What is Switchere?

Switchere is a digital asset platform that is operated by FITEUM OÜ licensed as a virtual currency service provider and incorporated under the laws of Estonia. Switchere has a platform that is accessible via desktop and mobile apps. It is available on Google Play and App Store.

Getting started with using the Switchere’s exchange services is straightforward. Simply sign up with an email and verify your mobile number. Alternatively, you can also use your Facebook or Google account to sign up. KYC is stricter than most other exchanges such as KuCoin or Bybit, for example. Auto ID verification can take up to 15 minutes and manual verification can take one business day.

Advantages of Using Switchere

• Primarily a non-custodial exchange platform.

• Switchere supports many blockchains including BTC (Bitcoin), BCH (Bitcoin Cash), ADA (Cardano), ETH (Ethereum), XRP (Ripple), LTC (Litecoin), BCH (Bitcoin Cash), XLM (Stellar), AVAX (Avalanche), among many others. 

• There exchange offers a range of ERC-20 standard tokens including UNI (Uniswap), AAVE (Aave), LINK (Chainlink), SNX (Synthetix Network Token), YFI (Yearn Finance), MATIC (Polygon), etc. Switchere also supports Binance Smart Chain (BEP-20) tokens.

• Switchere makes it possible for users to buy or sell digital assets with Credit Card, SEPA, etc. 

• Users can also deposit crypto as collateral and take out loans. 

• Switchere claims to offer users the ability to buy crypto at ‘true cost’ and with no hidden fees. 

• Allows users to Buy & Sell BTC with Credit Card and Switchere also allows users to buy and sell Bitcoin and other cryptocurrencies without ID verification using any credit, prepaid, or debit card issued by VISA, Mastercard, or Maestro. Cards are accepted for converting crypto to fiat (EUR and USD) with the exception of cards issued in restricted or sanctioned countries such as Afghanistan, Iran, Iraq, North Korea, United States of America, Yemen, Zimbabwe, etc. 

• Switchere claims to put emphasis on high security. They utilise two-factor authentication, 3D secure protocol, and high-end encryption technology.

• Switchere exchange has an offering tailored for businesses that want to increase revenue through accepting fiat payments for their decentralised applications. Switchere claims that its full-featured payment APIs are tailored for specific business needs and they are also designed and built to scale. Additionally, businesses can also easily Integrate their on-ramp widget in a matter of minutes. 

• Switchere has favourable reviews on sites such as Trustpilot. 

The Disadvantages of Switchere 

• Switchere exchange does not offer its services to residents of Afghanistan, Iran, Libya, Nigeria, North Korea, Pakistan, Russia, Saudi Arabia, and others. According to their terms of use, the list of unsupported countries for bank card processing sustained by the payment processing service provider includes, but is not limited to, Bangladesh, Bolivia, Cuba, Ecuador, Iran, North Korea, China, South Sudan, Sudan and the Syrian Arab Republic.

• The platform’s fee structure is not transparent and it is considered more expensive than other competing platforms such as BTSE, Coinmama, Changelly, Coinmotion, etc. 

• Switchere exchange has limited features compared to the likes of Binance, FTX, OKX, Bittrex, and many others crypto trading platforms. 

Originally posted on Decentralised News

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