Comparison of Bitmart vs Coinswitch [ 2024 ]

The crypto exchanges compared by their commissions, cryptos, security and much more. Here is the Bitmart vs Coinswitch comparison!

Your expert: Alejandro Borja

Bitmart

Your expert: Xavier Tarrasó

Coinswitch

Main points

Fees

0.09%/0,25%

Earns

Yes

Customer service

3/5

0,00%/0,50%

Fees

Yes

Earns

3/5

Customer service

Recommended for

Beginners

Yes

Trading

Yes

Passive income

Yes

Buy and hold

Yes

Beginners

Trading

Yes

Passive income

Yes

Buy and hold

Comparison of fees

Rating

4.0 – Reasonable fees with some additional costs for specific services.

4.0 – Low fees with a focus on instant crypto swaps.

Level

0.09%/0,25%

0,00%/0,50%

Brief explanation

BitMart’s commission structure is designed to be competitive within the cryptocurrency exchange market. The platform utilizes a tiered fee system based on trading volume, which encourages more frequent trading by reducing costs for high-volume traders. Generally, the fees for makers, who add liquidity to the market, are lower than for takers, who take liquidity away. This fee structure not only supports liquidity but also rewards users who contribute to the market dynamics. While specific percentages vary, they are kept transparent on the platform, ensuring traders can plan their transactions with clarity regarding potential costs.

CoinSwitch employs a variable fee structure, which ranges from 0% to 0.49% per transaction. This fee is integrated into the exchange rate provided to users, making it less visible upfront. While this can be competitive, especially for smaller trades, the lack of clear breakdowns can make the fee structure feel somewhat opaque. For credit and debit card purchases, CoinSwitch uses Simplex, a third-party payment processor, which can add additional costs. These fees can be substantial; for instance, users purchasing Bitcoin via Simplex may experience an effective fee of up to 10% when considering both the Simplex and CoinSwitch fees. Moreover, network (or miner) fees are applied to all transactions and are dependent on the blockchain used. These are additional to the CoinSwitch fees and can vary based on network congestion and other factors. In summary, while CoinSwitch offers a convenient and user-friendly platform, potential users should be aware of the combined costs of CoinSwitch’s variable fees, Simplex processing fees for card transactions, and blockchain network fees, as these can collectively impact the total cost of trading on the platform.

Bitmart

Security Methods: BitMart employs comprehensive security measures to protect user assets and data. These include two-factor authentication, advanced encryption technology, and the majority of funds held in cold storage. These stringent security protocols demonstrate BitMart's commitment to maintaining a secure trading environment.
Reputation and Reviews: BitMart has built a solid reputation within the crypto community for its robust platform and reliable service. Positive user reviews frequently highlight the platform's user-friendly interface and the wide variety of trading options available, reinforcing its standing in the market.
Trading Volume and Liquidity: BitMart handles a significant volume of daily trades, ensuring high liquidity across its various trading pairs. This high trading volume is indicative of a vibrant marketplace that allows users to execute trades efficiently without substantial price slippage.
Year Founded: Established in 2017, BitMart has several years of operation under its belt, during which it has continuously evolved and improved its offerings. This longevity in the fast-paced world of cryptocurrency exchanges speaks to its resilience and the trust placed in it by its users.
Customer Service: While there have been challenges with response times, BitMart's dedication to improving its customer service is evident. They are actively working to enhance their support mechanisms to provide timely and effective help to their users, which is a critical component of user trust and satisfaction.

Read bitmart review

Coinswitch

Year Founded CoinSwitch was founded in 2017, providing it with several years of experience in the cryptocurrency exchange industry. Its longevity adds to its credibility and trustworthiness.
Volume Managed The platform manages a significant trading volume, indicating its liquidity and the trust traders place in it. High trading volumes often reflect the platform's efficiency and reliability.
Number of Users CoinSwitch has a substantial user base, with millions of users worldwide. This wide adoption is a testament to the platform's reliability and the trust it has earned in the cryptocurrency community.
Reputation and Reviews CoinSwitch has garnered positive reviews from users and industry experts alike. Its reputation is bolstered by its user-friendly interface, extensive range of supported cryptocurrencies, and consistent performance, making it a trusted choice among cryptocurrency exchanges.
Security Methods CoinSwitch employs robust security measures, including encryption protocols, two-factor authentication (2FA), and cold storage for the majority of user funds. These security practices help ensure the safety of users' assets and personal information.

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Direct link to the website

Product selection

Native token

Earns

Yes

NFT marketplace

Yes

Cripto/debit card

Yes

Full name

GBM Foundation Company

Bitcipher Labs LLP

Regulation

Not regulated

Year founded

2017

Founder

Sheldon Xia

Ashish Singhal

Payment methods

Transfers

Mastercard

Yes

Wire transfer

Card

Yes

Comparative table

Bitmart	FEATURES	Coinswitch
BitMart offers a relatively low minimum trade amount, making it accessible for beginners to start trading without significant capital.	Minimum Trade	CoinSwitch does not explicitly set minimum trade values, allowing for flexibility depending on the partner exchange used. This makes it accessible for traders of all levels
Fees are competitive, but could be improved to match lower rates offered by some other exchanges.	Trading and Transaction Fees	CoinSwitch charges fees ranging from 0% to 0.49%, which are built into the exchange rates. While competitive, these fees can be less transparent, especially when using credit cards
BitMart supports a wide array of cryptocurrencies, providing users with a diverse range of trading options.	Number of Cryptocurrencies	CoinSwitch supports over 300 cryptocurrencies, providing a vast selection for users
Offers a substantial number of crypto-to-crypto trading pairs, allowing for versatile trading strategies.	Crypto-to-Crypto Trading Pairs	The platform offers more than 45,000 trading pairs, making it easy to trade between a wide variety of cryptocurrencies
The website provides essential information; however, more detailed disclosures about security practices and fund management could enhance transparency.	Website Transparency	While CoinSwitch provides some information on fees and services, the details can sometimes be unclear, especially regarding hidden fees and exchange rate breakdowns
BitMart does not offer its own exchange card for customers to use for in-store purchases and receive benefits.	Credit/Debit Card	CoinSwitch does not provide an exchange card for in-store purchases.
Provides secure storage options with the majority of assets held in cold storage, though past security breaches have impacted their score.	Storage Offering	CoinSwitch does not offer dedicated storage solutions but supports integration with various wallets, allowing users to manage their holdings externally
Offers competitive staking options and rewards, appealing to users looking to earn through their crypto assets.	Staking and Rewards	CoinSwitch offers staking options for various cryptocurrencies, allowing users to earn passive income. However, staking rewards can be relatively low and come with some risks, such as illiquidity
Both mobile and desktop platforms are highly user-friendly and feature-rich, providing a seamless trading experience.	Mobile App and Desktop	The platform has a highly-rated mobile app available for both Android and iOS, offering full functionality and ease of use on the go
Customer support is available, but response times can be slow. More resources towards improving service responsiveness are needed.	Customer Service	CoinSwitch provides customer support through online forms, with decent response times. However, there is no direct email or phone support, which can be limiting for urgent issues
BitMart offers multiple deposit and withdrawal methods, but improvements could be made in processing times and fee structures for withdrawals.	Deposit and Withdraw	Deposits and withdrawals are straightforward on CoinSwitch, with various methods available. However, fees and processing times can vary depending on the method used

Key features

Analysis tools

Basic charting tools, some advanced features for futures

No significant trading tools, mainly an aggregator

Mobile APP

Yes

Security

High 4,9/5

High 4,6/5

Additional features

Futures trading, staking, lending services, BitMart token (BMX) rewards

Instant crypto swaps, CoinSwitch Earn, CoinSwitch Kuber app, fiat on/off ramps

Anonymity

Yes

Key points

Available cryptocurrencies

200+

300+

User-friendliness

BitMart features an easy-to-use platform with a simple interface that is suitable for beginners. The exchange provides a seamless trading experience with all necessary features easily accessible.

CoinSwitch provides a straightforward and easy-to-use platform that is ideal for beginners. The interface is clean and intuitive, making it easy to navigate and execute trades.

Value for money

Provides good value for money with low trading fees and a diverse range of supported cryptocurrencies, making it a cost-effective option for traders.

Delivers good value for money with competitive fees and a straightforward swapping service, making it an easy option for quick trades.

Countries of operation

United States, South Korea, Japan, China, Singapore

India, United States, Canada, United Kingdom, Australia

Best for

Suitable for traders of all experience levels who want access to a diverse range of cryptocurrencies and low trading fees.

Ideal for traders looking for a straightforward and quick cryptocurrency swapping service with competitive fees.

Base currencies available

USD, BTC, ETH, USDT

BTC, USDT (varies by transaction)

Account

Trading

BitMart is a global exchange with a good variety of cryptocurrencies and competitive fees. It offers advanced trading options but has faced some security and regulatory challenges.

CoinSwitch is an aggregator platform providing access to multiple exchanges through one interface. It supports a wide range of cryptocurrencies but charges additional fees for its service.

Deposit and withdrawal

BitMart provides diverse deposit methods, including bank transfers and crypto. Withdrawals are processed efficiently, typically within a day. Fees are reasonable, enhancing user experience.

CoinSwitch is an aggregator that provides access to multiple exchanges through one interface. It supports various deposit methods, and withdrawals are processed efficiently with low fees.

Account opening process

BitMart offers an easy and fully digital account opening process. Users need to provide personal details and verify their identity. The process is usually quick, taking less than a day to complete.

CoinSwitch offers a straightforward and fully digital account opening process. Users need to provide personal information and verify their identity. The process is quick, usually taking less than a day to complete.

KYC required?

Yes

Customer Service

BitMart provides support via email and live chat. The support team is responsive and helpful, but the lack of 24/7 support can be inconvenient for users needing immediate assistance.

CoinSwitch offers customer support through email and live chat. The response time is quick, but the support team is not available 24/7, which may be a drawback for some users.

Security

BitMart provides strong security with 2FA, SSL encryption, and cold storage. However, it lacks regulation from major financial authorities, which might be a concern for some investors.

CoinSwitch provides robust security with 2FA and encryption. Despite its strong security measures, the platform lacks regulation from major financial authorities, which could be a concern for some investors.

Which of these exchanges is for you?

Alejandro Borja

As an expert on our website, I recommend BitMart for traders who value a wide selection of cryptocurrencies and robust trading platforms. While the exchange offers strong security measures and diverse trading options, potential users should be aware of the historical security breaches and occasionally slow customer service. Overall, BitMart provides a user-friendly experience with competitive trading fees, making it a solid choice for both beginners and experienced traders looking to expand their crypto portfolios.

Xavier Tarrasó

As an expert on our website, I highly recommend CoinSwitch for those new to the cryptocurrency market. Its user-friendly interface makes it easy to navigate, even for beginners. The platform offers an impressive range of over 300 cryptocurrencies and supports more than 45,000 trading pairs, allowing for diverse trading opportunities. Security is also a strong point, with advanced measures such as two-factor authentication and cold storage in place. Although transaction fees can be slightly higher, the convenience and breadth of options available make CoinSwitch a valuable tool for anyone looking to start or expand their crypto trading journey.

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How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).

For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.

Comparison of Bitmart vs Coinswitch [ 2024 ]

Bitmart

Coinswitch

Main points

Recommended for

Comparison of fees

Rating

Level

Brief explanation

Bitmart

Coinswitch

Product selection

Native token

Earns

NFT marketplace

Cripto/debit card

Company information

Full name

Regulation

Year founded

Founder

Payment methods

Transfers

Mastercard

Wire transfer

Card

Comparative table

Minimum Trade

Trading and Transaction Fees

Number of Cryptocurrencies

Crypto-to-Crypto Trading Pairs

Website Transparency

Credit/Debit Card

Storage Offering

Staking and Rewards

Mobile App and Desktop

Customer Service

Deposit and Withdraw

Key features

Analysis tools

Mobile APP

Security

Additional features

Anonymity

Key points

Available cryptocurrencies

User-friendliness

Value for money

Countries of operation

Best for

Base currencies available

Account

Trading

Deposit and withdrawal

Account opening process

KYC required?

Customer Service

Security

Which of these exchanges is for you?

How do we review crypto exchanges?

Risk Disclaimer

More comparatives Bitmart and Coinswitch