In today’s digital world, cryptocurrency trading has become a popular practice. There are several crypto trading exchanges that will assist and guide you in your trading venture. Switchere is one such trading platform.
What is Switchere?
Switchere is one of the newest cryptocurrency trading platforms, which is known for allowing users to buy cryptocurrency with their cards. It provides liberty to the users to purchase crypto transparently and without undergoing the regular procedures that are a prerequisite in other exchanges.
Switchere trading bot is based in Tallinn, Estonia. The main focus of Switchere is to provide a simple interface to the users that would be beginner-friendly. Switchere is a non-custodial exchange. Instead of holding your coins, Switchere transfers them to an offline wallet address provided by you.
Switchere has become popular mainly for three things. Firstly, it has a transparent workflow. Secondly, it follows strict security policies and regulations. Lastly, it has legal compliance. However, one of the major problems of Switchere is that it does not accept cards from all the countries. Some of them are the United States of America and Canada.
Switchere Review: Features to Look out for
1) Safety of Switchere
Switchere is a relatively new trading platform. Therefore, the first question coming to our mind is about the safety of Switchere. Let us have a look at the regulations and security policies of Switchere.
It follows strict regulations by the Estonian authorities. It is a completely new concept for a cryptocurrency exchange to have its own regulatory framework. Switchere holds two licenses issued by these regulators. They are “Virtual Wallet Service” provider license and “Virtual Currency Exchange” license.
These two licenses proof that Switchere is considered as a sound exchange by the Estonian authorities. These licenses also make it compulsory for all the directors of the company to have completed extensive KYC.
Since Switchere is a custodial exchange, you do not have to worry about coin storage. In case of security regarding communications, Switchere comprises of full SSL and TLS encryption on their website.
SSL and TLS encryption ensure that all the online communications are done privately and are coded with SHA 256 hashing. This means the hacker will not be able to steal your personal data.
On opening Switchere, you will find a secure padlock in your browser. This is one of the best measures to stop hacking. In the case of card security, Switchere applies the 3D secure protocol.
Switchere offers several user-security features to prevent hacking and other phishing attempts. It provides 2FA for the account holders, which means you have to authorize before every login. This will prevent hackers from hacking your account, even if they know your password.
There is another feature of auto-logout in Switchere, which will automatically log you out for security purposes. You can also choose the time duration for how much time you want to be logged in.
2) Coin support
Right now, there are only three coins that are available for purchase in Switchere. The three coins are Litecoin (LTC), Ethereum (ETH), and Bitcoin(BTC). Though the number of coins is limited as compared to other exchanges, more crypto will be available for purchase in the future.
3) Switchere fees
Switchere trading fees
Unlike other platforms, Switchere does not allow trading between different coins. It allows the user to buy ETH, LTC, or BTC by the help of VISA or MasterCard. Switchere shows the purchase price a little higher than the usual price.
There are no such withdrawal fees mentioned on the official website of Switchere. It does not disclose the fees on its platform.
Switchere is known for its transparency. They will not charge any extra fees except those shown at the checkout. All the costs are included in the final price, and you will see how much coins you will receive for the particular amount.
It is not required in Switchere to create an account or to get verified in starting your journey in cryptocurrency trading. If the amount is less than €100, you can go directly to payment, and the only thing required is your email address and your offline bitcoin address.
In case the amount involved is more, then you have to undergo some simple steps of verification before starting to trade. The four levels of verification done at this platform are:
Email and phone verification
After you have provided your email id and phone number, you will receive an email and a text to verify your account. This is needed for a purchase of €500 at a time.
Identity and bank card
In case the amount rises up to €1000, you have to verify your identity and bank card. To verify them, you have to send copies of your identity and bank documents.
If you want to purchase up to €5000 at a time, then you are required to verify your address. To verify it, you have to submit a copy of some documents such as a utility bill or bank statement with your address on it.
Proof of income
If you can provide them with your proof of income, then all the limits will be lifted for you.
5) Customer support
Another most important feature of Switchere is its customer support team. The support team is available 24 hours a day to provide you with every type of assistance at any time of the day. They provide quick and helpful advice through the online chat function.
You can contact the customer support team in a number of ways. You can mail them at [email protected] and can also call them at the number 3726104250.
Overall, Switchere is an impressive trading platform. It has one of the simplest interfaces and is a non-custodial exchange; there are no risks involved with the coins. Moreover, it has an efficient customer support team that will guide you throughout your trading journey. Though it has various demerits, it is still one of the best trading platforms for beginners.
Jacob is the master-mind behind BitCongress. Over the years he has dug into the world of bitcoin and cryptocurrency and really nerded down on all the products and services. Beyond sitting in front of the computer and absorbing information on crypto, he really likes to play Zelda.