Switchere Review: Pros, Cons, and More

Switchere makes buying crypto about as straightforward as it can be. Once you've set up an account, the order process takes seconds, and you'll have access to some of the biggest cryptocurrencies. However, this crypto exchange charges high fees and doesn't offer many features. Read our Switchere review to learn more about the good and the bad.

Ratings Methodology

Bottom Line

The fees are far too costly for this exchange to be competitive with other platforms. Crypto investors are better off going elsewhere and saving their money.

Fees:

Processing fee of 3.6% + $0.32, service fee of up to 3.4%

Account Minimum:

$10 minimum purchase

Special Offer

0% service fee on first order after verifying identity

Full Switchere review

This cryptocurrency exchange is a good fit for: Altcoin enthusiasts who want to buy cryptocurrencies that aren't listed on other exchanges.

Pros

Easy to use
Offers some hard-to-find altcoins
Provides educational content

Cons

Expensive fees
Mediocre cryptocurrency selection
Doesn't provide security information
Limited features

Top perks

Easy to use

If you're looking for a crypto exchange with a short learning curve, Switchere fits the bill. Its order tool is very beginner friendly. Plug in the amount you want to spend, select the cryptocurrency you want, and provide a payment method.

By default, the exchange asks you for a wallet address where it will send your crypto. If you don't have one, you can use a crypto wallet on Switchere instead. It's better to use your own wallet, though, because Switchere doesn't offer much information on its security or how it keeps funds safe.

Looking for a place to store your crypto? Check out Motley Fool Money's picks for the Best Crypto Wallets.

Offers some hard-to-find cryptocurrencies

Even though Switchere doesn't have the largest selection, it offers a few altcoins that aren't available on many of the top U.S. exchanges.

The most notable is XRP (XRP), the native cryptocurrency of Ripple. While XRP is one of the biggest cryptocurrencies in the world, most U.S. exchanges delisted it when it became part of an SEC lawsuit.

Switchere also lists BNB (BNB), the native cryptocurrency of the Binance exchange. Outside of Binance.US, there aren't many U.S. platforms that carry this cryptocurrency.

Provides educational content

The Switchere blog has some valuable educational content, including cryptocurrency news and various guides. It's not the best exchange for learning about crypto, but it at least offers useful information.

What could be improved

U.S. customers can only pay by card

If you're in the United States and want to buy crypto on Switchere, the only accepted payment method is a credit or debit card. These card payments carry hefty processing fees.

It's much better for investors when a crypto exchange provides more payment options, particularly low-cost ones. Transfers from a bank account are normally the cheapest way to buy crypto. The fact that Switchere doesn't offer those, at least for U.S. customers, is a serious drawback.

Expensive fees

You lose a lot of money on fees when you use Switchere. Here's what it charges on crypto purchases made with a credit or debit card:

A processing fee of 3.6% plus $0.32
A service fee, which is based on the amount you're buying, of up to 3.4%
A blockchain fee, which is based on the cryptocurrency you're buying

That means the total purchase fees can easily exceed 7%. For comparison's sake, many top crypto exchanges charge 0.5% or less in trading fees.

COMPARE OPTIONS: Best Cryptocurrency Apps and Exchanges

Mediocre cryptocurrency selection

Switchere's lineup of cryptocurrencies is a bit lacking compared to some of its competitors. It gives customers access to over 25 different types of cryptocurrency. You'll have a decent variety of crypto options, but there are plenty of other places where you could have access to 50, 100, or more.

Doesn't provide security information

We think it's important for crypto exchanges to include information on their security features to give customers peace of mind. This is noticeably absent from Switchere. It doesn't have a page on its site or any FAQs that explain how it protects crypto funds.

Limited features

Switchere is a very basic crypto exchange. You can buy and sell, but not much else. There are no advanced order tools, such as limit orders. You also can't lend or stake your crypto. Those are both popular ways to earn interest on the cryptocurrency you own, so it's disappointing when an exchange doesn't give you either option.

READ MORE: What Is Staking in Crypto?

Alternative to consider

Offer	Kraken	Uphold
Rating	Rating image, 4.00 out of 5 stars. 4.00/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	Rating image, 4.00 out of 5 stars. 4.00/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.
Commissions	$10 purchase minimum, other fees charged on a per-service basis. 0.0% - 0.40% maker-taker fees on Kraken Pro	0% commission, variable spread
Next Steps	Open Account for Kraken Read Full Review	Open Account for Uphold Read Full Review

How Switchere works

Switchere lets you buy cryptocurrency with a credit or debit card. It also allows you to trade between any of the cryptocurrencies it supports. For example, you could exchange Bitcoin (BTC) for Ethereum (ETH).

Orders work a bit differently on Switchere. By default, it asks you for the address to your crypto wallet when you place an order. After you make the purchase, Switchere sends the crypto to that external wallet.

Most crypto exchanges store your crypto for you in wallets they control. Switchere gives you that option, as you can choose to have your order sent to a Switchere wallet, but it's primarily a non-custodial exchange. It sells you crypto and you handle the storage, unless you specifically want Switchere to store it for you.

You can sign up for an account and start using Switchere by providing only basic information. However, to spend more than $150 on the exchange, you must verify your identity. For U.S. citizens and residents, there's only one verification level. You'll need to provide photos of your ID and a selfie.

Switchere users outside the United States can also sell cryptocurrency and receive the money for it via bank transfer. Bank transfers and selling cryptocurrency aren't an option for U.S. clients.

Fees overview

Switchere doesn't publish a fee table and says it uses an all-inclusive pricing algorithm. It does, however, charge the following fees:

Processing fee: A fixed fee based on the payment method.
Service fee: A variable fee of up to 3.4% based on the transaction amount. If you verify your ID, your first order will have a 0% service fee.
Blockchain fee: A variable fee based on the cryptocurrency.

During the order process, you can see exactly how much you'll pay in fees by clicking "Details."

For U.S. customers, card payments are the only option. That means you pay a processing fee of 3.6% plus $0.32, plus the service fee of up to 3.4%. In total, it can cost as much as 7% and $0.32 per transaction, which makes Switchere extremely expensive.

Here are the processing fees for payment methods available on Switchere to both U.S. and international customers:

Payment method	Processing fee
Credit/debit card	3.6% + $0.32
SEPA	0.8% (minimum 2.5 euros)
SOFORT	4.2% + 0.25 euro (minimum 2.5 euros)
Local bank deposit	5.6%

Data source: Switchere

You can also trade one cryptocurrency for another on Switchere. These orders typically only charge a blockchain fee. The blockchain fee varies and is based on the cryptocurrency you're receiving in the order.

Cryptocurrency selection

Switchere lets you buy and sell over 25 different cryptocurrencies. Compared to other exchanges, it has a somewhat limited selection.

You'll have access to several big cryptocurrencies on Switchere, including Bitcoin and Ethereum. It also offers some popular cryptos that aren't as widely available for U.S. investors, including BNB and XRP.

There are some gaps in Switchere's lineup, with a few of the most notable being:

Is your cryptocurrency safe with Switchere?

By design, Switchere isn't normally a place where you'd store your cryptocurrency. When you buy cryptocurrency on Switchere, you can provide the address to your own crypto wallet. That means it's you, not Switchere, that's responsible for keeping your cryptocurrency safe.

Switchere offers its own crypto wallet for most of the cryptocurrency it sells. If you want, you could send your purchase to the exchange's crypto wallet. However, I'd recommend sticking to your own storage, because it's hard to gauge the level of security that Switchere has.

The exchange doesn't provide a web page or an answer in its FAQs that details how it protects cryptocurrency stored in its wallets. Without more information on Switchere's security measures, there's no way to be sure how safe it is for cryptocurrency storage.

Switchere is right for you if:

You're looking for a simple way to buy crypto with a credit or debit card, even if it's expensive.
You want to buy cryptocurrencies on Switchere that other U.S. exchanges don't offer.

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Switchere Review: A Costly Way to Buy Crypto