Swisquote, largest online banking and trading group of Switzerland has opened its platform for crypto trading. Users can now deposit, withdraw, and trade cryptocurrency on the platform. Users now also have the option to transfer crypto from external wallet to their account at Swissquote and vice versa. The company collaborated with Crypto Storage AG to launch its new services. Swissquote started accepting bitcoin back in 2017. Later that year bank added three major cryptos on its platform, Ripple, Ethereum, Litecoin, and Bitcoin Cash. The bank reported a surge of 44 percent in profits in the first half of 2018.
Swisquote is listed in the national stock exchange of Switzerland SIX. After Syceheeles, Switzerland becomes the second country to have a company registered in the national stock exchange that allows trading in cryptocurrencies.
Currently, the platform does not charge a fee for depositing more or equal to 500 USD, on withdrawal it charges10 USD. This fee is only for bitcoin and ethereum, what will be the charge on other cryptocurrencies is yet to be announced. Between 5 -10,000 CHF the exchange will charge 1% as a trading fee. The original plan of the company was to start its trading services in late March of this year.
Switzerland has been one of the pioneers when it comes to adopting crypto on a national level. It is among the first few countries to publish clear guidelines to obtain a finetech license.