Difference Between CoinBase and CoinSwitch

Edited by Diffzy | Updated on: April 30, 2023

       

Difference Between CoinBase and CoinSwitch

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Introduction 

Crypto exchanges provide a platform where investors can buy, sell, and trade cryptocurrencies, and the price difference is taken as the profit. This article differentiates between the two common exchanges used by the recent generation. These are 'Coin Base' and 'Coin Switch'. There has been a rising demand for this type of exchange for a few decades. The reason behind the rising popularity of crypto exchanges could be the easy access provided by the crypto exchanges. 

Several establishments with cryptocurrencies are operating in India and abroad. A crypto exchange can be used by investors who can sell or trade cryptocurrencies using their fiat currency. The investors new to the field have been confused about which exchange to choose considering the rising competition and fair prices offered by different establishments. In this article, we will compare and study the main differences that make these two crypto exchanges unique. The differences in their reviews, features, legal countries, fees charged, offered customer support, and safety and security provided to its users. The listed differences could help potential investors to decide and choose the best, suiting their requirements.

This market of financial marketing is known for its decentralized control, complete anonymity, least affected by external factors and no commissions taken for investment and withdrawal.

Coin Base Vs. Coin Switch

The primary difference between the two exists in their country's base of operation. The Coin base is an international crypto-exchange. On the other hand, Coin Switch is an Indian-based crypto exchange. The former has offices operating efficiently in many countries all around the world. Meanwhile, Coin switch being an India-focused crypto exchange offers high customer support and security to its users. They also have a clean UI that is useful for newcomers to the field. It should be noted that the Coin base, despite being established in several countries has not yet been available in India. However, there are several ways Coin base offers its application to people in India.

Difference Between Coin Base and Coin Switch in Tabular Form

Main parameters of comparison  Coin Base Coin Switch
Definition Coin Base founded by Brian Armstrong is an American cryptocurrency used to buy, sell, trade & exchange Bitcoin at fair low prices. It was established in the year 2012. Coin Switch is also a crypto-exchange platform that trades, buys, and sells various cryptocurrencies. The main difference is that, unlike Coin Base, Coin Switch is not an American company. Instead, it was a company established in India.
Safety and Security  Coin Base might not be a suitable place to store your cryptocurrencies, especially at times when you are not trading. However, in the case of a Coin Switch that allows you to only buy and convert coins instantly and not to store endure a better safety of the exchange taking place. You need not leave your coins at any phase of your exchange offering better security support.
Customer Support Coin Base offers poor customer service and support systems. This may include delays in mail replies and contact by phone.  Coin Base offers poor customer service and support systems. This may include delays in mail replies and contact by phone.

An automated mail chat system offers better and more efficient customer support in comparison to Coin Base.

Pros
  • It is a user-friendly interface.
  • Coin Base can accept a wide variety of fiats on their exchange.
  • It is provided with competitive fees.
  • It allows and accepts both credit/debit card purchases.
  • Provides a wide variety of cryptocurrencies and trading pairs to choose from.
  • Supports credit card purchases.
  • Effective customer support system.
  • Provides a pretty decent interface that makes it easy to use.
Cons
  • Users do not have control of their funds on the exchange provided within a Coin Base.
  • No anonymity is maintained as accounts are monitored.
  • Poor customer support and service system.
  • Does not provide a long list of crypto options or choices for the users.
  • Coin Switch is a crypto-to-crypto exchange and does not permit fiat deposits.
  • High transaction fees due to several hidden charges.
  • Withdrawal limits vary depending on the selection.
Supported Countries About twenty-nine cryptocurrencies have been accepted and supported by the Coin Base exchange system. Coin Switch, on the other hand, supports over three hundred cryptocurrencies. This includes the Bitcoin currency too. Until now, it has over 45,000 trading pairs available all across the country.
Features  Coin Base allows additional offline storage of crypto. This is made possible by using a two-level verification code. This ensures a high-security process that is supported also by the insurance policy. A platform called Seas platform may be necessary to operate crypto exchange using the Coin Switch system unlike that of Coin Base.

What is Coin Base?

Coin base and Coin switch are two major crypto exchanges of rising importance and demand across the crypto industry in and out of the country. These exchanges provide a fully equipped environment to the users who can use it as a platform where they can buy, trade, or sell cryptocurrencies. However, they also come along in the market with additional crypto-related features with high safety and security offered to their customers. Although both platforms seem to provide their users with similar services, they are unique in their policies and goals. Also differ from one another based on fees charges, user support system, and security offered during an exchange. It possesses several additional features that attract more and more users every day in the crypto community.

Coin Base was established in June 2012. It has risen now to be one of the longest-running exchanges around today. These companies offer their users crypto services trusted by millions of users all across the globe. Among the long list of services they can provide, their brokerage service is the strongest selling point to date till now. Coin base is a crypto company that offers one of the easiest channels, especially for new users. They can use it to seek to build a strong digital portfolio. For example, customers use Coin Base to buy cryptocurrencies directly from their banks. 

This could be through different forms of excavations like bank transfers, credit cards, debit card transactions, as well as SEPA transfers. Moreover, the Coin base makes both buying and selling such currencies as easy as ordering a box of pizza. A remarkable feature that makes it stand out among other cryptocurrencies is that it offers the best user interface. Bitcoin, Solana, Ethereum, USD Coin, Litecoin, Shiba Inu, Stellar Lumens, Polygon, DAI, and many more are the notable cryptocurrencies that are provided by Coin Base to its users. The security features Coin Base offers to its users are the next remarkable feature.

Coin Base ensures that its users’ deposits and assets move in and out very safely. This is made possible by enabling an added feature of offline storage of deposits. Coin Base also uses a bank-standard encryption code for security reasons. Opening an account can be a hectic process, especially for newcomers. On Coin Base, this can be quick, unlike the usual exchanges. In this type of exchange, it might be enough that the user just enters their social security number and ID proof. This might be enough for high security and privacy maintained simultaneously.

Pros of Coin Base listed out can be:

  • It is a user-friendly interface.
  • Coin Base can accept a wide variety of fiats on their exchange. 
  • It is provided with competitive fees.
  • It allows and accepts both credit/debit card purchases.

Cons of Coin Base listed out can be:

  • Users do not have control of their funds on the exchange provided within a Coin Base.
  • No anonymity is maintained as accounts are monitored. 
  • Poor customer support and service system. 
  • Does not provide a long list of crypto options or choices for the users.

What is Coin Switch?

 The Coin Switch is an Indian-based cryptocurrency exchange that was established in June 2017. It can be referred to as an integrator that can grant its users access to multiple exchanges simultaneously. Some examples of the exchanges list include Binance, Huobi, HitBTC, Cryptopia, Kucoin, and DEX. In all these types of exchanges, you can conveniently buy and exchange cryptocurrencies at fair prices made available in the market.  

First of all, users need not register before they enjoy the services provided on this platform. Instead, this is necessary only once to create an account at its first usage. To access a wider range of exchanges at better prices, this step may be crucial. They also allow users to purchase more than 100 different cryptocurrencies all over the world using different debit/credit cards. All these features are fully packed and exclusive along with a user-friendly environment, thereby making Coin Switch one of the most preferred platforms, especially for newcomers to the field.

However, there might be added charges that come along with its exclusive features. Coin Switch charges its users 0.5% fees per transaction & also withdrawal amounts are charged from 0.55%-2.0% of the value of transactions made by the users. Coin Switch can be used as an active platform offering over 100 cryptocurrencies such as Bitcoin, Ripple, and many more. Also, it has a smarter and more rapid KYC process, a simpler UX that can offer instant deposits and withdrawals, trading functionality, and efficient customer service. On the whole, in comparison to Coin Base, the process of the transaction appears much simpler and more efficient in the case of Coin Switch. Coin Switch supports any mode of the transaction including debit card payment, credit cards, UPI, or even net banking. 

Pros of Coin Switch listed are:

  • Provision of a wide variety of cryptocurrencies compatibility at the same time.
  • Supports credit card, debit, UPI, or net banking purchases. 
  • Effective customer support and security system. Users may choose to stay anonymous but still enjoy their services without interruptions. 
  • Provides a better user interface which makes it a simpler platform that is easy to use. 

The cons of the Coin Switch exchange system listed can be:

  • Coin Switch is a platform that enables crypto-to-crypto exchange. 
  • Coin Switch does not permit fiat deposits. 
  • May be subjected to higher transaction fees due to several hidden charges that may be applied later
  • The withdrawal limit in this type of exchange varies depending on the selection.

Coin Switch in comparison to Coin Base doesn’t charge any extra fees per transaction. Instead, it deducts around 1-2% from your purchase made using cryptocurrencies.

Main Difference Between Coin Base and Coin Switch in Points

Features

Coin Base provides an additional feature of offline storage made enabled in crypto. It uses two-step verification as authentication for a high-security process. 

Coin Switch is a simpler exchange platform in comparison to Coin Base. It is renowned for the best rates, and zero fees charged on any transactions and have the best security provided to its users.

Customer Support

According to research and reviews gained from its users themselves, it was found that the Coin Base support system was found to be poor by their customers. It includes the increased time delay caused to getting a response via their email support channel.

On the other hand, with an automated chat support system offering live and real-time support on any issues, users find coin switch to be more efficient in its services. This includes instant mail replies offered by the staff.

Safety and Security

Coin Base might not be a suitable place to store your cryptocurrencies, especially at times when you are not trading. 

However, in the case of a Coin Switch that allows you to only buy and convert coins instantly and not to store endure a better safety of the exchange taking place. You need not leave your coins at any phase of your exchange. Instead, you can keep the cryptocurrency with you itself. It can be in your private wallet, your local desktop, or even your PC.

Fees

It is an advantage that both the crypto exchanges Coin base and Coin switch offer competitive an d fairprices to their customers. However, it is essential to remember that many of these exchanges try to embed some added charges like fees into every transaction. Especially in the case of a Coin Base, there may be added charges.

Application and Uses

Coin Switch with its ability to cross-connect with multiple exchanges can support over 300 cryptocurrencies other than bitcoin. It has also enabled over 45,000 trading pairs across the country. Coin base instead is supported by 29 cryptocurrencies only. However, most of these pairs may be of limited use in certain regions. 

Conclusion 

Coin Switch compared to Coin Base has a cleaner and simpler UI and UX. The choice between the two could be difficult, especially for new investors. If you are an investor who invests small amounts of money regularly, then Coin switch is a good choice. Clients with experience in the financial marketing community should better opt for Coin Switch. On the other hand, if you are an investor who makes large investments and does everyday trading, a Coin base may be the best choice for you. 

These are world-class crypto exchanges with efficient service if they are affordable. Transferring funds can be done with a Coin base using international debit, and credit cards. To decide between the two options can be confusing, but the decision must consider most importantly the one that offers better safety and security for your assets. Set this rule in mind, and it can save you a lot of stress that may be caused while trading. 

References 

  • https://www.republicworld.com/amp/technology-news/other-tech-news/coinbase-vs-coinswitch-kuber-which-crypto-exchange-should-you-be-choosing.html. 
  • https://sourceforge.net/software/compare/Coinbase-vs-Coinswitch-vs-ZebPay/

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"Difference Between CoinBase and CoinSwitch." Diffzy.com, 2024. Thu. 14 Mar. 2024. <https://www.diffzy.com/article/difference-between-coinbase-and-coinswitch-1237>.



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