Switchere Review 2021

What is Switchere?

Launched as recently as 2019, this Tallinn, Estonia-based exchange is built on a simple concept – being a convenient and fast gateway to exchange fiat money like euros for cryptocurrencies.

This all happens quickly and easily. Users get a simple way to buy these assets without unnecessary hassle and with complete transparency, which is what the blockchain is all about to begin with.

The exchange is said to allow US investors, but we recommend conducting your own due diligence to make sure. The laws in specific states might hinder users even though Switchere welcomes users from the United States in general.

How to buy cryptocurrencies on Switchere

Order details

To get started, choose the currency pairs you want to trade and type in the amount of cryptocurrency you would like to buy or sell.

The exchange will also ask you for the address of your crypto wallet. There are quite a few ways to open one if you haven’t yet. On the one hand, it’s possible to use Switchere’s built-in wallet by selecting the option Balance in the You get dropdown menu. On the other hand, users can use a hardware wallet or a software wallet. The hardware wallets is the safest and most universal option. To read more about wallets click here.

Payment

The final step is making a payment. If you select to pay with a credit card, this is as easy as entering your card details and clicking pay. Alternative payment methods include NETELLER or SOFORT which are also used just as with any other online shop.

From a processing fee perspective, the cheapest mode of payment is bank transfer. In this case, you simply have to send a payment to Switchere’s bank account using the provided reference after you finished the purchase process. Your coins will be credited to your wallet once the bank transfer arrives.

Customer Support

Switchere employs a competent and helpful customer support team. If you have any issues, you can contact the exchange 24/7 by phone, email, and chat.

Payment methods

Switchere offers several different payment options:

• Credit card (VISA, MasterCard)
• Neteller,
• SEPA bank transfer, and SOFORT
• Local bank transfer

Limits and Fees

Limits & Verification

Before you can buy cryptocurrencies on Switchere, you need to go through an identity verification process. This is as simple as uploading your ID documents and usually only takes 5 minutes of your time.

After identity verification you can purchase up to 7,500 euros worth of cryptocurrencies, e.g. using a credit card. If you would like to increase your limits, you can provide a proof of residence (e.g. through a bank statement or utility bill) to increase this limit to 15,000 euros.

All limits will be lifted if you can provide proof of income, such as an employment agreement or payslips.

Fees

Each bitcoin transaction includes a blockchain fee of 0.0005 BTC. Additionally, there is a processing fee of between 0.4% and 7.5%, depending on your mode of payment, and a service fee which is waived on your first exchange. Switchere conveniently displays all fees when you hover the cursor of your mouse over the info icon next to the exchange rate.

Is Switchere Safe?

When it comes security, cryptocurrency exchanges don’t exactly have a spotless record. To determine whether an exchange is safe and trustworthy, we need to look at a few things. These include user security, exchange security, and regulation.

User Security

The user is where security starts. Our first line of defense is not giving hackers the information they need to wreak havoc. The exchange features several reliable user side tools and security to help provide your account with additional protection. For instance, users who’ve opened accounts can avail of two-factor-authentication (2FA).

This means every time before you log in, you’ll need to authorize your entry using a mobile device. At the same time, a hacker who has accessed your password can’t log in.

You can also set automatic logout, which is something we don’t see on many other exchanges. You should use this setting if you feel you need to be logged out quickly for security reasons. You can extend the timeout if you want to stay logged in for longer, but it’s not a good idea, particularly if you’re using a shared computer.

If you log into your Switchere account with a new different IP, you will be notified of this anomaly - which is very helpful for you to assess if someone else accessed your account.

Exchange Security

While Switchere generally offers a wallet service, its main focus is providing a non-custodial exchange (this means that funds are sent to your own wallet when exchanging cryptocurrencies). Consequently, there is far less to worry about in terms of exchange security.

Nevertheless, Switchere employs all common security standards such as full TLS and SSL encryption of its website. You can see this by verifying the padlock icon in your browser.

Furthermore, Switchere uses 3D secure protocol when it comes to card security. This is one of the most reliable, best-known security layers underpinning card payments on the internet.

Regulation

Switchere is fully regulated by the Financial Intelligence Unit in Estonia under the operating license FVT000348 (providing a virtual currency services). According to Estonian authorities, the basic idea of this license is that the exchange and its founders are in good standing.

Our Final Say

Switchere is a regulated and easy-to-use cryptocurrency exchange that supports many different cryptocurrencies and payment options. What’s more, if used as a non-custodial nature, you can remain in full control over your wallet.