*This post may contain affiliate links, please see my disclosure
Are you looking to make your first Bitcoin investment? Or maybe you already know what it means to HODL. No matter where you are on your crypto investing journey, you likely are interested in investing in Bitcoin. But with so many options, how do you choose the best exchange? Swan Bitcoin is an excellent choice for both new investors and Bitcoin investing veterans.
To learn more about the low fees, recurring buys, and other ways that Swan Bitcoin sets itself apart, read on!
Swan Bitcoin Review Summary
- Swan Bitcoin is a cryptocurrency exchange that focuses solely on Bitcoin
- By only offering Bitcoin, Swan is able to keep their costs down and pass the savings onto investors
- Investors love their low fees coupled with the ability to dollar cost average
- Get started with as little as $10 and consider joining their referral program as well
Swan Bitcoin Pros & Cons
Let’s explore some of the pros and cons to Swan Bitcoin:
Pros
- Low fees and transparent fee structure
- Sleek interface with robust user support
- Encourages dollar cost averaging with recurring buys
- Supports personal and entity accounts
- Available to US residents and non-residents who meet requirements
Cons
- Payment methods limited to ACH and wire transfers
- Only sells Bitcoin, no other cryptocurrencies or NFTs
- Lowest fees require prepaid plans
How Does Swan Bitcoin Work?
Swan Bitcoin is a cryptocurrency exchange that allows investors to buy and transfer Bitcoin. Investors link a bank account to the Swan account. That allows Swan Bitcoin to purchase Bitcoin on behalf of the investor following the predetermined schedule that they create. These recurring buys allow investors to dollar cost average, setting aside the emotions of investing and worrying about when to time the market.
After investors buy their Bitcoin, they have two options for withdrawing the Bitcoin. Some investors prefer to make these withdrawals manually. However, other investors may prefer to set up automatic withdrawals that will move Bitcoin to their cold storage wallets automatically once the purchase is complete.
I have personally invested with Swan Bitcoin, and you can see my complete guide on using the platform below
How Do I Open a Swan Bitcoin Account?
If you think investing in Bitcoin has to be complicated, Swan wants you to think again. Follow these simple steps to open a Swan Bitcoin account.
Step 1
Go to swanBitcoin.com to open a Swan Bitcoin account.
Step 2
Enter your email address in the gray box as requested.
Step 3
Complete the account creation process. You will be prompted to create a passcode. Then, an account creation wizard will walk you through entering the other necessary information.
Step 4
Once you create your initial account, you input details regarding how much Bitcoin you want to purchase and when.
Step 5
Next, you will link a US bank account. That rounds out your account creation.
Step 6
After you create an account, Swan Bitcoin will verify your account. This process can be done in a matter of minutes, or sometimes it takes as long as several days. The most important part of the account verification is to follow the requirements carefully. Make sure to upload the documents Swan Bitcoin requests. Double check you’ve included the correct information and that the copies are clear.
Step 7
Once the verification process is complete, you’re a Bitcoin investor. Since you linked your Swan account to a bank account in the account creation step, Swan can start immediately purchasing Bitcoin on your behalf once your account is verified.
Swan Bitcoin Fees
Swan Bitcoin prides itself on some of the lowest (and certainly the clearest!) fees in the Bitcoin space. If you’re wondering if the Swan Bitcoin fees are too good to be true, it might be helpful to understand one of the reasons why Swan can keep their expenses low. By specializing only in Bitcoin, Swan operates as a lower cost and passes that savings onto their customers.
Read on to learn more about their low fees and how Swan stacks up against Coinbase and Cash App.
Does Swan Bitcoin Charge a Spread or Markup?
No. Swan Bitcoin does not charge a spread or a markup. Swan prides itself on offering low fees and being transparent about the cost.
Other exchange services generate money by charging spreads. That means that those exchanges are buying at better prices than their investors. Swan instead commits to offering the best prices available, only making money through their low fees.
Swan Bitcoin vs Coinbase vs Cash App
Swan takes their low fees seriously, offering a transparent comparison of their costs, as well as Coinbase and Cash App right on their website.
As an example, let’s say that you want to make a $25 weekly purchase. Using Cash App, you will pay 2.33% in fees. Your fees soar to 5.96% with Coinbase. With Swan Bitcoin, however, you only pay 1.49%-1.79%, depending on your purchase plan.
Swan Bitcoin Features and Benefits
As cryptocurrency becomes increasingly popular, more and more companies are competing for your business. To help you see how Swan Bitcoin stands out from the rest, let’s explore some of the standout features and benefits.
Recurring Bitcoin Purchases
If you are looking to DCA crypto, you will love the recurring Bitcoin purchase option from Swan.
To make a recurring Bitcoin purchase, you’ll give Swan the following information:
- The amount you want to buy
- The frequency (daily, weekly, monthly)
Afterward, let Swan handle the rest!
Why Dollar Cost Average Bitcoin?
Crypto investors know that investing in crypto isn’t the same thing as investing in the stock market. So you might be wondering, “Why dollar cost average Bitcoin?” By dollar cost averaging your Bitcoin purchases, you can mitigate some of the market volatility. Instead of trying to time the market, deciding to DCA crypto lets you invest without the guesswork.
Low Fees
Whether you invest in crypto, fiat, or both, you know that fees can be a killer! That’s one reason why Swan Bitcoin has such a loyal following. Their low fees set them apart from others in the Bitcoin space. Swan is determined to offer customers the most affordable way to buy Bitcoin.
Here’s what you need to know about Swan Bitcoin fees:
- Instant buys: When you make an instant buy, the fee is 1.49%. However, if you buy $5000 worth of Bitcoin within the year or are on the prepaid plan, the fee drops to 0.99%
- Recurring buys: Swan offers two different savings plans for their recurring buys. On the Pay As You Go plan, you will be charged between 1.19%-2.19%, depending on your weekly total. The annual prepaid plan drops your fees to 0.99%-1.99%.
- Wire transfers: There is no fee for trading. However, you want to note that for wire transfers, a 0.99% fee comes out of the wire.
Referral Program ($10 Bitcoin Bonus)
Swan is so confident that you’ll love their platform, they created the Swan Force Referral Program. Anyone can participate in the SwanForce as an affiliate.
Once you join SwanForce, you receive a URL unique to you. Share the URL and then visitors will be able to sign up for Swan through your link. When they do, they get a $10 Bitcoin bonus. Moreover, as an affiliate, you earn 25% of their Bitcoin fees in that first year of Bitcoin purchases. There’s even a referral dashboard to help you track your referrals and any earnings you might have made.
Customer Service
Customer service is one area where Swan Bitcoin shines. Their website offers a robust FAQ and help section. Swan also connects with customers via email for support. You can submit a help request directly on their website using the Submit a Request feature.
Additionally, in a move that is increasingly rare with different fintech, Swan actually provides a helpline for people to call: (218) 379-7926. Customers can connect by phone Monday through Friday from 8am to 4 pm PST.
Swan Bitcoin FAQ
For this Swan Bitcoin review, we’ve rounded up the most common questions about this Bitcoin-only platform and tracked down all you need to know.
Take a look at our Swan Bitcoin FAQ:
Is Swan Bitcoin Safe?
Swan takes data protection and traffic seriously. Your data is encrypted with military-grade encryption. Plus, all traffic means the industry standard encryption as well. Swan also uses the Center for Internet Security Benchmarks to set their security standards.
Customers will also notice that Swan wants you to take control of your Bitcoin as soon as possible. That means you are encouraged to move your Bitcoins to your own cold storage wallets.
In the meantime, your Bitcoin will be stored with Prime Trust. This licensed and regulated Nevada chartered trust company stores funds for industry leaders, including Swan. When Prime Trust secures your money, it is stored under your name with you as the sole owner. That means that Swan itself cannot move Bitcoin out of your account. Instead, when you want to withdraw your Bitcoin, you work directly with Prime Trust. They send an email and you then authorize the move from Prime Trust to your own cold storage wallet.
Swan Bitcoin also currently has a 4.5 rating on TrustPilot, landing it in the excellent category.
How Much Do I Need To Invest With Swan Bitcoin?
To start investing with Swan Bitcoin, all you need is $10. Just a few dollars kicks off your investment journey. That’s because Swan believes that Bitcoin is for everyone.
Once you connect your bank account and move over at least $10, you can set up automatic recurring buys or instant buys to grow your crypto.
Swan Bitcoin Payment Methods
One-time Swan purchases are funded one of two ways: either using a wire or instant ACH transfer. For convenience (and as an investment strategy!), you can also set up recurring buys. That means that you let Swan know how much you want to purchase and choose the frequency of the buys as well.
You can then withdraw your Bitcoin into another wallet for zero fees.
Is Swan Bitcoin Worth It?
Wondering if Swan Bitcoin is worth it? We’d say so! In fact, “Investing just $10/day in Bitcoin would have turned $18,000 into over $250,000 in just 5 years.”
When you see jaw dropping results like that, it’s easy to wonder if it’s too late to get started investing in Bitcoin. Absolutely not. While we can all wish we started investing sooner, the next best time to start investing is right now.
Since Swan is Bitcoin-only, they can keep their expenses low and pass the savings onto investors like you. If you are looking for a crypto platform with strong customer service, a focus on security, and that specializes in Bitcoin, then Swan Bitcoin is definitely worth it!
Swan Bitcoin Alternatives
Not sure Swan Bitcoin is right for you? There are actually several Swan Bitcoin alternatives worth exploring.
Voyager
Voyager is an attractive option for several reasons. You can trade over 70 different assets and earn up to 12% in rewards. You should also note that it allows recurring buys. Additionally, there are no fees. That’s right! Voyager is commission free.
However, it’s worth noting that Voyager charges a spread. This fee comes about when Voyager is able to execute an order at a better price than the investor. In a sense, they charge a fee for saving you money.
Coinbase
There’s a good chance you’ve already heard of this Swan Bitcoin alternative. Coinbase is one of the more recognizable crypto companies. After all, it’s been around for nearly a decade. And that’s ancient in crypto time!
There are some definite pluses that make Coinbase worth exploring. The company is reliable and has a strong reputation. More so, Coinbase also allows recurring buys. However, compared to some options, such as Swan Bitcoin, Coinbase fees are considerably higher.
Gemini
Gemini is another Swan Bitcoin alternative that you might already recognize. It also allows for recurring buys and is very safe. In fact, Gemini prides itself on being safe, simple, and secure. Gemini teamed up with the New York Department of Financial Services to conduct regular cybersecurity audits. Plus, the company also undergoes regular bank exams. In short, it takes your security seriously.
However, if you are keeping an eye on fees, you will notice that Gemini does have high fees. Still, other features like a much buzzed-about rewards credit card and interest rates that are over 100x the national average, Gemini may be worth a second look.
