Wondering how to use Binance vs CoinSwitch Kuber? Find out everything you need to know in our guide and walkthrough.
The cryptocurrency market has been booming, particularly when it comes to crypto investments in traditional coins such as Bitcoin, Ethereum, and others. As the value of cryptocurrencies rises to new highs, investors are eager to invest in them in the hopes of making huge profits over time. Fewer people used to invest in cryptocurrencies in the beginning, but as the returns have grown, more people have become interested in this activity.
Choosing the right exchange app has been critical in recent years. As a result, investors and traders have been debating the merits of Binance and CoinSwitch Kuber. If you’ve been curious about Binance vs CoinSwitch Kuber, here’s everything you need to know.
Binance vs CoinSwitch Kuber
Binance exchange is a well-known cryptocurrency exchange that operates in more than 180 countries around the world. It is also geared toward crypto specialists who know what they’re doing, so it offers a lot of advanced features that pros will like, but it’s more difficult to use for newbies.
Meanwhile, CoinSwitch Kuber is a cryptocurrency exchange centered in India with a simple user interface that is ideal for newbies. It offers a number of characteristics that Indian investors may find appealing. CoinSwitch Kuber is a lot easier to use and navigate.
Fees: Binance vs CoinSwitch Kuber
Binance Fees
Binance’s trading fee is set at 0.1 percent, which is one of the industry’s lowest in crypto assets. Binance requires a minimum of $10 for withdrawals, with an extra 3.5 percent charge. Binance also has its own cryptocurrency, Binance Coin, which is one of the world’s most valued crypto coins. Binance’s withdrawal costs, on the other hand, maybe a bit high for Indian customers.
CoinSwitch Fees
CoinSwitch Kuber does not charge any fees for depositing or withdrawing money in the bank account from their app for trading crypto; however, they do have hidden fees. When you buy a cryptocurrency through CoinSwitch, the firm takes a 1-2 percent cut off the price. Furthermore, CoinSwitch’s cryptocurrencies have various purchasing and selling prices, which is an unusual approach in this asset class.
Mobile Application Comparison
It’s worth noting that CoinSwitch has a relatively simple UI and UX, whereas Binance’s interface is far more complex. The crypto exchange is a good choice for beginners who aren’t familiar with cryptocurrency. It’s a simple program to use. The Binance app, on the other hand, contains a lot of valuable features and information for crypto traders with a lot of experience.
On the Google Play Store, CoinSwitch Kuber and Binance have received mostly positive reviews from the crypto industry. However, in recent months, Binance users have been vocal about their sluggish customer service. It should be mentioned that Indian crypto exchanges have had issues with Indian banks, with several refusing to provide services to exchanges.
Binance Pros and Cons
Pros
- Low fees
- Multiple transaction methods
- Crypto-to-crypto trading
- Staking rewards
- A wide range of cryptocurrencies supported
Cons
- High instant buy fees
Coinswitch Pros and Cons
Pros
- The staggering number of trading pairs is more than 400 coins available to trade.
- No registration or any KYC verification process.
- Intuitive layout
- Supports credit card purchases.
- Lucrative referral program
Cons
- Unavailable in certain countries
- Not accept fiat via a bank transfer or wire transfer.
How does Binance Works?
Binance is one of the most cost-effective ways to invest in bitcoin. Binance has some of the lowest fees in the crypto business, so traders wishing to avoid the sometimes exorbitant fees charged by other brokers or exchanges should look into it.
While the rates are modest, customers may be paying for it with little or no customer service. Nonetheless, the exchange should be useful to a wide spectrum of crypto traders, particularly those who wish to look outside the top few names.
How does CoinSwitch Works?
A trader first goes to CoinSwitch and informs the platform what trade they want to perform, followed by how much they want to trade.
CoinSwitch will present the trader with a list of exchanges to conduct the trade on when the trader has supplied this information.
Take note of how this concept differs from that of other sites such as Changelly. When a trader utilizes Changelly, the platform automatically chooses the optimal exchange and performs the transaction there.
CoinSwitch displays all available exchange rates and allows customers to choose which one they want to use. As previously stated, trading does not necessitate the creation of an account or the completion of a KYC verification.
CoinSwitch will provide a deposit address once a trader has chosen the exchange they want to use. That is where the trader should transfer their coins. They’ll also have to supply a second address to which the traded coins should be transmitted.
Payment Platform
Binance has cheap costs when it comes to trading cryptocurrencies for fiat money. It also has the capability of charging fees based on trade volume. CoinSwitch has a feature that sets it apart from other crypto exchanges: it allows individuals or businesses to take bitcoin and then be paid in any other cryptocurrency.
For example, because CoinSwitch accepts over 400 currencies, it is possible to pay an invoice in any of them. CoinSwitch has also built a calculator that shows how much money may be saved by using cryptocurrency instead of more traditional payment methods.
Country Restrictions
Binance is available in over 180 countries around the world. It has no limitations for Indian users regarding its services or operations like it has in the US. Indians can enjoy uninterrupted crypto-to-crypto trading smoothly with the platform.
CoinSwitch, like almost every other exchange, has limitations on who can utilize its platform.
To access an exchange like CoinSwitch, cryptocurrency traders from banned countries may use a VPN. This has the potential to work, but it is also hazardous. If the exchange discovers that a trader is utilizing a VPN to access the platform from a blocked country, all of the trader’s funds will be frozen, and the trader will be unable to recover their crypto.
Buying Crypto with a Credit Card
CoinSwitch makes purchasing cryptocurrency with a debit or credit card simple.
CoinSwitch, unlike some other exchanges that only enable traders to buy Ethereum or Bitcoin with a credit card, is a platform that allows users to buy a variety of cryptocurrencies with a credit card.
In contrast to KYC on a regular site, CoinSwitch claims that the verification procedure takes only a few minutes. After a user’s identification has been validated, their credit card will be charged, and coins will be delivered to the trader’s wallet address. According to CoinSwitch, the buying procedure can take anywhere from ten to thirty minutes.
Security: Which one is better in Binance vs CoinSwitch?
There is a lack of its own digital wallet at Binance, but it does collaborate with Trust Wallet, a market leader with over five million customers. With biometric access, an encrypted key, and other tools, Trust Wallet protects your assets. To gain further access to the Binance platform, advanced verification is required. It also ensures that no one else is impersonating you and creating a phony account.
CoinSwitch is one of the most popular cryptocurrency exchanges since it is both safe and legitimate. There is nothing for a criminal to steal as a result. A firm like CoinSwitch has billions of dollars in cryptocurrency and is a legitimate target, whereas an exchange like CoinSwitch has no compelling reason to go after it.
CoinSwitch is a non-custodial exchange, which makes it extremely safe. CoinSwitch, unlike other centralized exchanges such as Binance or Coinbase Pro, does not hold user funds. They don’t hold cryptocurrency on their platform, and they don’t have a wallet address.
The business prioritizes security and takes great pains to implement the most recent security measures. However, traders should be more concerned about another issue than a hack.
Customer Support
Only through a support ticket with an email address may customers contact customer service. No live chat or phone. When the problem is anything but clear, you’ll need to express it in writing clearly. The website’s self-help section is your only option, and it could or might not be helpful.
In a transaction where a user transfers money to the incorrect address, CoinSwitch makes it abundantly obvious that the money cannot ever be returned. For instance, the money is permanently lost if a trader unintentionally sends Bitcoin to another address. This contrasts with other exchanges, which occasionally recover your capital.
Bottom Line
For traders who genuinely want to concentrate on cryptocurrency, Binance does a lot of things right. Its vast range of well-known cryptocurrencies should appeal to all but the most knowledgeable crypto aficionados. More active traders should be attracted by low trading fees and volume discounts, especially given that fees elsewhere often tend to be significantly higher.
We’ve covered all of the fundamentals of trading cryptocurrencies on both cryptocurrency exchanges in this comparison of Binance vs CoinSwitch. This covers CoinSwitch’s operation as well as how they vary from other cryptocurrency exchanges.
