CoinSwitch Kuber: Is it the best Indian Crypto Exchange?
CoinSwitch Kuber is one of the newest funded crypto exchanges. Coinswitch has been operational since 2017, but lately they have been very active in the Indian community space. They have been actively hiring and expanding, post their 25M funding from Tiger Global managements, at 500M valuation. This was a series B round in February. Earlier they had raised 15M in series A round, in January from investors like Ribbit Capital and Paradigm. Keeping all their options open, Coinswitch wants to become the #1 company that would allow crypto, as well as mutual funds, stocks and other asset class, for the young Indian investors.
Coinswitch Company Details
Web base or mobile app based: CoinSwitch Kuber is available on the mobile app only. However, the website has a blog to guide and educate users.
Started in: 2017
Founders: Ashish Singhal, Govind Soni, Vimal Sagar Tiwari
What is CoinSwitch Kuber?
CoinSwitch Kuber is a crypto exchange based in India. CoinSwitch which was launched in 2017 by Ashish Singhal, Govind Soni, Vimal Sagar Tiwari, the founders of the platform. However, CoinSwitch Kuber is a specific platform targeting the Indian audience for crypto investing and was launched in 2020. It has an user base of over 5 million (as of June 2021). The platform offers its users over 100 cryptocurrencies for trading.
CoinSwitch is connected to several crypto exchanges and searches for the best rates for its users, unlike traditional exchanges that create and generate their liquidity. CoinSwitch Pro, feature aimed at advanced crypto traders and investors is under development.
It has a simple and sleek user interface, which is easy to navigate for traders at all levels. CoinSwitch Kuber is aimed at the Indian market. Their office is located in Bengaluru, Karnataka. The platform has over 500 crores INR in trade volume. CoinSwitch Kuber is backed by notable investors such as Sequoia, Ribbit Capital, Paradigm and more.
CoinSwitch has previously received funding of $15 million (Rs. 109 crores) in their first round of funding from four major investors, including Ribbit Capital and Paradigm, an investment firm based in San Francisco which focuses on crypto investments. The Series A round involved participation of Sequoia India Capital and Kunal Shah (the founder of CRED), already existing investors. These funds will solely be utilized for the development in security, compliance, products, the overall brand and technological capabilities of the platform.
Some of the crypto supported by CoinSwitch Kuber are :
How did CoinSwitch Kuber begin?
The platform was created and launched in the year 2017 by Ashish Singhal, Govind Soni, Vimal Sagar Tiwari who have been friends for nearly 13 years and have had prior work experience in the same organizations as colleagues.
CoinSwitch is a product of innovation paired with the trio’s skills and the platform began with a hack. The founders had previously participated in hackathons and hacking competitions organized by Sequoia, Google, Amazon and LinkedIn in India.
Ashish Singhal if the Chief Executive Officer (CEO) and co-founder of the platform. He has completed his Bachelors of Engineering in Computer Science from Netaji Subhas Institute of Technology. His prior work experience includes Software Development Engineer at Microsoft, Amazon, Livspace.com and Technical Advisor at Reap Benefit. He has co-founded organizations such as Urban Traitor and CRUXPay.
Govind Soni is currently the Chief Technology Officer (CTO) and co-founder of CoinSwitch. He has attained his Bachelors of Engineering in Computer Science from Netaji Subhas Institute of Technology. His previous work experience includes Software Developer at Infoedge India Ltd., Amazon and Livspace. He is the co-founder and was the CTO for CRUXPay as well.
Vimal Sagar Tiwari is the Chief Operating Officer (COO) and co-founder of CoinSwitch. He received his Bachelors of Technology in Computer Science and Engineering from Jaypee University of Information. His past work experience consists if Software Engineer at Accenture and Zynga. He co-founded CRUXPay along with his two co-founders and is the COO as well.
In 2020, CoinSwitch Kuber was launched and has gained traction ever since.
How to get started on CoinSwitch Kuber?
- Register on CoinSwitch Kuber through the platform’s mobile app. The mobile app is supported by Android as well as iOS phones.
- The platform requires only a functioning and valid phone number, which will be verified via an OTP.
- Users will be asked to set a PIN for their CoinSwitch Kuber application.
- For users, to purchase, sell or deposit any form of crypto assets, they are required to complete the KYC procedure. This process requires PAN card (mandatory). The other documentation includes any one of the following: Aadhar Card, Passport, or Voter ID .
- The verification process is split into three: basic verification ,PAN card verification and Identity Card verification. The basic verification requires basic details such as full name, date of birth, email ID, after which the user has to verify their email ID. PAN Card verification requires access to the phone’s camera for scanning the PAN card. An image of the Aadhar Card, Passport or Voter ID is needed for the Identity Card verification.
- Users might also be required to take a selfie for photo verification.
- Get started by depositing fiat currency (INR). Users can deposit funds in to their CoinSwitch Kuber account via UPI, Direct Bank Transfer (NEFT, IMPS or RTGS).
How to deposit funds on CoinSwitch Kuber?
- Open the CoinSwitch Kuber mobile app, tap on “Deposit INR”>
- The minimum amount for deposits is Rs.100 (INR). Choose the amount you wish to deposit.
- Click “Deposit”. Funds can be deposited in to the CoinSwitch Kuber account via UPI transfer or Direct bank deposit through NEFT, IMPS, or RTGS.
- If you wish to transact via UPI, choose your UPI app and you will be redirected to that specific app.
- For direct bank deposits or transfers, the platform provides its specific bank’s beneficiary details to which funds needs to be transferred. Prior to this, users are required to provide their bank details.
Key features of CoinSwitch Kuber
- The platform offers over 100 supported cryptocurrencies for its users to purchase and sell.
- Users can buy and sell crypto by using the fiat currency, INR.
- The minimum amount for getting started on CoinSwitch Kuber is INR 100.
- The platform has four main options that are available in the mobile app: Home, Portfolio, Markets, and Profile.
- CoinSwitch Kuber does not charge any fees for deposits and withdrawals.
- The users are not levied with any charges for buying or selling crypto.
- It is one of the most popular crypto exchanges in India.
- The platform offers limit orders. The user is required to state their preferred price and quantity to buy or sell crypto. CoinSwitch Kuber performs a trade if the market prices touches the limit price, which the user has set.
- CoinSwitch Kuber has a referral system in place for its users. Users have the opportunity to earn 50 BTC on each executed referral. To make sure that the referral is successful, it is compulsory for the referee to download the mobile app and enter the referrer’s referral code. The referee has to complete KYC verification as well, this is mandatory. The mobile app must be downloaded before the expiration of the link.
- The platform also offers a reward system. The rewards are based on coupons. Users are required to complete certain milestones set by CoinSwitch Kuber to acquire these rewards. The coupons can be found in the Gift section which is a floating button.
Security: How secure is CoinSwitch Kuber?
It is mandatory for users to complete the KYC verification to process transactions. This is to ensure transparency and verify the identity of users. The services provided by CoinSwitch Kuber are compliant to ISO 27001 and SOC2 Type II certified. They are funded by recognized investors as well.
The platform offers a Frequently Asked Questions (FAQ) section to resolve general queries. CoinSwitch Kuber has simplified customer support through support tickets which the users can raise if they face any issues with the platform. They also offer a live chat option which is accessible from 7 am to 10 pm (IST). Users can also email the customer support team at [email protected] and expect a response, most likely within 12 hours.
- The user interface and design is simple, sleek and thus, beginner friendly.
- The deposits and withdrawals of INR is instant.
- CoinSwitch Kuber does not charge any fee on withdrawals or deposits.
- The KYC procedure can be completed within a few minutes.
- The supported methods of payments are UPI, IMPS, RTGS and NEFT.
- The customer support system is simple and easy to understand, the team is responsive as well.
- It offers over 100 cryptocurrencies for trading and investing.
- The minimum amount to start investing is comparatively low.
- There are no limits on transactions placed by CoinSwitch Kuber. However, individual crypto exchanges might levy limits.
- The trading fees charged is low.
- Geographical restrictions.
- Besides INR, other fiat currency deposits are not supported.
- CoinSwitch Kuber is a crypto exchange only for residents of India.
- The platform is not available on web, users are required to download the mobile app and complete the KYC process to explore the services provided.
- The platform is not the best choice for intermediate or advanced traders who prefer day trading, as it lacks the advanced and necessary trading tools.
- Payments via credit card or debit card is not accepted.
Is CoinSwitch Kuber Safe?
CoinSwitch Kuber is one of the trusted Indian crypto exchanges. It is definitely a safe crypto exchange to trade. However, I would always recommend to keep your coins safe and secure in your ledger, and not in any exchange.
How much times does it take to get your account activated with Coinswitch Kuber?
Coinswitch claims to activate your account in less than 5 minutes. While other competitors like Wazirx takes about 1 week, I think instant KYC approval is something we must give them credit for.
How fast or slow is Coinswitch’s Customer Support?
Though they are quick to activate the KYC, it looks like the customer support is slow.
Final Thoughts on CoinSwitch Kuber: Is it a good crypto exchange to trade on?
CoinSwitch Kuber supports more than 100 cryptocurrencies for buying, selling and trading and users can begin trading merely with 100 INR. The platform adds support for more crypto constantly and will be launching CoinSwitch Pro in the upcoming future. Not having a web version is something really that disappointed me. They do not have LIMIT orders for coins other than Bitcoin and Ethereum. The spread (the difference between buy and sell) is also more compared to other exchanges like Wazirx. It operates solely through the mobile app and KYC is mandatory to experience the platform fully, but with low trading fees, it is a great option as a crypto exchange for Indian crypto traders and investors.
CoinSwitch Kuber: Can we trust this new Indian Crypto Exchange?
CoinSwitch Kuber is one of the growing crypto trading websites in India.
Do share your thoughts on CoinSwith Kuber if you are a user of the platform.