Switcheo is a non-custodian, decentralized cryptocurrency exchange that facilitates P2P transfers of a wide range of digital assets. The venue is situated in Singapore and went live in January 2018. Switcheo is operated by the Switcheo Exchange Pte. Ltd., a Singapore-incorporated company. The exchange was founded by Ivan Poon, Henry Chua, and Jack Yeu. The team of founders has a solid background in technology companies holding higher management positions (mostly CTO) at organizations like Payboy, Conjur Technologies, Kloudsec, GuestSense, Bumbox, etc. Together, they have created a diverse team of industry professionals and even attracted individuals with academic and research experience. Aside from their full-time team, Switcheo have surrounded themselves with experienced advisors, including founders and directors at organizations like Taylor Vinters Via, Bolt and NEO Global Capital. In fact, Switcheo has earned the trust of NEO Global Capital, the company behind the NEO project, which backs and partners with the exchange from day one.
The Switcheo team has delivered a very clean and concise whitepaper, explaining why they have chosen a decentralized model for their trading venue. Aside from that, they explain the limitations of the current decentralized exchanges and define clearly how they intend to overcome them. The team describes the project as “the first decentralized exchange on the NEO blockchain” that allows trading of Ethereum, NEO and EOS tokens. As their primary goal, the Switcheo team point out achieving a “DEX network with cross-chain swapping capabilities across popular blockchains.” Or simply put – they aim at providing safe trading experience in a trustless, decentralized environment.
Alongside with the exchange service, Switcheo has issued its token, called Switcheo Token (SWTH). SWTH is used as a mechanism for rewarding market makers that have their trades matched on the exchange. The token’s benefits for traders come in the form of discounts on trading fees.
When it comes to security, Switcheo employs standard measures such as two-factor authentication and account backup (useful to download for account restoration purposes). However, it goes beyond that and adds an additional layer of protection by adding web features such as CAA records (increases the complexity of a potential attack with a valid certificate and restricts the issuance of SSL certificates to certain risky authorities), an extension to the DNS protocol, called DNSSEC, and a standard extended validation EV SSL. Aside from that, Switcheo provides useful information for its users on how to protect their data (the exchange itself explicitly emphasizes that it does not store any user data or confidential information). Another example of how much the team cares for its clients’ security is an article that came out a few days after the DNS attack against MyEtherWallet (MEW) that took place on April 24th, 2018 when more than $150k worth of ETH was lost. Due to the similarities in the way users log in MEW and Switcheo, Ivan Poon, CEO of the exchange, came out with a blog post with useful security pieces of advice.
The fact that Switcheo is a decentralized exchange, which means that anyone can use it without having to go through a KYC (Know-Your-Customer) process, contributes to its progressively growing popularity. At the time of this writing, Switcheo highlights that it is trusted by more than 34 800 traders around the world.
Switcheo has managed to build an active community via its official communication channels that its 24/7 support (valid for Telegram) uses to address clients’ issues or promote news and updates. In fact, Switcheo’s online reputation is very positive. It is hard to find negative reviews about the exchange which sets high expectations of its future development
At the time of this writing, the exchange hasn’t been a subject of hacker attacks.Read More