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About

What is SwitchBIT?


SwitchBIT is a simple and fast instant cryptocurrency exchange service. You do not need to register, and your exchange will have 3 levels. We convert coins without charging any additional or hidden fees.




How does SwitchBIT work?


SwitchBIT is integrated into multiple cryptocurrency trading platforms. We also work with several exchange partners. We guarantee the best value when buying or selling cryptocurrency.




Why trust SwitchBIT?


Created by a team of experienced blockchain developers, SwitchBIT is a fully secure service. You are ready to go within seconds, and with 3 levels of service, we have all the features you may want and need. SwitchBIT offers the best rates on the market and assures security that allows our clients to avoid identification or financial theft.





Exchange Process

How fast will transactions be?


The processing speed ranges from about two to twenty minutes, depending on how long it takes for a block to happen in the network. Most orders get processed in just a few minutes. If the transaction is large (more than 1 BTC or equivalent), it may take a little longer to process it, depending on the size of your transaction and the capacity of the block.




What is a cryptocurrency wallet address?


Cryptocurrency wallet address is a unique combination of numbers and letters ranging from 26 to 35 characters in length. It usually looks something like this: 17bkZPLB4Wn6F347PLZBR34ijhzQDUFZ4ZC.




How do I get a cryptocurrency wallet?


First you decide which crypto coin you like, then you find a reliable wallet. Each cryptocurrency has an official wallet, but many different wallets exist so you need to choose one. When you get a wallet, you will automatically get an address and a private key. Keep your private key to yourself and never show it to anyone.

Even for security reasons, SwitchBIT will never ask you for your private key, and no one else should.




What is a recipient wallet address?


If you want to buy a cryptocurrency, you need to have it sent to a specific crypto wallet. Each coin has its own wallet. The recipient address is your wallet to which your crypto is transferred after the exchange.




What is a transaction hash?


Transaction hash (also referred to as "TX") is a unique identification code that registers every transaction in the blockchain. This unique code allows you to verify the transaction status and validity in the blockchain.




How can I cancel a transaction?


Blockchain operations are irreversible. If the funds are sent, the transaction cannot be canceled by anyone. Therefore, thoroughly check all the payment details before sending funds to anyone, including SwitchBIT.




Why is the final amount different from the initial amount?


This is usually because of transaction processing time. Due to the high volatility movements in the value of cryptocurrency, speed is crucial, however, the final exchange rate can differ both in the positive or negative. We guarantee the best rate at the very moment of the exchange.




How long will it take for a normal transaction?


Transactions on SwitchBIT usually take from 5 to 30 minutes. If your transaction takes more time, it may be due to various issues:

  • Hacker activity. Unfortunately, such problems happen from time to time, but we are always monitoring and working to solve any issues;
  • Cryptocurrency updates. We may update the client and disable some coins. As soon as we turn them back on, you will get your funds right away;
  • The blockchain is overloaded. Too many transactions are in the queue to be included into the blockchain, and yours may need to wait for its turn. Sometimes you might have to wait a little longer.




What is the minimal amount for exchange?


There are no limits for cryptocurrency exchanges on SwitchBIT. However, for a transaction to be carried out, a network fee is charged by the blockchain itself. The amount sent must be sufficient to cover the network fees.




Standard cryptocurrency exchange rates?


A standard rate exchange is an exchange performed at the current most profitable rate in the cryptocurrency market. Expected rate is the current exchange rate you will receive. However, the cryptocurrency market is highly volatile and you should account for this.

With standard rate exchange, each transaction may have its own unique exchange rate because of price fluctuations, market conditions or changing network fees. The rate might change any moment, as a result, you might receive accordingly more or less than you expected to receive in the first place.




Fixed rate cryptocurrency exchange?


A fixed rate crypto exchange is an exchange performed at the same rate which is displayed to the client at the beginning of an exchange, regardless of subsequent rate fluctuations.

In some cases, fixed-rate exchanges have lower rate but the opposite is also possible.




Expected exchange rate?


The expected rate is the rate that is expected at a specific moment. You must understand that it takes some time to send the deposit and confirm the transaction so, given the market volatility, you might receive accordingly more or less than expected.




Should I choose a fixed rate flow?


You may choose the fixed rate flow if you want to be certain that the amount of crypto you'll receive will stay the same no matter what. With fixed rate exchanges, our users enjoy the stability of their conversions and are safe from sudden rate drops.

In some cases, fixed-rate exchanges have lower rate but the opposite is also possible.




Difference between fixed rate flow and standard flow?


During the standard flow, each transaction may have its own unique exchange rate because of rate fluctuations, market conditions, and network fees. The rate might change at any moment; as a result, you might receive more or less than you thought you would.

Implementing fixed rate exchanges leads us to lay down a small reserve to save ourselves from exchange rate fluctuations. It's included in the rate you will see at the beginning of the exchange, no other fees are included.

Because of the rate risks we take, the fixed rate may differ from the standard flow's rate. However, it gives our customers confidence in the amount they will receive.




How does it work?


You create an exchange and make a deposit. You have 20 minutes to deposit your exchange funds; during that time, we guarantee that the rate won't change in any way. You will receive the exact amount that was displayed to you.




Do I need to register to use SwitchBIT?


In order to be able to use SwitchBIT customers won't need to create an account, but they will be asked to provide a valid email address.

However, there are some exceptions.

SwitchBIT uses an automated risk management system to check all transactions. Each case will be considered individually. According to European AML directives, KYC regulations, and platform requirements, we will ask you to provide a scan of your ID document valid in your country, as well as some additional information on the origin of the funds. This applies only if you have exceeded level 1 caps.




What are the level caps within SwitchBIT?


Level 1. Entry level from 0 to

Level 2.

Level 3.




What are the customer levels/classes?


Customer level/class is a membership classification defining the access a user has on the platform. There are three levels of user’s accounts: Level 1: ・Withdrawal of all cryptocurrencies are restricted ・Deposit of funds are permitted, use of market is also permitted ・OTC trading unavailable Level 2: ・Deposited & Withdrawal of funds are permitted after KYC procedure is completed ・Limitation in daily Withdrawal of cryptocurrency equivalent to 2 BTC a day ・Market can be used ・OTC trading unavailable
Level 3:
・No restriction by level ・OTC trading available





Buy Crypto / Buy Fiat

Do I need to sign in to SwitchBIT?


Users do need to create an account using just an email address, SwitchBIT only requires a KYC sign in when first putting cryptocurrency into your account, and then only when exceeding account caps. According to European AML directives, KYC regulations and platform requirements, we will ask you to provide a scan of your ID document valid in your country and additional information on the origin of the funds.




Do I have to pay any commissions for your services?


SwitchBIT does not collect any extra fee. You will receive the best rates.

However, please keep in mind that the amount may slightly differ from the estimated one, especially when applying to very small sums.




What is the recipient address?


If you want to buy a coin, you need to send it to a specific wallet. Each coin has its own wallet. The recipient address is your wallet, to which the coin is transferred after the exchange.




Where do I store my funds?


If you want to own a cryptocurrency, you will need to store it somewhere. Different wallets are tailored specifically for different transaction operations. There are official wallets, web purses, and other applications. For each currency you need to have a separate wallet.

A wallet address is a unique combination of numbers and letters from 26 to 35 characters, looking something like this: 13bkXPNB4Xn5B347ALBBR34ijzhQDUZF4ZC.




What is a Crypto wallet?


Do you want to get started using SwitchBIT but don’t have a wallet address? We offer a range of options. Here are some of them, so you can choose the best one and get started as soon as possible:

  1. Light wallets
  2. Hardware wallets
  3. Hosted




How to buy cryptocurrency with fiat through SwitchBIT?


At this time, SwitchBIT is not offering this service, so users willing to buy cryptocurrency with fiat will need to use other online services. In the future, we may add a partner site for this.





For Beginners

Do I need to sign in to SwitchBIT?


Users do need to create an account using just an email address, SwitchBIT only requires a KYC sign in when first putting cryptocurrency into your account, and then only when exceeding account caps. According to European AML directives, KYC regulations and platform requirements, we will ask you to provide a scan of your ID document valid in your country and additional information on the origin of the funds.




Do I have to pay any commissions for your services?


SwitchBIT does not collect any extra fee. You will receive the best rates.

However, please keep in mind that the amount may slightly differ from the estimated one, especially when applying to very small sums.




What is the recipient address?


If you want to buy a coin, you need to send it to a specific wallet. Each coin has its own wallet. The recipient address is your wallet, to which the coin is transferred after the exchange.




Where do I store my funds?


If you want to own a cryptocurrency, you will need to store it somewhere. Different wallets are tailored specifically for different transaction operations. There are official wallets, web purses, and other applications. For each currency you need to have a separate wallet.

A wallet address is a unique combination of numbers and letters from 26 to 35 characters, looking something like this: 13bkXPNB4Xn5B347ALBBR34ijzhQDUZF4ZC.




What is a Crypto wallet?


Do you want to get started using SwitchBIT but don’t have a wallet address? We offer a range of options. Here are some of them, so you can choose the best one and get started as soon as possible:

  1. Light wallets
  2. Hardware wallets
  3. Hosted




How to buy cryptocurrency with fiat through SwitchBIT?


At this time, SwitchBIT is not offering this service, so users willing to buy cryptocurrency with fiat will need to use other online services. In the future, we may add a partner site for this.





About KYC / AML

Do I need to sign in to SwitchBIT?


Users do need to create an account using just an email address, SwitchBIT only requires a KYC sign in when first putting cryptocurrency into your account, and then only when exceeding account caps. According to European AML directives, KYC regulations and platform requirements, we will ask you to provide a scan of your ID document valid in your country and additional information on the origin of the funds.




Do I have to pay any commissions for your services?


SwitchBIT does not collect any extra fee. You will receive the best rates.

However, please keep in mind that the amount may slightly differ from the estimated one, especially when applying to very small sums.




What is the recipient address?


If you want to buy a coin, you need to send it to a specific wallet. Each coin has its own wallet. The recipient address is your wallet, to which the coin is transferred after the exchange.




Where do I store my funds?


If you want to own a cryptocurrency, you will need to store it somewhere. Different wallets are tailored specifically for different transaction operations. There are official wallets, web purses, and other applications. For each currency you need to have a separate wallet.

A wallet address is a unique combination of numbers and letters from 26 to 35 characters, looking something like this: 13bkXPNB4Xn5B347ALBBR34ijzhQDUZF4ZC.




What is a Crypto wallet?


Do you want to get started using SwitchBIT but don’t have a wallet address? We offer a range of options. Here are some of them, so you can choose the best one and get started as soon as possible:

  1. Light wallets
  2. Hardware wallets
  3. Hosted




How to buy cryptocurrency with fiat through SwitchBIT?


At this time, SwitchBIT is not offering this service, so users willing to buy cryptocurrency with fiat will need to use other online services. In the future, we may add a partner site for this.





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