What is Swan Bitcoin?
Swan Bitcoin has been on our radar ever since its public launch back in 2020. In essence, Swan is a crypto investment platform that makes purchasing and managing Bitcoin easier for everyone. You can think of it as a savings account that automatically purchases and stores Bitcoin for you.
The best part of Swan for us is that it operates on the dollar cost-averaging method which is super easy to understand for almost anyone.
All you have to do is deposit some fiat money and set the amount for daily savings. Swan will then invest that amount in Bitcoin on a regular basis, regardless of the price fluctuations in the market. This helps you take advantage of the long-term growth potential of Bitcoin without having to worry about the short-term volatility of the market.
Our Overall Thoughts on Swan Bitcoin
From our time using and analyzing this platform, Swan has certainly left a positive impression with very little to complain about. We definitely recommend Swan Bitcoin as a crypto savings platform and here’s why:
Beginner friendly
The world of crypto investment can be extremely complex and confusing for newcomers, especially if they have zero initial knowledge of digital assets.
Swan Bitcoin removes this barrier to entry by streamlining the entire process of crypto investment. The sign-up process is straightforward and the platform guides new users through each step. Plus, Swan Bitcoin's automatic recurring purchase feature allows investors to consistently grow their Bitcoin portfolio without having to manually make purchases.
This ensures that even someone with zero understanding of cryptocurrencies can take part in this market and save their hard-earned money as Bitcoin.
Auto DCA
As we mentioned earlier, Swan Bitcoin uses the dollar cost-averaging (DCA) strategy to make automatic investments for its users. In our experience, DCA is the ideal choice for any investment meant for long-term savings as it minimizes risk. This is especially true for crypto assets like Bitcoin which have demonstrated consistent average growth over the years.
Low fees
Keeping in line with its beginner-friendly approach, Swan Bitcoin charges a flat 0.99% trading fee which is lower than most of its competitors. There are also no withdrawal fees, so you can cash out without any reduction in your savings.
Key Features & Advantages of Swan Bitcoin
If we had to describe the advantage of using Swan Bitcoin in one word, it would be “complete.” Anyone interested in making a crypto savings account can sign up, deposit funds, and begin their investment journey in no time. Plus, the entire process is super intuitive and doesn’t require any prior understanding of how cryptocurrency savings work.
While testing this platform, we also didn’t experience any issues or hiccups during depositing, trading, transferring, or withdrawing funds.
With that said, here are some of the most notable Swan Bitcoin features we noticed:
Negatives & Disadvantages of Swan Bitcoin
There is a lot to like about Swan Bitcoin. As we just mentioned, we didn’t encounter any obvious issues during our time on this platform. Plus, it also delivers on its promise of providing an accessible crypto savings account. But, it is not perfect.
The two most notable disadvantages of Swan Bitcoin for us include:
What services does Swan Bitcoin offer?
The crypto savings service offered by Swan Bitcoin is an ideal choice if you plan on using the dollar cost-averaging strategy. Its fees are on par with, and sometimes even lower than more popular crypto exchanges. Plus, you have the added benefit of a beginner-focused interface.
Here are some of the key features and services of Swan Bitcoin that left the most positive impression on us:
Recurring investment
Instead of a large, one-time investment, Swan Bitcoin allows you to start small. You can begin your journey from as little as $10 USD and work your way up. Plus, you also get the option to choose between daily, weekly, or monthly buys.
Once you’ve set these parameters, Swan will handle the rest and make recurring Bitcoin investments until you run out of deposited funds or stop the process manually.
The best part about these recurring investments is that they’re completely automatic. After the initial setup, Swan doesn't require you to monitor Bitcoin prices or make any manual purchases. This makes it the perfect choice for folks who want a hassle-free savings system that operates in the background.
Swan private
As its name suggests, Swan offers a private coaching and advisory service to high-capital users. We were unable to determine the exact pricing and cost of this feature as you have to purchase $100,000 worth of BTC to access it.
If you fulfill this minimum requirement, Swan will provide a dedicated Bitcoin expert to help you navigate the crypto savings landscape. They can assess your current and future finances and offer advice on how to optimize your Bitcoin investment strategy.
You’ll also receive full Bitcoin support for your retirement, trust, and corporate accounts. Not to mention the access to exclusive industry events and research to gain further insight into the world of crypto.
Automatic withdrawals
If you prefer to store your crypto assets in a personal or offline wallet, Swan Bitcoin has got you covered there as well.
All you have to do is navigate to the Swan dashboard and scroll down to the auto-withdrawal setup. Next, you have to select when you want to withdraw. The four options include:
As soon as you purchase Bitcoin;
When you have 0.01 BTC;
When there is 0.025 BTC in your account;
Your Bitcoin balance reaches 0.05 BTC.
After that, link to your crypto wallet and Swan will automatically transfer the BTC to that address without any additional fees. We tested all four of these options and they all worked smoothly.
Top-tier security
Security is one of the primary concerns people have when trading a company with their life savings. To resolve this concern Swan Bitcoin has partnered with a well-known Nevada-licensed and regulated trust company called Prime Trust.
Both your crypto assets and fiat funds are stored under your name with this trust company. Swan does not have the ability to move or remove these funds without your permission. Every time fiat or Bitcoin is moved from your account, you will receive a notification from Prime Trust.
Plus, working with Prime Trust gives users the piece of mind that their investment is in safe hands with a proven track record.
Responsive customer support
As mentioned, we didn’t experience any real issues while using Swan Bitcoin, but we wanted to put their customer service to the test. So, we went undercover as a new user who was a little confused about the initial sign-up process and submitted a request to their support page.
The response from their support team was faster and more thorough than we expected. They even answered some repeat questions rather quickly and guided us through the signup process.
We’ve also found several 5-star reviews about Swan Bitcoins’s customer support on Trustpilot. Most of these positive reviews are also about the same things we noticed during our test; fast and accurate responses.
Intuitive UI
We discussed this before, but the Swan Bitcoin user interface is a great example of how to be beginner-friendly without sacrificing functionality.
For starters, the signup interface takes a step-by-step approach that guides new users through the whole process, including verification and depositing funds.
After that, the main user dashboard displays the necessary information like account balance, current Bitcoin prices, and transaction history, in a clear and concise manner. What impressed us most is Swan’s attention to detail, like mentioning an estimated fiat price right next to the different BTC withdrawal options.
These UI details might seem like a small feature on paper, but they are a big part of what makes Swan accessible to novice users.
Mobile app
Unlike many other crypto trading platforms we’ve come across, Swan Bitcoin’s mobile app is not a stripped-down version of its web interface. Instead, the app has a mobile-focused UI that organizes everything into clear categories and easy-to-access menus.
Users can also manually purchase Bitcoin right from the app. This allows more involved traders to take an active part in their BTC savings by making purchases during key moments like temporary price dips.
The mobile app is also filled to the brim with educational content and curated articles from industry experts. With these, you can increase your knowledge of crypto whenever you have some free time.
Educational resources
Educating the general masses about the potential benefits of investing in Bitcoin is a major purpose of the Swan Bitcoin platform.
To achieve this, they’ve compiled a curated list of educational topics regarding crypto called the Bitcoin Canon. It contains content (articles and videos) covering the many facets of Bitcoin investments such as mining, security, and privacy. It also includes detailed explanations of what Bitcoin even is to help users with zero knowledge of this digital asset.
The best part about this educational content is that it’s available for free on Swan’s website and mobile app. So, you don’t have to be a Swan Bitcoin user to access these resources.
Bitcoin gifts
In line with its mission of introducing more people to the world of Bitcoin, Swan offers a gifting service. You can use this to send Bitcoin to your friends, family, or anyone else you want. All you have to do is provide the recipient's email account and enter the amount you want to send. You can also include a personalized message with it.
Once you’ve sent the gift, one of two things will happen. If the recipient already has a Swan account, they’ll receive an email notifying them of the gift delivered to their account.
Alternatively, if they don’t have a Swan account, they’ll receive an email about the gift. If they make a Swan Bitcoin account within 30 days, the gift will be accepted and they will receive the gifted Bitcoin in their new account.
Generous referral program
Lastly, Swan Bitcoin also offers a generous rewards program for bringing new users to the platform called the Swan Force. Once you join in, you will receive a custom URL. If someone uses that URL to sign in, they will instantly receive $10 worth of BTC for free.
After that, you will receive 25% of the fees Swan charges from that user for the next year. You will receive this reward on a daily schedule. But you will have to wait at least 30 days after Swan has received a fee from your referred user.
What We Don't Like About Swan Bitcoin
The two main things that we did not like about Swan Bitcoin are:
Only one crypto asset
Swan Bitcoin does not offer any variety when it comes to crypto assets. You can only purchase Bitcoin through this platform which is limiting for many users. However, it does simplify the process and prevents confusion & decision anxiety for newer users.
In our opinion, a few more popular cryptocurrencies like Ethereum and Litecoin would’ve been a welcome inclusion, especially for investors who want to diversify their portfolio. The option to buy more than one type of crypto asset would also help new users understand the wider world of cryptocurrencies and how it works.
Lack of charting tools
The pricing chart on Swan’s web and mobile platforms is a little rudimentary. We understand the need for a simpler chart that is easy for novice investors to understand. However, we would've liked to see the ability to display a few more essential technical indicators and chart color/layout customization options.
That said, the chart that we do have in the Swan Bitcoin user dashboard is perfectly usable, especially for long-term investments. Plus, advanced traders can also seek out external tools like the Bitcoin Rainbow Chart if they want.
Swan Bitcoin Fees
Here’s a detailed overview of Swan Bitcoin’s fee structure:
Swan Bitcoin Deposit Fees
Swan Bitcoin does not charge any deposit fees.
Swan Bitcoin Trading Fees
The trading fee for every purchase on Swan Bitcoin is 0.99%. For example, if you purchase $100 worth of BTC, Swan will charge $0.99 for this transaction.
Swan Bitcoin Fiat Withdrawal Fees
You cannot sell your Bitcoin for fiat, but if you deposited too much fiat and you want to withdraw it, you can do so to your bank account, free of charge.
Swan Bitcoin Crypto Withdrawal Fees
Swan Bitcoin does not charge any fee for crypto withdrawals, and they even cover your network costs! You can transfer all of your BTC to a personal wallet without losing a cent.
Pros and Cons of Swan Bitcoin
- Has very low trading fees
- Allows automatic BTC purchasing for a DCA strategy
- You can deposit money in 20 different fiat currencies
- Stores your fiat and crypto assets in a secure trust account
- Very easy and intuitive for new users to set up
- Allows you to purchase only one type of crypto asset
- Does not allow sale of Bitcoin
Verdict
After using this platform ourselves, analyzing its features, and reviewing customer feedback, we can safely say that it is worth your consideration. It’s specially tailored to help investors with limited or zero crypto knowledge and give them easy access to a Bitcoin savings account. But, if you want to invest in BTC with a dollar cost-averaging strategy, Swan Bitcoin is just as suitable for experienced traders as well.
At the end of the day, Swan Bitcoin is a trustworthy platform with hiccup-free service, an intuitive UI, and excellent customer support. So, if you’re looking to secure your future through crypto, we recommend checking it out.
If you are looking for a crypto exchange that can offer you more diversity, have a look at our table below, where we compare the top crypto platforms in the US.
Comparison Table of the Best Crypto Exchanges in the USA
Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk.
Frequently Asked Questions
No, it is not available in some countries including China, Russia, Sri Lanka, Pakistan, and more. You can check the full list by clicking here.
Swan Bitcoin is mainly an exchange that allows you to purchase Bitcoin with fiat. You can also use it as a wallet for your BTC assets or transfer your Bitcoin to a third-party wallet.
You can start your Swan Bitcoin account with a small deposit of just $10 USD.
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