Switcheo is a decentralized cryptocurrency exchange that is positioned as “The Preferred Exchange.” It is currently integrated with three blockchains including NEO, Ethereum and EOS blockchains to support ERC-20, NEP-5 and EOS tokens. The cryptocurrency trading platform also offers Over-The-Counter services and has Atomic Swap markets which allow traders to do cross-chain trades without requiring a trusted third party.
As a “decentralized exchange” (DEX), anyone can use Switcheo Exchange without going through a KYC (Know-Your-Customer) process. The exchange platform makes peer-to-peer trading simple and is already regularly used by more than 30,000 traders from around the world.
How is Switcheo Different from Other DEXs?
There are many types of decentralized exchanges, each with varying degree of decentralization. Switcheo is launched as a decentralized “wallet” exchange where traders remain the custodian of their own assets throughout the entire trading process, also known as a non-custodial exchange.
All transfers of funds and trades on Switcheo Exchange are done through smart contracts. As a result, Switcheo is immune to typical exchange hacks since the exchange does not have a central wallet that stores user’s funds – which is a common target for hackers. The lack of this central point of weakness makes trading on Switcheo Exchange very secure. The exchange also supports direct login from hardware wallets such as Ledger and Trezor.
In addition to security, Switcheo is very user-friendly for a decentralized exchange. The exchange has a simple, intuitive and uncluttered design that makes it easy to use for both new and regular traders.
Key Features
Security
Users maintain custody of funds while trading. This protects traders from loss of funds through the exchanges common wallet being lost or hacked, which occurs frequently to centralized exchanges. This also protects traders from exchange closures or scams as well. This means that even if Switcheo is no longer in operation, users will still be able to withdraw funds by interacting directly the blockchain. Instructions on how to do this are provided on the projects’ Github page.
Switcheo strongly emphasizes that the exchange does not store users’ data, and confidential details such as your private keys or passwords never leave your browser.
Performance
Contrary to the common belief that decentralized exchanges are slow and hard to use, orders placed on Switcheo Exchange are instantaneously confirmed. Switcheo achieves this by managing its own order book using an off-chain matching system. Fund settlement is queued in the background by Switcheo’s backend and broadcasted to the respective blockchains (Ethereum, EOS, NEO). This allows Switcheo to minimize your exposure to malicious attacks, while still ensuring its exchange is highly efficient. Altogether, you can expect a smooth trading experience with better security when you trade on Switcheo Exchange.
Ease of Use
The key differentiator between Switcheo and other decentralized exchanges is definitely the superior user experience it provides. As mentioned before, the exchange platform showcases a trading interface that is very intuitive. Whether you are an advanced trader or a new investor, you will have the ability to buy and sell crypto at competitive rates quickly and easily.
You can also access Switcheo Exchange directly from your mobile devices as the exchange can be viewed from your mobile web browser. It also offers integration with popular mobile wallets such as Trust Wallet and O3 Wallet. You can also create a Switcheo Account option which allows you to immediately get started without any cryptocurrency wallets. With the wide range of login options, anyone can onboard onto Switcheo quickly.
Since it is also intuitive to use and offers a wide range of login options, just about anyone can learn to use Switcheo quickly.
Customer Support
Switcheo has an informative FAQ and support page that answers the common questions you may have. The support page also offers instructions on how to log in, buy and sell crypto on its various markets. Users with specific inquiries can reach out to their support team which via email or Telegram, which is available 24/7.
Using Switcheo OTC Platform
Switcheo also offers an OTC trading platform that allows crypto buyers and sellers to connect directly. Instead of using the exchange, a buyer and seller can agree to whatever terms they want and use the Switcheo OTC platform to complete the deal.
The OTC platform can be used for both the Ethereum and NEO networks, and uses smart contracts to act as escrow, which ensures that there is zero risk for both parties. If you would like to know more about how to use the Switcheo OTC platform, this page will give you all the information you need.
Switcheo Fees
Switcheo Exchange has a low fee structure that is suitable for both new and regular traders. You can also pay your trading fees with the Switcheo token (SWTH) for a 25% discount.
Switcheo subsidizes network fees for all their users. These are fees paid to cover the costs of committing transactions on the blockchain.
Although, if you make very small trades where your network fee exceeds the trading fee by more than 10%, you will be expected to pay the network fees.
The actual network fees charged is dependent on which market you are trading on, and the current load on the network. Visit the Switcheo page for the full list.
Withdrawals and trading fees on maker trades are free of charge, making it very attractive for market makers and arbitrage bots.
Switcheo Rebates
Switcheo has a Maker Rebates Program for transacting on the Ethereum blockchain that applies to all orders executed as a maker.
If you execute your price your order via the Switcheo API, you will receive 50% of the fees for trading the taker paid. If you do not use the API and submit your order via other methods such as via the exchange or third-party wallet app, you will receive 25% of the taker’s trading fees. These rebates can be seen from the above trading fee table.
Rebates are accrued on every trade and the maker will receive the rebates in their contract balance on a quarterly basis. The payouts will only occur when the minimum balance is reached. You can view a full list of the minimum required balance in each currency in the Support section of Switcheo.
Community Presence
Switcheo has a strong community presence. There are official channels for Telegram, Twitter, Reddit, Facebook, Medium, and LinkedIn. Users are strongly encouraged to join the community. Doing so provides access to updates, support as well as connection to like-minded individuals.
Final Word
Overall, Switcheo Exchange is a very well-designed DEX that is surprisingly easy to use. It was the first of its kind for the NEO (NEP-5) blockchain, and now also supports Ethereum (ERC-20) and EOS tokens.
It’s stunning interface, non-custodial nature, combined with cross-chain swapping capabilities makes Switcheo Exchange a very attractive choice for traders looking for a new go-to DEX at the moment.
