Switcheo Network Review
A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of Switcheo Network consists of four parts: general information, fees, deposit methods and security.
Switcheo Network is another one of the decentralized exchanges. Decentralized exchanges are becoming increasingly more popular. They are definitely gaining market shares against their centralized counterparts. You have probably heard of at least one of the following exchanges that are all decentralized exchanges: EtherDelta, Bibox, Bitshares Asset Exchange, Waves DEX, Bancor Network, OpenLedger DEX, CryptoBridge DEX, Stellar DEX, OasisDEX, IDEX, Token Store, Bisq, Nxt Asset Exchange, Counterparty DEX, Burst Asset Exchange, OmniDEX, CryptoDerivatives, Coinpit, AirSwap.io, Fcoin Exchange, Barter DEX, Switcheo Network, DEx.top, Ethermium. Right?
But why are they so popular? Well, probably due to one or several of the below facts:
- They do not require a third party to store your funds, instead, you are always directly in control of your coins and you conduct transactions directly with whoever wants to buy or sell your coins.
- They normally do not require you to give out personal information. This makes it possible to create an account and right away be able to start trading.
- Their servers are localized in many different places across the globe leading to a lower risk of server downtime.
- They are essentially immune to hacker attacks.
At Switcheo, you can trade a large number os less known altcoins against the NEO-token. You can also trade directly from your wallet file. This means that you don’t have to worry about deposit times and hidden fees anymore!
We have no reason to believe that US-investors would be prohibited from trading at Switcheo Network. There are no prohibitions against US-investors in the exchange’s Terms and Conditions or anything similar. But, as always, any US-investors interested in trading here should in any event form their own opinion on any issues arising from their citizenship or residency.
Switcheo Network Fees
Switcheo Network Trading fees
This trading platform charges 0.15% per trade, regardless of whether you are a taker or a maker. Their fee model is thus a “flat fee model”. 0.15% is a competitive fee, as the global industry average is somewhere in the area of 0.25% per trade. Also, if you hold the Switcheo Network Token, trading fees will be reduced to 0.075% (meaning a 50% discount).
Switcheo Network Withdrawal fees
Switcheo Network does not charge any withdrawal fees at all for withdrawing BTC. This is a very strong competitive edge in the market. Less than 10% of all cryptocurrency exchanges do not charge anything for withdrawals, and many of the exchanges that don’t have higher trading fees to compensate for the loss of profit. Accordingly, the no withdrawal fee-aspect of this exchange should be very attractive to prospective users.
Switcheo Network does not accept any deposits of fiat currency. This means that new cryptocurrency investors (i.e., investors without any previous holdings of cryptocurrencies) can’t trade here. In order to purchase your first cryptocurrencies, you need a so called entry-level exchange, which is an exchange accepting deposits of fiat currency. Find one by using our Exchange Finder!
Switcheo Network Security
The servers of decentralized exchanges normally spread out across the globe. This is different from centralized exchanges that normally have their servers more concentrated. This spread-out of servers leads to a lower risk of server downtime and also means that decentralized exchanges are virtually immune to attacks. This is because if you take out one of the servers, it makes little to no difference for the network of servers in its entirety. However, if you manage to get into a server at a centralized exchange, you can do a lot more harm.
Also, if you make a trade at a decentralized exchange, the exchange itself never touches your assets. Accordingly, even if a hacker would somehow be able to hack the exchange (in spite of the above), the hacker can not access your assets. If you make a trade at a centralized exchange, however, you normally hold assets at that exchange until you withdraw them to your private wallet. A hacker can therefore hack a centralized exchange and steal your funds held at such exchange.
Finally, as mentioned above, this is a decentralized exchange. Decentralized exchanges are still a minority on the cryptocurrency exchange market, with the centralized exchanges still dominating the field (mostly due to better liquidity). In any event, if you’re looking for a decentralized exchange, you could also check out the following quite popular ones: