ZoneBitcoin EditorialAs you should know, there are several ways to buy and sell cryptocurrencies. However, it is not necessary to register on an exchange platform. It is possible to buy them on peer-to-peer platforms or use services like Paybis or, switcher which is the subject of this article.
This is an easy-to-use site that allows you to directly accept bitcoin by credit card or sell it and receive your money in your bank account. What is interesting about Switchere is the instantaneous payment. Depending on certain situations, it may be necessary to know sites like Switchere to buy or sell your cryptocurrencies in one click.
Discover our review on the Switchere website to find out the advantages and disadvantages of this service.
What is Switchere?
The platform switcher allows you to buy or sell cryptocurrencies against fiat currencies including dollars and euros. The company is managed by SH EUROPE UAB which is based in Lithuania, which places the country under European jurisdiction.
It is also possible to exchange cryptocurrencies between them directly on the platform. For example, you could exchange Bitcoin (BTC) for Ethereum (ETH). However, note that it is not an exchange platform strictly speaking like Binance for example.
The controls work a little differently on Switchere. By default, it asks you for your cryptocurrency wallet address when you place an order. After making the purchase, Switchere sends the cryptocurrency to this external wallet. Most cryptocurrency exchanges store your cryptocurrency for you in wallets that they control. Switchere gives you this option but you can choose to have your order sent to Switchere's built-in wallet, but it is primarily a non-custodial cryptocurrency platform.
You can then and it is recommended to receive your cryptocurrency on a wallet of your choice.
Benefits
- Easy to use even (and especially) for a beginner.
- A KYC process from 700 euros.
- More than 30 cryptocurrencies available on the site.
- 5 payment methods accepted.
- Fast payment.
The inconvenients
- High fees
- Few cryptocurrencies
How to use Switchere?
This is a very beginner-friendly site. Simply indicate the amount you want to spend, select the cryptocurrency you want, and provide a payment method.
In case you want to buy bitcoin, the platform asks you for a wallet address where it will send your cryptocurrency. If you don't have one, you can use Switchere's built-in wallet instead. However, it's best to use your own wallet, as Switchere doesn't provide much information about its security or how it keeps funds safe.
To choose your wallet, you are spoiled for choice and depending on the cryptocurrencies you want. If you want to buy and store bitcoin, then you can choose the wallet BlueWallet For example. If you intend to keep several cryptocurrencies, the multi-cryptocurrency wallet Trust wallet may be a good choice.
What cryptocurrencies are available on Switchere?
Although Switchere does not offer the largest selection of cryptocurrencies compared to other competitors. However, the platform allows you to trade with more than 25 different cryptocurrencies including stablecoins (USDT) and altcoins such as XRP (Ripple) or BNB (from the Binance platform) for example.
What payment methods are accepted on Switchere?
Depending on your country of residence, you may not be able to use all payment methods. However, most Switchere users use credit card payment.
Please note that these payments may incur significant processing fees. In fact, for a purchase by credit card, you can have fees of 3,6% with a supplement of $0,32 per transaction.
Transfers from a bank account are generally the cheapest way to purchase cryptocurrencies.
What are the fees?
Switchere has processing fees that depend on the payment method you are going to use. For basic transactions like buying or selling cryptocurrency, you have variable fees that can go up to 3,6%, depending on the transaction amount.
- If you use a credit/debit card, it's 3,6% + $0,32
- SEPA transfer (cheapest): 0,8% (for a minimum of 2,5 euros)
- SOFORT payment 4,2% + 0,25 euros (minimum 2,5 euros)
- Local bank deposit 5,6%
You should know that the first transaction is free and you will therefore not have to pay any fees on it.
As with all platforms, blockchain fees that do not belong to Switchere must also be taken into account. This will depend on the network fees of the blockchain you choose.
Fixed or floating costs
When you make a transaction on Switchere, please specify the fixed or floating fee rate you want. As the name suggests, with a fixed rate, you will receive exactly the amount you were presented with before your confirmation. With a floating rate, you take the risk of having an amount higher or lower than the market price.
The ideal is still to choose a fixed fee to avoid unpleasant surprises.
Is identity verification (KYC) required?
You can use the service without having to verify your identity for a maximum amount of €700. Beyond that, you will need to provide an identity document and a residence document. To be able to make unlimited transactions, you will need to provide proof of origin of funds.
Identity verification is quick and can be completed the same day.
Is this a secure site?
We did not find a dedicated page on how Switchere works in terms of security and storage of cryptocurrencies. However, as we have already mentioned, the ideal is not to leave your cryptocurrencies on the platform or on any exchange platform in general. Prefer to send your cryptocurrency directly to a dedicated wallet that you control and which is non-custodial.
Don't forget to enable two-factor authentication to further secure your account.
Final opinion on Switchere
In certain situations, sites like Switchere can prove useful, especially if you need cash instantly. We used switcher to produce our opinion on the platform and overall we are satisfied. Payment was received quickly and identity verification was also completed very quickly.
We may regret that the fees are high but for instant transactions, we can understand the cost of the service.
So for this final opinion we can conclude that Switchere can be a viable solution even if there are other services like Paybis ou Changelly for example or equally efficient solutions like peer-to-peer sites for example (but which can be longer).
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Please note: This is not investment advice. Always do your own research before investing.
