Switchere is an Estonia-based cryptocurrency exchange. Launched in 2019, the platform enables users to buy crypto with fiat currencies or exchange one cryptocurrency with another. It is a licensed cryptocurrency exchange and offers a convenient and simple user-interface to traders, making it a great option for people just getting into the cryptocurrency market. This review of Switchere will take you through everything you need to know about the exchange, from the coins you can buy and trade, to the level of customer service you can expect.
Pros & Cons
What can I do on Switchere?
Switchere allows users to buy, sell, and exchange cryptocurrencies in a secure and regulated environment. You can purchase prominent cryptocurrencies with USD or EUR through credit or debit cards and local banks. You can also swap leading crypto tokens on the Switchere platform.
What cryptocurrencies are supported?
Currently, Switchere supports a few leading crypto tokens. Here are the coins you can currently buy and trade:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Dash (DASH)
- Litecoin (LTC)
- Ethereum (ETH)
- EOS (EOS)
- Tron (TRX)
- USDT-ERC 20 (USDT)
- Stellar (XLM)
- XRP (XRP)
There are a variety of payment methods accepted on Switchere’s platform. Here’s a quick summary of each.
Credit or debit card
You can use a credit card or debit card from VISA/ Mastercard/ Maestro to buy cryptocurrencies on Switchere. The average processing time in this method ranges anywhere between 5-30 minutes. Bank card transactions are secured with 3D technology to ensure the protection of sensitive data.
Depending on the country you’re in, Switchere facilitates the buying or selling of cryptocurrencies directly from local banks. Currently, the local banks are only supported for Asian countries including Malaysia, Indonesia, Thailand, and Vietnam.
With Switchere, you can also purchase cryptocurrencies using Neteller, an online wallet. You can transfer funds to your Neteller wallet that you can further use on the Switchere cryptocurrency exchange.
What devices can I use Switchere on?
Switchere can be accessed through browsers of the following devices:
- Desktop computers
- Mobile phones (Android and iOS)
However, it is worth noting that Switchere’s cryptocurrency exchange does not have a mobile application, and so to access the platform on a mobile you’ll have to do so through your browser.
How easy is it to use Switchere?
The Switchere cryptocurrency exchange has a straightforward and easy-to-navigate platform. It has an intuitive user interface that enables any beginner to easily access its services, with a form on the homepage of the website which can show you instant calculations of how much crypto you can buy with a given amount of fiat currency.
It is worth bearing in mind that the only fiat currencies you can pay with on Switchere are euros and dollars, and that the platform only supports a limited number of cryptos – users looking for more diverse options will have to go elsewhere.
Switchere is available in the majority of countries around the world, but there are a few exceptions. Due to regulatory requirements, services of the cryptocurrency exchange are not supported in the following countries:
- American Samoa
- North Korea
- Puerto Rico
- Saudi Arabia
- Sri Lanka
- Trinidad and Tobago
- US Virgin Islands
The Switchere exchange follows guidelines for Know Your Customer (KYC) and Anti Money Laundering (AML) legislation, which means there are a few steps users have to go through in order to have their accounts verified.
If a user wants to increase their purchase limits, identification and other documents need to be submitted. There are 4 different levels of verification at Switchere:
- Email, phone number, and identity verification for purchases up to $550.
- Bank card verification for purchases up to $1100.
- Address verification for purchase up to $5500.
- Proof of income verification for unlimited purchases.
The account verification’s first step includes providing and verifying your email address as well as contact number. Once both of these parameters are verified, you need to submit documentation for identification proof in order to use the exchange to purchase larger amounts of crypto.
Switchere has an active customer support team. The exchange has various options to get in touch for any concerns, and users can access customer care via email, website form, or phone. Alternatively, they also have the option of live chat on their portal.
You can contact Switchere through the following channels:
- Live chat on their website
- Email: [email protected]
- Phone: +3726104250
The customer support provides a quick response, and can generally handle any of your queries quickly and efficiently.
Switchere is a straightforward exchange that enables users to buy and sell cryptocurrencies as well as swap them for one another. It has a simple interface with minimal options for any beginner to easily navigate the cryptocurrency experience. Additionally, it is a non-custodial exchange and does not store the private keys of your coins.
Furthermore, as a regulated cryptocurrency exchange it has advanced security protocols including 2FA, SSL encryption, and 3D secure protocol. The verification process is simple and usually takes up to 30 minutes. For some Asian banks, it also offers the option of selling cryptocurrencies for your local fiat currencies like Indonesian Rupiah (IDR), Thai Baht (THB), Malaysian Ringgit (MYR) and Vietnamese Dong (VND) via domestic online banking.
However, Switchere’s most immediate drawback is that it offers a limited option of 10 leading currencies. For those looking to buy the biggest and most famous coins, this won’t be an issue, but users looking for something more specific will have to look elsewhere.
Is Switchere a secure exchange?
Yes. Switchere is a non-custodial exchange and hence does not store your private keys online on its platform. Your cryptocurrency funds are directly transferred to your wallet thereby limiting the level of risks for users. Basically, Switchere manages to the process of crypto moving from one wallet to another, but doesn’t actually possess the coins at any point – meaning that an attack on its platform would be unable to steal crypto even if it was successful.
Switchere facilitates Google based 2 Factor Authentication (2FA) to add a layer of security to your account. In addition to this, it also has an option of automatic logout. By default, if a user has been inactive for more than 10 minutes, they will be logged out of that session. A user has the option to tweak these features from the settings tab.
The platform also leverages SSL and TLS encryption along with encrypting messages through the SHA-256 algorithm. In addition to this, it facilitates 3-D Secure (3DS)- an additional security layer for online credit and debit card transactions.
Are there fees?
Yes, and the fees you are charged for each transaction can be viewed by hovering over the information icon next to the exchange rate that the bottom of the form. Currently Switchere charges a processing fee of 3.6%, a service fee of 3.4%, and a blockchain fee of 0.0005BTC when buying Bitcoin.
Switchere also clearly displays how much crypto they will sell for a given amount of fiat currency, but when we researched these amounts we found them to be up to 10-15% higher than other exchanges. However, there are no fees for deposits or withdrawals to and from the exchange as the funds are never stored on the exchange.
Are there withdrawal and deposit limits?
No, but this is because there are no methods for deposits or withdrawals. Instead, cryptocurrencies are directly sent to your wallet by the purchase made through credit card and debit card. Switchere is more of a middleman service than a platform you’re buying crypto directly from.
There are, however, spending limits pertaining to per transaction. These spending limits vary depending upon the payment method that you choose. For instance, while selling crypto to EUR or USD, the exchange limits for a bank card are as follows:
- Maximum amount per one transaction is 2500 USD or 2300 EUR
- Daily limit is 4800 USD or 4350 EUR
- Monthly limit is 20000 USD or 18000 EUR
Summary of Switchere exchange
Although it is a relatively new cryptocurrency exchange platform, Switchere has managed to capture all the prominent features to provide a seamless experience in cryptocurrency trading. Moreover, its simplicity and simple process of buying or selling crypto is the platform’s main selling point – as it is something particularly useful for first time buyers.
At the same time, aspects of premium pricing and mobile app need to be resolved in order to optimise their services. Overall, Switchere does provide a secure and frictionless experience of buying and selling digital currencies, but it is worth comparing with other options as the rates they give users can be a little pricey.
In addition to all the services mentioned above, Switchere provides some other key features that it is worth noting:
Payments with M-Pesa
Switchere integrates with M-Pesa, a mobile money transfer service available in Africa. A user can buy or sell cryptocurrencies on the platform using Kenya’s fiat currency- Kenyan Shilling through M-Pesa.
Currently, Switchere offers cashback for purchases or exchanges made on the website. After registration and identity verification, a user can earn a cashback of up to 1% on every transaction made via the Switchere platform. The user’s reward balance is shown in the form of SWR, wherein 1 SWR=1 EUR. These funds can be withdrawn into cryptocurrency wallets.
Switchere offers a lucrative affiliate program. It has a 2-level affiliation program, meaning that you are paid for your primary referrals as well as for your secondary referrals (when your primary customer refers to other customers).
Switchere is a reliable crypto exchange with a simple design, making it favourable to novice traders. Advanced security and non-custodial management of a client’s funds further makes it a great platform for beginners who want to take their first steps into the cryptocurrency market, as you can be sure your coins will be safe.
Expert traders might want advanced functionalities that currently the exchange does not offer. This includes trading in a wide range of digital tokens, and also finding better deals by looking at the rates offered for buying crypto on different platforms.
Overall, the Switchere exchange offers a good customer experience, great customer service, and reliable security protocols, but is on the more expensive end of cryptocurrency exchanges currently available.