Swan Platform Fee \ stacker news ~AskSN

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Swan Platform Fee

184 sats \ 27 comments \ @Bell_curve 13 Aug AskSN

25 bucks per month

They never told us

Anyone else use Swan?

Edit: I guess we can avoid the fee with auto withdrawal enabled. I guess I will find out in September

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47 sats \ 12 replies \ @BlokchainB 13 Aug

Hahahahah yup it’s true WTF swan! This is absolutely ridiculous

95 sats \ 1 reply \ @siggy47 21h

Imagine keeping 1 bitcoin on Swan😀

They have lost all credibility. Klippsten is a grifter.

47 sats \ 0 replies \ @BlokchainB 20h

Hahahaha

96 sats \ 5 replies \ @_stacktoshi 14 Aug

This must be for the Vault (multisig) product, which Unchained charges $250/yr for. Their original service is still free if you auto-withdraw, which is the only reason many went with Swan to begin with. They're bitcoin only and they encourage self-custody. Where did you clip that from?

11 sats \ 4 replies \ @BlokchainB 14 Aug

App start up

11 sats \ 3 replies \ @_stacktoshi 14 Aug

Just updated iOS version and didn't see it. I'll definitely close my account if they start charging people without their knowledge.

I don't think Swan's a bad company. They've just made some bad decisions choosing partners, afaik.

79 sats \ 1 reply \ @Bell_curve OP 22h

They seem disorganized. Strategically what is their unique selling proposition?

Maybe I should ditch them for River and Strike?

I have never had a problem with River.

Occasionally I send messages to support at strike because of an exchange rate discrepancy. Once they double charged me for a single deposit. That took 10 days to resolve. Fortunately no major issues since

11 sats \ 0 replies \ @BlokchainB 20h

Very disorganized. They lost a lot of customers by fooling around.

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92 sats \ 0 replies \ @Bell_curve OP 14 Aug

apparently they sent an email with the new fee structure but I don't remember receiving this email in June or whenever

78 sats \ 2 replies \ @Bell_curve OP 22h

This is Swan Private access

33 sats \ 1 reply \ @BlokchainB 20h

Yeah but to avoid the fee you need to be a swan vault customer and turn on auto withdrawals or be swan private and open an IRA or have 1 BTC with them

I think they are desperate to raise revenues to command a higher valuation. They were trying to IPO right around the time they sued tether. Plus I got a feeling they are trying to compete with Unchained who clearly targets a higher net worth customer

75 sats \ 0 replies \ @Bell_curve OP 16h

They can’t compete with Unchained because it’s a completely different business imo

0 sats \ 0 replies \ @Bell_curve OP 8h

ChatGPT…

Yes — Swan’s own announcement says you can opt out of Swan Private entirely.

If you do nothing and stay in Swan Private after July 1, 2025, you will be charged $25/month, unless you meet one of the fee-waiver conditions (Swan IRA, Swan Vault, or ≥1 BTC in Swan Safe).

If you opt out: • You drop down to the Swan Premium tier, which has no monthly platform fee. • You’ll lose the dedicated advisor, priority support, and concierge-style service that Swan Private offers. • Your core account features, custody, and purchase capabilities remain intact.

It is basically a downgrade from “white-glove” to “self-service,” but avoids the $25 monthly charge.

If you want, I can give you the exact steps in your Swan dashboard to switch from Private to Premium before the fee kicks in.

92 sats \ 2 replies \ @byzantine 13 Aug

so many better options than swan

just dump them for any other exchange

0 sats \ 0 replies \ @Bell_curve OP 22h

Maybe I should play around with Kraken

0 sats \ 0 replies \ @Bell_curve OP 14 Aug

River is Swan like

124 sats \ 0 replies \ @Bell_curve OP 13 Aug

@BlokchainB @siggy47

11 sats \ 3 replies \ @siggy47 13 Aug

Swan banned me from withdrawing for some reason two years ago. I forget the details. I did finally manage to free my bitcoin. Then they stopped accepting NY resident accounts. A few months ago they sent me a friendly note saying that I could still buy bitcoin, but withdrawals are barred in my state.

I guess my account with zero balance still exists, but I will never use them again.

58 sats \ 0 replies \ @ryu 22h

Can't blame you for that at all.

36 sats \ 1 reply \ @Bell_curve OP 22h

I know you have answered this question before. What are KYC options in NY? River? Kraken?

One thing I should have learned about Swan is ignore their calls to action such as signing their new rushed terms and conditions because their compliance team is playing catch up

11 sats \ 0 replies \ @siggy47 21h

I haven't checked for a while. It feels good to be out of that world. I think only coinbase and Gemini have a bit license.

11 sats \ 1 reply \ @BlokchainB 13 Aug

Yeah they are trying to sweep all customers into their swan vault product and charge you 3 basis points for holding your UTXOs for you. Guess it make sense I know most savvy bitcoiners wait to hit a certain UTXO threshold before withdrawing

87 sats \ 0 replies \ @Bell_curve OP 22h

The Swan Private access is bs. Apparently I signed up for it in July when I accepted new terms and conditions. Once a year swan 🦢 sends this email. I am very close to closing my account. Maybe I will do nothing. Maybe I will lock my account.

11 sats \ 2 replies \ @_stacktoshi 14 Aug

This is what I got back in June:

0 sats \ 0 replies \ @Bell_curve OP 22h

But they don’t mention Swan Private which I accidentally opted into for 25 bucks per month

0 sats \ 0 replies \ @Bell_curve OP 14 Aug

I must have ignored this email

11 sats \ 0 replies \ @BlokchainB 13 Aug

Are you serious? Let me check my app