Is CoinSwitch safe for crypto investments? - CoinSwitch (2024)

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CoinSwitch, India’s largest crypto exchange, is a safe and reputed investment platform. In keeping with its mission to “Make Money Equal for All,” the company prioritizes quality in its product and the safety of all stakeholders.

The public and verifiable leadership structure at CoinSwitch enhances investor confidence. It is firmly committed to transparency in operations for stakeholders, which is crucial to investment growth.

What are the steps taken by CoinSwitch to keep user money safe?

CoinSwitch has taken several initiatives to ensure the security of investments.

• No wallet address

CoinSwitch is a non-custodial exchange. Unlike other players, who provide wallets and act as custodians of user money, CoinSwitch doesn’t provide for storage of funds on its platform. The lack of a wallet address protects users from hackers.

• Security best practices

The CoinSwitch app uses blockchain intelligence tools and implements a mandatory Know Your Customer (KYC) process to enhance security. KYC is vital in filtering criminal activity from the platform. Moreover, its intelligence tools proactively investigate and identify crypto-related crimes and fraud. Such an initiative ensures that the platform is always ahead of illegal activity and can ensure regulatory compliance from users.

The identity verification process requires a PAN card, a selfie, and a secondary ID. The process ensures the platform knows and maintains a record of the identity of everyone operating on it and that there are no spam accounts, thus protecting users.

• Customer support

CoinSwitch protects user funds from human errors by using an intelligent service system and a 24/7 customer support system.

In the event that a user is about to make an incorrect trade, the system raises a warning alerting the user. In crypto trading, once funds are lost, it’s impossible to recover them. That’s why this feature ensures that users don’t make incorrect trades.

The customer support email ([email protected]) is on our platform, and users can access it anytime. The customer support service ensures that users get the assistance they need whenever required. The average response time for a query is not more than 15 minutes.

• Referral program

CoinSwitch’s referral program is a feature that incentivizes members to recommend friends to the platform. The program ensures that all who practice good trading conduct on the platform stand to gain. For transactions worth $100, the initial referrer earns $5 and a 25% revenue share if the new friend continues using CoinSwitch. The individual using the referral link, too gets to earn $5.

The program helps get users in creating a network of trustworthy and verifiable participants.

• Instant withdrawals

CoinSwitch makes it possible for traders and investors to buy and convert coins in real time. Whether trading or investing, instant withdrawals ensure that your money is always within reach and easy to liquidate. The platform doesn’t block user funds except when they place a limit order.

With all of these security options, the answer to the question in the title should be pretty obvious. But let’s go one step further and offer you some suggestions that will help promote your safety even further.

How can you ensure your account on the CoinSwitch app is secure?

Protecting the CoinSwitch app from security risks is one of the best ways to ensure that your hard-earned money is safe. Here are some best practices you can follow to keep yourself safe.

• Keep personal information secure

Once a hacker accesses your personal information, such as your CoinSwitch OTP and PIN, they can use it to steal your funds. This is why it is critical to keep this information secure. There are many ways to store your personal information, including using online and offline wallets that only you can access.

• Stay alert

To maintain security, it’s essential to update your account passwords frequently. CoinSwitch’s customer support will never ask for your OTP, PIN, passwords, or debit card details. If you are approached by anyone with such requests, please refrain from sharing personal information and report it immediately to help protect others as well.

• Device security practices

Protecting the devices you use to access or host the CoinSwitch app is essential, too. Maintain device security best practices by regularly updating your apps and devices. Also, always use a screen lock with a pin for your device to protect yourself from security breaches in case your phone is ever stolen.

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