Swan Bitcoin is an initiative founded in June 2019 by Cory Klippsten and Yan Pritzker. It was established to make it easier for users in the United States of America, as well as in other countries, to buy and invest in Bitcoin.
Functioning as a Web app, for now, Swan Bitcoin is open to users in all brackets(big corporations and wealthy individuals who are ready to spend as much as $10 million on buying crypto, as well as retail investors who may only be able to afford less than $50 on a single purchase).
SWAN BITCOIN SUMMARY
- It has provisions for making one-time purchases up to $10 million and recurring payments at pre-designated intervals.
- It is available to US residents and residents of other countries like the UK, Australia, Canada, Germany, etc.
- It implements standard KYC(know your customer) regulations.
- Crypto assets are stored in cold wallets and only transferred to hot wallets at the bidding of the user
- It has competitive fees.
- As the name implies, Swan Bitcoin deals only in Bitcoin. No other cryptocurrency is supported.
HOW DOES SWAN BITCOIN WORK?
Swan Bitcoin enables Bitcoin buying and investments in two ways:
- For US citizens, one-time purchases are funded through an ACH (Automated Clearing House) transfer or via wire transfer for international customers.
- Recurring payments at pre-established intervals. This is one of the most popular services of Swan Bitcoin. You can set up automatic payments to buy specific amounts of Bitcoin at regular intervals. It could be daily, weekly, or monthly, however you want it.
This investment method is known in the financial world as Dollar Cost Averaging and is one of the least risky(and most rewarding) ways to invest in financial assets. To put this in perspective, if you had invested $50 per week over the last three years in Bitcoin, you would have turned $7,850 to $59,929. Pretty impressive, right?
FEATURES OF SWAN BITCOIN
- Automatic Recurring Buys: There are two ways of doing this:
- An annual plan which is the cheapest and lets you pay all transactions as one annual payment
- A pay-as-you-go plan in which you pay for every transaction individually. The transaction fees for this are more expensive.
- Entity Buys: Swan Bitcoin also offers bulk purchases to corporations and individuals with a high net worth. This program is known as Swan private and will be discussed in detail later in this article.
- Auto-withdrawals: You don’t need to constantly check your Swan Bitcoin to see how much Bitcoin you have amassed. With the automatic withdrawal feature, your purchased bitcoins are sent to your preferred wallet at specific intervals. Decent withdrawal fees.
There is also a manual withdrawal method. In this case, you do not withdraw your bitcoin to your wallet automatically. You just leave it with Swan Bitcoin until you are ready to use it. Swan Bitcoin stores Bitcoin that has never been withdrawn in a cold storage wallet at Prime Trust(more on that later). Thus, you are sure your funds are safe.
To further boost funds’ security, if you’re withdrawing Bitcoin for the first time, the asset is sent manually from the cold wallet to a hot wallet under Prime Trust’s supervision. This may take up to 72 hours. After that is successfully done, subsequent transactions can be withdrawn automatically and on time.
You can withdraw your assets free of charge. Processing time depends on your payment method and can vary between 24 hours and 10 days.
- Referrals: Swan Bitcoin also offers referrals as a way of passive income for active users. If you refer someone to sign up with Swan, they will get $10 free Bitcoin while you will receive 25% of their fees for a year
HOW TO GET STARTED WITH SWAN BITCOIN
Account Creation: To get started with Swan Bitcoin, you must create an account on their site. You’ll need to input details like your email address, your preferred password, what Bitcoin savings plan you would choose, etc. After you enter those details, the verification process begins.
Verification: This is where KYC rules come in. The verification requirements for creating an account with Swan Bitcoin are divided into two categories:
- For US Citizens:
- A valid Social Security Number (SSN) is required.
- A minimum age of 18 is required to participate.
- An identification card valid in the United States is required. Accepted models are International Passport, Driver’s License, and Government-issued ID card.
- A utility bill within the past 90 days to confirm your address
- An active US bank account number with your bank’s ACH routing number.
- An active phone number
- For Non-US customers:
- A valid international ID document(preferably passport)
- An active international phone number used in a smartphone
- An international bank account, standard enough to perform international wires.
- A valid TID(Tax ID) with proof
- Internationally accepted proof of address.
- You must be an adult(18 years of age or more).
The verification process shouldn’t take more than five days(sometimes it’s done in minutes) depending on how complete your documents are and how clear and readable the images and print on them are.
Start Purchasing Bitcoin: Once your verification is done, you’re good to go. Swan Bitcoin will set to work, and start buying Bitcoin from your bank account in whatever purchasing a savings plan you selected.
WHAT COINS CAN I BUY WITH SWAN BITCOIN
Swan Bitcoin founders and executives are ardent Bitcoiners. There is a clear indication of this in the name and on their website. This may change in the future, but at this moment, the platform only supports Bitcoin.
SWAN BITCOIN FEES AND LIMITS
The following fee structures apply to Swan Bitcoin:
- Instant Buys carry a fee of 1.49%
- Wire transfers come with a 0.99% fee, while trading is free.
- Recurring buys attract:
- 2.29% fee for purchases between $5 to $24 per week.
- 1.79% for purchases between $25 to $49 per week.
- 1.19% for purchases above $50 per week
- Prepaid annual buys attract:
- 1.99% fee for purchases between $5 to $24 per week.
- 1.49% for purchases between $25 to $49 per week.
- 0.99% for purchases above $50 per week
SWAN BITCOIN ACCEPTED PAYMENT METHODS
For US customers, Swan bitcoin uses direct ACH (Automated Clearing House) payments while wire transfers are accepted from customers in other countries.
SUPPORTED CURRENCIES AND COUNTRIES
Bitcoin is the only supported cryptocurrency on Swan Bitcoin, while US Dollars is the only supported fiat currency.
Their customer support is quite impressive. At the bottom of their website(which is very neat, by the way), you find a link to a FAQ (frequently asked questions) section with well-detailed articles which answer most of the questions that may come up during the process of using the Swan Bitcoin program. At the time of writing, there are 178 articles in the FAQ section, and more articles are regularly added.
In addition, they have social media presence on Twitter, LinkedIn, and Instagram. The Swan Bitcoin Network also has a blog on which they post the latest information and developments. To cap it off, they have an active phone number, an email address, and a physical address through which users can reach them.
WHAT IS SWAN PRIVATE
The Swan Private service was designed to improve the reliability and efficiency of Bitcoin investment solutions for large corporations and high-net-worth individuals. It was launched on Feb 3, 2021, in the wake of increased institutional interest in Bitcoin.
With this service, Swan Bitcoin promises more one-on-one touch with clients by:
- helping them fill their tax forms after purchasing Bitcoin
- Putting them in touch with a dedicated team,
- Transferring money without limits via wire transfer.
- Teaching them practical safety guidelines to keep their funds safe, and
- Guiding them on retirement accounts.
Swan Private users can also make one-time purchases of up to $100 million without any annual limits.
SWAN BITCOIN VERSUS COINBASE
Like Swan Bitcoin, Coinbase is an exchange that allows DCA (Dollar Cost Averaging) purchases of Bitcoin and other cryptocurrencies. Apart from Coinbase, we also have Bitpanda, Cashapp, Gemini, etc., in that category. The table below outlines the differences between Swan Bitcoin and Coinbase:
|Available on?||Android iOS As a web application||As a web application|
|Target Audience||All Crypto enthusiasts in supported countries||Only Bitcoin enthusiasts|
|Training||Yes, they provide a lot of training initiatives||Not really. They focus more on exchanging|
|Age||They have been around since 2012||Came on show in 2019|
|Base||Available in 100+ countries||Mainly in the US with outreach in a few other countries|
|Services||Crypto staking, crypto saving, learn and earn, crypto exchanging, etc.||Only crypto exchanging|
|Dollar-cost average frequency||Daily, weekly, bi-weekly, or monthly.||Daily, weekly, or monthly.|
We will make another table to differentiate them in terms of fees. Here it is:
|Weekly Purchase||Coinbase||Swan Bitcoin (Pay as you go)||Swan Bitcoin (Prepay Annually)|
Other crypto exchanges to check out:
- What Is WooTrade & How To Use It?
- Is Voyager Safe & Legit?
- Gate.io Review
- Is Binance still the best crypto exchange?
- Kucoin review
- FTX review
- Kraken review
- Cex.io reveiw
- Binance vs Kucoin
- Paxful Review – Pros & Cons, Fees, Features
- Coinmama Review
- Paybis Review
SWAN BITCOIN REVIEW: CONCLUSION
As cryptocurrencies gain popularity and become mainstream investments, their importance is increasing exponentially. That is why it is good that there are investment options like Swan Bitcoin to make buying and investing in Bitcoin a seamless experience.
With the Dollar-cost averaging option to regular bitcoin purchases, the Swan private arrangement for high-value investments, and the relatively low transaction fees, Swan Bitcoin is living up to its mandate to be the best platform for buying BTC in the world. Of course, it has competitors and inadequacies, but this review touts it as one of the best platforms out there.
FREQUENTLY ASKED QUESTIONS
- It allows you to be able to DCA(Dollar Cost Average) into Bitcoin conveniently. With it, you won't have to worry about timing the market right; it does everything for you
- There is no hidden fee structure with this service. Also, the transaction fees are not that much.
- It lets you buy bitcoin with significant capital without much hassle and paperwork.
- It keeps your funds securely in a trust account registered in your name. The funds are held in cold wallets(the most secure wallet types) until you request otherwise.
- It has a provision to withdraw to your personal bitcoin address if you so wish.
- It is a legit corporation duly registered in the United States.
- It is mainly available for residents in the United States of America, with only wire payments available for users living in other countries.
- It deals only with Bitcoin. In a world where many altcoins are showing huge potential, this is a significant disadvantage.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com