What Is Swan Bitcoin?
Swan Bitcoin is a platform to simplify and secure the process of buying Bitcoin, catering to a diverse range of users. Rather than just a Bitcoin exchange, Swan Bitcoin removes the sell button functions as a comprehensive solution for accumulating Bitcoin with ease.
Think of Swan's features as akin to a savings account, where you can convert your fiat currency, like dollars, into Bitcoin and hold onto it. Many people turn to Bitcoin to hedge against the erosion of fiat's purchasing power caused by inflation, and Bitcoin's finite supply, capped at 21 million, makes it an attractive option.
Swan Bitcoin encourages clients to take control of their Bitcoin by practicing self-custody, giving them the reins to manage their holdings independently. Alternatively, for those who prefer a more traditional approach, Swan can act as a trustworthy custodian for their Bitcoin through partnerships with reputable institutions.
In this review, we will delve into Swan Bitcoin's various features, fee structures and an array of services designed to cater to the unique needs of different client profiles.
|Los Angeles, USA
|📅 Year Founded
|💰 Primary Token
|📈 Listed Crypto
|💱 Trading Pairs
|💵 Supported FIAT
|🌍 Supported Countries
|Swan Personal: US only, Swan Private: Worldwide (may vary)
|💰 Minimum Deposit
|$10 direct buy, no minimum wire amount to send into Swan
|💸 Deposit Fees
|No deposit fees
|💰 Daily Buying Limit
|$50,000 per day per direct buy (ACH)
|💱 Trading Fees
|0.99% to Buy BTC
|💸 Withdrawal Fees
|No withdrawal fees
|📱 Mobile App
|Available for iOS and Android
|💬 Customer Support
|24/7 customer support available through live chat, email, telephone
How Swan Bitcoin Works
Swan Bitcoin provides a versatile service, accessible as an app for both iPhone and Android, or directly through your web browser on devices such as your laptop, iPad, or desktop. This platform simplifies the process of connecting, registering, and undergoing KYC verification to purchase Bitcoin, offering tailored solutions to suit your specific requirements.
In essence, Swan Bitcoin is the go-to destination for converting your fiat currency into Bitcoin. To grasp the operational concept, let's consider Swan Personal as a prime example. Swan Personal serves as the most user-friendly and introductory solution for individuals seeking to acquire Bitcoin.
Within Swan Personal, you have the flexibility to choose between making lump-sum Bitcoin purchases or opting for recurring buys, often referred to as Dollar Cost Averaging (DCA). With DCA, you can decide to invest on your terms or adhere to a regular schedule. Specify an amount and select from daily, weekly, or monthly intervals, and Swan Bitcoin takes care of the rest. This approach proves especially beneficial for those who prefer to invest gradually and mitigate the inherent volatility of assets like Bitcoin.
The decision is yours to retain your Bitcoin within the platform or withdraw it to a secure hardware wallet, such as the Blockstream Jade or the Coldcard, for safe cold storage. Always remember the adage: "Not your keys, not your Bitcoins."
You might be wondering why Swan Bitcoin stands out amidst the sea of platforms offering Bitcoin purchasing and DCA options. Firstly, your data and funds are safeguarded by regulated companies and custodians, ensuring a robust level of security. Secondly, the platform's user-friendly interface makes it remarkably easy to navigate. Also, commitment to Bitcoin-only drives the operating costs down and can guarantee a better service. Lastly, Swan Bitcoin caters to a wide range of users with varying needs.
In the following sections, we'll delve into the diverse features and account types to provide a comprehensive overview of what Swan Bitcoin has to offer.
Swan Bitcoin Features
Swan Bitcoin offers a standard account known as "Personal," along with specialized solutions tailored for high net worth individuals, businesses, retirement planning, and more. Let's examine each of these solutions individually.
Personal is Swan's most popular solution, ideal for those looking to easily and instantly purchase Bitcoin using ACH transfers. With this option, you can buy Bitcoin with amounts ranging from just $10 up to $50,000 per day. These limits can be expanded, a topic we will delve into further in a dedicated section.
One of the standout features of Swan Personal is the Recurring Purchases feature, allowing you to invest on a regular basis, be it daily, weekly, or monthly. This feature can prove especially valuable during bear markets or for those who wish to avoid Bitcoin's inherent volatility.
While the fees associated with Swan Personal are competitive at 0.99%, they may not be the absolute lowest in the industry. It's essential to note that withdrawals are free, as Swan actively encourages self-custody.
Swan Private is a specialized investment platform tailored for high net worth individuals, family offices, businesses, and trusts, providing a high level of professionalism for those seeking to invest beyond the average user.
This service offers a Concierge OTC Service, ensuring guaranteed price quotes executed on demand, with institutional-level liquidity. Essentially, Swan Private can fulfill orders of nearly any size at any time.
Swan Private also includes a professional trading service, featuring both recurring and target buys, allowing you to place orders to execute Bitcoin purchases when the price aligns with your preferences.
Additionally, Swan Private offers Tax-loss harvesting practices, which enable you to document the execution of sales and repurchases of Bitcoin to optimize your tax liabilities.
Furthermore, Swan Private assists its clients in integrating Bitcoin into trust, estate, and inheritance plans, making it a comprehensive wealth management solution.
Swan Private has enjoyed remarkable success since its inception, amassing over $1 billion worth of Bitcoin stored in cold storage for over 3,000 Swan Private Clients in just a few years.
While Swan Personal accounts cater to a broader U.S.-based audience, Swan Private is available in over 120 countries, making it accessible to a global clientele. Residence in the United States is not necessarily a requirement to utilize this service.
Swan Business is a solution designed for organizations, providing easy onboarding within 1-2 days. It offers two key features:
- Bitcoin Treasury: Incorporate Bitcoin into your corporate balance sheet effortlessly. Swan Bitcoin Treasury Solutions automate Bitcoin investments, custody, and management while providing expert guidance.
- Bitcoin Benefit Plan: Attract, reward, and retain top talent with Bitcoin. Swan takes care of creating wallets, converting currency, and routing payments, ensuring that employees receive Bitcoin and financial education monthly.
Swan Business provides:
- Direct access to dedicated Bitcoin experts.
- Membership in a Bitcoin-friendly business community.
- Access to Swan's research reports and premium content.
- Expert guidance on choosing the right custody option for your assets, backed by enterprise-grade, US-regulated SOC2-compliant custody services.
Swan Retirement, or Swan IRA, is another solution that offers a flexible solution for securing your legacy with Bitcoin.
Why Choose Swan Bitcoin IRA?
- Real Bitcoin: Swan Bitcoin IRA allows you to enjoy the benefits of Bitcoin's long-term potential within a tax-advantaged account. With Swan IRA, you hold actual Bitcoin, not proxy representations.
- Enterprise-grade Custody: Your assets are securely held with a qualified custodian and benefit from insurance coverage of up to $250 million.
- Traditional and Roth IRAs: Swan Retirement accommodates your retirement plans, allowing transfers from various types of retirement accounts into Traditional and Roth Swan IRAs.
- Easy Onboarding: Swan Bitcoin IRA offers a quick and straightforward onboarding process, enabling you to hold real Bitcoin in your new IRA in under a minute.
- Simple and Transparent Fees: Swan Bitcoin IRA charges $20 per month or 0.25% annually for balances exceeding $100,000, with a 0.99% transaction fee for Bitcoin buys and sells.
Why Bitcoin is the Ultimate Asset for your IRA
- With a 20% allocation to Bitcoin, your Bitcoin holdings could potentially contribute significantly to your retirement savings.
Swan Retirement equips you with the essential tools and information needed to make informed decisions about securing your legacy and financial future.
Swan Vault offers a self-custody solution with the added support of Swan's expertise, backed by multi-signature security, and a special collaboration with Blockstream, the creators of the Liquid Network and the hardware wallet Blockstream Jade.
In essence, Swan Vault is a collaborative multisig self-custody system. Within this solution, there are a total of three keys, with two of these keys being essential to authorize the movement of Bitcoin stored within the vault. The third key is held by Swan to assist you in recovering your vault should the need ever arise. This approach provides an additional layer of security, reducing greatly the risk of losing your funds.
For Swan Private clients, Swan Vault also integrates inheritance planning, ensuring that your Bitcoin holdings are seamlessly transferred to your chosen beneficiaries in the event of unforeseen circumstances. This added feature enhances the comprehensive wealth management services provided by Swan.
Swan Bitcoin Quick Review
If you're short on time, check out this condensed Swan Bitcoin Review, highlighting key factors to consider when signing up for an exchange, along with the blockdyor Score.
|🔐 Privacy & Security (26/50)
|The exchange enforces the KYC to every user
|The exchange is non custodial, users can withdraw their funds
|👥 Peer To Peer
|The exchange doesn't offer P2P trading
|The exchange is centralized
|The exchange encrypts all confidential data transfers
|🌐 TOR Connection
|It's not possible to connect to the exchange with TOR
|📂 Open Source
|Some software used by the exchange is open source
|The exchange offers two-factor authentication
|🚀 Features (40/50)
|🖥️ User-Friendly UX
|Very easy to use, clean UX
|💵 Fiat Onramp/Offramp
|Fiat onramp and offramp methods are the local ones
|💸 Taker Fee
|💸 Maker Fee
|💸 Withdrawal Fee
|☎️ Customer Service
|Available via phone, chat and ticket
|Plenty of documentation on the official website
|No altcoins supported
|⚡ Lightning Network Withdrawal/Deposit
|The exchange support the possibility to withdraw/deposit Bitcoin using the lightning network
|💧 Liquid Network Withdrawal/Deposit
|Not possible to withdraw or deposit Bitcoin with the liquid network
|🧱blockdyor Score (66/100)
How To Get Started On Swan Bitcoin
Before you embark on your Swan Bitcoin journey, it's crucial to note that the Personal solution is exclusively available for U.S. residents.
For those residing outside the United States, the optimal choice is Swan Private. However, joining Swan Private is typically reserved for high net worth individuals and involves specific minimum financial requirements.
If you're ready to begin your Swan Bitcoin experience, you can use the link below to register and receive $10 worth of free Bitcoin in your account. It's a great way to kickstart your Bitcoin journey.
- Registering for Swan Bitcoin is a quite simple process. Simply navigate to the homepage and provide your email address. Once you've done this, you'll receive a registration link and a confirmation code.
- Once you've clicked on the link within the email and entered the provided PIN code, you'll be able to start the actual registration process. Choose your account type and geographical location based on your preferences and requirements. Review and accept the agreement and disclosure terms. Finally, click on the yellow button to complete the account creation process.
- Once you've selected your account type and specified your geographical location, the next step is to provide your phone number. This step serves to verify that the registration is being conducted by a real person and to prevent spam. Make sure to enter a valid phone number, as you will receive a link after clicking the "Send me a link" yellow button.
- You should now expect to receive an SMS on your phone. Click on the link included in the SMS, and then switch to your mobile device to continue the verification process. It's essential to use your phone since you'll undergo the KYC (Know Your Customer) verification at this stage.
- From your phone, make sure you have an ID near you and that you are not wearing any glasses. This is to comply with the KYC. When you are ready, click on the "Start verification" yellow button.
Your KYC verification process is about to start; please proceed with it. Once Swan reviews your information, you will receive an email.
Congratulations, you have successfully opened a Swan account!
How To Buy Bitcoin With Swan Bitcoin
Once you've successfully opened your account and completed the KYC process, the process of purchasing Bitcoin boils down to two straightforward steps: funding your account and then acquiring Bitcoin.
As a result, Swan Bitcoin doesn't support methods like Apple Pay or Credit Cards. This decision aligns with the platform's commitment to transparency and efficiency, as these payment methods, commonly utilized on other exchanges, often come with exorbitant commissions. Swan Bitcoin promotes the use of more cost-effective and practical alternatives.
Fund your account
Getting started on Swan Bitcoin and initiating your Bitcoin purchase journey begins with the first step, which is funding your account. There are primarily two methods for transferring funds on Swan:
- Wire Transfer: This option enables you to buy Bitcoin without predefined limits, allowing you to withdraw BTC within 24 hours.
- Linking Your Bank Account: By connecting your bank account to Swan, you can automate fund transfers for your Savings Plan and Instant Buys.
The choice between these two methods largely depends on your intended usage of Swan. If your goal is to make occasional Bitcoin purchases without a fixed schedule, you can opt for wire transfers without the need to link your bank account.
However, if you plan to engage in Dollar Cost Averaging (DCA) or regular, interval-based Bitcoin investments, connecting your bank account to Swan is the more practical choice.
Once you've funded your Swan Bitcoin account via a wire transfer, you can proceed to make a direct Bitcoin purchase through the Swan dashboard. Here's a step-by-step guide:
- From the Swan dashboard's homepage, locate the prominent yellow button labeled "Buy Bitcoin." Click on this button to initiate the purchase process.
- Enter the amount of Bitcoin you wish to purchase. This amount must be equal to or lower than your current account balance.
- Confirm the purchase by following the provided prompts.
- Following your confirmation, you will receive the Bitcoin in your Swan account. At this point, you have the option to transfer the purchased Bitcoin to your personal wallet if you so choose.
If your preference is to accumulate Bitcoin gradually and establish a savings plan through Dollar Cost Averaging (DCA), the recurring buys feature is an ideal choice. Here's how to set it up after connecting your bank account:
- On the top navigation bar, click on "Savings Plan."
- Configure your preferred method for recurring buys. You can specify the dollar amount you want to save (1) and the frequency of the Bitcoin purchases (2).
- Once you've customized your DCA plan, click on the prominent yellow button at the bottom to activate it (3).
Who created Swan?
The visionary mind and driving force behind Swan Bitcoin is none other than Cory Klippsten. With a distinguished career that includes notable roles at Microsoft, Morgan Stanley, Google, and other multinational corporations, Cory possesses a wealth of experience and expertise in both the financial and tech sectors.
It's no surprise that Swan Bitcoin stands as his most significant entrepreneurial endeavor.
Cory co-founded the company in 2019 alongside Yan Pritzker, and together, they've assembled a remarkable team of professionals with impressive track records. Among them, Steven Lubka plays a pivotal role as the Head of Swan Private.
The advisory board associated with Swan Bitcoin is equally prestigious, featuring prominent figures like Max Keiser, the volcanic (no pun intended) American broadcaster and filmmaker, and Lyn Alden, the renowned investment researcher and author of the bestselling book "Broken Money."
Is Swan Bitcoin safe?
One of the most interesting aspects of Swan Bitcoin is that it utilizes clear Custodian. This means the funds that are on the platform are safeguard by regulated and top of the class services.
Swan collaborates with renowned custodians such as Fortress Trust and Bakkt, with BitGo serving as the custodian for cold storage. It's important to note that Swan does not have the authority to initiate any movement of your Bitcoin or USD without your express authorization.
For any transfers, you must authorize your custodian of record via Swan. Swan does not independently authorize any partner company to access your Bitcoin.
Swan also encourage clients to take custody of their own Bitcoin as soon as possible. The withdrawals are also free and automatic.
Swan Bitcoin Reviews
By examining Trustpilot reviews of Swan Bitcoin, one can discover nearly a thousand reviews. The majority of these reviews are positive, resulting in an impressive rating of 4.6 stars.
This rating significantly outshines many competitors, as an example, Kraken, which, while still a reputable exchange, lags with a rating of just 2.6 stars. Evidently, focusing solely on one cryptocurrency proves to be a more successful approach for Swan Bitcoin, as reflected in the positive sentiment of its users.
Swan Bitcoin Fees
Fees represent a critical consideration for individuals interested in acquiring Bitcoin. Swan Bitcoin, while not offering ultra-minimal commissions as found in certain advanced platforms, provides a reasonable fee structure given the convenience and user-friendly features of the platform.
Swan Bitcoin Limits
|Buy Instantly (ACH)
|$50,000 per buy, $50,000 per day
|Limits raised based on purchase history.
|Recurring Buys (Pull ACH)
|Daily: $1,428, Weekly: $10,000, Monthly: $10,000
|Limits reset at Midnight PT.
|Convert Now (Wire Transfers, Direct Deposit, Push ACH)
|$250,000 per purchase
|No daily/weekly/monthly limits. Multiple purchases allowed.
Swan Bitcoin Locking Period
Swan Bitcoin implements varying Bitcoin locking periods based on the amount and method of purchase. These temporary locks serve to safeguard against fraudulent activity.
|Bitcoin Purchase Method
|Wires, Direct Deposit, BTC Deposits, & Referral BTC
|Instant ACH < $2,500
|10 days for most customers; 5 days for long-standing customers.
|Instant ACH ≥ $2,500
|30 days for most customers; 10 days for long-standing customers.
|Recurring ACH < $2,500/mo
|Recurring ACH ≥ $2,500/mo
Swan Bitcoin Customer Service
I've conducted multiple tests of Swan Bitcoin's customer service, and I've found it to be exceptionally helpful, with swift responses via email.
While I didn't come across any phone numbers or direct human chat options, I believe these might be reserved for Swan Private users.
Nevertheless, there is a ticket service and a wealth of comprehensive documentation available for reference, which can be quite useful to learn how Swan works.
Swan Bitcoin Alternatives
For those residing in the United States, Swan Bitcoin is undoubtedly a standout choice, and when it comes to viable alternatives, the landscape can often be dominated by the larger exchanges like Coinbase.
However, it's crucial to understand that these other larger platforms not only offer Bitcoin but also a variety of other cryptocurrencies. This diversity might not align with the preferences of committed Bitcoin enthusiasts and investors who recognize Bitcoin as distinct from the broader crypto market. If your focus is purely on Bitcoin, you might be seeking an alternative.
In such a case, I'd like to draw a comparison between Swan Bitcoin and a European/Swiss-based option known as Relai. Relai presents an interesting alternative, especially for those who, for various reasons (such as minimum deposit requirements), may not be able to access Swan's European offering, Swan Private.
Relai: Relai is a user-friendly Bitcoin trading app that operates with a soft-KYC approach. This means it offers a simplified Know Your Customer process, making onboarding more straightforward for users. With Relai, you can engage in both lump sum and recurring Bitcoin purchases and even sell Bitcoin when needed.
Much like Swan, Relai streamlines the process of buying Bitcoin, ensuring ease of use. You can link your bank account to facilitate transactions, but what sets Relai apart is its compatibility with additional payment methods such as Apple Pay and credit cards, offering added flexibility to users.
For those interested in exploring this alternative further, I recommend reading our in-depth Relai Review to gain a deeper understanding of what this platform has to offer.
Swan Bitcoin Pros & Cons
Swan Bitcoin comes with its share of pros and cons, with the biggest drawback being that the Swan Personal solution is not available in Europe. However, its standout advantage lies in the overall user experience it offers.
The Bitcoin locking time might discourage users who intend to make immediate purchases for self-storage. However, for the majority of users, this is not a significant issue, as Swan primarily functions as a savings account rather than a traditional exchange. If these locking periods enhance security by preventing fraudulent activities, it's indeed a positive aspect. Nevertheless, I'll include this in the "cons" section, as I believe it's more of a drawback than an advantage.
The platform is renowned for its user-friendliness, and it's deliberately designed to simplify Bitcoin accumulation. In fact, Swan's interface is so streamlined that it doesn't even include a "sell" button, but this isn't due to oversight—it's a reflection of Swan's core mission: to cater to savers and individuals looking to accumulate and hold Bitcoin as a long-term investment.
What truly sets Swan apart is its sense of community. The entire Swan team operates more like a close-knit team than a corporate entity. They foster this sense of community by hosting the annual Pacific Bitcoin event in Los Angeles, which goes beyond the typical Bitcoin conference—it feels more like a gathering of friends and like-minded individuals.
Swan takes community-building even further by organizing private events known as Swan Salons, exclusively for Swan Private members. These events are usually held in vibrant cities like Los Angeles or Miami. Swan Salons offer a unique opportunity for networking, making valuable connections, and forming friendships with fellow high net worth individuals. It's an additional layer of value that Swan Bitcoin provides to its users, extending beyond the platform itself.
|✅ User-Friendly Interface
|❌ Swan Personal Not Available in Europe
|✅ Streamlined Bitcoin Accumulation
|❌ No "Sell" Option, Focused on Savings
|✅ Strong Sense of Community
|❌ There is a "Locking Period" for the Bitcoin buys
|✅ Annual Pacific Bitcoin Event
|✅ Exclusive Swan Salons for Networking
|✅ World-class custodians
Swan Bitcoin offers a straightforward and user-friendly platform for individuals looking to accumulate and hold Bitcoin for the long term.
While it may have limited availability in certain regions, Swan's dedication to Bitcoin-focused savings, its strong sense of community make it an appealing choice for those committed to Bitcoin as a store of value and investment.
With a great user experience and a sense of trust among its users, Swan Bitcoin is an interesting option for Bitcoin enthusiasts in search of a dedicated savings platform.
Swan Bitcoin Evaluation
Due to its fair fees, excellent customer service, and non-custodial model, Swan Bitcoin achieves a score of 66/100, a commendable rating for a KYC centralized exchange.
Reputation: Swan Bitcoin maintains a strong reputation as a reliable platform for Bitcoin acquisition, known for its user-friendly approach and commitment to customer security.
Technology: Thanks to the diverse choice of account, Swan can provide a tailored and advanced service to different types of users.
Customer Service: Swan Bitcoin boasts a responsive and supportive customer service team, primarily accessible via email. While direct phone support or live chat options are not prevalent, the availability of comprehensive documentation contributes to a positive customer service rating.
Fees: Swan Bitcoin offers a range of services, and its fee structure is reasonable, with a standard 0.99% fee for Bitcoin purchases. This, coupled with free withdrawals, contributes to a favorable fee rating.
Ease of Use: Swan Bitcoin's user-friendly interface ensures accessibility for a broad spectrum of users. The Bitcoin only approach cuts the costs for the company and improves the overall experience. It's so simple and clear that there isn't even a Sell button, because Swan is more like a Bitcoin savings account than an exchange.