Swan and River – An Unbiased Review of Two Leading Bitcoin Platforms
With crypto exchanges catching the attention of regulators around the globe, there’s never been a better time to consider a Bitcoin-only broker for your sat-stacking plans. Two such platforms that sport this label are Swan Bitcoin and River.
Let’s see how these platforms have been carefully designed to put you, the user, first.
Keep It Focused, Keep It Bitcoin
Bitcoin Candor has partnered up with these two world-class Bitcoin service providers, and it’s our goal to provide you with an unbiased, helpful review of these platforms. Both sites have unique features and while we encourage you to try both, it’s possible that one may be more fitting for your needs than the other. And that’s great. The more Bitcoin companies onboarding new users, providing seamless experiences and reliable customer service, the better.
Both of these providers position themselves as Bitcoin-only. A Bitcoin, not crypto approach is important to you for multiple reasons. Crypto exchanges are in the crosshairs of regulators around the world, not only due to their questionable business practices, but also due to the nature of the assets supported on their sites. With the launch of each new coin or token comes additional risks. Exchanges must run dedicated hardware and allocate sufficient network bandwidth to support all those projects. An army of in-house engineers are required to maintain dozens of different protocols. Cryptocurrencies far more volatile than bitcoin bring additional economic woes to an exchange’s business model. All these aspects ultimately add up to higher fees and less specialized customer support.
As you continue on your Bitcoin journey, we want your experience to be as smooth as possible. From bank connectivity to on-chain withdrawals, educational content and customer support, investing in bitcoin should be as smooth as a swan gliding down a river.
Now, with that terrible pun out the way, let’s learn more about Swan and River.
At-a-Glance Comparison
Company Profiles
River is a Bitcoin-only financial services company led by Alexander Leishman. Based in Columbus, OH, River is licensed to operate in 48 states, excluding NY and NV. River’s goal is to accelerate the adoption of Bitcoin as a medium of exchange and unit of account by helping people easily purchase BTC with the lowest fees in the industry. River’s priorities are security, simplicity, and providing excellent service to their clients.
California-based Swan Bitcoin is a Bitcoin-only platform led by Cory Klippsten. Swan’s goal is to onboard the next 10 million Bitcoin users. To help them achieve this, their platform layout is simple, easy to navigate, yet also packed full of useful resources and supported by institutional grade security. Their services are available in 45 states, as well as more than 100 other countries.
Both platforms are well equipped to cater for retail customers, institutions and high net worth individuals. They offer many similar services yet also have a few unique proposals which we will cover further on in this article.
Bitcoin Services
Both Swan and River position themselves as user-friendly, Bitcoin-only financial platforms.
Swan
Swan Bitcoin makes it very simple for users to sign up, link their bank account and get straight to dollar-cost averaging (DCA) into bitcoin. The DCA options are flexible, offering users the possibility to choose between daily, weekly, or monthly schedules. An instant purchase option is also available. Automation can be taken a step further, with Swan’s auto-withdrawal function sending bitcoin directly into your self-hosted wallet. As Lyn Alden wrote on her site, Swan is not a crypto exchange but a bitcoin-only accumulation platform.
In line with their simplified approach, Swan has a straightforward fee policy: 0.99% fees, no additional spread, and free and automatic bitcoin withdrawals. Note that at the time of writing, withdrawals are limited to Bitcoin’s main network and Lightning withdrawals are not supported. Users who are not ready to withdraw their sats directly to self-custody can opt in for Swan’s free institutional-grade custodian service, more on that in the Security section below.
The focus at Swan is to help users grasp the advantages of holding Bitcoin over longer timeframes. This philosophy is complemented by their Swan Bitcoin IRA program. Unlike other retirement programs that deal with “paper bitcoin”, this tax-advantaged program ensures that your future is backed by the real thing. Swan offers both traditional and Roth IRAs. Customers can contribute directly, roll over a previous 401k, or transfer funds from another provider.
Customers wishing to transact with higher amounts may want to take a look at the Swan Private program, a tailor made solution to fit the needs of high net worth individuals, family offices, and businesses looking to incorporate bitcoin into their strategy. Private clients have a dedicated Bitcoin advisor to help every step of the way. Swan Private also includes exclusive events and premium research.
Other offerings include Swan Business and Swan Advisor Services. The Business program provides Bitcoin services to business entities, offering onboarding as quick as 1-2 days. Swan’s Advisor service is an excellent Bitcoin platform for Financial Advisors.
Finally, good education is key to onboarding new customers and this is something that Swan Bitcoin excels at. Their Bitcoin Canon is an excellent resource of curated thematic collections of the best Bitcoin educational content. In addition to this, the Swan Signal blog provides regular updates, commentary and opinions on all things Bitcoin.
River
Just like Swan, River has a simple signup procedure and enables users to link their bank accounts to the platform. Getting funds onto the site can be achieved either by an Automated Clearing House (ACH) transaction, wire transfer or bitcoin deposit. The team at River wrote up an excellent article that details how the money flows are orchestrated: How Your Bitcoin Flows Through River.
The maximum limit for bitcoin purchases per order is $100,000 for ACH transactions and $1 million for cash balance transactions. Businesses, institutions or high net worth individuals looking to deploy larger sums can get in touch with the River Private Client team.
River has an attractive offering of zero fees when you dollar-cost average. Outside of this offer, fees can vary between 0.8% – 1.2%, depending on order size. River applies a spread cost to their trades, although they work with several high-quality over-the-counter (OTC) desks to ensure their clients get the best price possible. Bitcoin withdrawals are subject to network fees. Unlike Swan however, River does support withdrawals to and deposits from the Lightning Network.
River does not have an in-house retirement plan like Swan but they do offer another interesting service for long-term holders. River Inheritance provides peace of mind for those concerned about the allocation of their bitcoin holdings once they pass away. River’s inheritance program operates on transfer-on-death (ToD) agreements. To quote their blog: “River Inheritance beneficiary plans, also known as transfer-on-death (ToD) agreements, typically supersede wills and trusts. This reduces the likelihood of expensive and invasive legal processes such as probate. A ToD agreement also reduces the likelihood of having to sell your Bitcoin and transfer USD to your beneficiaries . . .”
Another feature unique to River is River Mining. Users interested in mining their own bitcoin can participate in River’s dedicated, US-hosted mining pools and earn daily rewards directly within their account. After purchasing the equipment, River’s team of experts will look after the hosting, servicing, and maintenance of the gear, ensuring a hassle-free way to contribute to Bitcoin’s hash rate.
Bitcoin Security
Both platforms take security very seriously and apply a variety of techniques to ensure the safety of customer funds and data.
River holds customer funds within their own infrastructure. To do this, they utilize multi-signature wallets with geographically separated keys and keep the majority of customer funds in cold storage (approximately 98%). Customer accounts are bolstered by multi-factor authentication. Data (including passwords) is heavily encrypted.
Swan Bitcoin approaches custody from a different angle. Instead of opting for in-house custody, Swan has partnered with qualified custodians BitGo Trust Company and Fortress Trust. Like River, Swan adheres to relevant industry standards when it comes to multifactor authentication, encryption and cold storage practices.
Custody on both platforms is of course optional, allowing new users the time and space they need to understand the intricacies of Bitcoin security, such as securing their own seed phrases. By being Bitcoin-only companies, Swan and River can both focus on making their businesses as secure as possible, without the distractions and baggage of the chaotic crypto ecosystem.
Customer Support
The Swan FAQ section on the Swan Bitcoin site covers everything a new user would need to know about getting up and running on their platform. Additional support is also provided via email or phone (during office hours). That being said, the Swan team have put extensive time and effort into their various blog posts and Bitcoin Canon entries, so make sure to consult these resources first as you may be surprised what you’ll learn along the way.
The River Help Center is the best place to go when looking for help on the River platform. The help sections are divided between River basics, account management, brokerage and River mining topics. Customer support is on hand to answer additional questions via email and phone (during office hours). Like Swan, River also provides plenty of resources and guides for users to learn more, such as the beginner-friendly Bitcoin Learning Center or the more advanced Intelligence reports that cover market insights and engineering developments.
What the Platforms Have to Say
So far, we’ve done our best to round up an unbiased overview of each platform’s features and benefits. Now let’s get straight to the source:
“Swan is a Bitcoin-only financial services company making it easy for anyone to buy Bitcoin. Our mission is to onboard the next 10 million Bitcoiners. We pride ourselves on the best client service in the industry. Not only do we invest heavily in free Bitcoin education, but we also have a team of Bitcoin specialists ready to answer your questions by phone or email.”
Brandon Quittem | Head of Marketing, Swan Personal
“River is a client-first company that focuses on security, innovative Bitcoin products, and exceptional service. We offer zero-fee dollar-cost averaging on Bitcoin, 100% reserve custody (though we actively encourage self-custody), and offer hosted Bitcoin mining and Lightning products.”
Reid Paulson | Senior Marketing Manager, River
The Wrap Up
Enter the Swan website and it’s clear to see that their approach is to make things as simple as possible for users: Buy bitcoin and save for the long term. This is emphasized by their in-house Swan Bitcoin IRA program. Education plays an important role on the site, and their Down the Rabbit hole series will have you locked to your screen for hours, if not days.
River has an excellent learning program which covers all the critical components of Bitcoin. Given the fact that they integrate with the Lightning network, this is a good place to go for users wishing to try their hand at more advanced Bitcoin features.
Both sites are easy to navigate and provide plenty of options for US citizens to sign up and get stacking. Those of you outside of the US will only be able to access Swan’s services, although River does serve slightly more US jurisdictions. The fees are similar, security is high, both have extensive educational platforms. Swan has an IRA program, River has inheritance and mining. Our advice? Try them both out!
River signup (earn up to $10,000 in bitcoin)
Swan Bitcoin signup (receive $10 in free bitcoin upon signup, no purchase necessary)
Get Yan Pritzker’s free book: Inventing Bitcoin
We hope this review was helpful to you and we encourage you to try out both platforms to see which one suits your needs best. A big thanks to both Swan Bitcoin and River for being great partners. We couldn’t be happier with these two trusted Bitcoin service providers, and we know you will be too.
We’re excited to have you join us on this journey and we look forward to helping you understand the true appeal of Bitcoin and all the freedom it can bring with it. Our partners and resources include affiliate relationships with companies we trust and believe in, to ensure that you have the best experience possible. Thank you for choosing our website as your go-to resource for all things Bitcoin.
