Only supports card payments for U.S. customers
If you’re in the United States, the only way to pay on Switchere is with a credit or debit card, which carries hefty fees. The one exception would be if you’re trading one cryptocurrency for another, but that isn’t an option when you’re buying cryptocurrency.
It’s better when a crypto exchange gives you more payment options. Transfers from a bank account, in particular, are normally the cheapest way to buy crypto. The fact that Switchere doesn’t offer those is a serious disadvantage.
Expensive fees
You lose a lot of money to fees when you use Switchere. Here’s what you’d pay to buy crypto 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, a lot of crypto exchanges charge 0.5% or less when you pay with a bank account transfer.
READ MORE: 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 20 different types of cryptocurrency. You’ll have a decent variety of crypto options, but there are plenty of other places where you could trade 50 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?
