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CoinSwitch: Bitcoin Crypto App

latest release: 3.5.1 ( 25th November 2021 ) last analysed  21st October 2021 Can't send or receive bitcoins 
4.0 ★★★★★
320380 ratings
10 million

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Do your own research!

Try out searching for "lost bitcoins", "stole my money" or "scammers" together with the wallet's name, even if you think the wallet is generally trustworthy. For all the bigger wallets you will find accusations. Make sure you understand why they were made and if you are comfortable with the provider's reaction.

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The Analysis 

App Description

CoinSwitch Kuber is a crypto trading platform.

CoinSwitch Kuber is a secure, user-friendly crypto exchange platform in India, where you can trade 100+ cryptos like Bitcoin, Ethereum, Ripple, etc easily, at the best rate, with a variety of payment options being offered. The users can access the pooled liquidity of the leading crypto exchanges in India to get the best rate and trade instantaneously, after completing the KYC/AML procedures.

Thobias Antony
★★★☆☆ October 17, 2021
The line graphs showing the coin price over time is misleading. The price and the points on the graph doesn’t corelate. I suspect they are running somekind of script to minimise out margine. Same coin showing different prices on the app’s installed on two phones. If you purchase a coin and the price goes up, it will not go into gain untill the coin is 2-3 points up from buy price.

The reply being:

CoinSwitch October 17, 2021
Sorry if you feel that way. The price of a coin can be different from exchange to exchange. It is due to the available liquidity and demand of a coin in exchange. Kindly check the selling price of a coin before you buy/sell any coin so that you can have clarity on your earnings. Please know that invested prices are subjected to market value.

The Site

From CoinSwitch’s FAQ:

What’s the cryptocurrency wallet address? CoinSwitch doesn’t provide wallet addresses and never stores user deposits. To exchange cryptocurrencies, you need to have a cryptocurrency wallet address.

From Terms and Conditions, Activities Prohibited on the Platform:

In the event of any suspicious or large transactions being undertaken by You, CoinSwitch shall have the right but not the obligation to verify such activity by sharing Your IP address and other KYC details with the relevant authority, and if required, suspend the transactions or freeze your access.

Additionally, from section 3.2 Terms of Wallet:

  • In order to purchase Virtual Currency on the Platform, You will be required to transfer fiat currency from Your linked bank account to your Wallet.

To withdraw:

  • You may withdraw the funds held in your Wallet, by making a formal request to transfer such funds into the linked bank account, through the Platforms at any time (“Withdrawal Request”).

It is mandatory to transfer fiat to and from the user’s bank account.

The App

The app is not available on our devices. We were unable to test it.

Verdict

You cannot send or receive assets on this platform.

(dg)

Verdict Explained

The product can't send or receive BTC.

As part of our Methodology, we ask:

Can it send and receive bitcoins? If not, we tag it No send/receive 

If it is for holding BTC but you can’t actually send or receive them with this product then it doesn’t function like a wallet for BTC but you might still be using it to hold your bitcoins with the intention to convert back to fiat when you “cash out”.

All products in this category are custodial and thus funds are at the mercy of the provider.

The product cannot be independently verified. If the provider puts your funds at risk on purpose or by accident, you will probably not know about the issue before people start losing money. If the provider is more criminally inclined he might have collected all the backups of all the wallets, ready to be emptied at the press of a button. The product might have a formidable track record but out of distress or change in management turns out to be evil from some point on, with nobody outside ever knowing before it is too late.