Switchere Review – Should You Use This Crypto Exchange?

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By Austin DeNoce

Last Updated

Switchere Review

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Switchere Review

  • Exchange
  • Payment System
  • Fees
  • Blog
4.1

Summary

Switchere is an Estonia-based cryptocurrency exchange platform designed to help users easily buy and sell crypto assets. This exchange supports around 30 crypto assets, including stablecoins, as well as five fiat currencies. In addition to its crypto exchange, Switchere also includes crypto payment services, a crypto blog, and API integrations. Learn more about this cryptocurrency exchange by reading our complete Switchere review.

Pros

  • Supports niche fiat currencies (IDR, MYR, and VND)
  • 6+ crypto payment methods for businesses
  • Full KYC user onboarding for businesses via website widgets
  • Can function as a non-custodial exchange 
  • Switchere referral program

Cons

  • Limited number of supported assets
  • Switchere fees to buy crypto with fiat currency are very high
  • Not suited for crypto traders

About Switchere

Switchere is an Estonia-based cryptocurrency exchange platform supported in over 160 countries where users can buy and sell popular crypto assets like BTC, ETH, and LTC.

Switchere also provides crypto payment services for businesses looking to incorporate crypto on-ramps for their products and services via helpful API integrations.

If you want to learn all about Switchere’s services and whether or not they’re right for you, stick around for this in-depth Switchere review.

Switchere Exchange

The Switchere cryptocurrency exchange supports just under 30 crypto assets, including several stablecoins.

In addition to the crypto assets, Switchere also supports five fiat currencies: USD, EUR, IDR, MYR, and VND.

Switchere Cryptocurrency Exchange

The number of supported assets is extremely limited compared to major crypto exchanges like Binance or KuCoin and even limited compared to average crypto exchanges. 

However, Switchere still supports most of the top crypto assets, so this likely won’t be of too much concern to most crypto investors.

Notable names missing, however, are DOT, DOGE, and LINK, which just means you’ll want to verify all of Switchere’s supported assets before committing to its exchange.

That said, Switchere supports some rarely seen fiat currencies, so anyone from Indonesia, Malaysia, or Vietnam will likely want to keep the Switchere exchange top of mind.

Ways to Buy Crypto

Depending on the currency you choose to spend, Switchere has different payment methods that will be available to you.

For USD, credit or debit cards are the only options, but EUR payments are supported via credit/debit, SEPA, and Sofort.

Switchere Exchange

As for the remaining fiat currencies, the only payment method available is through a local bank.

When it comes to crypto, deposits and exchanges will function like any other crypto exchange. Just copy and paste your crypto wallet address and send it over.

Switchere does have its own wallet, but it also operates as a non-custodial exchange you can use with any non-custodial wallet, which mitigates many exchange security concerns.

Crypto Payment System 

With Switchere’s payment system, businesses can include 6+ fiat payment methods for their customers via its API widget integration.

The widget added to your website will look just like the Switchere exchange order panel, which has a standard and user-friendly design.

Switchere Payment System Widget

The payment methods to buy crypto that Switchere supports include Visa, Mastercard, Apple Pay, Google Pay, Sofort, bank card, and SEPA.

No matter what country your business is registered in, Switchere will take care of all the payment-related regulations and licensing.

Switchere also takes care of all the KYC onboarding you may need to facilitate your payments with smooth instant identity verification widgets, which is a feature competitors like CoinGate don’t offer.

Switchere Payment System KYC Widgets

Another cool feature of the Switchere system is if one of the payment providers rejects a transaction, it is instantly redirected to other payment systems until it is successfully completed.

If you’re interested in learning more about the Switchere payment system, you can schedule a phone call with customer support Switchere offers, who will walk you through the whole process.

Switchere Payment System Inquiry Call

Switchere Fees

At the moment, Switchere is running a deal for a 0% service fee on your first order if you verify your ID.

Absent that deal, Switchere fees include a processing fee of 3.6% plus an additional 0.32 USD and a service fee of 3.4%.

These fees are somewhat in line with other beginner-friendly exchanges that focus on bank/card payments. 

Still, they are considerably higher than crypto trading platforms, whose fees range anywhere from 0.10% to 0.50%.

To be blunt, the processing fee and service fee make Switchere a lousy place to buy crypto with fiat currency.

Crypto-to-crypto payments, however, have no processing fee. All you will have to pay is the service fee 9o.89% to 3.4%) and the blockchain fee, which will vary depending on the asset (blockchain) you are using.

Switchere Blog

The last noteworthy feature of the Switchere platform we wanted to discuss is its crypto blog.

Switchere Blog Page

Most crypto platforms have blogs, though few are worth mentioning, but Switchere’s is informative, aesthetic, and well above average.

At the top of the blog page, you’ll find categories for news, tutorials, trading-specific content, and NFTs to quickly filter your searches.

Each article within the blog is well organized, extensive, and incorporates useful pictures (including price charts) whenever relevant, so it’s a valuable resource worth checking out.

Switchere Blog

The Switchere blog might not be the absolute best place to get news or stay up-to-date on the crypto market, but articles are added regularly, and it remains an excellent learning resource.

Conclusion: Switchere Review 

After carefully walking through all of its services for this Switchere review, we believe Switchere is not an ideal place to buy or sell crypto.

Switchere will, however, be a worthwhile option to consider for businesses looking to incorporate an online crypto payment system.

While the Switchere exchange is easy to use, it doesn’t support nearly as many crypto assets as top exchanges, whether that’s Binance, Coinbase, Crypto.com, or countless other exchanges.

The service fees are also quite high if you plan to buy large amounts of crypto or buy with any regularity.

Keeping that in mind, we would recommend pursuing other exchanges that charge standard maker/taker fees well below 1%.

However, if you are a business interested in adding a crypto payment system to your website, Switchere is a great option to consider.

Coingate is very likely a better payment system to look into, but it might boil down to your specific business needs, so exploring both services would be wise.

As an example, the KYC identity verification widget Switchere offers could be the difference maker that motivates you to use their crypto payment method over alternative payment methods.

Aside from the Switchere payment system, the only reason we would recommend its platform to specific users is if they are struggling to find another platform that supports niche fiat currencies like IDR, MYR, or VND.

If that isn’t something that concerns you or you believe platforms like CoinGate, FTX Pay, or other crypto payment facilitators would serve you better, it’s safe to say that Switchere isn’t for you.

There are far too many cryptocurrency exchanges with more assets, lower fees, and other services that render Switchere’s only selling points as its payment system and niche fiat currencies.

If those aren’t boxes you need checked, you’ll want to find another exchange.

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Austin DeNoce

Austin DeNoce is a writer, personal investor, and entrepreneur who is focused on trading and investing education for macro, crypto, equities, derivatives, and foreign exchange traders. He graduated from the University of California, Santa Barbara with a bachelor’s in philosophy and carries a deep passion for a first-principles approach to investing and education therein. Austin specializes in topics related to cryptocurrencies and blockchain technology.

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