Crypto Exchange Switchere: Review, Analysis and Comparison
Midas
Throughout 2020, the online crypto exchange Switchere has demonstrated a significant breakthrough in the crypto market by rendering high-quality crypto exchange service provision and enabling multiple payment gateways to let its users gain access to all leading cryptocurrencies with just a few finger taps. The following review presents a comprehensive analysis of Switchere, its trust score, usability, and overall comparison with competitors.
If you're looking for a crypto-exchange that's transparent and easy-to-use, this company should be on your list.
Overview
The company is headquartered in Tallinn, Estonia. It was founded in October 2019 with a prime focus on easy accessibility to cryptocurrencies, seamless user experience, and fast order processing.
Switchere is a licensed crypto exchange with all mandatory permits from the EU and international regulatory bodies, which complies with AML/KYC requirements (including the 5th EU Anti-Money Laundering Directive) and renders non-custodial crypto exchange services to its users.
Major crypto exchange directions include fiat-to-crypto, crypto-to-fiat and crypto-to-crypto. First crypto exchange (in any direction — buy, sell, or swap) on the platform can be done with a 0% service fee and the user receives cashback (up to 1%) for each exchange operation on the website.
Besides, Switchere serves customers from the US and accepts bank cards issued in the US, which is a rare commodity among contemporary online crypto exchanges.
Services
After registration and quick verification, platform users can buy TOP 10+ cryptocurrencies (BTC, ETH, LTC, BCH, DASH, XLM, TRX, EOS, USDT20, XRP, and DeFi-based token LINK) for USD and EUR (all major VISA, Mastercard, and Maestro credit/debit/prepaid cards are accepted), via Asian local online banking (IDR, VND, MYR, THB), M-PESA for the African region (KES) and NETELLER account. The exchange rate is fixed and all the commission details are available straight on the checkout form.
Likewise, users can sell cryptocurrencies for fiat on the website and receive the converted amount to their bank card. Finally, the option of instant crypto swaps is readily available on Switchere as well. The average order processing time takes 2-30 minutes.
Fees
Switchere’s fee structure is transparent and can be viewed straight on the exchange form. If you want to buy cryptocurrencies (BTC, ETH, etc.) with a credit card, the exchange rate comprises the following fees:
Fiat-to-Crypto Direction
Processing fee – 3.6%
Service fee – 3.4%
Blockchain fee — it depends on the cryptocurrency being sent and the blockchain. For instance, for 1 BTC, the blockchain fee is 0.0005 BTC.
If you want to sell cryptocurrencies for fiat currencies (EUR, USD), the exchange rate is as follows:
Crypto-to-Fiat Direction
Processing fee — 4.9%
Service fee — 3.4%
Crypto-to-Crypto Direction
For online crypto swaps, the commissions are as follows:
Service fee — 0.9%
Blockchain fee — it depends on the cryptocurrency being sent and the blockchain. For instance, to swap BTC to ETH, the blockchain fee is 0.02 ETH.
Spending Limits
Switchere applies a spending limit system for its users. The spending limit is the maximum amount of spending for your user account based on your preferred method of payment, currency, and verification level. Your account spending limit is not set to daily, weekly or monthly restrictions. In order to unlock and raise your spending limit, it is necessary to complete the following:
- Auto ID verification (5-10 minutes).
- Bank card verification.
- Proof of address.
- Proof of income.
You can make your spending limit unlimited once all verification stages (including proof of income verification) are successfully completed.
Supported Countries
As a licensed exchange service provider, Switchere’s operational areas cover Europe, Asia, Africa, Australia, North America, and South America. The list of supported countries includes 170+ countries worldwide.
Customer Support, Loyalty Programs, and Reviews
Customer service is prioritized on Switchere and its Customer Care team is available 24/7 via live chat and email. The average response time is 1-2 minutes, its representatives are polite and offer multilingual support.
The website has an official blog, active social media channels (Instagram, Facebook, Telegram, LinkedIn) and is regularly publishes articles on forums and online media platforms.
Switchere runs a 2-level Affiliate Program, whereby users can earn passive income (55% reward) not only from attracting primary Referrals but also when your Referrals attract other sub-Referrals (5% reward). Besides, every user receives cashback (ranging from 0.25% to 1%) for each exchange operation (buy/sell/swap) on the website within the scope of the Cashback Program.
Judging from customer reviews on Trustpilot, the website has predominantly positive feedback from users and its rating is 4.5 out of 5.
Frequently Asked Questions
Which bank cards are accepted for payments by Switchere?
Switchere accepts all major credit, prepaid, and debit cards (Visa/Mastercard/Maestro) for payment processing on the website.
Which bank cards are accepted when selling crypto to fiat currencies?
All Visa, Mastercard, and Maestro bank cards (debit, credit, and prepaid) are accepted for converting cryptocurrencies to fiat currencies (EUR and USD) with the exception of cards issued in the countries identified FATF as high-risk.
Can I use my bank card for payments/transactions on Switchere if it does not contain my name on it?
Most importantly, a bank card that you want to use for payments/transactions on Switchere.com must be issued to you (cardholder). Ideally, the bank card must contain your first name and last name. If for some reason, you are the owner of the bank card and it does not contain your name on it, but you want to use the card on Switchere.com, you are welcome to verify the card in the Account>Verification>Bank Card Verification tab by uploading the required scans/photos.
Conclusion
In summary, Switchere is a solid and trustworthy service provider that renders free of custody crypto exchange services, runs ongoing customer loyalty programs to establish its brand recognition on the crypto arena, and offers its users simple and fast workflow. Fees for crypto exchanges are average market prices and there are, as a rule, no delays with order processing or delivery. Customer Care representatives are available round-the-clock and are always polite and ready to assist with any issue that may arise (verification, order payment issues, etc.).
