BTCSwap claims to be the easiest, fastest, and safest way to exchange your bitcoins. Find out how BTCSwap works today in our review.
What is BTCSwap?
BTCSwap, found online at BTCSwap.me, is a bitcoin exchange that lets you load any existing credit card or debit card with your bitcoins. There are no registration or ID requirements and no hidden costs.
Basically, you visit BTCSwap online. You enter an amount of BTC you wish to transfer to your desired currency (USD, EUR, or RUB). BTCSwap will tell you the exchange fee and the total amount of fiat currency you’ll receive from the transaction. Then, you click “Get Started”.
You enter your card number, send bitcoins to BTCSwap, and BTCSwap will send that money to your card. It’s that simple. The system works with all VISA/MasterCard debit and credit cards.
The BTCSwap website lets you view recent transactions. At the time of writing, users appear to have transferred bitcoin to EUR and RUB onto their VISA and MasterCards.
The benefit of BTCSwap is that you can quickly turn your bitcoins into usable funds. You can add them directly onto your existing payment card in your desired currency. Then, you can use your payment card wherever you normally use it.
BTCSwap makes big promises about its features, and it appears to be a legitimate service. However, BTCSwap has a number of red flags that suggest it’s more of a scam than a legitimate bitcoin transfer service. The website doesn’t use HTTPS, for example, which is an absolute must when you’re handling credit card information. Furthermore, the website requires you to send your credit card information and bitcoins – but there’s no guarantee they won’t steal that information. Until more information gets released, you should avoid sending any money to BTCSwap.
BTCSwap advertises all of the following features.
Trusted and Secure: BTCSwap claims to use “state of the art technology and security standards”, although they don’t go into specific details. It’s important to note that the BTCSwap.me website doesn’t offer HTTPS encryption – which is odd when the company is asking you to input credit card details.
Fast and Reliable: BTCSwap lets you exchange bitcoin to fiat currencies in less than 2 minutes.
Easy to Use: Even if you have limited experience with cryptocurrencies, you can easily use BTCSwap to exchange bitcoins onto your VISA or MasterCard debit/credit card.
Available in 3 Major Currencies: BTCSwap transfers your bitcoins into USD, EUR, and RUB.
How Does BTCSwap Work?
Here’s the basic step by step process for transferring money with BTCSwap:
Step 1) You have bitcoin and you want to add it to your debit account or credit card in the form of cash, letting you pay for goods with the card or withdraw it from the ATM.
Step 2) You select your desired currency (BTCSwap currently accepts US Dollars, Euros, and the Russian Ruble).
Step 3) You enter your VISA/MasterCard payment information
Step 3) BTCSwap will generate a BTC deposit address for you. you send your BTCs to the generated address.
That’s it. Once the transaction has three bitcoin network confirmation, the funds will be sent to your credit card. There’s no email or singnup process required. There’s no need to enter bid or ask orders or mess around with a bitcoin exchange. There’s no friction.
Overall, BTCSwap wants to be the fastest, most private, and most convenient way to swap bitcoins to the currency you need, and deposit it onto your credit card.
Obviously, there are some red flags here. You should never send your credit card information over an unsecured internet connection, and you shouldn’t send your bitcoin to an anonymous third party. There are no guarantees BTCSwap won’t run away with your credit card information and your bitcoins.
BTCSwap claims to be based in the Jumeirah Lake Towers in Dubai, UAE. The company doesn’t provide a phone number or email address. The only contact information we have is this online form. There’s no additional information about the founders of BTCSwap, or who developed the platform. All we have is this address:
Tower BB-1, Mazaya Business Avenue
Jumeirah Lake Towers
Obviously, that’s not really an address: that’s just the location of a tower in Dubai.
The only other information we have about BTCSwap is the registration date. The domain was registered on March 15, 2017 to an anonymous individual.
Conclusion: Is BTCSwap a Scam?
BTCSwap has a number of red flags that convince us it’s a scam. First, the company is asking you to input credit card information into their website – despite the fact that the site doesn’t use HTTPS.
Second, there’s no contact information for the company, or further information about the developers. The website was just registered in March 2017 and lists a tower in Dubai as its address – but there’s no additional contact information. When you’re sending someone intimate payment details, you need to know these things.
Third, BTCSwap has a testimonials page where they use stock images to prove their platform is legitimate. These stock images are of real people, but the pictures have been stolen from other websites. The actual people have different names than what is listed in the testimonials.
Fourth, BTCSwap is asking a lot from users: it asks you to input your full credit card information and send bitcoin to their address. The website promises that it will deposit the money into your account, but there’s no guarantee. For all we know, BTCSwap will disappear with your credit card information and your bitcoins without a trace.
Ultimately, you should never input your credit card details into any website if it doesn’t use HTTPS. And you should absolutely not input your credit card details into a website that has as little information as BTCSwap. Unless the website gives us more information about itself in the near future, we’re forced to conclude this is a scam designed to steal your credit card information and your bitcoins.