swissquote for personal crypto cashout

[PinkCat]

They only allow transfers from accounts that have the same name. You wouldn't be able to send from Kraken to SQ.

wow what kind of bank is that then?

 

[TheCryptoAnt]

wow what kind of bank is that then?

none, they are an investment platform.
Not a transactional bank

 

[Forester]

none, they are an investment platform.
Not a transactional bank

Exactly. The fact that they possess the banking licence does not imply this. For example, a lot of / some private banks are just for a wealth management and they also do not like to be used as transactional banks (they usually do not forbid it explicitly but at least the fees are totally prohibitive ).

 

[Dreamy]

As I know SQ support crypto, so maybe it's possible to make account in SQ and send them crypto from a cold wallet directly? And after for example, change it to EUR, buy some stocks/bonds/fund in SQ platform and just stay with them. Get dividends and so on, so use them like any kind of broker. BUT first funds will be from cold own crypto wallet.

 

[meze99]

Their KYC is very strict for crypto deposits. You should ask them in advance to examine your SoF or make a small deposit first (the amount you can afford to loose)

 

[Dreamy]

Their KYC is very strict for crypto deposits. You should ask them in advance to examine your SoF or make a small deposit first (the amount you can afford to loose)

So the better is to discuss with them everything before opening account you think?

 

[meze99]

I would call them first and ask if they can accept me as a client

 

[zaybxc]

Their KYC is very strict for crypto deposits. You should ask them in advance to examine your SoF or make a small deposit first (the amount you can afford to loose)

Why do you have to lose a (small) amount?
Isn't it just ok for SQ to verify your crypto-wallet address signing a unique message provided by them?
That way they can be sure you control that crypto-wallet address.

I've been looking into it and the only advantage I found over an exchange (Binance, Kraken, etc.) is that banks accept transfer from SQ: is it because they have a banking license?
Do you see any other advantage for someone only interested in cashing out?

 

[JackAlabama]

Why do you have to lose a (small) amount?
Isn't it just ok for SQ to verify your crypto-wallet address signing a unique message provided by them?

No, its how you got it.

That way they can be sure you control that crypto-wallet address.

I've been looking into it and the only advantage I found over an exchange (Binance, Kraken, etc.) is that banks accept transfer from SQ: is it because they have a banking license?
Do you see any other advantage for someone only interested in cashing out?

 

[zaybxc]

No, its how you got it.

Have you opened an account with Swissquote?

 

[Dreamy]

So as I understood, this is not good idea to use SQ for crypto -> stocks?

 

[jafo]

Easiest option for you is that you go to Italy and open a bank account there

If you don't mind me asking: Why Italy?

PS. I do have an account in Italy since 2001. I only use it when I spend weekends there.

 

[JohnnyDoe]

If you don't mind me asking: Why Italy?

I don't remember too old thread. Probably the guy was talking to me in private about Italy.

 

[Checkmelater]

Any news please ?

 

[PinkCat]

yeah also would like to know if its ok to just wire to swissquote from crypto exchange and immediatelly (or soonish) wire out to different destination without using their brokerage functions..

 

[csp dubai]

who is correspondent of kigdombank

 

[RobertNozick]

yeah also would like to know if its ok to just wire to swissquote from crypto exchange and immediatelly (or soonish) wire out to different destination without using their brokerage functions..

Did you try?

 

[RobertNozick]

Any update on this? Is SQ still a viable solution to cashout big amounts of crypto?

 

[myself]

Any update on this? Is SQ still a viable solution to cashout big amounts of crypto?

I've not tried yet.

 

[PinkCat]

I've not tried either