CoinDCX vs CoinSwitch: Which App is Best for Cryptocurrency

Here is a comparison between CoinDCX vs CoinSwitch to find out which app is best for cryptocurrency

Cryptocurrencies have won the hearts of millions of people worldwide as investment vehicles. Thanks to digital assets, cryptocurrency trading platforms have become indispensable tools for investors when they want to buy, sell, and trade various cryptocurrencies. The two most important players in this area are CoinDCX and CoinSwitch, which provide a complete trading option for cryptocurrency. In this article, we are about to conduct the most profound comparison of CoinDCX vs CoinSwitch by which users will determine which app suits them the best. Read on to know which app is best for cryptocurrency.

Understanding CoinDCX:

Before comparing CoinDCX vs CoinSwitch, let us understand CoinDCX. It is one of India's biggest coin exchanges, offering a wide range of trading and service options. Starting in 2018, CoinDCX has become a go-to choice for its users owing to its simple interface, comprehensive coin listings, and top-notch security framework. The platform executes spot trading, margin trading, futures trading, and a large number of pairs of multiple cryptocurrencies.

Exploring CoinSwitch:

Before comparing CoinDCX vs CoinSwitc, let us understand CoinSwitch. It is a global cryptocurrency exchange aggregator that lets traders use all the exchange platforms accessible via a single platform. CoinSwitch was established in 2017 and the best App for cryptocurrency. It provides a user-friendly trading process where users can easily trade from over 300 cryptocurrencies and 45000 trading pairs. The platform intends to ease digital currency trading among users by offering competitive rates, immediate exchange mode, and an easy-to-use interface.

CoinDCX vs Coinswitch

In this comparison of CoinDCX vs Coinswitch, one of the giant precious cryptocurrency exchange platforms (we are talking about) from India, Coindcx, was founded by two alumni of IIT Bombay, Neeraj Khandelwal and Sumit Gupta, in 2018. A unicorn-listed company, CoinDCX is India's first crypto entity with a 125m registered user base. Providing a readily accessible platform for most well-known digital coins, including Bitcoin (BTC), Ethereum (ETH), Anchor_protocol_fundraiser (ANC), Shiba (SHIB), and Polygon (MATIC), CoinDCX allows the buying and selling, and trading of those cryptocurrencies.

CoinDCX, being the first Indian cryptocurrency company to receive unicorn status for hitting the valuation mark of a billion dollars, is evident that it has made an immense impact on the country. The firm raised US$90 million in a new funding round and a US$135 million-US$2.15 billion valuation from Steadview Partners and Pantera in August 2021, taking its total funding to US$2.8 billion. Among the investors are B Capital – a partnered firm with Facebook co-founder Eduardo Saverin, DraperDragon, Polychain Capital, and Coinbase Ventures.

Among the most prevalent crypto trading apps and cryptocurrency exchange platforms in India, CoinSwitch Kuber was initiated by linking together the troika of Ashish Singhal, Govind Soni, and Vimal Sagar Tiwari in 2017. The exchange was appraised at the value of US$1.9 billion and thus became another unicorn within several months. Exceeding a stunning growth by 3500% in 2021 as pertains to transaction volumes and possessing a user of more than 15 million, it has occupied space. Further in the funding round, it appeared Tiger Global Management and VC firm Sequoia had invested US$25 million each.

The platform allows users to trade, purchase, or sell more than 250 cryptocurrencies that are readily accepted in INR. It provides the facility to do crypto-to-crypto exchange, INR-to-crypto, and crypto-to-INR trade via its platform. The minimum amount you can invest while trading on CoinSwitch is INR 100.

Feature Comparison:

Here is a feature comparison of each coin.

User Interface and Experience:

CoinDCX:

CoinDCX has a simple and easy-to-follow interface that provides users with the convenience to browse through the platform and execute trades. The dashboard contains real-time market data, with trading charts and order book information based on which the users will be able to make rational decisions.

CoinSwitch:

CoinSwitch also competes on the usability level, offering an interface with a clean design and easy navigation. Users can find their desired cryptocurrency in seconds, see the current prices in real-time, and perform the transaction instantly.

Coin Listings and Availability:

CoinDCX:

One of CoinDCX's most robust features is its ability to handle a wide range of cryptocurrencies—including those that are widely known, such as bitcoin (BTC), Ethereum (ETH), ripple (XRP), and litecoin (LTC), as well as many altcoins and DeFi tokens. The platform frequently adds crypto currency coins to its list so that it can raise money to cater to the user's needs.

CoinSwitch:

CoinSwitch allows users to access about 300 currencies, and as a result, users can choose between more than a hundred digital assets for trading. The exchange processes the dealings from several exchanges, thus guaranteeing both competitive and liquid trade for its users.

Trading Options:

CoinDCX:

CoinDCX offers its clients several trading options: spot trading, leverage, and future positions. For some pairs, 10x leverage is usually available upon request, allowing users to amplify their profits (and losses) in whatever direction the market goes.

CoinSwitch:

CoinSwitch primarily serves as a facilitator platform. Spot trading is the core area where users can purchase or sell cryptocurrencies in exchange for existing prices. For the moment, the exchange does not offer margin trading or futures trading, which provides an excellent opportunity for the diversification of trading pairs with different exchanges.

Security Features:

CoinDCX:

CoinDCX prioritizes the safety of users' funds and personal information. A Security Platform Includes Two-Factor authentication (2FA), cold storage of most funds, and regular security audits to reveal and minimize any possible security weaknesses.

CoinSwitch:

Coin Switch acknowledges the importance of security and adds security features such as 2FA, encrypted user data, and secure API interactions with collaborating exchanges to its platform to combat this problem. Moreover, Hucker Finance does not keep any funds whatsoever from the users, decreasing the probability of being robbed or hacked.

Fees and Charges:

CoinDCX:

CoinDCX has a marginally competitive pricing policy that charges from 0.1% to 0.2% per trade fee, depending on the trading volume and the membership tier. The platform may also implement withdrawal fees imposed on different cryptocurrencies that can utilize a particular coin and a withdrawal method.

CoinSwitch:

CoinSwitch is an exchange where no charges are made, whether those are conversion fees or transaction fees for the swaps. On the flip side, network fees (gas fees) are potentially incurred whenever there is a need to transfer funds to and from the wallet. Platform proceeds from its partners, who are swapping counterparties who cover exchange fees for completed transactions.

Conclusion:

The platforms CoinDCX and CoinSwitch are the two best for cryptocurrency trading, with the pros and cons of both in mind. CoinDCX is known for its multiple trading options, high-end security aspects, and competitive fee structure, which makes it suitable for experienced traders and investors. On the contrary, CoinSwitch is characterized by a user-friendly interface, a lengthy list of coins, and a simple trading process that is fit for all kinds of traders, including less experienced investors.

In the end, the situation with CoinDCX or CoinSwitch is mainly determined by things like personal priorities, trading goals, and specifications. Customers should thoroughly examine the features offered, account charges, and crypto security of each platform and then make their choice. Indeed, the choice between the two platforms might be affected by a few factors.

FAQs

Is CoinSwitch better or CoinDCX?

CoinDCX provides access to a vast selection of cryptocurrencies, boasting one of the most extensive offerings in the Indian market. CoinSwitch Kuber focuses on simplicity and might have a more limited selection compared to others, but it still offers a decent variety of popular coins.

Is CoinDCX illegal?

Trading cryptocurrencies on an Indian platform like CoinDCX is legal, but traders should be aware of specific regulations and guidelines.

Can I withdraw crypto from CoinSwitch?

You can withdraw investments made in cryptos in two different ways. Investors can convert their crypto into fiat (₹ or $) on a crypto exchange like CoinSwitch and receive the money in their bank accounts. Alternatively, you can spend crypto to buy goods or services from merchants who accept them.

Is CoinSwitch banned in India?

Are crypto exchanges legal? Yes, crypto exchanges that follow the requisite Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations are legal. Legally, exchanges must comply with other regulatory requirements prescribed by Indian authorities.

Is CoinSwitch costly?

CoinSwitch allows beginners to start small with just ₹100, leading to its popularity among students and youth. CoinSwitch provides 24/7 customer support with minimal fees for trading, deposits, and withdrawals, making it one of the best crypto trading platforms in India.