Costs, licensing, consumer protection Privacy, self-custody, censorship resistance
B D Regional Crypto Exchanges

CoinSwitch Kuber

CoinSwitch

Bitcipher Labs LLP

Status
Private company
Legal HQ
India
Founded
2017
Corporate site
coinswitch.co
Valuation
$1.9B · Oct 6, 2021
Latest round
Series C — $260M (ottobre 2021)

Main investors / shareholders

  • Andreessen Horowitz (a16z) · Other
  • Coinbase Ventures · Other
  • Tiger Global · Other
  • Sequoia Capital India (Peak XV) · Other
  • Paradigm · Other
  • Ribbit Capital · Other

CoinSwitch is operated by Bitcipher Labs LLP, an Indian limited liability partnership based in Bangalore, registered as a reporting entity with FIU-India. It became India's 30th unicorn in October 2021 with a $260M Series C round (a $1.9B valuation). It is a privately held company, not publicly listed.
3.8/5 1.3/5
Taker fee 0%

Data verified on unchanged since the sources

Worth it if you're in India and want a multi-exchange aggregator with 25M+ users, registered with FIU-India.

Avoid it if you're in Italy, where it's unavailable, or you want transparent spreads: as an aggregator the spread isn't always clear.

Visit official website ↗

CoinSwitch has over 25 million users in India and is a $1.9B unicorn, operating as a multi-exchange aggregator registered with FIU-India. As an aggregator, the spread it applies is not always fully transparent.

68
Transparency: Medium
68/100 · see methodology
68
Data exposure: Medium
68/100 · lower is better for sovereignty · methodology

Data & conditions

Maker / Taker fee 0% / 0%
Markets Spot
Max leverage 25×
Supported assets 150+
Trading pairs 100+
Fiat on-ramp Yes
Deposit methods UPI, IMPS, NEFT, RTGS
Geo restrictions USA, Cuba, Iran, North Korea, Syria, Sudan, Afghanistan, Pakistan, Crimea
Fund custody Custodial (platform holds funds)
KYC Full
Supported countries APAC · 1+ countries
Regulator FIU-India
OAM Italy registration No
Segment B2C
MiCA / License status FIU India FIU-India

Strengths

  • 25M+ users India; unicorno $1,9B; aggregator multi-exchange; FIU-India.
  • No notable sovereignty advantage documented.

Weaknesses

  • Aggregator: spread not sempre transparent.
  • Custodial: the platform holds your funds and can freeze or lose them.
  • Full KYC required: verified identity, zero pseudonymity.
  • Subject to regulation (FIU-India): reporting to authorities and freezes on order.
  • Geographic restrictions (USA, Cuba, Iran, North Korea, Syria, Sudan, Afghanistan, Pakistan, Crimea).

Verdict

B D ★ 3.8/5 ★ 1.3/5

The good-but-not-top score fits the facts: CoinSwitch is a $1.9B unicorn with over 25 million users in India and FIU-India registration, but as a multi-exchange aggregator the spread it applies isn't always transparent, and that is the main drawback for anyone who wants clear costs. India-centric, with no access from Italy.

On the sovereign axis CoinSwitch is weak like any custodial with full KYC: no self-custody, no anonymity. Its aggregator nature makes things worse for the crypto-native, since it adds yet another layer of intermediation between the user and on-chain execution — the opposite of trustless operation.

Privacy & anonymity 30% 0.8
Fund control 20% 0.0
Censorship resistance 20% 1.5
Costs 10% 5.0

Promp's editorial rating based on real fees and net annual cost. Promp reviews third-party products independently.

"Sovereignty" rating: score computed on privacy/anonymity (30%), fund control (20%), censorship resistance (20%), trustless/auditability (20%) and costs (10%). Same data, different weights.

Reputation

What happened to people who used CoinSwitch Kuber, and what users say. External signals: they do not feed the promp.it rating.

Incidents & regulatory actions

History not verified

We have not yet completed the incident search for this service: no entries here does not mean no events.

Public reviews

4.5/5 61,885 reviews
  • App Store ↗ 4.5/5 61,105 reviews

    India App Store (IN storefront). 'CoinSwitch Crypto Trading App', publisher Bitkuber Investments Private Limited. Exact figure from itunes.apple.com/in/lookup (id 1540214951). The app is geo-restricted and absent from the US store.

  • Trustpilot ↗ 1.2/5 780 reviews

    Global coinswitch.co page (in.trustpilot.com redirects to www.trustpilot.com). TrustScore 1.2/5 across 780 reviews: small, heavily negative sample. Trustpilot counts drift over time.

Weighted average across 2 public review platforms (61,885 reviews in total), weighted by volume. This is not our rating: it is those platforms’ average.

FAQ

What are CoinSwitch Kuber's fees?

On CoinSwitch Kuber, spot fees are maker 0% / taker 0%. They drop with monthly volume and VIP tier.

Is CoinSwitch Kuber regulated in Europe?

Regulatory status of CoinSwitch Kuber: FIU-India. Licence: FIU India.

Does CoinSwitch Kuber publish Proof of Reserves?

Proof of Reserves publication is not documented for CoinSwitch Kuber. No third-party reserve audit is documented. Reserve transparency is a critical factor after the FTX collapse.

Can I send transfers to third-party IBANs from CoinSwitch Kuber?

No, CoinSwitch Kuber is an exchange and does not allow transfers to third-party IBANs: fiat withdrawals return to a bank account in your own name.

Does CoinSwitch Kuber support derivatives and futures?

CoinSwitch Kuber does not offer derivatives: it focuses on spot trading.

Sources

Show 7 more sources

Update history

✓ Terms unchanged since Jun 1, 2026

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