Biggest online trading and banking group of Switzerland, Swissquote will now be supporting the trading of various cryptocurrencies. The user from now will be allowed to credit, trade, and withdraw cryptocurrencies on the platform. The user can also transfer digital currencies from exterior wallets to account of Swissquote, and vice versa is also applicable.
Customer will get the opportunity to trade through Swissquote, SA, the Group Holding, is a banking group of Switzerland. The national stock exchange of Switzerland also lists Swissquote under SQN ticker.
Although Swissquote had already started accepting Bitcoin back in 2017, later in 2018, the bank added three major cryptos to its platform, namely Bitcoin Cash, Ripple, and Litecoin. After this addition, the profit of the bank surged by 44% by the end of 2018. Now, the company has undergone an association with Crypto Storage AG to provide the new service.
After Seychelles, Switzerland is the second country to register a company with a national stock exchange for the trading of cryptocurrencies.
Presently the customer can deposit more than or equal to 500 CHF for that they don’t have to pay any fees. But for the withdrawal, the platform will charge 10 USD and 1% fee for trading. Transaction fees are announced only for Bitcoin and Ethereum for other digital currencies the platform is yet to announce the prices. The platform has decided to charge the trading fee only for the transaction of 5-10000 CHF. Previously the platform had planned to start their trading service in March this year, but it got delayed.
The website of Swissquote says it is a pity to limit the investment of a person to a single mode in the fast-growing world of cryptocurrencies. So, they have decided to offer the trading and transfer of cryptocurrencies on their platform.
Switzerland has at all times been a pioneer in accepting innovation. They are the first nation to accept digital currencies at the national level. Even they are among the first few countries to draft clear guidelines to get a license for a fintech startup.