Swan Bitcoin Review 2024: How I Got Scammed
Swan Bitcoin is one of the cheapest ways to invest in Bitcoin on a recurring basis with lower fees than other crypto exchanges. However, I learned the hard way by trusting them and got scammed out of 5+ referral rewards when the company closed my account for no apparent reason.
The old say “You get what you pay for” rings true and I want to share my personal experience using Swan Bitcoin to warn others crypto investors of the risks when using an unregulated third party crypto app.
How Swan Bitcoin Scammed Me and Closed My Account
I signed up for a Swan Bitcoin account to test out their platform and earn referral commissions for signups. The company lets you purchase Bitcoin for extremely low fees but doesn’t have a ton of users like other crypto exchanges.
Nonetheless, I created an account and made a small $10 purchase to see how it works. Luckily, I didn’t put a ton of money in my Swan Bitcoin account because my account was closed without warning by Swan Bitcoin’s customer support.
Why was my Swan Bitcoin account closed? The company didn’t give me an exact reason because the email looks like it was AI generated. However, Swan Bitcoin reserves the right to cancel your account for ANY reason so I wouldn’t recommend leaving any of your Bitcoin on their platform.
This isn’t the first time I’ve lost a crypto account since my Voyager and BlockFI accounts got wiped out when both companies filed for bankruptcy.
I had referred around 5 to 7 people to Swan Bitcoin when my account was closed and never got a chance to withdrawal my BTC reward for sending the company customers.
Like it or not, Swan Bitcoin is a scam company that can close your account for any reason and you will lose access to your Bitcoin if you leave it on their platform.
Swan Bitcoin Alternatives
I cannot recommend Swan Bitcoin anymore although I notice many crypto influencers on Youtube and X using their platform. I got burned one and don’t want it to happen to any of my loyal readers.
Here are a couple of Swan Bitcoin alternatives that I’ve used without an issues:
- Coinbase
- Kraken
- Binance
If you are a United States citizen, then I highly recommend using Coinbase even though you will pay more in Bitcoin transaction fees. Coinbase is a publicly traded company on the NASDAQ with over 100 million verified users.
Swan Bitcoin is a private company that doesn’t have to report AUM or financials to the SEC. They have the power to close your account at any time and steal your Bitcoin.
Final Verdict: Stay Away from Swan Bitcoin
Cheaper isn’t necessarily better and you want 100% honesty and transparency whenever you invest in Bitcoin. I thought Swan Bitcoin was a trustworthy company but boy was I wrong.
