Frequently asked Questions
When cashing out ETN for fiat, how long does it take to receive the proceeds of that transaction?
It generally takes between 24 to 48 hours to receive fiat currency into your bank account.
How long does it take to receive ETN when purchasing?
Customers will typically receive their ETN within an hour after the fiat currency is received by Switchacoin.
How or when is the price of ETN fixed for a transaction?
The price is fixed at the time of the transaction, at which point the customer has 5 minutes to send the ETN to Switchacoin's wallet. The moment the ETN is sent by the customer, the Electroneum instant payment system confirms the payment has been made and the contract becomes valid.
Is the Switchacoin platform compatible with the ETN app?
When a customer sells their ETN, they will receive a QR code which they can scan using the ETN app.
Do I need to go through an ID verification process?
Customers who plan to send ETN to a third-party wallet will need to go through an ID verification process. Switchacoin will only send ETN to an Electroneum wallet generated through Electroneum unless the customer gets verified. The verification process is very straight forward and it is just a case of uploading a few ID documents
How are wallet addresses confirmed to be valid?
There is an API validation that confirms that the wallet is the customer's valid wallet created from within the Electroneum app
Do I have to go through KYC/AML in order to use Switchacoin?
Only if more than 150 Euro per month is traded or a third party Electroneum wallet is used.
Is a bank account required to sign up and use Switchacoin?
If a customer sells ETN for a fiat currency they will require a bank account in their name to receive the fiat currency.
Are there any fees in connection with use of the platform?
There are no fees. The amount displayed is the amount received by the customer