FAQ

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

KYC / AML


KYC stands for Know Your Customer. AML is an abbreviation for Anti-Money Laundering.

Cryptocurrencies are often considered to be used for illegal operations that allow you to withdraw money from the shadows. In order to prevent this, it is necessary to take measures to ensure customer verification and security of financial transactions. KYC/AML application convinces the regulatory authorities of the absolute legality of the transaction. Thus, you confirm that you are a law-abiding citizen and the state has no reason to address any claims towards you.

SwitchBIT has an automated risk prevention system implemented. If a transaction is marked suspicious by this system, the exchange is delayed and the customer in question is then asked to pass KYС. There is a certain set of criteria that the system employs; however, they can’t be made public, otherwise there will be people who will try to abuse those criteria to trick/bypass the algorithm. This system has proven to be very useful against money launderers and scammers since the KYC process allows us to identify an honest customer over a scammer very quickly and without any trouble. Each KYC case is handled individually. We will apply a set of standard procedures to our KYC clients, among which are asking a client to send a minimal set of documents that will allow us to confirm their identity and provide the source of funds. We aren’t going to hold onto the client’s funds. They’re stored on a cold wallet created specifically for his case. If the KYC procedure has failed, we reserve the right to submit a claim to the legal authorities (Interpol, Europol, and other).

We do everything in our power to maintain our reputation as a legitimate, law-abiding exchange service that is safe for use by anyone, be it a regular person who doesn’t deal with crypto much or an experienced trader or miner.




KYC/AML procedure


SwitchBIT’s AML/KYC procedure is supported by an automated risk prevention system. If a transaction is marked suspicious by this system, the exchange is put on hold and the customer in question is then asked to confirm their identity.

There is a certain set of criteria that the system employs; however, they can’t be made public, otherwise there will be people who will try to abuse those criteria in order to cheat the algorithm.

This system has proven to be very useful against money launderers and scammers, since the KYC process allows us to tell an honest customer apart from a scammer very quickly and without any trouble.

Each KYC case is handled individually. If a certain client is eligible for the procedure since their transaction had been marked as suspicious, they are informed of that with a pop-up notification after the exchange has been submitted, in which they will be asked to turn to the support team. We will apply a set of standard procedures to our KYC clients, among which are asking a client to submit the following:

A high-quality photo of any identification document valid in their country or internationally;

A source of deposited funds (a screenshot or a file, but not a web link);

A selfie of the client holding their ID document and a print-out of the note which will be provided by the support team.

Once SwitchBIT receives the following data, the exchange is then completed, and the exchanged funds are then sent to the specified recipient's wallet address.

We do everything in our power to maintain our reputation as a legitimate, law-abiding exchange service that can be safe for use by anyone, be it a regular person who doesn’t deal with crypto much or an experienced trader or miner; therefore, SwitchBIT reserves the right to apply the KYC/AML procedure to certain clients, wallet addresses, and select assets.

SwitchBIT doesn’t support any money-laundering or other illegal activities; therefore, the service doesn’t enter any business agreements with individuals or business entities involved or suspected in such activities.

In case a client doesn’t wish to disclose their identity for certain reasons and refuses to provide the documents, the KYC/AML procedure is considered failed and the deposited funds are then refunded to the address (or addresses) the deposit was made from, subtracting the network fees, within 24 hours. Then, SwitchBIT reserves the right to blacklist this address (or addresses), thus rendering it (or them) non-eligible for making deposits on the service.

In case a client submits a false set of documents, the KYC/AML procedure is considered failed and the deposited funds are then refunded to the address (or addresses) the deposit was made from, subtracting the network fees, within 24 hours. Then, SwitchBIT reserves the right to blacklist this address (or addresses), thus rendering it (or them) non-eligible for making deposits on the service.

Please bear in mind that SwitchBIT reserves the right to submit all the received materials to legal authorities (Interpol, Europol, and others) in case a corresponding request is received.





Buy Crypto / Buy Fiat

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.





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

KYC / AML


KYC stands for Know Your Customer. AML is an abbreviation for Anti-Money Laundering.

Cryptocurrencies are often considered to be used for illegal operations that allow you to withdraw money from the shadows. In order to prevent this, it is necessary to take measures to ensure customer verification and security of financial transactions. KYC/AML application convinces the regulatory authorities of the absolute legality of the transaction. Thus, you confirm that you are a law-abiding citizen and the state has no reason to address any claims towards you.

SwitchBIT has an automated risk prevention system implemented. If a transaction is marked suspicious by this system, the exchange is delayed and the customer in question is then asked to pass KYС. There is a certain set of criteria that the system employs; however, they can’t be made public, otherwise there will be people who will try to abuse those criteria to trick/bypass the algorithm. This system has proven to be very useful against money launderers and scammers since the KYC process allows us to identify an honest customer over a scammer very quickly and without any trouble. Each KYC case is handled individually. We will apply a set of standard procedures to our KYC clients, among which are asking a client to send a minimal set of documents that will allow us to confirm their identity and provide the source of funds. We aren’t going to hold onto the client’s funds. They’re stored on a cold wallet created specifically for his case. If the KYC procedure has failed, we reserve the right to submit a claim to the legal authorities (Interpol, Europol, and other).

We do everything in our power to maintain our reputation as a legitimate, law-abiding exchange service that is safe for use by anyone, be it a regular person who doesn’t deal with crypto much or an experienced trader or miner.




KYC/AML procedure


SwitchBIT’s AML/KYC procedure is supported by an automated risk prevention system. If a transaction is marked suspicious by this system, the exchange is put on hold and the customer in question is then asked to confirm their identity.

There is a certain set of criteria that the system employs; however, they can’t be made public, otherwise there will be people who will try to abuse those criteria in order to cheat the algorithm.

This system has proven to be very useful against money launderers and scammers, since the KYC process allows us to tell an honest customer apart from a scammer very quickly and without any trouble.

Each KYC case is handled individually. If a certain client is eligible for the procedure since their transaction had been marked as suspicious, they are informed of that with a pop-up notification after the exchange has been submitted, in which they will be asked to turn to the support team. We will apply a set of standard procedures to our KYC clients, among which are asking a client to submit the following:

A high-quality photo of any identification document valid in their country or internationally;

A source of deposited funds (a screenshot or a file, but not a web link);

A selfie of the client holding their ID document and a print-out of the note which will be provided by the support team.

Once SwitchBIT receives the following data, the exchange is then completed, and the exchanged funds are then sent to the specified recipient's wallet address.

We do everything in our power to maintain our reputation as a legitimate, law-abiding exchange service that can be safe for use by anyone, be it a regular person who doesn’t deal with crypto much or an experienced trader or miner; therefore, SwitchBIT reserves the right to apply the KYC/AML procedure to certain clients, wallet addresses, and select assets.

SwitchBIT doesn’t support any money-laundering or other illegal activities; therefore, the service doesn’t enter any business agreements with individuals or business entities involved or suspected in such activities.

In case a client doesn’t wish to disclose their identity for certain reasons and refuses to provide the documents, the KYC/AML procedure is considered failed and the deposited funds are then refunded to the address (or addresses) the deposit was made from, subtracting the network fees, within 24 hours. Then, SwitchBIT reserves the right to blacklist this address (or addresses), thus rendering it (or them) non-eligible for making deposits on the service.

In case a client submits a false set of documents, the KYC/AML procedure is considered failed and the deposited funds are then refunded to the address (or addresses) the deposit was made from, subtracting the network fees, within 24 hours. Then, SwitchBIT reserves the right to blacklist this address (or addresses), thus rendering it (or them) non-eligible for making deposits on the service.

Please bear in mind that SwitchBIT reserves the right to submit all the received materials to legal authorities (Interpol, Europol, and others) in case a corresponding request is received.





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