Swissquote, a Swiss online bank, has launched bitcoin trading on its trading platform. From July 14, Swissquote clients will be able to exchange euros or dollars into bitcoins through their Swissquote trading account.
Partnership with Bitstamp
In order to launch this offer, Swissquote entered into cooperation with Luxembourg-based Bitstamp. The Swiss company has emphasized that Bitstamp is the first and only licensed Bitcoin exchange operating in the EU. The role of the Bitstamp is to provide pricing data and execute Bitcoin transactions for Swissquote customers.
“Many investors are interested in cryptocurrencies, but are afraid to trade them, because the players in this market are mostly little-known, and they often require the transfer of funds to a foreign account. As a Swiss bank, we offer our clients a simplified, transparent process, without foreign transfers, that is within the reach of everybody,” said Marc Bürki, CEO of Swissquote.
“This is our first foray into the world of bitcoin, and so we wanted to work with a partner we could rely on. Bitstamp’s focus on regulation and compliance, as well as its payment institution license, made it the standout choice for our needs,” explained Mr. Bürki.
The minimum transaction is set at 5 euros or $5 and the maximum can be $100,000 or 100,000 euros. Considering fees, they range between 0.5 and 1%, depending on the total invested.
There is no leverage, therefore it is not possible to lose more than the invested amount.
Swissquote is a forex brokerage with a market maker model which started its operations back in 1996. The broker is regulated by the Swiss Financial Market Supervisory Authority, and it has offices in Zurich, Bern, Malta and Dubai.
There are three account types at Swissquote – Standard, Premium and Prime account. A demo account is also available, but they all automatically expire after 30 day. One of the best features that Swissquote has is its learning center, where it provides fundamental knowledge that every trader should have.