Complete Guide to Swan Bitcoin: Automate Daily Bitcoin Purchases – Tutorial and Review

Swan Bitcoin: A Comprehensive Review of the Bitcoin-Only Exchange

Swan Bitcoin is a unique bitcoin-only exchange that has gained popularity despite its limitation of only allowing users to buy bitcoin and not sell it. In this article, we will delve into the features, fees, and user experience of Swan Bitcoin. We will also explore who this exchange is right for and how you can get started. Additionally, we will provide a step-by-step tutorial on buying bitcoin on Swan Bitcoin.

Features of Swan Bitcoin

Swan Bitcoin distinguishes itself as more than just an exchange. It operates as an over-the-counter (OTC) brokerage, offering several features that make it an attractive option for bitcoin enthusiasts.

1. Easy Setup: Swan Bitcoin allows users to set up recurring buys with ease. Once you set it up, you can forget about it, as the platform will automatically execute your purchases according to your preferences.

2. Support and Security: Unlike many exchanges based in other countries, Swan Bitcoin provides support to its users. This is particularly important when dealing with large amounts of money. Swan Bitcoin also ensures the security of your funds by offering private support.

3. Free Bitcoin Withdrawals: Swan Bitcoin stands out by offering free withdrawals of bitcoin. This is a rare feature, as many exchanges charge fees for withdrawals, including network fees.

4. Corporate and Institutional Accounts: Swan Bitcoin allows corporations, entities, and trusts to purchase bitcoin. This feature makes it an attractive option for businesses looking to invest in bitcoin.

5. Bitcoin-Only Focus: Swan Bitcoin focuses solely on bitcoin, which means it does not waste resources or time on other cryptocurrencies. This eliminates the risk associated with listing and trading other coins.

Fees on Swan Bitcoin

Swan Bitcoin charges a fee of 0.99% on all purchases. While this fee may be higher compared to some large exchanges, it is significantly lower than fees charged by ATMs, Cash App, Venmo, or many OTC brokerages. Additionally, Swan Bitcoin does not charge any fees for bitcoin withdrawals and even covers the network fees, allowing users to keep more bitcoin when transferring it to their own wallets.

Getting Started on Swan Bitcoin

To get started on Swan Bitcoin, you need to follow a few simple steps:

1. Sign Up: Sign up on Swan Bitcoin using your email address. Ensure that your email is secure, as Swan Bitcoin does not use passwords. Instead, they send a code directly to your email for account access.

2. KYC/AML Verification: Swan Bitcoin follows Know Your Customer (KYC) and Anti-Money Laundering (AML) rules. You will need to provide your identification and personal information. Upload the required documents and wait for approval.

3. Deposit Funds: Once your account is approved, you can deposit funds to purchase bitcoin. If your bank is in the USA, you can connect your bank account to Swan Bitcoin. For international accounts, you will need to set up a wire transfer.

4. Purchase Bitcoin: After your funds are cleared, you can set up a recurring purchase plan or buy bitcoin instantly. Swan Bitcoin offers a savings plan that allows you to set up recurring dollar-cost averaging into bitcoin. You can also make instant purchases if you prefer.

5. Withdraw Bitcoin: Swan Bitcoin allows you to withdraw your bitcoin to your own wallet. You can set up a threshold for automatic withdrawals or choose to withdraw instantly. However, there is a 24-hour waiting period after a purchase before you can withdraw your bitcoin.

Is Swan Bitcoin Right for You?

Swan Bitcoin is an ideal platform for individuals who have a strong conviction in the future of bitcoin and are not interested in trading or market swings. It is particularly suitable for:

1. Bitcoin Enthusiasts: If you believe in the long-term potential of bitcoin and want to accumulate it over time, Swan Bitcoin’s recurring purchase feature makes it easy to set it and forget it.

2. US Bank Account Holders: Swan Bitcoin is primarily designed for users with US bank accounts. If you have a US bank account, you can easily connect it to Swan Bitcoin and make daily purchases.

3. Large Bitcoin Buyers: Swan Bitcoin allows users to purchase large amounts of bitcoin via wire transfer. If you are looking to buy bitcoin with USD through a wire transfer, Swan Bitcoin is a reliable option.

FAQs

Q: Can I sell bitcoin on Swan Bitcoin?

A: No, Swan Bitcoin only allows users to buy bitcoin. Selling bitcoin is not supported on the platform.

Q: Are there any fees for bitcoin withdrawals on Swan Bitcoin?

A: No, Swan Bitcoin does not charge any fees for bitcoin withdrawals. They even cover the network fees, ensuring that you receive the full amount of bitcoin when transferring it to your own wallet.

Q: How long does it take to withdraw bitcoin from Swan Bitcoin?

A: After a purchase, you need to wait for 24 hours before you can withdraw your bitcoin. This waiting period is in place to mitigate the risk of fraud associated with ACH transactions.

Q: Can I gift bitcoin on Swan Bitcoin?

A: Yes, Swan Bitcoin offers a gifting feature that allows you to send bitcoin as a gift. The minimum gift amount is $21, and the maximum is $9,900. The recipient must have a different email and be a different person from the sender.

Conclusion

Swan Bitcoin offers a user-friendly and secure platform for buying bitcoin. While it may not support selling or trading, it excels in its simplicity and focus on bitcoin. With features like recurring purchases, free withdrawals, and support for corporate accounts, Swan Bitcoin caters to a wide range of users. If you have a US bank account or are looking to purchase large amounts of bitcoin via wire transfer, Swan Bitcoin is worth considering as your go-to bitcoin-only exchange.