Interested in Swissquote account for crypto- what are people's experience with this? Has anyone tried depositing BTC from personal wallet to Swissquote and exchanging it to fiat?
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Cashing out bitcoin through Swissquote
- Thread starter nomad999
- Start date
Yes you can deposit and withdraw cryptocurrencies in your Swissquote account. FAQ about Cryptocurrencies, Bitcoin and other Crypto-Assets | Swissquote
But I perceive that deposits are especially for those who want to give Swissquote to safeguard their cryptocurrencies.
If you use their services only for the purpose of exchanging to fiat, you may have a problem, in that case it is better to use bitstamp and withdraw from bitstamp to swissquote.
Bitstamp and coinbase is the exchange that provides liquidity to Swissquote.
I opened with Internaxx LU (currently SQ LU), I guess the documentation should be similar:
- application form, sign it, date it and mention the place where it was signed. Collect the required documentation as follows:
· High quality passport copy including the photo, signature and personal information page(s).
· Proof of residential address - A utility bill showing your name, residential address and dated in the past six months.
· Proof of employment (Origin of the funds to be invested)
· Additional Client Information
- business licence copy, company bank statements for self employed, personal bank statements
| Transaction amount (EUR or currency equivalent) | Fees (%) |
|---|---|
| 25 - 10'000 | 1% |
| 10'001 - 50'000 | 0.75% |
| 50'001 - 500'000 | 0.5% |
But you can't deposit or withdraw BTC. It seems to me like a pure investment which you can only buy and sell via SQ LU.
With Swissquote UAE that opens you the Account with Swissquote Bank Switzerland you can deposit and withdraw BTC and ETH directly - so it's not like you can't invest in real BTC/ETH like with PayPal or Revolut.
They even accept withdraws from US/UK regulated Exchanges like Kraken and Bitstamp - however the KYC is quite extensive at a certain amount - in other words everything starting from 100k$ is considered by them quite a lot.
They even accept withdraws from US/UK regulated Exchanges like Kraken and Bitstamp - however the KYC is quite extensive at a certain amount - in other words everything starting from 100k$ is considered by them quite a lot.
Swissquote CH also allows deposit and withdrawal of BTC and some other cryptos.
I made a deposit in BTC from a regulated exchange for around 20k USD and they wanted to see proof that I was the owner of the account. They asked for a screenshot of a page on the exchange's website showing my personal details. Since my exchange hides personal details for security reasons, I had to request a letter of good standing from my account manager.
For higher amounts you should be prepared to provide more details such as your trading/ledger history, income proof, tax return.
You may also be required to fill out the DDQ-IDA form. (Due Diligence Questionnaire for Investors in Digital Assets). This form asks you about your history/background with crypto, total and origin of fiat you have invested in crypto, description of current holdings, list of brokers/platforms used to acquire/trade/sell/transfer crypto, list your main public addresses, etc. They ask to attach any relevant documents, screenshots, trade/deposit history, to support the responses.
I made a deposit in BTC from a regulated exchange for around 20k USD and they wanted to see proof that I was the owner of the account. They asked for a screenshot of a page on the exchange's website showing my personal details. Since my exchange hides personal details for security reasons, I had to request a letter of good standing from my account manager.
For higher amounts you should be prepared to provide more details such as your trading/ledger history, income proof, tax return.
You may also be required to fill out the DDQ-IDA form. (Due Diligence Questionnaire for Investors in Digital Assets). This form asks you about your history/background with crypto, total and origin of fiat you have invested in crypto, description of current holdings, list of brokers/platforms used to acquire/trade/sell/transfer crypto, list your main public addresses, etc. They ask to attach any relevant documents, screenshots, trade/deposit history, to support the responses.
Say you only use SQ to cash out crypto gains from Kraken, is SQ at risk of closing your account if they don't collect fees from you never using their own trading services ? Is there a reccomendation of good practice to keep using them as bank account ? I know Saxo or Dukascopy expect you to use their accounts for trading purposes in mind
Makes sense and for sure it helps that they consider you a good client however have never heard from clients they got the account closed and it makes sense as well.
They don't have any risk taking your money if you can provide paperwork and when you see it's working fine with them the possibility is there that you start using some of there products maybe Stocks or ETF's as well.
But of course it's a bank who actually wants to earn money - I know for Institutional Accounts they definitely want you to use there products as the compliance costs are much higher compared to Retail Accounts.
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