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General info
Switchere is a cryptocurrency buying and selling intermediary that was founded back in 2019. The platform offers its users a safe and easy way for them to purchase a range of popular cryptocurrencies. Switchere is under regulation by Estonian authorities and holds multiple licenses for its practices.
Their crypto is sold with little to no fees, all of which are not hidden, though it should be noted that they charge a premium on their crypto.
Switchere Supported Coins
Switchere has a wide range of coins including but not limited to:
Switchere Supported Countries
Switchere is available all around the world and accepts both Mastercard and Visa bank and debit cards. Though there are some countries where these cards will not be considered valid by Switchere. The list includes countries such as China, Saudi Arabia, Japan, Canada, and Brazil.
There are smaller countries on this list which can be found easily on the Switchere website. Due to regulatory requirements, Switchere is unable to accept a credit card and bank cards from any of these countries.
Are US investors allowed on Switchere?
Yes, although Switchere does present some restrictions for other nations, you are able to use their services from the US. There is skepticism when it comes to using a US bank card, as some sources say they are not accepted, though others say different. With the FAQ stating that the platform is available in the US, all should go smoothly when using their service.
You can check the best crypto exchanges for Americans here.
Switchere Fees
As great as Switchere is, they do come with fees for their services so that they can run their business. Thankfully, Switchere does not charge any hidden fees and is honest with what it states. Despite this, Switchere’s exchange rate is quite clearly at a premium, the cost of using a service so simple and effective for new users.
It is not a deal-breaker, especially for those who are using the service for its simplicity and to help counteract their inexperience in the market. Those who are more experienced prefer to buy directly off of an exchange and skip the premium that Switchere charges.
Check zero and low fee exchanges by clicking here.
Deposit and withdrawal methods
You cannot technically deposit funds into Switchere, you simply connect your card and then use that to purchase your desired currencies, which are then sent to your wallet.
As stated, the coins are then withdrawn to your crypto’s wallet, the method being whatever wallet supports the specific coin you are purchasing.
Deposit & withdrawal fees
You do not deposit or withdraw into the Switchere platform itself, hence there are no deposit or withdrawal fees.
Switchere Trading experience
Switchere is not a place we would recommend you trade your crypto if at all regularly. This is because those who are regularly buying and selling crypto will have their profits eaten up by the exchange premiums. There are also limited trading functionalities present on the Switchere platform making it limiting for traders.
Does Switchere require a KYC?
Switchere does require KYC as do most crypto-selling platforms, though they could be considered to be more liberal with their services than most. If your purchase is under 100 Euros it will not require any form of identification.
For bigger purchases than that you will have to provide more information, which scales in brackets depending on the size of the purchase. Starting with email and phone verification, all the way up to address and income for purchases over 5,000 Euros.
Check all regulated exchanges here (they all require KYC). And here you can read about some ways how to buy bitcoin without KYC.
Is Switchere Safe?
Switchere is fully registered with the Estonian authorities, which is a very good sign when it comes to the legitimacy of the organization. They hold two separate licenses from the authority allowing them to provide their services legally.
Switchere is a non-custodial exchange which means that all of the coins are not stored within Switchere themself, but by trusted third parties, meaning that Switchere never even has the opportunity to steal or hold your coins. Secondly, all of your communications with the Switchere website are completely encrypted.
Switchere also uses a range of other tactics to keep their users secure, one of these being the classic 2FA, which helps you keep safe from hackers stealing your passwords, and a 3D Secure Protocol.
Conclusion
Switchere is a great way for you to buy cryptocurrency safely and fast. They provide a great service and do their job well. They are especially well suited to those newer to the space. It is great if you have a lower amount of funds too, with those purchasing under £100 not needing to be registered.
It is to be kept in mind of the purchasing premiums, heighten the price of the crypto. Though past this, it is hard to complain about Switchere, especially with their great customer service on top.
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