The crux behind the Switchere offering is its focus on simplicity. They wanted to develop a simple fiat gateway that could be used by those who are still new to the cryptocurrency markets.
This is a non-custodial exchange which means that they do not hold your coins. You will buy the crypto right on their platform and then they will send this right to an offline wallet address that you give them.
When it comes to country coverage, Switchere accepts cards from most European countries. However, they do have a long list of countries that they do not accept. Some of the most prominent of these are the United States and Canada. Make sure you know whether your card is accepted.
Now, given that Switchere is a non custodial exchange, you have less to worry about from a coin storage perspective than you do for some of the large centralised exchanges.
However, something that they do have to consider is their security when it comes to communications. As you will most probably note, Switchere has full SSL and TLS encryption on their site.
This means that all of your online communications with them are completely private and encrypted with SHA 256 hashing. It also means that hackers cannot steal your information in a “man in the middle” attack.
On this point, you will want to make sure that if you are visiting Switchere that you can see the secure padlock in your browser. This cannot be faked and is perhaps one of the best methods to spot a phishing attempt.
Of course, security often starts with the user. If we don’t provide the hackers with the information that they require then that is the first step in the line of defense.
As such, Switchere has a number of user side security and tools that could help protect your account further. For example, they offer 2FA for those users that have created accounts.
Setting up 2FA in the Switchere Dashboard
This means that you will have to authorise a login with a mobile device every time before you login. However, hackers who have access to your password will not be able to log in.
Coin Support
Currently, there are only three coins that you can buy at Switchere. These are Litecoin (LTC), Bitcoin (BTC) and Ethereum (ETH). Of course, this is quite limited when compared to other exchanges.
Yet, what you have to consider is that they operate more as a simple “Fiat gateway” exchange. Essentially, they could provide a simple way for you to get access to crypto with your fiat currency.
Once you have your Bitcoin in your offline wallet that has been purchased on Switchere, you can send it to another large cryptocurrency exchange like Binance. Here you can buy a larger array of coins.
Switchere Fees
Something that you should note is that Switchere does not disclose their fees on the exchange. However, the price that you are quoted when you are about to purchase is already net of fees.
Their transparency is one of their main selling points – what you see is what you get. So, when we wanted to buy 100 EUR of Bitcoin Switchere was offering us 0.01299 BTC in exchange for that.
This implies a BTC exchange rate of €7,698 for one Bitcoin. At the current time, Bitcoin was trading for €6,658 on exchanges listed on Coin Market Cap – a whopping 15% premium on the market exchange rate.
Volatile Asset 📈: It is also important to note that although this is the quote that Switchere is given you, it is subject to change until payment clears.
Of course, there are likely to be fees involved for credit card processing with their Payment Processor. Still, the other exchanges that we have looked at only had a max fee on cards of up to 6%.
So, while we are fans of the transparency that comes with their fee model, it seems that their pricing model needs to be looked at one more time and possibly tweaked.
Verification
One of the main benefits of Switchere is that you do not have to create an account or get verified in order to get your hands on crypto.
For buys that are under €100 you can go straight through to payment and all you need to provide is an email address and your personal offline Bitcoin address.
However, if you would like to make larger purchases of cryptocurrency then you will need to verify yourself a bit more. There are four levels of verification available at Switchere.
Four Levels of Verification at Switchere
Email & Phone Verification: Once you have confirmed your email address with a link that was sent as well as verified your phone with a text message, you will be cleared on level 2. Here you can purchase up to €500 a time
Identity & Bank Card: If you want to be able to buy Bitcoin up to €1,000 you will need to get your identity and bank card verified. This will usually require you sending them copies of your ID documents as well as the front and back of your bank card.
Address Verified: Once you have verified your address you will be able to make buys that are up to €5,000. This will usually require you sending them some documents like a utility bill or bank statement with your address on it.
Proof of Income: If you are able to provide proof of your income then they will lift all limits for you. This proof can usually be payslips or employment contracts of some sort
These verifications will have to be checked manually by the team at Switchere. However, their customer support is generally quite fast (point I will touch on below). So, your verification could be done quite quickly.
Switchere Exchange
Let’s move onto the main platform of Switchere. Something that really struck us was the simplicity of its design as well as its easy to navigate UI.
Even when compared to some of the other non custodial exchanges like Shapeshift or Changelly, the interface of Swithchere is that much more simplified and easier to use for those new to crypto.
On the main homepage you have your simple order form where you can select the amount that you would like to purchase. This will then move you onto a payment gateway where you can input your card details.
User Interface on the Switchere Exchange
If you do choose to create an account then you have additional options in your dashboard. You can easily update your preferences, set up your security, observe your previous transactions and monitor your verifications.
Even if you are only considering small buys, you may want to consider creating an account. You don’t have to provide your KYC information for these small buys but having an account means that you have a record of all your transactions.
Assuming that you are happy with Switchere and would like to buy some crypto then the process is super simple. Firstly, you will need to know how much you would like to buy.
If you are going to make a buy for less than €100 then you won’t need to verify anything. You can enter the amount that you would like to purchase in the order form. This will then present how much you will eventually get in Bitcoin.
Step 1: Choose the Amount to Buy
Once that is done you can click “Buy Bitcoin”. This will then take you to the next screen where they will request your email address as well as your offline Bitcoin address. This is the address where your funds will immediately get sent to.
Note ✍️: Your external Bitcoin address can be set up through any offline wallet although if you want to be extra safe you should consider a hardware device like a ledger or trezor.
Step 2: Confirm your BTC address & Email
You will see the final amount that you will get in Bitcoin. You can accept the terms and then move onto the next stage which is the payment stage. This is a payment processing gateway where you will have to hand over your credit card details.
Step 3: Make Payment in Gateway
As mentioned above, your credit card details are safe on this page. Do take note though that the time to make the payment is limited to 10 minutes (for added security). So you should try and send the payment through before this time elapses and you are logged out.
If your card is accepted by the payment processor and the transaction goes through, the Bitcoin will automatically be sent to your address provided.
Unfortunately, transactions will not work the other way. This is not like a traditional exchange where you can sell your coins as well. You can only buy crypto through Switchere.
Customer Support
Another really strong selling point of Switchere has to be their support function. We were really surprised at how quickly they respond to questions – something other exchanges need to improve on.
This support is also available 24/7 so you can get help no matter what time you are about to make your Bitcoin purchase. Perhaps the quickest way to reach them is through the online chat function.
We did that on a Saturday afternoon and were almost immediately helped by Yunus. He was also quite knowledgeable about the service and was able to most appropriately answer our questions.
Live Chat with Yunus
Of course, there are other methods by which you can reach the team. You can email them at customrcare@switchere.com. Thankfully, they also provide a phone number (rare amoung exchanges). You can give them a ring on +3726104250.
https://switchere.com
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