FAQs

What is Switch My Crypto?

Switchmycrypto.com is an instant cryptocurrency exchange providing the largest number of crypto-to-crypto pairs on the market.

Why should I trust you / Trust Guarantee?

Switchmycrypto.com is a young and promising project created by Crypto enthusiasts.

  • The service provides safe and fast transactions without revealing users identities.
  • Instant money exchange.
  • We don't hold your funds. Even if our exchange shuts down due to political or technical reasons only you have access to your crypto (as you hold the private key of your wallet.)
  • We have 24 hour online customer support with on-site functionality.

Why doesn’t Switchmycrypto.com fix rates?

We don't fix currency rates and never have because of the volatile nature of cryptocurrency, where the rate of any currency can fluctuate every minute. The user may not send immediately. This is why the final rate may be slightly higher or lower than expected at the end of a transaction.

Keeping the rates fixed would require us to cover market risks and currency volatility, which as a result would make our commission fee much higher. Instead, Switchmycrypto.com charges a quite low commission fee and offers the best available rate at the moment the transaction is completed.

Why do I need to enter my email and phone no.?

We need your email id and phone no. for customer support and to update you about our website.

Transactions

What's the wallet address?

A wallet is a digital place where you store cryptocurrency coins and tokens. A wallet address is a randomly generated combination of digits and letters that is associated with a particular wallet.

In layman's terms think of your wallet address as your user name and the private key as you password. Never give out your Private key to anyone.

Switchmycrypto.com does not provide wallet addresses and never stores user deposits. To exchange cryptocurrencies on Switchmycrypto.com, you need to provide a wallet address where you can receive your exchanged currency.

What Wallet Should I Use to Store My Bitcoin? Ether? Other Coins?

There are several different types of wallets you can use to store and manage your digital assets. The features and functions of the different types of wallets are all dependent upon the asset being stored and unique design of that wallet.

We recommend using paper wallets or hardware wallets.

You can follow the steps on etherrush.in/open-ether-wallet.

What if My Transaction is Unconfirmed? How Can I Speed it Up?

Bitcoin transactions are processed by the miners into blocks. Block sizes are limited so a limited number of transactions can be confirmed in each block.

The easiest way to speed up a transaction is to be proactive. Include a high miner fee so that your transaction is worthwhile to the miner.

You cannot cancel an unconfirmed transaction, neither can Switchmycrypto.com. We can cancel the exchange at your request- but can only return your input coin once confirmed.

If your transaction confirms within 24 hours your exchange will complete normally.

At the 24-hour mark, the exchange will cancel in Switchmycrypto.com’s system. Once the funds confirm, we will be able to return your funds to you. We cannot process any returns until the funds confirm in our wallet.

If the funds do not confirm in 24 hours, the mempool may drop the transaction and the coins should return to your wallet.

How do I get a wallet address?

Figure out what coin do you want to buy and seek for a stable wallet version. As a rule, each coin has its official wallet client.

Note that each wallet has its unique address or a tag with a private key that is required to restore your wallet if lost. Switchmycrypto.com never asks your private keys. Store them in a safe place and never show them to anyone. Once private keys are stolen, your wallet with all the coins will be lost forever.

What's the recipient's address and sender address?

The recipient’s wallet address is a customer's address Switchmycrypto.com will send coins to once a transaction is complete

The return/sender's wallet is the address where the coin was sent from. This is needed to return the coin if needed.

What is a hash?

A hash (or tx ID) is the unique address of a transaction in a blockchain that acts as a record or proof that the transaction has taken place. Whenever you make a payment in cryptocurrency, you receive a hash displayed in your wallet. Every hash should be located in a blockchain. If you have any issues with a transaction on our platform, our support team may ask you to provide the hash for the transaction in order to find your payment and resolve the issue.

To speed up the process please provide the transaction ID so we can process your order much quicker.

How do I buy coins?

The buying process is the same for all coins available on Switchmycrypto.com:

  • Go to Switchmycrypto.com and select the coin you want to exchange (you have) from the drop down on the left and the coin you want to buy (you get) on the right.
  • Double check the amount specified, the amount you’re set to get, and click the 'Exchange' button.
  • Specify the return/sender’s and recipient’s wallet address. Along with your email id and phone no.
  • Once again, double check everything carefully. Note that the final amount is estimated, so it may be slightly more or less at the end of your transaction. Click on next.
  • You will see a QR code and a wallet address below. This is the address to which you will send us the currency you want to exchange. Go to the wallet where you’re storing the currency you want to exchange and paste this address into the corresponding field. If you use a mobile wallet app, you can just scan the QR code we provide. Enter the transaction id (optional) to speed up the processes.
  • Click on proceed.
  • As soon as we receive your money, we’ll exchange it and send it to the recipient address you provided in step 3.
  • You can see the status of your transaction in your transaction history. We will notify you as soon as your transaction is completed. Usually a transaction is completed within 5-30 minutes. In some cases, waiting time may be increased because of network delays.
  • After a transaction is finished, you get a receipt with an output transaction hash. This hash is a proof that your transaction is finished.

What is the maximal/minimal amount?

Switchmycrypto.com doesn’t have set amount restrictions. However, there are some cases when a minimum amount applies:

If an amount is very low, make sure that it will cover all network fees network fees required by a blockchain. This means that the amount you are going to send and the amount you are going to receive should be enough to cover input and output network fees taken by a blockchain.

Please follow the amount recommendations we provide. Otherwise, there is a high risk that your transaction will go through and your money will be lost.

For large amounts, there are no restrictions at all, you’re free to exchange as large a sum as you want. Note that in this case the time of transaction processing will depend on the capacity of the blockchain and the amount of network fees set by your wallet.

Tip: in order to prevent market pump/dump, divide a large amount into smaller ones and wait for a couple of hours between sending them. In this case you will not create an overwhelming ask for a currency you want to buy, so that its final rate will be much profitable.

What are network fees?

Each time any amount of cryptocurrency is sent or exchanged, the currency goes through a blockchain. This process requires a small fee called a ‘network fee’. The network fee is a commission that a blockchain takes from the amount sent in each currency. It is critical to make sure that the amount you want to exchange on Switchmycrypto.com is enough to cover the exchange fees for both the process of sending your original currency and receiving the new currency you want to buy. If the sent amount is too low to cover the fees of the network, the transaction will not go through and your funds will be lost.

How do I cancel my transaction?

Unfortunately, blockchain transactions are irreversible. Once a transaction is made (money is sent to a particular wallet address), it cannot be rolled back. So, if you are going to exchange cryptocurrency, be sure to double check all payment details carefully before sending.

When should I receive my money?

Switchmycrypto.com transactions take 5-30 minutes to be processed. If a transaction is large (worth over 1 BTC), processing may take longer, depending on the size of your transaction and blockchain capacity.

I Can't View My Coins/Tokens

We are sorry to hear that you are having trouble viewing your digital assets. Please make sure that your wallet is fully synced to the latest block and up-to-date. You may see a refresh icon on your wallet.

If you are looking for a ethereum token (ERC-20) you can find all your tokens by entering your address on Ethplorer.io

Why does my transaction take so long?

As a rule our transactions take 5-30 minutes to be processed. It your transaction takes longer, this could be due to a variety of factors, including:

  • Blockchain overloaded. There are many transactions waiting to go through, including yours. This issue occurs on the Bitcoin and Bitcoin-based blockchains. Unfortunately, the only thing to do is wait it out. Switchmycrypto.com has no control over a blockchain overload.
  • Coin updates. We may turn off some coins to update a client. This can take some time. You will get your money as soon as we turn it back on.
  • DDoS attacks. Every platform is subject to such attacks. Unfortunately, in this case the only thing to do is wait it out.

What is a Private Key?

The private key is crucial to assure that your coins are kept safe. It is the counterpart to your public key, and the only way to recover your digital assets if you lose access to your wallet.The private key is the alphanumeric string that gives you personal access to your digital assets.Because of this, you should NEVER share your private key with anyone else and you should NEVER store your private key online.A public key can be used publicly and is expressed, at times, as a wallet address. The private key, however, is something that should never be shared with another party. Here is what to remember about your private key:

It is an alphanumeric string that signs a digital communication once hashed with your public key.

  • It should be kept private at all times.
  • It is never to be published anywhere that others could access it.

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