Comparison of Bitmart vs Switchere [ 2024 ]

The crypto exchanges compared by their commissions, cryptos, security and much more. Here is the Bitmart vs Switchere comparison!

Your expert: Alejandro Borja

bitmart

Bitmart

  • Threenvest valuation: 4,2/5
  • US legal: Yes
  • Security: High 4,9/5
  • Mobile App: Yes
Go exchange

Investing risks losing your money

Your expert: Xavier Tarrasó

switchere

Switchere

  • Threenvest valuation: 3/5
  • US legal: Yes
  • Security: High 4/5
  • Mobile App: No
Go exchange

Investing risks losing your money

Main points

Fees

0.09%/0,25%

Earns

Yes

Customer service

3/5
only card 3.60%

Fees

No

Earns

3/5

Customer service


Recommended for

Beginners

Yes

Trading

Yes

Passive income

Yes

Buy and hold

Yes
Yes

Beginners

No

Trading

No

Passive income

No

Buy and hold


Comparison of fees

Rating

4.0 – Reasonable fees with some additional costs for specific services.
3.9 – Reasonable fees with additional benefits for instant purchases.

Level

0.09%/0,25%
only card 3.60%

Brief explanation

BitMart’s commission structure is designed to be competitive within the cryptocurrency exchange market. The platform utilizes a tiered fee system based on trading volume, which encourages more frequent trading by reducing costs for high-volume traders. Generally, the fees for makers, who add liquidity to the market, are lower than for takers, who take liquidity away. This fee structure not only supports liquidity but also rewards users who contribute to the market dynamics. While specific percentages vary, they are kept transparent on the platform, ensuring traders can plan their transactions with clarity regarding potential costs.
Switchere’s fee structure is designed with simplicity in mind, catering to users who value straightforward transactions. The exchange primarily charges a fee on the conversion of fiat to crypto, and this fee is transparently incorporated into the exchange rate displayed at the time of purchase. The typical transaction fee ranges from 1% to 2%, depending on the payment method and the specific currencies involved. This simplicity allows users, especially beginners, to easily understand the costs associated with their transactions without worrying about additional hidden charges.

Bitmart

bitmart
Read bitmart review
  • Security Methods: BitMart employs comprehensive security measures to protect user assets and data. These include two-factor authentication, advanced encryption technology, and the majority of funds held in cold storage. These stringent security protocols demonstrate BitMart's commitment to maintaining a secure trading environment.
  • Reputation and Reviews: BitMart has built a solid reputation within the crypto community for its robust platform and reliable service. Positive user reviews frequently highlight the platform's user-friendly interface and the wide variety of trading options available, reinforcing its standing in the market.
  • Trading Volume and Liquidity: BitMart handles a significant volume of daily trades, ensuring high liquidity across its various trading pairs. This high trading volume is indicative of a vibrant marketplace that allows users to execute trades efficiently without substantial price slippage.
  • Year Founded: Established in 2017, BitMart has several years of operation under its belt, during which it has continuously evolved and improved its offerings. This longevity in the fast-paced world of cryptocurrency exchanges speaks to its resilience and the trust placed in it by its users.
  • Customer Service: While there have been challenges with response times, BitMart's dedication to improving its customer service is evident. They are actively working to enhance their support mechanisms to provide timely and effective help to their users, which is a critical component of user trust and satisfaction.
  • Pros
  • Extensive cryptocurrency selection.
  • Competitive trading fee structure.
  • Strong security measures implemented.
  • Cons
  • Past security breaches reported.
  • Customer support response delays.

Read bitmart review

Switchere

switchere
Read bitmart review
  • Year Founded: Switchere was established under Estonia's progressive and stringent regulatory framework, enhancing its credibility as a trustworthy platform.
  • Security Methods: Adhering to rigorous security protocols required by Estonian law, Switchere ensures that user data and funds are protected through advanced security measures, including SSL encryption and compliance with AML (Anti-Money Laundering) policies.
  • Reputation and Reviews: Switchere has built a positive reputation among its users for its ease of use and reliable customer service. This is reflected in consistently good reviews across various consumer feedback platforms.
  • Transparency: The platform maintains high transparency in transaction fees and exchange rates. It discloses all costs upfront, ensuring users are not met with unexpected charges.
  • Customer Service: Switchere offers robust support with quick response times, providing users with a dependable resource for resolving issues and inquiries, which is essential for new entrants in the crypto market.
  • Pros
  • Easy for beginners
  • No registration for small buys
  • Instant card purchases
  • Cons
  • Limited cryptocurrency options
  • Higher transaction fees

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Product selection

Native token

No
No

Earns

Yes
No

NFT marketplace

Yes
No

Cripto/debit card

Yes
No

Company information

Full name

GBM Foundation Company
Unknown

Regulation

Not regulated
Not regulated

Year founded

2017
2019

Founder

Sheldon Xia
Unknown

Payment methods

Transfers

No
Yes

Mastercard

Yes
Yes

Wire transfer

No
No

Card

Yes
Yes

Comparative table

Bitmart FEATURES Switchere
BitMart offers a relatively low minimum trade amount, making it accessible for beginners to start trading without significant capital.
Minimum Trade
Switchere offers a low minimum trade amount, making it accessible for beginners or those looking to experiment with small transactions.
Fees are competitive, but could be improved to match lower rates offered by some other exchanges.
Trading and Transaction Fees
The fees are relatively high compared to industry standards, which might deter frequent traders or those dealing in larger volumes.
BitMart supports a wide array of cryptocurrencies, providing users with a diverse range of trading options.
Number of Cryptocurrencies
Switchere supports a limited but essential selection of cryptocurrencies, suitable for those new to crypto but restrictive for diverse portfolios.
Offers a substantial number of crypto-to-crypto trading pairs, allowing for versatile trading strategies.
Crypto-to-Crypto Trading Pairs
Offers basic trading pairs; however, it lacks the variety provided by larger exchanges, limiting strategic trading options.
The website provides essential information; however, more detailed disclosures about security practices and fund management could enhance transparency.
Website Transparency
The website clearly outlines fees, processes, and security measures, providing users with the information they need to make informed decisions.
BitMart does not offer its own exchange card for customers to use for in-store purchases and receive benefits.
Credit/Debit Card
Switchere focuses on direct cryptocurrency purchases with fiat and does not provide additional financial tools like a branded exchange card.
Provides secure storage options with the majority of assets held in cold storage, though past security breaches have impacted their score.
Storage Offering
Offers secure storage solutions, though it might lack some advanced security features available on more specialized platforms.
Offers competitive staking options and rewards, appealing to users looking to earn through their crypto assets.
Staking and Rewards
Limited options for staking and rewards, which could be expanded to encourage longer-term investments and user retention.
Both mobile and desktop platforms are highly user-friendly and feature-rich, providing a seamless trading experience.
Mobile App and Desktop
Both mobile and desktop platforms are user-friendly and reliable, though they may lack some functionalities expected by advanced users.
Customer support is available, but response times can be slow. More resources towards improving service responsiveness are needed.
Customer Service
Generally responsive and helpful, but some users may experience delays during peak times.
BitMart offers multiple deposit and withdrawal methods, but improvements could be made in processing times and fee structures for withdrawals.
Deposit and Withdraw
The process is straightforward, but the high fees for some operations and limited methods for withdrawal can be a drawback.

Key features

Analysis tools

Basic charting tools, some advanced features for futures
No significant tools, mainly a buying platform

Mobile APP

Yes
No

Security

High 4,9/5
High 4/5

Additional features

Futures trading, staking, lending services, BitMart token (BMX) rewards
Instant crypto purchases, staking, Switchere wallet, educational resources

Anonymity

Yes
No

Key points

Available cryptocurrencies

200+
10+

User-friendliness

BitMart features an easy-to-use platform with a simple interface that is suitable for beginners. The exchange provides a seamless trading experience with all necessary features easily accessible.
Switchere provides a straightforward and easy-to-use platform that is ideal for beginners. The interface is clean and intuitive, making it easy to navigate and execute trades.

Value for money

Provides good value for money with low trading fees and a diverse range of supported cryptocurrencies, making it a cost-effective option for traders.
Provides decent value for money with competitive fees and a user-friendly interface, though it may lack some advanced features.

Countries of operation

United States, South Korea, Japan, China, Singapore
Global, including United States, Canada, United Kingdom, Australia, Germany

Best for

Suitable for traders of all experience levels who want access to a diverse range of cryptocurrencies and low trading fees.
Ideal for traders seeking a user-friendly platform with competitive fees and a wide range of supported cryptocurrencies.

Base currencies available

USD, BTC, ETH, USDT
EUR, USD, BTC

Account

Trading

BitMart is a global exchange with a good variety of cryptocurrencies and competitive fees. It offers advanced trading options but has faced some security and regulatory challenges.
Switchere provides a secure platform with easy fiat integration and a decent range of cryptocurrencies. It offers competitive fees but lacks advanced trading tools.

Deposit and withdrawal

BitMart provides diverse deposit methods, including bank transfers and crypto. Withdrawals are processed efficiently, typically within a day. Fees are reasonable, enhancing user experience.
Switchere supports various deposit and withdrawal methods, including bank transfers and cryptocurrencies. Withdrawals are processed efficiently, with low fees.

Account opening process

BitMart offers an easy and fully digital account opening process. Users need to provide personal details and verify their identity. The process is usually quick, taking less than a day to complete.
Switchere offers a straightforward and user-friendly account registration process. Users need to provide personal information and verify their identity. The process is efficient and typically takes less than a day to complete.

KYC required?

Yes
Yes

Customer Service

BitMart provides support via email and live chat. The support team is responsive and helpful, but the lack of 24/7 support can be inconvenient for users needing immediate assistance.
Switchere offers customer support via email and live chat. The response time is quick, but the support team is not available 24/7, which may be a drawback for some users.

Security

BitMart provides strong security with 2FA, SSL encryption, and cold storage. However, it lacks regulation from major financial authorities, which might be a concern for some investors.
Switchere employs robust security features, including 2FA and encryption. However, it is not regulated by major financial authorities, which might be a concern for some investors.

Which of these exchanges is for you?

alejandro-borja-analista-de-brokers.webp

Alejandro Borja

As an expert on our website, I recommend BitMart for traders who value a wide selection of cryptocurrencies and robust trading platforms. While the exchange offers strong security measures and diverse trading options, potential users should be aware of the historical security breaches and occasionally slow customer service. Overall, BitMart provides a user-friendly experience with competitive trading fees, making it a solid choice for both beginners and experienced traders looking to expand their crypto portfolios.
Xavier-tarraso-mascarell.jpg

Xavier Tarrasó

As a cryptocurrency expert reviewing various platforms, I find Switchere to be a notably accessible exchange for newcomers to the cryptocurrency market. The platform’s straightforward design eliminates the usual complexities associated with crypto transactions, making it exceptionally user-friendly. For anyone looking to start their journey into cryptocurrencies with minimal hassle, Switchere’s ability to process direct purchases through credit and debit cards offers a significant convenience. However, while it’s ideal for beginners due to its simplicity, more experienced traders might find the limited selection of cryptocurrencies and higher transaction fees a bit restrictive. Therefore, I recommend Switchere for those new to the space or for casual users not looking to engage in more complex trading activities.

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How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

 

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).


For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.

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