With KYC completion in Five minutes, UPI for instant INR deposits and two click crypto trading, Coinswitch Kuber may be the fastest way to buy or sell Crypto. But there are few corners that need to be smoothened.
Coinswitch Kuber officially launched today and we are here with the first impression of the mobile app that promised 100+ Crypto asset trading on your phone.
Registration and KYC
User can register on Kuber with their phone numbers. An OTP is sent to the number used for registration. The same functionality allows any registered user to login as well. Once the OTP is verified, a new user is asked to setup a four digit PIN, while an existing user is asked to enter the PIN previously setup. Pretty standard process so far.
A new user cannot deposit INR or buy/sell crypto without completing KYC. The good news is that KYC is completed and verified in Five Minutes.
User needs to submit information like name, email address, Date of birth and place of residence. For verification user must submit PAN card and one other ID like Aadhaar, Passport or Voter ID.
Additionally, a selfie is taken from the app for face verification.
Of course tinkering with systems is my hobby, so I tried verifying with two accounts, a few hours apart. The first one was verified in five minutes. After submitting the same proofs for the second account, I expected to be rejected in five minutes. My PAN was rejected in one.
While the KYC is being verified, user can enter their Bank account details on the app as well. This bank account will be used for INR withdrawals by the exchange. Bank account can only be added once, to change the bank account, user needs to create a support ticket. This feature may be updated in the future releases of the app.
Once the KYC is complete, user can go ahead and deposit INR to buy Crypto assets.
100+ Crypto Assets really?
The total available crypto assets on Kuber is 38. However, this is just the first version launch. Hence, we may see the claim come true in a week or two.
The major ones are definitely there – Bitcoin, Ethereum, XRP, Bitcoin Cash, Dash, Tether, Chainlink and a lot more. Personally I like the collection, and some of the tokens are a great addition as liquidity for them in other exchanges is quite less.
Depositing and Withdrawing INR on Coinswitch Kuber
Only UPI can be used to deposit INR to Coinswitch Kuber right now and hence the maximum limit per transaction is One Lakh INR.
Depositing INR is fairly simple. Click on the “Indian Rupee Wallet” and hit Deposit or click on “Recharge Wallet” on the front screen, add the amount to be deposited, and click “Deposit”.
User will be redirected to a payment gateway. User must enter their VPA/UPI ID setup on their UPI apps, and click on “Pay Now”. A request for payment is creating for the UPI ID and is instantly recorded once the payment is made. The time limit to make the payment is five minutes.
INR withdrawals are processed into the bank setup by the user. While INR withdrawals are fast, they may be delayed during non-banking hours. Coinswitch is using a payment processor to allow faster INR deposits and withdrawals.
Buying and Selling Cryptocurrencies
Here is where Coinswitch Kuber can shine like a bright star. At the end of the day the goal of the user is to be able to buy/sell cryptocurrencies easily and quickly. Coinswitch has a simple and intuitive interface that allows you to buy/sell any crypto-asset in four steps.
- Select the crypto asset to trade
- Hit Buy or sell button
- Enter the Amount (INR in case of Buying, Crypto in case of selling)
- Review the final price and hit “Buy Now” or “Sell Now”
Being a high liquidity closed order-book exchange, users receive one single price for the entire order whether it is small or large. The advantage of such exchanges is the ability to buy cryptocurrencies quickly as one does not need to input other order requirements like precise quantity or limit price, etc.
Crypto Deposits and Withdrawals
As important as it is for an exchange to provide ease of trading, it is equally if not more important to have an easy way to deposit and withdraw crypto assets from exchanges. After selecting a crypto asset, a user can simply click on the down arrow to deposit that asset or the up arrow to withdraw the asset as seen on the above image.
On the same page, user can also “Buy” or “Sell” the asset.
The deposit, withdrawal and trade history of assets can be seen on the history tab of the app.
Crypto Deposits are processed automatically but the app doesn’t provide the information on how many confirmation does each crypto asset require. Similarly, the withdrawals are done automatically however, for larger amounts, Coinswitch processes the withdrawals manually for security of users on the new app.
It appears that Coinswitch is not charging any trading fees for users as of now. From their earlier communication, they will not be charging fees for 100 days for early users.
The Crypto withdrawal fee however is not visible unless you hold some crypto in that particular wallet. From what I see, it looks like the fees are equal to that of Binance.
The corners that need Smoothing
Since the app has just launched to public, for the first time, there might be some issues that may get reported in the initial days for the app.
Somethings that we noticed in the early access version that might soon be fixed are, the lack of a search button to find a crypto asset to trade, unable to see withdrawal fees unless there are funds in the wallet and unable to change bank account once setup.
The charts may need an upgrade too, but honestly with the visible 24 hour high and 24 hour low, it doesn’t really matter. We don’t want tradingview inside a mobile app.
Lastly, the app is only available on Android, we need iOS soon.
Have you tried out the Coinswitch Kuber app? Let us know in the comments below what you thin about it.
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