UPDATE 10 October 2022: When trying to access the website of SwirlWallet Exchange today, we were unsuccessful. There have been no preceding messages on system maintenance or new websites or anything similar.
Accordingly, we believe that this exchange has closed down and we have marked it as "dead" in our Exchange Graveyard. If the exchange's website would become accessible again and the error is just temporary, we will "revive" it and bring it back to our Exchange List.
To find a reliable exchange where you can start an account, just use our Exchange Filters and we'll help you find the right platform for you.
SwirlWallet Exchange Review
What is Swirlwallet Exchange?
SwirlWallet is an online crypto wallet service launched by Automatha SA. It has been active since 2020.
Place of Registration
Registered in Bucharest, the company functions and operates in accordance with the laws and regulations of Romania. According to its terms of service, the company is in plans to relocate its jurisdiction, potentially to Malta. An official announcement regarding this change along with the amended Articles of the company is yet to be released.
Exchange Portal - No KYC
By signing up and logging in to the SwirlWallet online portal, users can access the cryptocurrency exchange. This exchange portal facilitates buying, selling and storing some of the major cryptocurrencies. Currently, SwirlWallet Exchange supports Bitcoin, Ethereum, Litecoin, Dogecoin, Zcash, Monero, and Bitcoin Cash.
It might also be worth mentioning here that there is no KYC at SwirlWallet, meaning that the platform does not collect any personal information from its users.
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.
Swirlwallet Exchange 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.
Most people do their trading on desktops. However, there is also a significant number of people out there who prefer to do their cryptocurrency investments via mobile. If you’re one of those people, you’ll be happy to know that SwirlWallet can also be accessed effortlessly through your smartphone or any smart device. No application downloads or installation is necessary.
SwirlWallet Exchange 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. The below is a picture of the trading view at SwirlWallet Exchange:
It is up to you – and only you – to decide if the above trading view is suitable to you. Finally, there are usually many different ways in which you can change the settings to tailor the trading view after your very own preferences.
SwirlWallet Exchange Fees
SwirlWallet Exchange Trading fees
Many exchanges charge what we call taker fees, from the takers, and what we call maker fees, from the makers. Takers are the people removing liquidity from the order book by accepting already placed orders. Makers are the ones placing those orders. The main alternative to this is to simply charge “flat” fees. Flat fees mean that the exchange charges the taker and the maker the same fee.
This exchange levies a flat charge of 1.00% on both the maker and the taker, for all transactions.
SwirlWallet Exchange Withdrawal fees
When withdrawing BTC from the SwirlWallet trading platform, you will have to pay 0.0005 BTC. To our knowledge, the only empirical withdrawal fee study that has been made was the one we at Cryptowisser.com made some time back. That study showed that the industry average BTC-withdrawal fee in Q1 2021 was around 0.00059 BTC per BTC-withdrawal. The Q1 2021 average withdrawal fee declined from 0.000643 BTC in the fourth quarter of 2020.
It is evident that SwirlWallet’s withdrawal fees are lower in comparison to the industry average.
To summarize, both the trading fees and withdrawal fees charged by this platform are very competitive.
In order to trade here, you must have some of the supported cryptocurrencies to begin with. You can deposit any of the major cryptocurrencies supported by the platform. However, if you really prefer SwirlWallet Exchange but you don’t have any of the major supported cryptos yet, you can easily start an account with an exchange that has “fiat on-ramps” (an exchange where you can deposit regular cash). These exchanges allow users to buy crypto there and then transfer it from such exchanges to SwirlWallet exchange. Use our Exchange Filters to easily see which platforms that allow wire transfer or credit card deposits.