UPDATE 23 March 2023: When accessing Btcswe's website today, we noticed a message as follows (directly translated from Swedish to English):
Our exchange service is terminated at the moment, but we hope to be able to offer you the option to exchange cryptos here again shortly.
There is no explanation as to why the exchange service has been terminated/paused, but we strongly suspect that it is due to regulatory pressure in Sweden. Accordingly, we have marked the platform as "dead" in our Exchange Graveyard. We will reactivate it again if the crypto exchange service comes back to life.
To find a reliable exchange where you can start an account, just use our Exchange List and we'll help you find the right platform for you.
What is Btcswe?
Btcswe is a crypto platform registered in Sweden, under the supervision of the Swedish Financial Supervisory Authority. The page is only available in Swedish and Sweden is doubtlessly the main target group for this platform. The service offered here is quite easy to describe: you can buy or sell Bitcoin. In order to do so, you need to have a cryptocurrency wallet. The platform itself recommends Exodus, but you can use whichever one you prefer that supports Bitcoin.
If you make the purchase on the platform during normal business hours (08:00 - 22:00 CET), the platform states on the website that you will receive the relevant amount of Bitcoin to your wallet within 1 hour. This is naturally very fast and helpful.
Pay with Swish
Something else that we find interesting is that you can use the Swedish instant payment system Swish to buy crypto here. This is to the liking of essentially 99% of all Swedish people. For you Americans out there, Swish has roughly the same usage areas as Venmo, and it is very popular among Swedish people.
The minimum purchase or sale is SEK 500 (approx. USD 60) and the maximum purchase or sale is SEK 50,000 (approx. USD 6,015)
Btcswe Trading fees
This particular platform is more a cryptocurrency store than a cryptocurrency exchange. They sell cryptocurrency from their own inventory, and do not facilitate transfers from one Btcswe-user to another. Accordingly, it is difficult to compare the fees charged by Btcswe with the industry average trading fee at a regular centralized exchange (0.217% for takers and 0.164% for makers according to this report).
Fees here are set at 4.50% if you are a buyer, and 6.00% if you are a seller.
As mentioned above, the minimum purchase or sale is SEK 500 (approx. USD 60) and the maximum purchase or sale is SEK 50,000 (approx. USD 6,015)
Btcswe Withdrawal fees
Withdrawal fees are usually fixed and vary from crypto-to-crypto. If you withdraw BTC, you pay a small amount of BTC for the withdrawal. If you withdraw ETH, you pay ETH. The last time we did an empirical study of the BTC-withdrawal fees in the crypto exchange market, we found that the average BTC-withdrawal fee was 0.000643 BTC per BTC-withdrawal.
Btcswe doesn't charge anything for crypto withdrawals, but not only that, they also cover the network fees involved when making a withdrawal. This is actually quite unusual. Many exchanges say "we don't charge any withdrawal fees", but the user still has to pay network fees to the miners processing the withdrawal (which are distinct from the exchange itself).
Btcswe's offering in this regard is very consumer friendly indeed.
Btcswe Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you.
Btcswe's purchase interface gives you the option to insert the exact amount of SEK you wish to spend or the amount of BTC you wish to buy. This purchase interface makes it very easy to understand if you’re new to crypto, yet it might not offer all the advanced buy/sell features more experienced traders look for. Here’s a peek at Btcswe’s interface:
Deposit Methods and US-investors
Why do so many exchanges not allow US citizens to open accounts with them? The answer has only three letters. S, E and C (the Securities Exchange Commission). The reason the SEC is so scary is because the US does not allow foreign companies to solicit US investors, unless those foreign companies are also registered in the US (with the SEC). If foreign companies solicit US investors anyway, the SEC can sue them. There are many examples of when the SEC has sued crypto exchanges, one of which being when they sued EtherDelta for operating an unregistered exchange. Another example was when they sued Bitfinex and claimed that the stablecoin Tether (USDT) was misleading investors. It is very likely that more cases will follow.
Btcswe does not allow US-investors on its exchange. So if you’re from the US and would like to engage in crypto trading, you will have to look elsewhere. Luckily for you, if you go to the Exchange List and use our exchange filters, you can sort the exchanges based on whether or not they accept US-investors.
At Btcswe, you can deposit through wire transfer, but deposits via credit cards are not permitted.
If you for any reason need an exchange that also accepts deposits via credit cards, you can find one by using the filters in our Exchange List.