Swapped.com
Swapped.com is an online cryptocurrency exchange platform that facilitates the buying and selling of digital assets through a simplified three-step process. The website is known for its competitive fees, broad selection of cryptocurrencies, and diverse payment options. The platform emphasizes transparency, ease of use, and rapid transaction times.[1]
Operation
Swapped.com allows users to purchase cryptocurrency by following a straightforward process:[2]
- Select: Users choose the cryptocurrency they wish to buy from a variety of options available on the platform.
- Pay: Purchases can be completed using over 30 different payment methods, including credit card, bank transfer, and digital payment services.
- Receive: Purchased cryptocurrency is then delivered directly to the user’s wallet, with different processing times based on the payment method used.
The platform also supports selling cryptocurrency, where funds are transferred to the user’s bank account shortly after the transaction is confirmed on the blockchain.
Verification
To comply with anti-money laundering regulations, Swapped.com requires users to complete identity verification. The verification process involves providing an image of an official ID (passport or driver’s license) and a live selfie. Address verification may also be required, using recent documents like a bank statement or utility bill no older than three months. Verification usually takes between 5 to 10 minutes, with support available through live chat.
Competitiveness
Swapped.com advertises some of the lowest fees in the cryptocurrency exchange market. For credit card transactions, the platform charges a 4.02% fee, which is comparatively lower than many industry competitors. For instance:
- Moonpay: Credit Card fee is 10.13%; Bank transfer is 9.07%.
- Banxa: Credit Card fee is 7.72%; Bank transfer is 6.94%.
- Changelly: Credit Card fee is 6.93%; Bank transfer is 6.61%.
These rates make the website a popular choice among users looking to minimize transaction costs.[3]
Pricing
The platform locks in cryptocurrency prices at the time of payment receipt to offer users consistent transaction values.[4] For immediate payment methods, such as credit cards and digital wallets, prices are locked in instantly. For bank transfers, prices are locked once the transfer is received. When selling cryptocurrency, prices are locked after a single blockchain confirmation.
Processing
The platform provides a fast processing experience:
- Purchasing Cryptocurrency: When users buy cryptocurrency, coins are sent immediately after payment is confirmed. For bank transfers, processing typically takes 1-2 business days.
- Selling Cryptocurrency: For those selling, funds are sent to the user's bank account after a single blockchain confirmation, often within 30 minutes, with transfers arriving within one business day, depending on the receiving bank's speed.
Tax
Swapped.com provides resources to assist users with tax compliance for cryptocurrency transactions, which vary by jurisdiction. At the end of each year, the platform generates a summary of all trades made, simplifying the reporting process for users.