People are apprehensive of trading their high-value crypto on any platform for fear of phishing, spoofing, or other cyber threats. That’s why CoinBase and CoinSwitch were created to allow anyone to trade, buy, and sell cryptocurrencies on a secure platform that offers the best possible pricing.
CoinBase vs CoinSwitch
The main difference between CoinBase and CoinSwitch is that Coinbase is an American company that offers various cryptocurrencies such as exchanges, buying, and selling services over a digital platform that probably charges a transaction fee. On the other hand, there are no transaction fees or withdrawal fees at CoinSwitch, a cryptocurrency exchange platform based in India.
CoinBase is a cryptocurrency trading online portal(an app as well as a website) that is based on and intended for American users. Bitcoin, Ethereum, Cardano, Solana, Polkadot, USD Coin, Dogecoin, Uniswap, Litecoin, Shiba Inu, Stellar Lumens, Polygon, DAI, SushiSwap, and many more are the notable cryptocurrencies which are rendered by CoinBase to its users.
Similarly, CoinSwitch is also a cryptocurrency platform based in Bengaluru, India. It is India’s most popular cryptocurrency platform that offers the ability to trade, exchange, purchase, and sell various cryptocurrencies. Moreover, it has a simple design, which makes it easy for users to handle cryptocurrencies. It entitles investments in over 80 coins, including Bitcoin, Ethereum, and Dogecoin.
Comparison Table Between CoinBase and CoinSwitch
| Parameters of Comparison | CoinBase | CoinSwitch |
| Meaning | CoinBase is an American cryptocurrency buy, sell, store & exchange platform, that trades Bitcoin, Cardona, and other digital assets worldwide. | CoinSwitch is an Indian-based cryptocurrency exchange platform that trades, buys, and sells various cryptocurrencies. |
| Launched | CoinBase was founded by Brian Armstrong and Fred Ehsram in 2012. | CoinSwitch was founded by Ashish Singhal, Vimal Sagar Tiwari, and Govind Soni in 2017. |
| Supports | Bitcoin, Bitcoin Cash, Litecoin, Ethereum, XRP, Stellar Lumens, Ethereum Classic, and all ERC20 tokens. | To operate CoinSwitch, it is required to use the Saas platform. |
| Transaction fees | Charge 0.5% fees per transaction & withdrawal fees are charged from 0.55%-2.0% of the value of transactions. | CoinSwitch doesn’t charge any fees per transaction and deducts around 1-2% from your purchase of cryptocurrencies. |
| Features | CoinBase bestows offline storage of crypto, uses 2 level verification as a high-security process & is supported by the insurance policy. | CoinSwitch is designed simple, offers the best rates, charges zero fees on any transactions, and has best-in-class security. |
What is CoinBase?
CoinBase is an American-based cryptocurrencies exchange platform. The company was established in 2012 by Brian Armstrong and Fred Ehrsam. It is an online app as well as a website that doesn’t have a physical headquarters.
The reason for introducing CoinBase is to make the process of selling, exchanging, and buying cryptocurrencies much easier. By 2022, CoinBase has supported over 100 types of cryptocurrencies for trading with over 75 million users. Furthermore, it has two different platforms, namely, CoinBase and CoinBase Pro.
The two platforms are distinct with reference to their features and prices. Speaking of which, the CoinBase version offers easy accessibility for beginners to the 24/7 trading system, and purchases are made by using funds from the given bank account. On other hand, CoinBase Pro is specially designed for professional traders.
Moreover, CoinBase charges 0.5% fees per transaction & withdrawal fees, when the value of the transaction ranges between 0.55 to 2.0 percent. CoinBase secures its users’ deposits and assets very safely, plus it offers offline storage of deposits, uses bank-standard encryption and security, etc. Besides, opening an account on CoinBase is as quick as anything, where one just has to enter only their social security number and ID proof.
What is CoinSwitch?
Like other foreign cryptocurrency platforms, CoinSwitch is also a cryptocurrency platform based in Bengaluru. Trading, purchasing, and selling various cryptocurrencies are available through CoinSwitch, a cryptocurrency exchange based in India. The founding trio of CoinSwitch is Ashish Singhal, Vimal Sagar Tiwari, and Govind Soni, who had set up the company in 2017.
The firm is funded by Sequoia Capital, and has users from over 160 countries, providing a myriad of cryptos, wallet services, gaming partners, transparency, easy traceability, and user-friendliness in every aspect of cryptocurrencies exchanges. In addition to it, it also renders trades at the best rates considering the liquidity rates in India as well as globally. One of the key reasons for preferring CoinSwitch to other platforms is not charging transaction and withdrawal fees for the first 100 days.
CoinSwitch is an active platform that offers over 100 cryptocurrencies such as Bitcoin, Ethereum, Ripple, and many more. Over and above, it has a smart and superfast KYC process, simplistic UX, offers instant deposits and withdrawals, trading functionality, and prompt customer service. On the whole, the process of transaction is simple and effective, where any mode of transaction is fine, including debit, credit cards, UPI, and net banking.
Main Differences Between CoinBase and CoinSwitch
- CoinBase is an American-based company that trades, buys, and sells various cryptocurrencies over a digital platform called CoinBase. On the other hand, CoinSwitch is an Indian-based cryptocurrency exchange platform.
- CoinBase charges a transaction fee, whereas CoinSwitch doesn’t have any transaction & withdrawal fees.
- CoinBase was founded by Brian Armstrong and Fred Ehsram in 2012. CoinSwitch was founded by Ashish Singhal, Vimal Sagar Tiwari, and Govind Soni in 2017 for Indian users.
- CoinBase doesn’t support 24/7 live, meanwhile, CoinSwitch has 24/7 live support.
- CoinBase functions in over 100+ countries such as Canada, Jamaica, Mexico, Europe, Germany, the US, Spain, the UK, Switzerland, India, and many more. On the contrary, CoinSwitch is unavailable for many countries and operates notably in India.
Conclusion
Cryptocurrencies have been popular in the digital realm of business since 2011, and several organizations have launched platforms to exchange crypto and provide the best security over the transaction. Some such crypto exchange platforms are CoinBase and CoinSwitch. As we know CoinBase is an international cryptocurrencies trading platform that covers nearly 100 plus countries overseas.
Besides, CoinBase is featured with high-security with 2 level verification, offers offline & online storage, and provides insurance for your crypto. CoinSwitch is considered India’s Best cryptocurrency exchange platform, that comes with zero transaction fees and is available only for Indian users. Moreover, CoinSwitch offers various cryptocurrencies such as Bitcoin, Cardona, Litecoin, and so on for users at the best rates.
References
- https://dl.acm.org/doi/abs/10.1145/3121113.3121125
- https://ui.adsabs.harvard.edu/abs/2019NewSc.241….9M/abstract