Swan Bitcoin Review 2023
What Is Swan Bitcoin?
Swan Bitcoin is a crypto trading app that helps automate Bitcoin purchases, specifically acting as a savings account. It is a platform through which traders can buy Bitcoin and safeguard their respective Bitcoin holdings. Swan Bitcoin aims to make Bitcoin investments easier and doable for people (especially new traders) who are looking forward to entering the crypto sphere with a desire to trade on a secured platform. Swan’s focus is to onboard the next 10 million active users into Bitcoin investing. The team behind Swan is constantly trying to educate Bitcoiners at every level of experience so that bitcoin investing becomes effortless.
Swan Bitcoin Summary
|Supported Fiat Currencies||USD|
|Supported Countries||US, UK, Canada, Mexico, Germany, France, Italy, Brazil, Colombia, & many more|
|Transaction Fees||0.99% Approx|
|Customer Support||Yes, and also available via social platforms like Twitter and Instagram.|
What makes this embedded algorithm unique is its unique recurring purchase system that allows individual traders to buy bitcoin in their preferred quantities on a daily, weekly, bi-weekly, or monthly basis. Users can set up their Swan account to automatically withdraw funds from their individual bank account. After the Bitcoins are bought, users can also set up their preferred withdrawal schedule by assigning a Bitcoin address to their Swan account. A Swan user may then select any number of Bitcoins for any time period. This method, called Dollar Cost Averaging, incentivizes traders to save well above their spending or selling limits.
The interesting part of Swan above all is that the app ensures that one’s dollars are effectively converted at the cheapest possible Bitcoin price. Thus, it has become one of the most accessible and user-friendly platforms to acquire Bitcoin by allowing users to sign up for a recurring Bitcoin purchase while simultaneously enjoying competitive fees.
How Does Swan Bitcoin Work?
The Swan Bitcoin team makes it cheaper and easier for traders to acquire bitcoin. Traders can either decide to make a one-time purchase funded either through wire transfers or instant ACH. Alternatively, the Swan Bitcoin Team allows traders to sign up for the recurring plan ‘Swan Bitcoin automatic’ and select the amount of money they want to save in bitcoin. It can be daily, weekly or monthly. The Swan Bitcoin app steadily converts the traders’ dollars into Bitcoin savings and acquires more of the bitcoins automatically when the price goes down. When users give their bank account details to Swan Bitcoin, the amount is automatically transferred into a Nevada licensed and regulated trust company called Prime Trust. Users can also create an account registered legally under their names. Once the funds are cleared, Prime Trust executes an instant trade to exchange their fiat money to purchase Bitcoin at the existing market price.
Prime Trust boasts of securing billions of dollars worth of fiat currencies and cryptocurrencies for some of the leading industry players. The platform also ensures that Bitcoins do not move out of the user’s account. Users also get direct confirmation from Prime Trust whenever they withdraw their small bitcoin purchases. This protocol and security standard are in compliance with the Centre for Internet Security Benchmarks.
Thus, Swan Bitcoin automatically pulls funds from the traders’ linked bank account and buys Bitcoins consistently for them. Traders can choose to withdraw their Bitcoin manually or else set up an ‘auto-withdrawal plan’ to automatically withdraw Bitcoin to the Bitcoin wallet as soon as they complete their purchases.
What is Swan Private?
Swan Private is a dedicated service launched by Swan Bitcoin to cater to the business needs of high-net-worth individuals and corporations towards building “generational wealth with Bitcoin”. High-net-worth individuals looking to purchase at least $100,000 worth of Bitcoin are highly benefited by this dedicated service. It helps clients establish their Bitcoin position over time by allowing them direct access to the Swan Private Team.
It also supports wire transfers with no limits on purchases made by users. It provides great guidance to users like how they should maintain self-custody of their private keys for their bitcoin addresses, on retirement accounts, and also regarding tax assistance. Moreover, its brokerage and custody services are backed by Prime Trust, which allows clients to withdraw their Bitcoin holdings into self-custody, or they can also choose to hold the Bitcoins into offline cold storage wallets via a legal trust account held by them.
Features of Swan Bitcoin
Swan Private offers the following advanced features to its registered users:-
Automatic Recurring Buys
A unique feature of this platform is that it allows users to select ‘automatic recurring Bitcoin purchasing’ plans. They may choose from the weekly, bi-weekly, or monthly buy options schedule.
If a user refers or introduces any other users to the Swan Bitcoin platform, they will earn a percentage of their referral’s total purchase amount in Bitcoin. Users can join the ‘Swan Force Referral Affiliate Program,’ which is available for anyone across the world. Swan Bitcoin will pay a flat rate of 0.25% of what the traders purchase from the referral to the person recruiting them.
Users can set up their preferred withdrawal schedules for transferring a specific number of Bitcoins. These funds can also be sent to the user’s preferred bitcoin wallets or best crypto wallets.
Swan Bitcoin Review: Pros and Cons
|Auto DCA (Dollar Cost Averaging) plan can be set up instantly as soon as the membership is activated.||Limited payment methods; only ACH transfers.|
|Dollar-Cost Averaging helps set aside compulsive emotions that urge users to sell Bitcoin holdings.||Limited to only the US citizens and certain US territories.|
|Competitive fees structure.|
How To Get Started With Swan Bitcoin?
US residents should meet the following requirements to sign up for a Swan Bitcoin account.
- Must be of 18 years of age and above.
- Should possess a valid US photo ID proof like a Driver’s License or Passport.
- Should possess a valid SSN (Social Security Number).
- Should be able to show a valid US address or a utility bill linked with the address if asked to.
- Should possess a valid US phone number connected to the smartphone that will be used to access the Swan Bitcoin cash app.
- Should have an active US bank account.
Swan Bitcoin Registration Process
The first step to getting started with Swan Bitcoin and buying bitcoin automatically is by creating an account on the platform that requires the users to fill out a registration form with some mandatory fields like email address, a unique passcode, and then proceeding through the suggested steps. After this, the individual traders will be asked to select the amount that they intend to invest in Bitcoin, how often they would like to place the purchases, etc. They would also be asked to link a U.S. bank account with the Swan Bitcoin cash app.
After filling in the required information for account opening, now it is time to verify the account. The verification process may take between 30 seconds to 5 days. Traders should make sure that they follow the screened instructions carefully and upload clear documents for the verification process to end quickly.
Start Procuring Bitcoin
As soon as the verification process is completed, the Swan team will automatically pull out funds from the linked bank account of the users and will start making Bitcoin purchases on their behalf. Normally, a holding bitcoin period is set in place to buy at ideal Bitcoin prices. Once the purchase is made Dollar-Cost, users can either withdraw their Bitcoin holdings manually or through the unique ‘auto-withdrawal plan’ directly into their preferred Bitcoin wallet.
Swan Bitcoin Bonuses & Referral
Swan offers a bonus of $5 Bitcoin every time a user successfully refers a friend to the automatic Bitcoin savings plan. Each of the referrals gets a minimum bonus of $10 Bitcoin. In this way, Swan makes Bitcoin investing a lot easier by automatically purchasing bitcoin for users every week/month or paycheck – starting with just as little as $5. The service is available in about 50 states and all US territories, including Guam and Puerto Rico.
Swan Bitcoin Fees & Limit
Swan Bitcoin provides the most affordable way to accumulate Bitcoin. Fees are charged on the amount of USD that is converted to Bitcoin, and there are also no storage fees or performance fees charged on the platform. The platform has the lowest fees for recurring buys in the U.S, and there are no withdrawal fees charged from registered traders on the platform. Depending on the recurring plan size, Swan Bitcoin’s trading fees are 23%-80% cheaper as compared to other leading platforms. Moreover, Swan Bitcoin’s fees are based on the weekly amounts saved.
For Instant Buys
Instant Buys are charged at the rate of 0.99% when traders are on a weekly prepaid plan of $50 per week or have bought $5000 worth of Bitcoin per year. Otherwise, the fee is charged at a flat rate of 1.49%.
For Wire Transfers
For wire transfers, Swan Bitcoin charges a flat fee at the rate of 0.99%. However, there are no fees levied for executing trading on the platform.
For Recurring Buys
As soon as traders register for a savings plan with Swan, they are free to choose the fee payments schedule- they can either choose to prepay the fees annually, that is one-time lump sum payment, or else they can choose the pay-as-you-go option, which is a small fee paid for every single transaction. Recurring purchases on a Swan savings plan allows traders to choose how frequently they want to buy Bitcoin. The Swan savings plan for recurring purchases are:-
Prepay Annually Rate
Having a savings plan with Swan enables traders to prepay their fees annually. For purchases in the range $5-$24/week, the fee charged is 1.99%, for a range between $25-$49/week the fee is 1.49% fee and for $50/week or above, traders need to pay a fee of 0.99%.
Pay as You Go Rate
Purchases between $5-$24/week are charged with a flat rate of 2.29% fee, between $25-$49/week of purchases a fee of 1.79% is charged, and for purchases from $50/week or above a fee of 1.19% is charged.For more detail about its fee structure click here.
Accepted Payment Methods
Swan Bitcoin only accepts ACH transfers in the US and wire transfers for international traders. Traders need to link their bank checking account to Swan Bitcoin and set up their bank to allow ACH transfers frequently and also allow Prime Trust to make individual ACH pull transfers. Meanwhile, if traders face trouble connecting their bank account to Swan, they can try linking another bank account to the platform (Swan Bitcoin), preferably a bank account registered with a large national bank instead of a regional bank or a small credit union.
Supported Currencies and Countries
Traders living in the US (including Puerto Rico and Guam), UK, France, Mexico, Canada, Germany, Australia, and any other country not on the OFAC list can invest in Bitcoin via the Swan Bitcoin platform. Citizens residing outside the US should use ‘Swan Bitcoin international’ for registering on the Swan Bitcoin platform and use wire transfers only for making payments on the platform.
However, Swan Bitcoin cannot send texts to countries like Australia, Finland, Saudi Arabia, New Zealand, China, Dubai, and Namibia, which means that the platform cannot connect to users via phone at the moment. Also, the company has announced not to expand its services to countries like North Korea, Cuba, Nigeria, and Iran.
Swan does not allow users to buy, store or exchange any other cryptocurrencies except Bitcoin. Also, only USD is accepted for purchasing Bitcoin, and the trading fees depend on the total amount of USDs being converted to BTC.
Swan Bitcoin Customer Support
According to numerous Swan Bitcoin reviews available online, users have always used phrases like “Quite impressive,” “Responsive,” “Quick,” etc., while describing the customer support services of Swan. In our review, we would like to emphasize the customer support team is quite responsive and quick. Customers can raise their queries either by email or phone or go through the proper ticketing system that resolves issues within a maximum of 24 hours. The customer support team is also available via social platforms like Twitter and Instagram.
Swan Bitcoin Review: Conclusion
According to our Swan Bitcoin Review, it’s the most secure cryptocurrency exchange platform and appears to be very secure and reliable. It allows traders to buy, sell and store bitcoin quite easily and inexpensively. Traders only need to connect their major US bank account, set the limit they want to trade, and choose their savings option. The rest will be automatically done by Swan- it will readily convert dollars into Bitcoin savings.
What are Swan Bitcoin Fees?
Swan Bitcoin fees are calculated on the basis of weekly amounts saved by the traders, like, for example, saving $50 per week with fees prepaid annually puts the traders in the lowest fee tier of 0.99%. Also, the Swan Fees are charged on the amount of USD that the traders wish to convert to Bitcoin, and there are no storage or performance fees charged from traders.
Is Swan Bitcoin Safe?
Yes, Swan Bitcoin is a safe platform that stores Bitcoins bought by traders into a Nevada-licensed and regulated trust company called Prime Trust. It stores minimal personal data of users in the Swan servers. Also, the platform has an encrypted database to ensure the data protection of clients.
Where is Swan Bitcoin Located?
Swan Bitcoin is located in California and has its headquarters in Los Angeles.
Does Swan Bitcoin Offer Margin Trading?
No, Swan Bitcoin does not allow margin trading as of now; traders can neither buy Bitcoin on margin or leverage nor can they buy Bitcoin derivative products such as futures or options.