Switchere is this a scam? Review and Customers Reviews

Switchere – it is an automatic exchanger from Ukrainian entrepreneur Igor Kovorotnyi, opened in 2019. Includes a basic set of CryptocurrenciesBTC, BCH, LTC, ETH and XRP. It supports two European currencies: the dollar and the euro. Will it be convenient for users to use this service and how profitable is it? Is Switchere a scam or a serious project? We’ll see in a moment.

 

Why Switchere

Switchere is one of the few exchangers registered to a legal entity, FITEUM OÜ, with an officially confirmed license from the Estonian regulator. This gives hope that the service’s financial operations are controlled at the legal level. Processing, as the provider claims, is fast, as everything happens automatically. Moreover, thanks to the WYSIWYG algorithm, we are promised that the account will receive the amount indicated in the application (often during transaction processing the current exchange rate changes, and the client receives currency with the recalculation at the new rate).

Another plus is unlimited transactions with full verification, which includes confirmation of contact information (email, phone), identity, address, bank card (from them you deposit your exchange account balance), address and income. All procedures are performed in accordance with AML/KYC policies to ensure the safety of users of the resource.

To contact the support team on the website switchere.com There is a feedback form, as well as an e-mail address and phone number of the company’s office (unfortunately, there is no international number, so customers living outside Estonia need to pay for a connection to a foreign operator).

 

How to buy cryptocurrency on switchere.com platform

For cryptocurrency purchases in Switchere it is necessary to register on the website switchere.com. You can do this by clicking the Register button in the top menu or directly through the currency converter, which offers to go through the procedure to make an exchange.

You can register not only by filling out a form, but also with an existing Facebook or Google+ account. If these methods are inconvenient for you, we go the standard way, specifying the e-mail, password and accepting the terms of the user agreement, privacy policy.

Next, you need to verify the profile and you can start buying cryptocurrency.
The history of all transactions is displayed in the personal cabinet (Transactions tab) with a filter by time, type of currency sold/purchased and transaction status, as well as the option to upload the report in .CSV format.

 

Verification on the Switchere platform

As noted above, verification on the site switchere.com consists of five stages:

• Email and phone confirmation – you receive an email with a six-digit code in the first case and an SMS code in the second.
• Proof of identity. Photo of the main pages of your passport/driver’s license/ID card (for Europeans), video from the camera of your device where you repeat the requested movement (usually head rotation).
• Confirmation of the bank card. Photo of the front and back with the number (only the last 4 digits should be visible) and CVC/CVV code closed.
• Confirmation of address. Scan/photo of receipts for utilities, internet, telephony, etc. documents showing your current location.
• Proof of Income. Photo or scan of bank statement/income certificate.

Each successfully completed stage allows you to increase the limit of operations up to the complete removal of restrictions. In addition, you cannot proceed to any of them until the conditions of the previous one are fulfilled.

 

Terms of buying cryptocurrency

Only legally capable adults authorized to accept Switchere User Agreement terms and conditions are allowed to use the service. In addition, there are territorial restrictions: Switchere is closed for residents of the Bahamas, Botswana, Ethiopia, Ghana, Afghanistan, Algeria, Bahrain, Bangladesh, Belarus, Bolivia, Botswana, Brazil, Cambodia, Canada, Cuba, Ecuador, Egypt, Ethiopia, Ghana, Iceland, Iran, Iraq, Japan, Kingdom of Morocco, Kuwait, Lebanon, Libya, Macedonia, Namibia, Nepal, Nigeria, North Korea, Oman, Pakistan, Palestine, PRC, Qatar, Saudi Arabia, South Sudan, Sri Lanka, Sudan, Syria, Trinidad and Tobago, Tunisia and Uganda.

You don’t need to create a wallet inside the system for exchange: you use what you have or use specialized resources if you don’t have one. Conversion is made only from fiat to crypto: you won’t be able to sell virtual currency in Switchere. VISA, MasterCard and Maestro cards are used for deposits. After request confirmation (when money is already sent) it can’t be cancelled.

Unlike many exchangers, Switchere does not set deadlines for processing requests, in case of violation of which you can complain to the support team. The administration here disclaims all responsibility.

Deposit and withdrawal limits

The minimum amount to exchange in Switchere is 10 euros/dollars.

As for the upper transfer limit, it is determined by your verification status:

• After email and phone confirmation – $/€0 (no exchange possible).
• After confirmation of identity – $/€550.
• After confirming the bank card – $/€1100.
• After confirming the address of actual residence – $/€5500.
• After proof of income – unlimited.

Restrictions on the withdrawal for some reason anywhere not specified, most likely, they coincide with the limits of deposit.

Commission

Commission of the service itself, as well as the processing fees of VISA, MasterCard and Maestro payment systems are already included in the course, so it is not possible to know their amount.

 

Bonuses switchere.com

Switchere.com does not offer any bonuses other than rewards for referral (affiliate) program participants. This may be due to the relative youth of the service.

Referral program

According to the terms of Switchere referral program, you earn up to 80% from first-level referrals and up to 10% from second-level referrals. Let us tell you in detail. After the registration in your personal cabinet you will find a unique referral link to be placed on any legal resource: your/your partner’s site, blog, social network page, forum, etc. Every time users will use this link to go to the exchanger, the system will record it.

Those who make transactions with currencies will be considered as your first-level referrals. In case these people are registered in Switchere affiliate program, they will be considered as your second-level referrals, or sub-referrals. The company has profit from each transaction. And this profit is used to calculate your percentage remuneration.

 

Complaints about Switchere

There are very few reviews about Switchere, since the exchanger opened only in spring 2019. And among them the positive and negative are distributed approximately equally. Those who like the service note the friendly support service and the speed of operations.

Among the reasons for complaints noted unprofitable rate and, conversely, delaying operations through unnecessary bureaucracy, as well as frequent cancellations of applications. Note that for each comment the support service gave a detailed response and tried to solve the issue (although in cases of cancellation of conversion operations there was no restoration of applications).

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Regulation switchere.com

The issue of regulation of cryptocurrency exchanges and exchanges in many countries remains open. At the moment, there are only a couple of market regulators. And not every service provider is licensed. Let’s see if the owner of Switchere is one of them.

Service regulator

The rights for Switchere belong to FITEUM OÜ, which received licenses to create virtual currency wallet FRK000680 and to connect virtual currency exchange service from Estonian regulator Estonian Financial Intelligence Unit on 18.03.2019. You can check the active status of the documents in the official MTR registry.

• Check license FRK000680 FITEUM OÜ in the Estonian MTR registry

• Check license FVR000779 FITEUM OÜ in the Estonian MTR registry

Switchere.com User Agreement

Switchere Terms of Use agreement is available only in English version and is a 19 points document with Privacy Policy and Disclaimer of Liability additions. Let’s look at some of the clauses. For example, point 3 says that the operator has the right to change the terms of the policy at any time and without prior notice, and you should detect possible adjustments yourself by reading the site regularly.

You can delete your account at any time by sending a request to support, it is processed and executed within 24 hours after submission (point 8).

Links to third-party sites posted on switchere.com, are not controlled by the administration. The company is not responsible for any losses caused by the transition through them (clause 10).

For your part, you will have to compensate the service provider for any losses incurred by the service provider, its partners, licensees and employees as a result of your access to the services (clause 11).

Also, Switchere owners are not responsible for platform access problems (and subsequent costs) due to viruses. Generally, you use the service on an “as is” basis (clause 18). This means that the provider does not guarantee performance of obligations to you, the same principle applies to the accuracy, completeness, and truthfulness of the information posted (for example, about exchange rates).

All disputes are settled by the Estonian Court of Arbitration (clause 19). In other words, if you decide to start proceedings with the company, you will have to go abroad or not attend the process at all (the latter is unlikely to play in your favor).

 

Switchere is a divorce?

SwitchereOn the one hand, it offers clients a serious “safety cushion”: licenses from a reliable regulator, strict verification procedures and verification of each transaction. On the other hand, the so-called fixing of the bid value does not always work: if you believe the official reviews that have been moderated on serious sites, the discrepancy can reach 20%.

In addition, some customers report difficulties with confirmation of orders to buy cryptocurrencies. And the terms of the user agreement and additional policies imply no guarantees from the company: you use the platform on “As is” terms. In our opinion, Switchere is not a scam, but the provider does not always behave in good faith towards users.

 

Conclusion

We would take Switchere The automated services that have grown by leaps and bounds in recent years, but do not offer their clients anything significantly new: a basic set of currencies, a referral program, the promise of fast execution of transactions and almost no liability from the service provider (even if you decide to assert rights, the trial will be scheduled in Estonia, where you are unlikely to go because of a couple of hundred dollars). It is up to you to use them or not. However, we did not find anything that contrasts sharply with other sites, so Switchere or something else, there is no difference.