Switchere Review 2022 | Withdrawal Limits & Fees

If you’re looking for the easiest way to buy bitcoins, litecoins, or Ethereum with euros or dollars using your credit card, Switchere is the exchange for you. Although we were only launched in the fall of 2019, we are already certified and have achieved our primary vision: to be a frictionless gateway between fiat currency and cryptocurrency. Our customers enjoy a seamless buying experience and outstanding security measures – all while knowing that their operations are certified. So why not choose Switchere as your go-to place next time you want to buy cryptocurrencies?

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Features

At Switchere, we designed our exchange as a simple and fast way to buy cryptocurrencies. We don’t have confusing features or options because we want the purchasing process to be as smooth as possible. Our coins are immediately sent to your wallet once payment is processed, so you don’t have to wait around.

Here at Switchere, we follow all the international AML/KYC standards and have obtained a Virtual Currency Exchange Provider (no. FVR000779) and a Virtual Wallet Service Provider license (no. FRK000680).

You will not be charged any hidden fees and will always receive the amount of cryptocurrency you ordered. Although its selling prices usually have a premium of around 10% compared to the current market price.

Switchere is fully compliant with regulations but allows for unregistered cryptocurrency purchases under 100 euros.

Not only does Switcheree provide customer support 24/7 via web chat, email, and phone- but we promise to deliver a seamless experience.

Switchere only offers to buy services for three popular cryptocurrencies- bitcoin, litecoin, and Ethereum. The platform doesn’t have a marketplace where you would typically go to sell your cryptocurrencies. Keep in mind that more currencies may be available for purchase in the future as the site updates its offerings.

Background Review

Switchere is based in Tallinn, Estonia, which has become one of Europe’s most innovative and digital countries. The company was established in 2019 to provide a fast and convenient Fiat-to-Crypto gateway for anyone wanting to buy cryptocurrency. As of today, our exchange lets you purchase three popular cryptocurrencies – Bitcoin, Litecoin, and Ethereum.

Switchere is a regulated company in Estonia and the European Union. Switchere employs up to 10 employees that adhere to international Know Your Customer (KYC) and Anti-Money Laundering (AML) standards. Furthermore, it has Virtual Wallet Service Providers and Virtual Currency Exchange Provider licenses.

Nevertheless, you can still make purchases without going through registration and identity verification processes if you buy less than 100 euros worth of crypto. More substantial purchases require a higher level of verification; the more money you want to spend, the more documentation will be necessary.

In total, there are five levels of verification at Switchere:

1. Unregistered – for purchases up to EUR 100.
2. Email and phone verification – for purchases up to EUR 500.
3. Identity and bank card – for purchases up to EUR 1000.
4. Proof of address – for purchases up to EUR 5000.
5. Proof of income – for UNLIMITED purchases.

Switchere Supported Countries

The company operates globally and accepts all Visa and Mastercard bank cards, except for the ones issued in the following countries: Afghanistan, Algeria, Bahamas, Bahrain, Bangladesh, Belarus, Bolivia, Botswana, Brazil, Cambodia, Canada, Cuba, Ecuador, Egypt, Ethiopia, Ghana, Iceland, Iran, Iraq, Japan, Morocco, Kuwait, Lebanon, Libya, Macedonia, Namibia, Nepal, Nigeria, North Korea, Oman, Pakistan, Palestine, China, Qatar, Saudi Arabia, South Sudan, Sri Lanka, Sudan, Syria, Trinidad and Tobago, Tunisia, Uganda, United Arab Emirates, United States, Vanuatu, and Yemen.

Switchere does not accept bank cards from these countries due to regulatory requirements set by its payments service provider.

Switchere Fees

Switchere charges a standard premium for most crypto purchases to make them as simple as possible.

Switchere is a transparent platform that does not charge any hidden fees. You will always get exactly what you order. However, if you compare your exchange price with the average global market price at one of the coin indexes, Switchere sells cryptocurrencies at around a 10% premium.

Although costly, simplicity is often worth the extra expense for people who prioritize convenience. When you use a credit or debit card, expect to pay an additional 5-15% on top of the transaction – this fee is exchange rate-independent.

Also, Switchere does not have any deposit and withdrawal fees since you don’t leave any money in the platform’s custody.

Switchere Usability

Switchere’s site is exceptionally well-designed and easy to use. It makes buying bitcoin, litecoin, or Ethereum almost too easy.

Swithere turns buying cryptocurrency into a simple, three-step process.

1. First, you need to select the currencies you want to trade, type in the amounts, and hit the “Buy” button.

2. You will need to provide your cryptocurrency wallet address to proceed. Suppose you don’t have a crypto wallet. In that case, there are multiple ways to create one – you can download a dedicated smartphone app or desktop wallet application, create a web-based wallet, or generate and print a paper wallet.

The ledger Nano S and Ledger Nano X are recommended hardware wallets that keep valuable cryptocurrency offline and in multiple wallets. Also, see our reviews of the devices.

Once you enter your cryptocurrency wallet address, all that is left is to make a payment.

3. Enter your credit card details and complete the purchase.

After you complete your payment, you will receive cryptocurrency in your wallet within minutes. That’s all there is to it! With Switchere, purchasing cryptocurrencies is easy and hassle-free.

Please note that unverified accounts are only allowed to make transactions worth less than EUR 100. You must register an account and undergo additional verification steps to buy more.

In addition, Switchere also has 24/7 customer support chat, email, and phone, so you can always get help if you need it.

Switchere Security Review

Switchere is a new cryptocurrency exchange, so time will tell how secure it is. However, the platform was made not to safeguard customers’ funds, which means there is less risk for users. Most exchanges ask you to send your money directly to the site’s wallets. Switchere does the opposite by sending funds to your wallet first–so it’s up to you to keep them safe.

However, you can protect your account using Google-based two-factor verification (2FA). This ensures that no one can access your account if they manage to crack your password. Additionally, the Automatic Logout feature logs you out of the platform after a period of inactivity. The default duration is 10 minutes, which can be changed to anywhere between 5 and 60 minutes in your account settings.

Switchere employs SLL and TSL encryption to protect client communications, utilizing the SHA-256 hash algorithm – which also secures bitcoin and litecoin blockchains. In addition, Switchere adheres to the 3D secure protocol for online card payments.

Lastly, Switchere is a regulated exchange which makes it a reliable platform. Being unregulated, custodial exchanges have the potential to disappear with your money or holdings; however, because Switchere is regulated, it cannot do this making it a secure and trustworthy crypto gateway.

Deposit and withdrawal methods

You can only use the Switchere platform by purchasing items with your credit or debit card–there is no other way to deposit funds. After you make a purchase, cryptocurrencies are immediately sent to the wallet address that you provided.

Switchere Affiliate Program

• Switchere currently offers an incredibly beneficial referral program with multiple levels of compensation. You will get paid for new customers you bring in and when the people they refer make purchases. And if that wasn’t enough, you’ll even get commissions from users who haven’t registered yet!

Here’s a breakdown of what you can expect:

• Level 1: 80% commission on net revenue generated by direct referrals.
• Level 2: 10% commission on net revenue generated by second-level referrals (referrals made by Level 1 customers).

On its website, Switchere states that this is a lifetime deal and you can get your payouts anytime.

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