Are you interested in learning more about Swissborg and how it stacks up against other cryptocurrency exchanges? Look no further! Our unbiased review of Swissborg covers everything from user experience to trading fees, providing you with all the information you need to make an informed decision. Keep reading to discover the pros and cons of this popular exchange.
Swissborg is a Swiss-based (hard to guess) cryptocurrency exchange and wealth management platform that was founded in 2017 by Anthony Lesoismer and Cyrus Fazel. The company is headquartered in Lausanne, Switzerland, and has over 200 employees.
Swissborg is available in over 50 countries around the world, with a footprint in Africa, Europe, Asia, North & South America. However, restricted countries include the US, Turkey, and many others.
Swissborg aims to cater to beginners with a modern and user-friendly mobile app, designed to make buying and selling cryptocurrencies more accessible and user-friendly.
The exchange has a user base of over 700,000 users across Europe and is only available on Android and IOS, where it has accumulated over 500,000 downloads and a solid 4.3-star rating.
Swissborg Signup & KYC
To begin using Swissborg, users must first download the app on either Android or IOS. One the app has been downloaded, users must first verify their phone number and follow that up by creating a 4 digit passcode.
Once the signup is complete, users must pass through the KYC process by providing personal details, email, residential address, identity verification and answering a questionnaire.
Swissborg is an exchange that requires KYC for all users and it's not possible to access any services on the app without being verified. As such the signup process on Swissborg is more lengthy than most other exchanges with verification times that can take up to a few hours.
Swissborg Products & Services
Swissborg offers a more limited selection of product to its users compared to other exchanges. However, it does provide users with the ability to buy and sell a limited selection 50 cryptocurrencies.
On Swissborg, users can also earn interest on 16 digital assets including SOL, MATIC, BUSD, APE, ETH, DOT, AVAX, and others. Swissborg is also in the process of launching its own multi-asset launchpad where its users can access early-stage opportunities.
Swissborg also has its own native token called CHSB which benefits from the growth of the ecosystem. The user experience on Swissborg is limited to their mobile apps as no services are available via browser like most other exchanges.
Besides that, it's a beginner-friendly exchange that offers basic products and services in an easy to understand manner. Despite the limited range of products, Swissborg's user interface is sleek and modern, making it easy to navigate even for beginners.
For those that are looking for a wider range of cryptocurrencies and products, they will have to turn to alternative exchanges such as for example eToro and Uphold.
Swissborg offers two types of trading fees, exchange fees and thematics fees, which vary depending on the account status of each user.
Exchange fees range from 1% to 0.25%, depending on the account status, whether it is Standard (lowest level) or Genesis (highest level). For Thematics, the fees range from 2% for standard accounts to 1% for Genesis accounts. These trading fees are on the higher end in particular when considering the limited range of products and services offered by Swissborg.
Swissborg offers support for four different fiat currencies including EUR, GBP, CAD, and CHF. For GBP, users can make deposits through Faster Payments (FSP) or Swift transfers. SEPA is the recommended deposit method for EUR deposits. Users can deposit CAD or CHF through Swift transfers.
In addition to bank transfers, users can also deposit funds with Visa or Mastercard. Deposits from a bank account are free of charge, while deposits with cards have a minimum fee of 5 EUR and can range between 1.5% to 4.5%.
Swissborg Withdrawal Methods
Swissborg offers various methods of withdrawing both fiat and cryptocurrencies. For fiat withdrawals, users are required to pay a 0.1% execution fee with a lower limit of 1 EUR and an upper limit of 100 EUR.
On the other hand, for cryptocurrencies, the minimum withdrawal fees for Bitcoin are 0.0002 BTC, for Ethereum it's 0.0018 ETH, 0.008 SOL for Solana, and 7 USDT for Tether. It's important to note that the bigger the amount, the bigger the fee is which can be expensive for users.
In conclusion, Swissborg is a Swiss-based cryptocurrency exchange that provides a simple and user-friendly experience for beginners. Despite a limited selection of 50 cryptocurrencies, Swissborg's interface is sleek and modern, which makes it easy to navigate.
The platform has a user base of over 700,000 users across mainly Europe, and it's only accessible on mobile devices through an Android or IOS app. Swissborg requires KYC for all users and the signup process takes longer than many other exchanges.
Swissborg offers two types of trading fees, which vary depending on the account status of each user. Exchange fees range from 1% to 0.25%, while thematic fees range from 2% for standard accounts to 1% for Genesis accounts.
Swissborg supports four different fiat currencies for deposits and withdrawals. Deposits through bank accounts are free of charge, while deposits with cards have a minimum fee of 5 EUR.
Withdrawal fees vary depending on Swissborg but is percentage based which means that higher withdrawals translates to higher fees, no bueno.
Overall, the biggest unique selling point of Swissborg is that it's user friendly. Besides that, it offers a small range of cryptocurrencies, a limited product range and charges high trading fees. There are better options on the market today that offer similar or lower fees, with a wider range of cryptos and services.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal.
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.