Switchere Exchange Review 2020
Do you look for a platform to buy cryptocurrency? Each of the online crypto exchanges has its benefits and drawbacks. Moreover, the number of platforms that offer to buy digital coins is growing incessantly and recently, a new player has joined this market. Switchere.com is one more website where people can buy cryptocurrency with a credit card. You will agree that it may be risky to use an exchange that has been established quite recently. Therefore, it would be reasonable to check all the features of this exchange before making any conclusions.
Look: This review will focus on the main features of Switchere exchange to understand if it can be competitive in the modern crypto market.
Switchere is a licensed crypto exchange offering users to buy cryptocurrency with a bank card. The company was founded on October 3, 2019, and its headquarters are located in Tallinn, Estonia. It is an active crypto exchange with fewer than 10 employees and two licenses including one of Virtual Wallet Service Provider and one of Virtual Currency Exchange Provider. The platform offers to buy Bitcoin, Ethereum, and Litecoin only at the moment.
How Does it Work?
The exchange works similar to other crypto platforms. It has a website where every person can buy cryptocurrency entering necessary data of the credit or debit card. For low purchases, there is even no need to register on the platform. It is enough to enter the amount you want to spend, provide a valid email address, and wallet address to receive funds.
Switchere crypto platform has a number of features that make it a competitive player in the crypto market.
- Crypto purchases made with bank cardsThe exchange supports both credit and debit cards of different banks: these are Visa and MasterCard. However, cards issued in the banks of certain countries are not accepted by the website. Some of the countries include Canada, the USA, China, the UAE, etc. (a full list of countries is available on the website).
- Full legal complianceThe platform guarantees full compliance with laws and regulations that cover operational areas including international AML/KYC standards.
- Fast order executionUsers get funds to the wallet almost instantly after processing the payment.
- Fair pricesThere are no hidden fees or charges which are deducted from the amount of cryptocurrency to be received by a user. The amount calculated by the platform in accordance with the amount of fiat money entered coincides fully with the final sum delivered to the wallet.
- Robust securityThe exchange can boast 2FA & SSL/TLS encryption, SHA-256 hash algorithm, and 3D secure protocol.
- No registration for low purchasesCrypto purchases under €100 do not require users to pass through the registration process.
- Round the clock chat supportUsers can get the necessary assistance 24/7 writing messages in the chat window working on the website.
How to Start Using Switchere.com
The crypto exchange works as an online platform, so users should open the website to be able to purchase crypto coins. The interface of the website is user-friendly so it will not take much time and effort to begin the process.
It is also possible to sign up to the platform with Facebook or Google account.
The amount of the maximum purchase limit depends on the verification status of the user. In fact, there are 5 such statuses on Switchere.com:
- Unverified users can purchase for the maximum amount of €100.
- Confirmation of phone and email increases the maximum amount by €500.
- Verification of identity and bank card raises the maximum purchase limit by €1,000.
- The verified address allows buying up to €5,000.
- Verified proof of income makes crypto purchases unlimited.
How to Buy Crypto on Switchere.com
If you want to buy Bitcoin, Ethereum or Litecoin on Switchere.com, you need to open the website of the exchange and press the ‘Buy Crypto’ button located in the upper left corner of the screen. If you want to make large purchases, it is necessary to register and login to the account.
You will see the process consisting of three stages:
- Order formEnter the amount of Euro for purchase and it will automatically count you the amount of crypto you will receive. If that suits you, press the ‘Buy Now’ button.
- Payment pageYou need to enter bank card details including its number, date of expiration, name of the cardholder, CVV/CVC secure code, and press the ‘Pay’ button.
As soon as your funds are delivered to the exchange, your coins will be sent to your wallet. It is important to mention that it is impossible to cancel the transaction after you have completed the third stage since Blockchain transactions are irreversible.
To check the history of transactions, a user should visit the “Transactions” tab.
Deposit and Withdrawal Options
Since the platform has no built-in wallet, there is no need to deposit or withdraw funds from it. All the coins are transferred directly to the user wallet.
All the fees are included in the exchange rate, so a user receives the amount calculated by the platform without any deductions. According to the service, its fees are fair and competitive.
As it was already mentioned, the maximum purchase limits depend on the status of user verification. They can range from €100 for unverified users to unlimited amounts.
What makes Switchere.com so appealing is an unprecedented 2-levels affiliate program. Every user gets 80% from the amounts spent by direct referrals and 10% more from the referrals brought out about by this user’s referrals. The commission is taken from the profit received by the exchange thanks to the activity of referrals.
The platform has a customer support team working 24/7. It is possible to get a prompt answer if you write a message in the chat available directly on the website, submit a message filling out the boxes of the contact form or send a letter to the postal address provided.
Is Switchere.com Safe?
It is difficult to give the only correct answer to the question if Switchere.com is safe to use. However, the presence of two licenses and excellent security measures speak about the reliability of this exchange and make it possible to try it. However, it is better to purchase coins starting with low amounts first to ensure its credibility.
Switchere is a new exchange platform offering residents of many countries on the globe to buy Bitcoin, Ethereum and Litecoin quickly and for fair prices. The purchasing procedure is clear and simple, while funds are delivered almost instantly directly to the wallet which helps to save on additional transactions.