Comparison of Wirex vs Coinswitch [ 2024 ]

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

Your expert: Alejandro Borja

Wirex

Your expert: Xavier Tarrasó

Coinswitch

Main points

Fees

Earns

Customer service

3/5

0,00%/0,50%

Fees

Yes

Earns

3/5

Customer service

Recommended for

Beginners

Yes

Trading

Passive income

Buy and hold

Yes

Beginners

Trading

Yes

Passive income

Yes

Buy and hold

Comparison of fees

Rating

3.8 – Reasonable fees with additional benefits for cardholders.

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

Level

0,00%/0,50%

Brief explanation

Wirex’s fee structure is designed to encourage both the use of its native token and engagement with its broad range of services. The platform charges a clear, competitive trading fee of 1% for buying or selling cryptocurrencies, which is straightforward and easy to understand for all users. For crypto-to-fiat transactions, Wirex imposes a fee that includes a small percentage of the transaction amount plus a fixed nominal fee, which varies depending on the currency involved. This system allows users to manage their costs effectively by understanding the exact fees in advance, making financial planning simpler and more predictable. Wirex also incentivizes the use of its native WXT tokens by offering reduced fees, enhancing savings for regular users.

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.

Wirex

Security Methods: Wirex employs robust security measures including cold storage for funds, 2FA, and the latest encryption technology to protect user data and transactions.
Reputation and Reviews: Wirex has established a strong reputation in the cryptocurrency space, backed by positive reviews from users appreciating its ease of use, innovative features, and reliable customer service.
Regulation: As a principal member of Mastercard, Wirex adheres to strict regulatory standards, ensuring a secure and compliant environment for handling your digital and traditional currencies.
Customer Service: Wirex supports its users with a dedicated customer service team, providing help and guidance to ensure a smooth user experience across its platform.
Volume Managed and Liquidity: Wirex handles a significant volume of daily transactions, offering high liquidity which ensures that users can perform transactions efficiently and at competitive rates.

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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Account Minimum

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Direct link to the website

Product selection

Native token

Earns

Yes

NFT marketplace

Cripto/debit card

Full name

Wirex Limited

Bitcipher Labs LLP

Regulation

Regulated in the Reino Unido

Not regulated

Year founded

2014

2017

Founder

Pavel Matveev and Dmitry Lazarichev

Ashish Singhal

Payment methods

Transfers

Yes

Mastercard

Yes

Wire transfer

Yes

Card

Yes

Comparative table

Wirex	FEATURES	Coinswitch
Wirex allows flexible trading amounts, making it accessible for users of all investment levels, though specific minimums depend on currency pairs.	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
Wirex offers competitive trading fees, but its foreign exchange fees can be higher than average, which might affect those trading or using multiple currencies frequently.	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
Wirex supports a solid range of cryptocurrencies including major ones like Bitcoin, Ethereum, and Litecoin, making it suitable for most traders’ needs.	Number of Cryptocurrencies	CoinSwitch supports over 300 cryptocurrencies, providing a vast selection for users
There is a good selection of trading pairs available, providing users with various trading strategy options.	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 Wirex website provides clear information about fees, services, and user guidelines, making it easy for users to find the information they need.	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
Wirex offers a Visa card that integrates with cryptocurrency accounts, allowing users to spend their cryptocurrency at any Visa-compatible point of sale. The card functionality scores highly for its convenience and integration.	Credit/Debit Card	CoinSwitch does not provide an exchange card for in-store purchases.
Wirex provides secure cryptocurrency wallets with cold storage options, ensuring safety for user funds, though it’s less customizable than dedicated crypto wallet services.	Storage Offering	CoinSwitch does not offer dedicated storage solutions but supports integration with various wallets, allowing users to manage their holdings externally
Offers rewards such as Cryptoback™ rewards on card purchases, but the staking options are somewhat limited compared to dedicated staking platforms.	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
The Wirex app and desktop platform are user-friendly and provide a seamless experience for managing cryptocurrencies and fiat currencies.	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 service is a known issue with reports of slow response times and unresolved issues, impacting the overall user experience.	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
Deposits and withdrawals are generally smooth with support for multiple fiat currencies, but sometimes can experience delays which should be noted.	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 price tracking

No significant trading tools, mainly an aggregator

Mobile APP

Security

High 4,6/5

Additional features

Crypto debit card, staking, Wirex rewards, fiat on/off ramps

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

Anonymity

Yes

Key points

Available cryptocurrencies

10+

300+

User-friendliness

Wirex features an intuitive and user-friendly interface that is easy to navigate, making it suitable for beginners. The platform focuses on providing a seamless trading experience.

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

Delivers reasonable value for money with competitive fees and a user-friendly platform, though it may lack some advanced features.

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

Countries of operation

Global, including United States, Canada, United Kingdom, Australia, Germany

India, United States, Canada, United Kingdom, Australia

Best for

Best for global traders looking for a reliable platform with competitive fees and a wide range of supported cryptocurrencies.

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

Base currencies available

USD, EUR, GBP, BTC

BTC, USDT (varies by transaction)

Account

Trading

Wirex provides a secure platform with easy fiat integration and a good range of cryptocurrencies. It offers additional services like a debit card but has higher fees compared to some exchanges.

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

Wirex supports multiple deposit options, including bank transfers, credit/debit cards, and cryptocurrencies. Withdrawals are processed quickly, with competitive fees.

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

Wirex provides an easy and fast account registration process. Users need to fill out personal details and verify their identity. The process is fully digital and usually completed within a day.

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

Wirex provides comprehensive customer support through email, live chat, and a help center. Support is available 24/7, and the response times are quick, ensuring users get timely 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

Wirex ensures security through 2FA, encryption, and cold storage. It is regulated by several financial authorities, making it a highly secure platform for 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 a Wirex exchange expert, I’d like to share a little advice on why you might consider using Wirex for your crypto transactions. Wirex offers a uniquely integrated platform where you can manage both fiat and cryptocurrencies seamlessly. The ability to use a Visa card linked directly to your Wirex account allows you to spend your crypto holdings just as easily as fiat, virtually anywhere Visa is accepted. This feature alone makes Wirex an excellent choice for those who want to make cryptocurrencies a regular part of their financial toolkit. Plus, their user-friendly interface makes navigating through crypto transactions straightforward, even for beginners.

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.

Read Wirex review

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Read CoinSwitch review

View all comparisons against Coinswitch

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 Wirex vs Coinswitch [ 2024 ]

Wirex

Coinswitch

Main points

Recommended for

Comparison of fees

Rating

Level

Brief explanation

Wirex

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 Wirex and Coinswitch