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Switcheo Review - is it scam or safe?

Switcheo Review - is switcheo.network scam or good cryptocurrency exchange?

RATING: 3 / 1 REVIEWS Switcheo

RECOMMENDED BITCOIN BROKERS


 

Trading Accounts & Conditions


Account type

Leverage

Taker Fee*

Withdrawal Fee

Standard

1:1

0.15%

Free


*0.075% Traders enjoy 50% discount when they use Switcheo Tokens (SWH) to deduct trading fees.


Switcheo is a Singapore-based cryptocurrency exchange with a focus on NEP-5 tokens. NEP-5 is NEO’s equivalent of ERC20 tokens created and running on the Ethereum network. At the time of writing, NEO is still ranked as 10th largest cryptocurrency by market capitalization, so the Switcheo project and platform seem quite promising.



Switcheo Advantages


Hybrid exchange

Switcheoa newly launched exchange and still in development. Yet, it is intended for hybrid trading, combining some features of decentralized and centralized exchanges. On the one hand, Switcheo’s users are able to trade directly from their wallets and the exchange does not handle their funds, thus retaining control of their tokens at all times. On the other hand, they enjoy fast order matching and high liquidity due to the centralized trade management.


Low fees

Another attractive feature of this exchange is the fact that the fees it charges are very low. Market “makers” are not charged, and “takers” pay a fee of 0.15% per trade, while the industry average around 0.20-0.25%.


Besides, clients of Switcheo that use the company’s own NEP-5 token, the Switcheo Token (SWH), get a 50 percent discount.


Solid trading platform

Trading at Switcheo is facilitated through a trading interface that is quite solid. It has everything a crypto trader needs and is nicely designed, with the order book arranged vertically. The charting is provided by TradingView, which is a huge advantage. Here is a preview of Switcheo's trading platform:


Solid number of coins listed, several base currencies

By the time of writing this review, Switcheo has listed Neo (NEO), Apex (CPX), Switcheo (SWH), THEKEY (TKY), Gas (GAS), Ontology (ONT), Red Pulse (RPX) and others. This is a rather solid altcoin offering, especially considering the fact that the exchange is recently launched. Besides, trading is not done solely against one coin – there are three base cryptocurrencies – NEO, SWH, and GAS.


However, as some of you have probably noticed, the most popular coins (and the largest by market cap) are not offered on Switcheo.


Backed by NEO Global Capital

Switcheo has strong backing of partnership and investment from NEO Global Capital – the company that created NEO, which is an obvious strong side too.


Some positive reviews

While we researched for more information on the Switcheo project, we came across a lot of positive user reviews. It seems that people enjoy trading onm the exchange and have rather high expectations of its future development.



Switcheo Disadvantages


Fiat currency not supported

Switcheo does not offer trading in crypto for fiat and vice versa, which is not surprising, as most decentralized exchanges ddo not work with traditional money such as US dollars and Euro. If you are simply looking for a place to buy cryptos directly with ytour credit card, check out the link below.



>>Buy Bitcoin with a credit card<<



Major cryptocurrencies not available

If you are looking for Bitcoin, Ethereum, Ripple or other popular digital assets, you will not find them on Switcheo. This exchange is built for trading of NEO-based ICO tokens (NEP-5) like Red Pulse & Ontology. Trading of ERC20 and QRC20 tokens (based on the Qtum network) is also planned, but is not available yet.


Dependent on the NEO network

At Switcheo every single trade happens, with the help of NEO smart contracts. If there is serious backlog on the NEO network, the activity at Switcheo will also become slow, as the most actively traded pairs at the exchange are those with Neo.


Leverage not available

Switcheo does not provide margin to those who wish to trade in digital assets more aggressively. Few exchanges do, and definitely not decentralized ones, so this is not a major flaw. If you need some leverage, you can either sign up with a major exchange that offers such (Kraken, Poloniex, etc.), or register with a forex broker. Some of them offer trading in Bitcoin and other altcoins in the form of CFDs, which has its specifics.



>> Forex brokers that offer Bitcoin trading on margin <<



Conclusion


Switcheo is a rather promising project still in development. It is the first DEX built on Neo where users can can trade NEP-5 tokens directly from their wallets with no withdrawal fees. Trading fees are also very low and the platform is pretty good – simple, yet fast and with advanced charting tools.


Switcheo altcoin focused project that is obviously not intended for newcomers in the crypto world: it does not work with fiat, and Bitcoin is not available for trade.


Like most exchanges worldwide, Switcheo is not regulated, but its seems rather reliable. It has stated which is the company operating it (which is not that common in the crypto world) - Switcheo Exchange PTE LTD, a Singapore based company that works in partnership with the company that created NEO token.


Nonetheless, if you prefer trading in a sefar environment and in more popular coins, we remind you that yu can also do that with forex brokers. Here is a list of some of them which offer Bitcoin trading and are duly licensed.



>>Bitcoin forex brokers under regulation<<



Here is a summary of the current state of Switcheo network:


Pros

Cons

Low fees

Fiat currency not supported

Hybrid exchange (DEX & Centralized)

Major cryptocurrencies not available

Good trading platform

Leverage unavailable

Solid list of coins

Dependent on the NEO network

Some positive reviews

Not beginner-friendly

 

 

 

 

 

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Traders` reviews for Switcheo

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Switcheo Network

Switcheo is great, but why this review not updated? Like Switcheo is no longer only on NEO but Ethereum and EOS as well.

Dahlia Cassidy 08/12/2019
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