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.
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.
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 seems scary is that 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. More cases will likely follow.
According to information provided from Switchere to Cryptowisser.com, US-investors are permitted to trade here. In any event, we urge any US investors to form their own opinion on the permissibility of their trading at any trading platform. Specific state laws can be an issue here, even if the exchange itself welcomes your trading.
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 Trading fees
The main service offered here is buying ETH, LTC, BTC, XRP, EOS or USDT20 with VISA or MasterCard, or trade them for each other. Therefore, there aren't really any taker or maker fees to compare with. However, there is a processing fee for your transactions.
The processing fee is 3.60% per transaction. It is difficult to compare this processing fee with the trading fees at regular centralized exchanges, seeing as this platform is more a crypto shop than a crypto trading platform. One should be aware though that the industry average trading fees for centralized exchanges today are around 0.10%-0.15%.
Switchere Withdrawal fees
This exchange does not have typical withdrawal fees, as the withdrawal element is sort of part of the initial transaction. However, they do have a blockchain fee of 0.0005 BTC built into the transaction. Considering this, we feel that for comparison purposes with the other exchanges in our Exchange List, it makes most sense to list 0.0005 BTC as the withdrawal fee charged by Switchere.
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”.
On 16 June 2020, the exchange also announced that they now accept Neteller as well and in an email to us sent on 1 October 2020, we were informed that also m-pesa is accepted here (a Kenyan payment method). On 20 November 2020, the exchange announced that they now also accepted SEPA Bank transfer, making bank deposits possible also for all European users. Finally, on 4 December 2020, they announced that it was now also possible to buy crypto with SOFORT online banking: