Switchere Logo
Exchange Review

Switchere


Exchange Fees

Bitcoin Logo 0 Withdrawal Fee • Taker Fee • Maker Fee

Deposit Methods

Yes Wire transfer Yes Credit Card No Cryptocurrency

Switchere Review

A crypto exchange guide must provide reviews of all of the exchanges out there, so that you can find the right one for you. This review of Switchere consists of four parts: general info, fees, deposit methods and security.

General Info

Switchere is an exchange registered in Estonia with an exchange license from the Estonian authorities.

As you surely know, the Baltic region consists of three countries: Estonia, Latvia and Lithuania. With this in mind, it might seem odd that out of these three countries, only Estonia is the home of any exchanges (save for Lithuania which recently became the home of BTC Exchange). The likely explanation for this however is that Estonia has a license you can obtain in order to conduct crypto exchange operations as an Estonian company. To our knowledge, there are only two other nations in Europe that have a clear specific legislation on this like Estonia has: Malta and Gibraltar.

Switchere promotes three special things as the main advantages with its platform. First, it markets its transparent workflow. Second, it pushes that the security on the platform is robust. This is of course very important. Third and finally, the platform markets that it is legally compliant.

Switchere Advantages

US-investors

US-investors can’t trade here. This is primarily due to regulatory reasons. If you are a US-investor, don’t despair! You can find the best exchange for you by using our Exchange Finder or using the filters in our Exchange List. Check it out.

Switchere 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 crypto 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. At this exchange, there is only a purchase interface. This makes it easy to understand for new crypto investors, while it might lack some features that more experienced traders look for. The below is a picture of the purchase interface at Switchere:

Switchere Purchase Interface

Switchere Fees

Switchere Trading fees

This platform is different from most exchanges in the way that it does not offer trading between cryptos. The only service offered is buying ETH, LTC or BTC with VISA or MasterCard. When buying from the exchange, the purchase price offered by Switchere will be somewhat higher than the market price. The mark-up or mark-down is not specified anywhere, so we urge any prospective user of the platform to make their own analysis of the costs involved.

Switchere Withdrawal fees

Considering how this exchange operates, withdrawal fees are irrelevant. But, for comparing purposes, we have marked the withdrawal fee as 0 in our database.

Deposit Methods

At this exchange, you can purchase crypto through both bank transfer and credit card. At least if you have any of the banks in Vietnam, Thailand, Malaysia or Vietnam listed in the below picture. As Switchere permits fiat currency deposits, it qualifies as an “entry-level exchange”.

Switchere Bank Transfer Banks

On 16 June 2020, the exchange also announced that they now accept Neteller as well.

Switchere Security

Switchere’s security score is C+, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). Actually, most of the exchanges in our Exchange List only receive an F-score in this test. So C+ is, relatively speaking, a very good score.

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The exchange reviewed above is what we call an “entry-level exchange”. This means that this exchange also makes it possible for someone to enter the crypto market with fiat currency. There are many entry-level exchanges out there, including (but not limited to):

  1. PrimeXBT
  2. Simex
  3. BaseFEX
  4. Currency.com
  5. CEX.io
  6. Changelly
  7. Crex24
  8. Binance
  9. Bittylicious
  10. Coinmate