Swapin Review: Advantages and Disadvantages

Swapin is a cryptocurrency exchange platform designed to provide a simple, secure and transparent experience for users. Launched in 2023, the platform has quickly gained popularity thanks to its wide range of features and competitive fees. Having a license in Estonia which allows Swapin to operate in Europe, in more than 36 countries.

It is accessible to users of all levels and it is also a very practical tool for businesses that want to accept bitcoin on their sites.

Let's see in this article the advantages and disadvantages of the platform.

The different features of Swapin

The core products offered by Swapin offer a variety of exciting features for users. Among these products, some particularly stand out.

Swapinget

Swapinget allows for rapid conversion of cryptocurrencies into fiat currency. It allows funds to be transferred directly to your bank account in just a few minutes.

Swapin offers customers the ability to transact on their behalf from their bank accounts. These specific IBANs are automatically assigned to customers who have carried out the necessary verifications. They are available to both individual users and businesses, in the EEA and Switzerland.

SwapinPay

With SwapinPay, it is possible to use cryptocurrencies to pay bills in fiat currency. You can also make transfers to any bank account. This facilitates payments and money transactions between individuals.

Swapinbuy

Swapinbuy is the service of choice for buying cryptocurrencies with euros directly from a SEPA bank account. It offers rapid acquisition of cryptos which will be received in your wallet in just a few minutes.

SwapinCollect

With the SwapinCollect payment link, merchants can easily accept cryptocurrency payments. In fact, they receive funds in fiat currency directly into their bank account during transactions with their customers.

How to register on Swapin?

Registering on Swapin is a quick and easy process that only takes a few minutes. Here are the steps to follow:

1. See you on the Swapin website.
2. Click the “Register” button in the upper right corner of the home page.
3. Complete the registration form providing the following information:
   • Your email address ;
   • A secure password;
   • Your full name;
   • Your country of residence;
   • The currency of your choice.
4. Accept Swapin's terms and conditions.
5. Click on the “Create Account” button.
6. Verify your email address by clicking on the confirmation link sent to you.

Account Verification Steps 

Swapin Exchange requires all its users to verify their account to ensure the security and compliance of the platform. Account verification consists of two steps:

1. Identity verification 

To verify your identity, you must provide the following documents:

• A government-issued photo ID, such as a national ID card, passport, or driver's license;
• A selfie of you holding your ID next to your face.

2. Address verification 

To verify your address, you must provide one of the following documents:

• A recent bank statement;
• A recent utility bill (electricity, water, gas, etc.);
• A recent tax notice.

Tips for Quick and Smooth Verification

To pass the verification process:

• Make sure that the documents you provide are legible and of good quality;
• Please ensure that the information on your documents matches the information you provided when registering;
• If you encounter any difficulties, do not hesitate to contact Swapin customer support.

Benefits of verifying your account

Verification allows you to:

• Access higher deposit and withdrawal limits;
• Benefit from reduced transaction fees;
• Participate in promotions and exclusive offers;
• Improve your account security.

Furthermore, it is important to note that Swapin is committed to protecting the security and confidentiality of its users' personal information. As a result, your account will not be activated until you complete the verification process. 

User Experience on Swapin

Swapin Exchange offers an intuitive and clean user interface, accessible to both beginners and experienced users. The platform is available in French and several other languages, making it accessible to a wide audience.

The main menu is clear and well organized, making it easy to find the features you are looking for. The home page provides a summary of available markets, trading volumes and the latest news.

Customer service and support 

Swapin has responsive and accessible customer service 24/24. Users can contact support via email, live chat, or social media. The platform also offers a comprehensive knowledge base with articles and tutorials to answer the most frequently asked questions.

Security and Reliability of Swapin

In its T&Cs, Swapin promises to provide a safe and reliable cryptocurrency exchange platform for its users. It does this by using a combination of industry-leading security protocols and constant platform monitoring.

Security protocols used

The platform uses several resources to guarantee the security of its offers and that of its customers.

Two-factor authentication (2FA)

2FA adds an extra layer of security to your account. It requires an additional code in addition to your password when logging in.

SSL/TLS encryption

All communications between your device and Swapin Exchange are encrypted using SSL/TLS. This measure ensures that your personal information and transaction data remain confidential.

cold storage

The vast majority of user funds are stored in cold wallets, which are cryptocurrency wallets not connected to the Internet. This makes them much more resistant to hacker attacks. Thus, the funds are not maintained by the platform.

24/24 monitoring

Security teams continuously monitor the platform to detect and quickly respond to any suspicious activity.

What are the Swapin fees?

Swapin offers a range of fees and terms for both personal and business users. Here is a detailed overview of the fees and conditions linked to the different Swapin services.

• Opening a personal account: Free;
• Opening a professional account: Free;
• Account maintenance: Free;
• Minimum transaction amount: 5 EUR;
• Maximum trading volume: subject to limits based on financial information provided by the client;
• Reimbursement fee: 1%, minimum 50 EUR.

Supported cryptocurrencies and currencies

Here are the different transaction fees for each product:

• SwapinGet, SwapinPay: EUR, GBP, Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Dash, TRX, USDC, USDT, Dai, BNB
• SwapinBuy: EUR, Bitcoin, Ethereum, USDC, USDT

In addition to this information about fees and currencies supported by Swapin, It is essential to note that 95% of crypto-fiat transactions on Swapin are processed in 5 minutes or less. However, national bank holidays and weekends may influence waiting times for non-instant SEPA bank transfers.

What are the withdrawal and deposit limits 

Swapin places limits on the amounts of cryptocurrency users can withdraw and deposit each day. These limits vary depending on the user's verification level. So, to increase your withdrawal and deposit limits, you need to upgrade to a higher verification level. Here are the documents required for each level of verification: 

1 level: 

• Photo ID
• Proof of address

2 level: 

• Photo ID
• Proof of address
• Selfie with your ID

At Level 3: 

• Photo ID
• Proof of address
• Selfie with your ID
• Proof of income

The advantages of Swapin

Although new, it is undeniable that Swapin has greatly increased in popularity in recent months. His influence continues to grow, despite the numerous criticisms against him. Here are some strengths that we discovered at Swapin.

✅ Competitive fees

Swapin Exchange offers transaction fees lower than the market average. This is what users are looking for, and this is what makes it an attractive option for frequent traders.

✅ Wide choice of currencies and crypto

As for supported currencies, Swapin currently accepts Euro and British Pound Sterling as fiat currencies. It also accepts eight major cryptocurrencies, including Bitcoin, Ethereum, Litecoin, USDC, USDT, Bitcoin Cash, Dash, TRON, BUSD, Binance Coin and Dai. Although the currency selection is limited, it covers the major cryptocurrencies. As a result, it offers enough prospects for those wishing to start accepting cryptocurrency payments.

✅ Intuitive interface

Swapin's interface is simple and intuitive. Its ergonomics makes it easy to use for beginners and experienced traders alike.

✅ Security

Swapin implements strict security measures to protect user funds. This is particularly the case for cold storage and two-factor authentication.

What are the disadvantages of Swapin?

The weak points of Swapin are:

• Lack of advanced features: Swapin Exchange does not yet offer certain advanced features that can be found on other exchange platforms which offer, for example, staking ;
• Limited customer service: Swapin's customer service is available 24/24, but is often slow and unresponsive;
• Few currencies and digital assets supported.

Final opinion on Swapin

Swapin Exchange has received generally positive reviews from the cryptocurrency user community. Users particularly appreciate the platform's competitive fees, its wide choice of cryptocurrencies and its intuitive interface. However, some users have expressed dissatisfaction regarding the lack of advanced features, limited customer service, and liquidity issues.

Nevertheless, Swapin is a promising platform that offers a number of benefits to its users. However, the platform still needs to improve its features and customer service to compete with the most popular exchanges.

In conclusion, whether you are a casual trader or a business looking to integrate cryptocurrency payments, understanding Swapin's fees and terms is crucial to optimizing your experience. Feel free to check the details on the Swapin website to stay informed on the latest updates available.