PaxFul vs UnoCoin vs CoinSwitch - Which Should you Opt for?

Anisa Batabyal
| 29 June, 2020 | 2 min

 There is a growing popularity for cryptocurrency trading in India lately. With that, there is a rise in the number of cryptocurrency exchange websites and mobile apps that are offering trading services. But there is only a handful that is secure, trustworthy, user-friendly, and intuitive. Here is a comparison of Paxful vs UnoCoin vs CoinSwitch - Which Should you Opt for?

CoinSwitch

It is a cryptocurrency aggregator exchange that collects data from various exchanges all over the world and displays rates. That helps users to get the best possible exchange rates which are obtained from various exchanges. It supports up to 100 cryptocurrencies and offers the following features: 

  • Supports many Currencies: As mentioned earlier, CoinSwitch supports many currencies, including the most popular Bitcoin, Litecoin, Ethereum, Dash, Ripple, and much more. 
  • Is available to users all over the world: CoinSwitch can be used by users all over the world, provided the country you are residing has not banned the platform. The service is available for all Indian citizens willing to invest in cryptocurrencies. 
  • Payment: There are various payment options available for making transactions. Crypto to crypto transfer, INR to cryptos, or vice-versa is allowed. For example, if you want to buy Bitcoins, you have to select INR from the dropdown on the left and choose BTC on the dropdown on the right. Next, just click on ‘View Offers’ to display the exchange rates. Select the best rate and receive BTC to your wallet address. 
  • Transfer limits: There is no limit on the volume of transactions, as there is no predefined minimum or maximum set on the platform. 
  • Duration of processing: A transaction on CoinSwitch can take anywhere between 15 to 30 minutes. It may take longer if the transaction made is huge or depending on the blockchain used. But generally, the transactions are fast, and hence what you see is what you get. 
  • Simple Interface: It is one of the easiest platforms to trade cryptocurrencies as it is highly user-friendly. You can instantly withdraw or deposit or trade over 100 cryptocurrencies easily. The KYC process is simple and fast. Hence it is ideal for people who are just testing the waters in this market. It is also useful for professional investors, too, as it offers real-time views, historical data analysis, and much more. 
  • Security: The platform has incorporated all the necessary security features so that users can perform transactions in a safe and secure environment free from hacks and security breaches. 
  • Transaction fees: As an offer, there are 0 trading, withdrawal, and deposit fees. Even if you cannot register during the offer period, the transaction fee is nominal and is between 0 to 0.49%. 

Unocoin

It is a bitcoin company that is ideal for new Bitcoin users. It is the only platform where users can make Bitcoin investments as a SIP, Systematic Investment Plan. It can be accessed across multiple platforms, and the mobile app can also be used to transact Bitcoins. Some features are: 

  • Supports many currencies: Unocoin supports trading of about 15 cryptocurrencies. It includes ETH, LTC, BCH, FUN, OMG, BTC, etc. 
  • Payment: There are various payment options available to make transactions, which include RTGS, NEFT, or UPI. Local currency, i.e INR can be used to buy cryptos. 
  • Purchase limits: There are a maximum and minimum purchase limit which is revised after a trading activity of 60 days
  • Duration of processing: Depositing or receiving cryptocurrency into the wallet can take anywhere between a few minutes to a couple of hours. 
  • Simple Interface: The UI is simple to use and is very user-friendly, and there are periodic updates to add new features to it. 
  • Security: UnoCoin uses a 2 step authorization process and hence ensures that transactions are safe and secure. 
  • Transaction fees: There is a trading fee of 0.5 to 0.7% with a maker fee of 0.4% and a taker fee of 0.6%. Though there is no withdrawal fee, there is a deposit fee of 1.9% for NetBanking and PayUMoney. 

Paxful

It is a marketplace that uses the P2P model where you can easily buy and sell your coins. The USP of this platform is that it connects buyers and sellers who are looking to exchange Bitcoins. It is also the best option to convert INR to BTC and has over 300 payment methods to buy Bitcoins. Some features are: 

  • Supported Currencies: Supports only Bitcoins. But support more than 140+ FIAT currencies. 
  • Payment: There are various payment options available to make transactions, which include credit card, cash, cryptocurrency, etc. 
  • Purchase limits: There is a minimum transaction limit to prevent spamming. 
  • Duration of processing: The Bitcoin network takes some time for processing. Three confirmations are needed before the balance is reflected in your wallet. The transactions can take between 5 to 60 minutes.
  • Simple Interface: The UI is simple to use and is very user-friendly and is available on multiple platforms. 
  • Security: Funds are in escrow, and hence until both buyer and seller confirm transactions are not completed. 
  • Transaction fees: The buyer does not have to pay anything, but the seller fees vary. There is a deposit fee of 0.5% and no withdrawal fees charged. 

Comparing Paxful, Unocoin, and CoinSwitch, CoinSwitch looks like a more mature and stable platform. CoinSwitch can be used to trade in a variety of cryptocurrencies, get the best exchange rates as it is an exchange aggregator, is simple, easy to use, and is highly secure with a good customer support team to resolve issues. 

About CoinSwitch

CoinSwitch.co is the world’s largest cryptocurrency exchange aggregator which supports 300+ coins and over 45,000+ pairs. It provides an easier way of trading through global exchanges like Binance, KuCoin, IDEX, Huobi, Ethfinex, HitBTC and Cryptopia without creating an account on them. If you are interested in buying cryptos, do give it a try!