Here’s a step-by-step process to buy crypto with Swissquote, a leading online banking and financial services provider based in Switzerland. We explore the options and limitations of purchasing digital assets directly via Swissquote, as well as recommendations for alternative crypto exchanges to use alongside your Swissquote account.
Summary
While Swissquote offers robust cryptocurrency trading services, direct crypto purchases through the bank itself have restrictions. Swissquote’s tiered fee structure, which can reach 1% per transaction, and its 20% charge on staking rewards also reduce profitability for active cryptocurrency investors. As such, utilizing a separate low-cost exchange like Kraken in tandem with your Swissquote account enables more optimized crypto investing.
Swissquote’s Cryptocurrency Trading Options
Swissquote allows trading 35 top cryptocurrencies including Bitcoin, Ethereum, Litecoin, Ripple, Cardano and more. Users can access live market data, set buy and sell orders, and store holdings, though direct fiat purchases are restricted. Swissquote also enables crypto staking and lending via partnerships with custody providers like Coinbase and Crypto Finance.
Key Metrics:
- Global Rank: #28,449 – Swissquote’s website global rank has improved from #30,152 in October 2022 to #28,449 in December 2022.
- Country Rank: #148 in Switzerland It is ranked #148 among Swiss websites.
- Category Rank: #2 in Investing in Switzerland
- Total Visits in Last 3 Months: 1.5 million Swissquote received 1.5 million total visits across desktop and mobile in the last 3 months, a 5.79% increase over previous month.
- Bounce Rate: 25.81% Over a quarter of visitors leave the site after viewing just one page.
- Pages per Visit: 10.56 On average, visitors view 10.56 pages per visit.
- Average Visit Duration: 00:11:21 Visitors spend over 11 minutes on average when visiting Swissquote’s website.
- Gender Distribution: 67% male, 33% female Two-thirds of Swissquote’s audience is male.
- Peak Age Group: 45-54 years The 45-54 year old demographic comprises the biggest chunk of visitors at nearly 22%.
- Top Traffic Source: Direct at 74% Nearly three-fourths of Swissquote’s traffic comes directly through typing the URL, bookmarks or links rather than via search, referrals or other channels.
Can I Buy Crypto with Swissquote?
While Swissquote accommodates crypto trading, directly buying digital assets with fiat currency (CHF, EUR, USD etc.) through one’s Swissquote account alone faces constraints. Transactions are capped at 10,000 CHF daily, with a 50,000 CHF monthly limit. Swissquote also imposes a holding period before withdrawing or trading assets purchased via bank transfer. This restricts swift capital movement into more liquid crypto investments.
Step-by-Step Guide on How to Buy Crypto with Swissquote Account
To circumvent limitations on direct Swissquote crypto purchases, using the exchange Kraken in tandem is recommended. Below is a walkthrough:
Step 1: Open a Kraken account Visit https://www.kraken.com/signup to register and verify your identity.
Step 2: Deposit funds from the Swissquote account into Kraken Navigate to Kraken’s funding page and select deposit. Choose your currency, enter the desired amount, and follow the prompts to send money from your linked Swissquote account.
Step 3: Buy cryptocurrency. Use deposited funds to place buy orders on Kraken’s spot exchange for your chosen digital assets. Over 200 cryptocurrencies available.
Step 4: Withdraw to external wallet or Swissquote crypto account Transfer purchased crypto off Kraken into a secure wallet you control, or into your Swissquote crypto trading account.
What is Swissquote’s Stance on Cryptocurrency?
While supportive of crypto trading, Swissquote appears cautious regarding full direct integration of digital asset purchases and transactions into their banking services. Restrictions and limitations on using Swissquote accounts to directly buy cryptocurrencies signal risk and regulatory concerns. As such, a specialized exchange like Kraken better enables unfettered crypto investing.
What Should I Do If My Bank Doesn’t Allow Crypto?
For users whose banks forbid crypto transactions altogether, preliminary steps must be taken before linking to Kraken. Either set up a second bank account at a crypto-friendly institution, or utilize interim fiat transfer services supporting Swissquote compatibility. Once funds can flow into Kraken from the additional account or via transfer service, crypto investing may resume as outlined above.
Conclusion
This guide covered buying cryptocurrency through Swissquote and recommended the Kraken exchange as a more accessible alternative given Swissquote’s direct purchase restrictions. Take the time to understand your bank’s crypto transaction policies and utilize specialized platforms as needed to unlock the full potential of crypto investments. Education and risk management remain key in navigating this evolving landscape.
FAQ
Can I buy crypto directly through Swissquote?
Yes, but with restrictions. Direct purchases are capped at 10,000 CHF daily and 50,000 CHF monthly. Swissquote also imposes holding periods before assets can be withdrawn or traded.
What are Swissquote’s trading fees?
Swissquote starts with a 1% crypto transaction fee, scaling down to 0.5% for larger trades. They also charge a 20% fee on staking rewards.
Is Kraken a good Swissquote alternative?
Yes. Kraken offers lower average fees of 0.2%, more cryptocurrencies, and fewer purchase restrictions, making it suitable alongside Swissquote accounts for optimized crypto investing.
