Coinswitch is a new trade platform that looks set to shake things up in the foreign exchange. It’s one of a few out there offering a free trial period and a money back guarantee. The trade is done in the same way as many Forex trade platforms, where you can place bids and offers to buy or sell specific pairs of currencies. But unlike most of the other sites, Coinswitch operates much like an auction site. This means you have to pay a fee to join – but what kind of fee?
Coinswitch operates via its own currency exchange called XBX, which trades numerous different exchanges in dozens of different countries. The site claims that it allows you to trade with any virtual currency – not just one. This is a nice feature, especially if you’re a big fan of various currencies, such as the Australian dollar, Japanese yen, Swiss franc and the Euro.
What most users will be interested in however, is the fact that they offer free transactions for about three months after the free trial period has ended. And just like with most other trade platforms, you need to pay a subscription fee to access their marketplace. Coinswitch also boasts a high level of transaction liquidity, thanks to its exclusive connection with the two largest Forex brokerages in the world. These brokers are banks, which means that the transactions are guaranteed to settle quickly.
However, Coinswitch isn’t the only exchange trade platform out there that offers a free trial. Forex Capital Markets, for example, also offers a free trial period, during which you can test out the platform and see how well it works for you. But does it work as well as coinswipe? Or is it simply a flash in the pan? The answer largely depends on what you look for in a platform. Here are a few things to look for when evaluating this particular trade platform:
For the seasoned trader, Coinswitch isn’t necessarily the best price for every single pair. If you’re new to investing in Cryptocurrency, for example, you probably already know that the pair you’re trading with has a range of values, both short and long term. This makes knowing which pair to buy at a certain price, every time that you want to buy them, a very difficult task indeed. Fortunately, with multiple exchanges at your disposal through Coinswitch, you can easily select the best price and hold onto your investment for the best price.
A final question that you might want to ask before deciding on a platform is how easy it is to set up an account with. A lot of trading platforms out there have very basic setup procedures, meaning that it can take days or even weeks to get everything set up. With Coinswitch, however, setting up an account is as easy as logging into your account and completing a couple of simple steps. This kind of transaction speed makes it ideal for beginners and experienced traders alike. In a Coinswitch review, I went over some of the other transaction options that you can use when exchanging between multiple exchanges, and Coinswitch certainly falls near the top of the list.