Today, we are excited to share a preview of the all-new Switcheo Account!
Simple Login Process
Very soon, traders will be able to use Switcheo Account to trade on Switcheo Exchange using a very familiar email and password login system.
New users will be presented with a familiar login or sign-up screen, while also being given an option to use their existing cryptocurrency wallets.
If the Switcheo Account option is used, users will be able to trade on all chains without requiring separate wallet and software for each of the blockchains. This will dramatically reduce friction and onboarding dropoff rate for potential traders.
Switcheo Account will also come with a 2FA system for extra security. We’ll be publishing a technical article from our engineering team describing the steps taken to ensure users’ wallets and funds remain secure at all times.
Effortless, Seamless Transfers From Anywhere and Everywhere
Switcheo Account also will completely abstract away the complexity of blockchain wallets and smart contracts from users.
Users will now be able to deposit and withdraw from their Switcheo Account in exactly the same way as a centralized exchange, reducing friction for less experienced users.
Switcheo Account users will also not have to understand or manage the transfer of funds between contract and wallet balances. This will instead be automatically executed by the Switcheo Exchange web application (UI client) in an extremely seamless fashion.
We hope this new flow will be very attractive to newer cryptocurrency users, while not compromising on our non-custodian aspects (read on)!
You Are in Control
When users create a new Switcheo Account, they actually create a multi-chain wallet using mnemonic phrases, which is then encrypted using state-of-the-art technology and procedures (described in our upcoming engineering article).
Since Switcheo Account details are encrypted on the client-side before being transmitted, Switcheo is never able to access users’ wallets.
In this way, users retain custody of their funds in a secure manner, without needing an in-depth understanding about the underlying wallets and blockchains!
Once the user gains familiarity with the trading system and the underlying blockchain ecosystem, they may choose to eject their wallets down the road, interfacing with the exchange directly from their wallets instead.
Finally, even if Switcheo Exchange ceases to exist, users can be confident that all funds are recoverable with only their backup phrases.
“Users may have coins on other platforms that they wish to trade on Switcheo Exchange. Onboarding can then become a hassle when it involves the creation of third-party wallet for just a few quick trades.
With Switcheo Account, trading on a DEX will be as simple as it is on a centralized exchange, while still ensuring that you have full custody of your funds.”
— Ivan Poon, CEO, Switcheo Network
We trust you are as excited as we are on the upcoming launch of Switcheo Account! Remember to and subscribe to our newsletter for the latest updates!
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