, of which the third one was brought out in May 2024, demonstrating that its balances in crypto and INR were above customer balances. [source]
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Is CoinSwitch FIU Registered.
Indeed, Coin Switch is a Reporting Entity registered with the Financial Intelligence Unit-India (FIU-IND). Such registration is an important milestone for any Indian financial platform, as it showcases a dedication to adhering to India’s anti-money laundering (AML) and counter-terrorist financing (CFT) laws.
Being FIU-registered makes Coin Switch liable for reporting any suspicious transactions and keeping records of all financial activity on its platform. This makes the exchange transparent and compliant with the regulatory framework of the Indian government.
CoinSwitch is Real or Fake?
Coin Switch is a legal and registered company in India. From the time it was established in 2017, it has won the trust of more than 20 million registered users as of March 2024. The growth of the platform and large user base over such a short period confirm its authenticity and trustworthiness in the crypto space.
Is CoinSwitch Legal in India?
Functioning within India’s legal framework, Coin Switch respects the regulations of the country with regard to cryptocurrency trading. After the Supreme Court overturned the RBI ban on cryptocurrency trading in March 2020, operations of platforms such as Coin Switch have been legal, offering services to Indian users.
CoinSwitch Login: A Simple and Secure Process
Logging into CoinSwitch is very simple, to provide both ease of use and security to the users. For login to your account, you are required to enter your registered mobile number in the CoinSwitch app or site. An One-Time Password (OTP) will be sent to your mobile number, which is required to be entered for completing the login process. This OTP-based process doesn’t require a password like others, thus it lessens the risk of access by an unauthorized user. For extra protection, CoinSwitch also offers biometric login support through fingerprint or facial recognition, so only the account owner can view their portfolio.
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CoinSwitch Deposits: How to Add Funds Safely
Funding your CoinSwitch wallet is a hassle-free process that enables users to easily initiate trading in cryptocurrencies. Users are able to deposit Indian Rupees (INR) through several different payment options like UPI, net banking, and bank transfers. There is no charge applied by the platform for INR deposits, which makes it an inexpensive option for traders. The deposited amount tends to reflect immediately in the wallet of the user, enabling users to purchase cryptocurrencies instantaneously. CoinSwitch guarantees that transactions are encrypted and adhere to Indian laws, with a secure environment for handling funds.
CoinSwitch Withdrawals: Fast and Reliable
Withdrawal of funds from CoinSwitch is also very user-friendly. Both INR and cryptocurrencies can be withdrawn from the accounts of the users. For withdrawal of INR, the users should connect their bank account and undertake a KYC (Know Your Customer) procedure if they have not already. The withdrawal is quick, with INR being credited to the connected bank account in a few hours, though it may take up to 24 hours in some instances. CoinSwitch charges a small withdrawal fee for cryptocurrencies, varying with the token and network situation. The fee structure and secure withdrawal process of the platform have earned it credibility among Indian cryptocurrency enthusiasts.
CoinSwitch Customer Care Number
Even though Coin Switch has customer services through various media, it is important to find the up-to-date contact information directly from their official web portal or mobile app to avoid impersonations. [https://coinswitch.co/pro/coinswitch-cares]
CoinSwitch Charges
Coin Switch charges fees in a transparent and competitive manner. Customers are encouraged to check the platform’s official documentation for comprehensive information regarding transaction fees, withdrawal fees, and any other fees.
Who is the Owner of CoinSwitch App?
Ashish Singhal, Govind Soni, and Vimal Sagar Tiwari co-founded Coin Switch in 2017. Ashish Singhal is the CEO and has vast experience from past tenure at organizations like Amazon and Microsoft.[source]
Headquarters of CoinSwitch
Coin Switch is headquartered in Bangalore, Karnataka, India. The city’s vibrant tech ecosystem provides an ideal environment for the company’s operations and growth.
CoinSwitch's Journey and Achievements
Since its inception, Coin Switch has registered various milestones:
Funding and Valuation: In October 2021, Coin Switch raised $260 million as part of a Series C round of funding, taking the company’s valuation to $1.9 billion. [source]
User Base Expansion: As of March 2024, the site had accounted for more than 20 million users, testifying to its broad acceptance and confidence among Indian investors.
Product Diversification: Coin Switch has diversified its products beyond cryptocurrency trading. In April 2024, its parent company PeepalCo launched a brokerage division for equity trading and an investment app Lemonn, the company’s entry into traditional financial markets. [source]
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Regulatory Engagements
The office of CoinSwitch was raided by the Enforcement Directorate (ED) in August 2022 as part of an inquiry into alleged offenses against India’s foreign exchange laws. Coin Switch CEO Ashish Singhal reported that Coin Switch was assisting the agency to the fullest extent, adding that the questions were regarding the functioning and compliance procedure of the platform. [source]
Conclusion
Coin Switch has emerged as a prominent player in India’s cryptocurrency market, providing a safe and easy-to-use platform for trading cryptocurrencies. With a focus on compliance, transparency, and ongoing innovation, Coin Switch is committed to meeting the changing needs of Indian investors in the fast-paced world of cryptocurrencies.