Crypto Banks feedback - sygnum Amina Frick and such

[JohnnyDoe]

1% of AUM yearly?

Please wake up, it’s 2025 and you no longer need to subjugate to this kind of fraud.

Is it worth it?

Come on

 

[daniels27]

100% woth the money if you don't know how to spend it otherwise.

D

Thread 'Are Swiss banks expensive or not?'

Jan 3, 2025

dukascopy.bank sounds good. However, I see now, fees from assets 1.5% per year, is that serious? Then of course not acceptable.

Maintenance fee 1.5% per year (The maintenance fee (cumulative swap points) is charged monthly for the assets held in the previous month. The fee is calculated from the sum of the end-of-day balances of the investments' * (maintenance fee in % / 360).

Just put some cash there and don't do any trading.

• daniels27
• Replies: 17
• Forum: Offshore Bank & EMI Accounts

• 

 

[JackAlabama]

JB stands for Julius Baer I guess.

Bank Frick mentioned to me that "$5M is a lot", then declined a bit later. I also found them to be not polite / arrogant.

PinkCat, may I ask, how much do you pay to Sygnum? 1% of AUM yearly? Is it worth it?

the answer to this is. No, 1% is totally not worth it esp for higher numbers .

Imagine paying 50k yearly out of a 5M crypto holdings.

You can get top notch sec and still let others hold your keys for much much less than that (with fewer regulation and confiscation risks than at a bank). They can e.g. restrict withdrawal limits anytime for example due to some national emergency risk (e.g. you can "only" withdraw 10k a month, while still enough for the broad masses which dont earn more than that in the beginning, it would effectively ruin the 5M portfolio since you'd need 40 years to withdraw it) Especially in Eu, it happened and will happen again (and yes CH is regulatory wise a hidden part of EU as they follow all rules as of today). aka corralito.

Another risk is forced conversion and then letting inflation rip, making the 5M worth a few burgers, as political risks rise, banks are very unsafe.

Especially with crypto, no banks are needed.

 

[stronco]

sygnum

 

[JohnnyDoe]

sygnum

View attachment 8609

In a normal world they wouldn’t have a single client.
How can anyone even just consider such a joke of a bank?
Apart from those who need to take advantage of it for some reason

 

[Meta]

I think the situation is quite obvious. Access to banking is needed sometimes.

1) Mr Emil Klein born in Berlin, living in Berlin, working in Berlin for BMW, spending money in Berlin, would have no problems with it at all.
2) Mr Mohhamad Ali who left Afghanistan to live in Germany on student visa doing freelance work and got rich on crypto, wishing to buy real estate in Canada as investment, will have lots of problems.

Mr Ali will have to pay much higher fees to get what he wants.

I don't say it's fair, I hope crypto will make banks 100% obsolete (it may work in some simple cases by the way), but some people ARE in the second category. Don't see any reason to get agitated.

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Did you try to transfer 5M to them ?

I believe I was clear: they declined my application. I didn't transfer anything to them.