SwissBorg is a blockchain-based wealth management and cryptocurrency exchange platform that provides users with the infrastructure and tools to buy, sell, trade, mine, and even manage their cryptocurrency investments and assets more efficiently.
Founders Anthony Lesoismer and Cyrus Fazel raised $53 million to create an efficient platform to provide a more accessible, safer, and faster way of trading and investing crypto assets.
The driving factor that led to the creation of the exchange was an imminent need seen by the founders to create a unified, standardized platform to alleviate the complex nature of cryptocurrencies and the scattered infrastructure and tools.
SwissBorg has gained a reputation for catering to beginner investors. However, advanced traders can be at ease with the exchange’s advanced offering.
SwissBorg caters to both types of traders by capitalizing on integrations with the major cryptocurrency exchanges and featuring a community-based ownership model.
The platform offers easy-to-use tools and advanced trading infrastructure focusing on the breadth of cryptocurrencies provided.
Currently, the exchange lists over 1,591 coins, including Bitcoin (BTC), Ethereum (ETH), and Tether (USDT), along with the in-house token CHSB, which is a multi-utility token issued on the Ethereum blockchain.
In addition to the desktop platform, SwissBorg provides two mobile applications – the Wealth App and the Community App (now rebranded as Crypto Challenge).
Even though SwissBorg is not regulated and does not hold any trading license from any regulatory authority outside of the EU, the exchange offers one of the most secure and advanced investment platforms by investing heavily in security protection layers.
Is SwissBorg Exchange Limited To Expert Traders?
SwissBorg is a simple-to-use crypto-trading platform that grants access to any user, be it a novice or an expert trader who passes the know-your-customer (KYC) requirements.
The user-friendly platform of the exchange provides users with intuitive and easy-to-navigate coupled with educational resources and step-by-step guides.
Furthermore, SwissBorg focuses on enabling every trader to make the most informed decisions possible by offering exhaustive analysis and tools to capitalize on.
Thus, beginner traders may rely on already provided research.
At the same time, expert investors can benefit from the advanced tools and infrastructure coupled with the SwissBorg Smart Engine, which offers users access to the best liquidity and rates in the crypto market by analyzing other centralized exchanges offering.
Albeit, SwissBorg is not available in a select list of countries, and notably, this list includes Australia and the U.S.
SwissBorg Pros & Cons
- User-friendly interface and multi-faceted mobile app
- Opportunity to earn high interest on certain cryptocurrencies
- Multiple options available to buy cryptocurrency utilizing bank cards, bank accounts, or digital wallets
- Industry-standard security practices, such as cold storage for user assets and 2FA security
- Intriguing reward program coupled with play to earn opportunities
- KYC is mandatory even for small traders
- High fees when compared to cryptocurrency exchange leaders
- Relatively new cryptocurrency broker with a limited track record
- Mandatory SwissBorg Token (CHSB) staking to be able to access premium features
- Not available for users within the U.S, Australia, and other regions
Our Take On SwissBorg
SwissBorg has advanced heavily since its inception by expanding to a large customer base due to the striving Wealth app.
SwissBorg supports more than 650 thousand crypto users with a collective user assets value of 790 million USD.
In addition, the exchange currently supports 1,591 crypto assets.
In our view, SwissBorg is optimal for convenience-focused crypto traders who appreciate intuitive and straightforward interfaces coupled with high-security standards.
The exchange is very transparent about its fee structure, and it offers relatively low trading fees (1% or less).
Although the FCA does not regulate SwissBorg, it does hold licenses from Switzerland and select countries from EU countries.
Additionally, SwissBorg imposes no limits on trading volumes.
However, users need to purchase and stake SwissBorg Tokens (CHSB) to access premium features and lower fees.
Users can also benefit from the Crypto Challenge app to learn about cryptocurrencies at no cost while also earning rewards as they advance within the app and pass certain prediction games.
Our take is that the SwissBorg exchange is a fair first step into entering the world of cryptocurrency.
However, users must take the highest levels of precaution when dealing with new products. SwissBorg relies heavily on complex and personalized products.
Therefore, it is always recommended to drive a shift towards decentralized exchanges that do not have a centralized authority over users’ funds.
Compared to global exchange leaders, it is immediately evident that SwissBorg ranks average in terms of fees.
However, discounts can be achieved upon buying the native token and staking it.
SwissBorg implements a multi-tier fee structure whereby fees are determined based on the cryptocurrency traded, the native token held and staked, and the historical volume traded by the user.
The exchange fees start at a maker fee of 1.00% and a taker fee of 1.00%, which refers to transaction fees that users incur when orders are placed and filled.
In comparison, Binance charges respective fees of 0.10% for each.
The fees at SwissBorg can go as low as 0.00-0.25% for premium users. Updated fees can be explored at the official website.
SwissBorg does not charge any fees for deposits; deposits include those on fiat assets, virtual currencies, CHSB tokens, and stablecoins.
However, intermediary bank fees are included and not controlled by SwissBorg. In addition, the exchange charges a fee for converting fiat to fiat, fiat to crypto, and crypto to fiat.
As for withdrawal fees, besides intermediary and third-party fees, the exchange charges a 0.10% fee on the total amount being withdrawn.
Below is a deep dive into the critical highlights of SwissBorg exchange fees:
- Spot trading fees start at 1.00% for marker fees and 1.00% for taker fees and can go as low as 0.00% for the highest VIP level users.
- Higher-volume traders and traders carrying extensive futures or spot trading account balances will benefit from upgraded tiers.
- Fiat and virtual currency deposits are free of charge besides third-party fees.
- Withdrawal fees are fixed at 0.10% of the nominal value on top of third-party fees.
- Referring friends and family to join SwissBorg through utilizing a personal referral code offers trading fee discounts and rebates.
- Utilizing the exchange Crypto Challenge app will yield bonuses and rewards to users.
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Is SwissBorg Safe?
It is necessary to note that, unlike other prominent crypto exchanges, SwissBorg has never been hacked, thanks to the diligence and high standards that the exchange practices to protect its users and the respective funds deposited.
SwissBorg is committed to upholding global standards for on-chain and off-chain asset transfer and storage.
The platform relies on rigorous stress testing to simulate attacks on the servers and data stored, adopts advanced security software with regular updates and firmware upgrades, and capitalizes on Secure multi-party computation (MPC) cryptography.
As a result, both the exchange’s Wealth App and Crypto Challenge app are stable, solid, and safe from hackers and bugs, thus ensuring the safety and security of user funds.
The exchange is licensed within Switzerland and multiple EU countries, which adds to the safety of user funds, given that legislators and regulators carefully scrutinize the exchange.
Finally, the SwissBorg app has witnessed one of the most rigorous tests by a third party.
The result was that the apps leverage the capabilities of modern smartphones in the right way by creating a private key that is generated in a phone’s secure enclave.
The cryptographic nature of tying the key to the smartphone enclave allows for more sophisticated security than traditional or web apps offered by competing exchanges.
However, similar to a centralized exchange, SwissBorg should only be utilized to benefit from deep liquidity, trading derivative products, and as a bridge between fiat money and cryptocurrencies.
At first glance, SwissBorg is not a traditional cryptocurrency exchange with the usual bells and whistles that entail futures trading, options, leverage, etc.
Instead, SwissBorg focuses on an exchange that reflects real-world utility and attachment to real price fluctuations rather than a betting exchange with insanely high margin options and leverages.
SwissBorg is committed to providing its users with a holistic experience, ranging from storing cryptocurrency, swapping crypto-to-crypto and fiat-to-crypto, earning staking rewards at very competitive return percentages, and viewing advanced portfolio analytics and performance indicators.
SwissBorg also offers a breadth of unique products that users can utilize for increased returns under its Wealth App.
The features provided require holding and staking a set number of the native token CHSB. These products include:
- Early access to exclusive future wealth management products that the exchange is set to release to the public
- Ability to enjoy reduced fees, sometimes zero fees, for exchanging crypto in addition to highly competitive staking rewards
- Voting rights for future exchange developments
- Rewards that can be earned by loyal customers under the SwissBorg ecosystem
Banking At SwissBorg
Currently, SwissBorg lists 1,591 coins offering users a vast selection of cryptocurrencies to be traded and stored and the ability to earn lucrative returns from staking the coins for a set period.
The exchange does not impose any fees on deposits, whether made in crypto or fiat, albeit the withdrawal fee is fixed at 0.10% of the notional value withdrawn.
SwissBorg is not responsible for any bank or third-party-related fees that may be incurred.
Deposit and withdrawal options vary by currency at the exchange.
For example, USD deposits and withdrawals are only allowed through Bank Transfers utilizing Signet or SWIFT instead of EURO deposits and withdrawals, which permit Visa and Mastercard Bank Cards.
Furthermore, restrictions on currency deposit and withdrawal options and fees are constantly updated.
Thus, users are advised to regularly check the related documentation under the SwissBorg website.
On a special note, withdrawals within the EU are swift. The SwissBorg banking partners belong to the Single Euro Payments Area (SEPA).
Therefore, faster Payments network bank transfers can be completed within five minutes.
SwissBorg App Experience
SwissBorg offers its users a unique experience that sets it apart from competitors because it offers two applications with entirely different utilities.
First, the main app is the Wealth app which acts as the primary exchange for users to trade, store, stake, deposit, and withdraw cryptocurrencies.
On the other hand, the Crypto Challenge app is a unique option that users can utilize to earn rewards and connect socially with other users; the main focus of the Crypto Challenge app is to push increasing the usage of a gamified Bitcoin (BTC) prediction app, boost awareness towards the high-performing native token (CHSB), and the creation of a large community.
In terms of the primary exchange app, aka the Wealth app, users can manage their accounts from the website or the mobile app, which is available on Android-supported phones and iOS.
The SwissBorg iOS app, which can be downloaded from the Apple Store, is currently unrated, similar to the Android app, which can be downloaded from the Android Store.
Both app versions share the same functionality and user interface.
The exchange mobile apps pose an advantage over the traditional browser platform since the apps are faster, more responsive, and developed specifically for the platforms to ensure utmost compatibility.
Once the user logs in, they can view the account balance, transaction history, and trade history.
Users enjoy access to trading tools for spot, futures, options, and other trading needs on the app.
In addition, users can benefit from real-time market data, market insights, and order books to ensure informed trading decisions can be taken.
The app provides a range of login options, including email and password combination, phone number and password combination, touch ID and face ID login options, Apple login option, and two-factor authentication (2FA) for enhanced security.
In addition, users are asked to complete a slide CAPTCHA to fight against bots clogging the network to ensure a seamless experience for real users.
SwissBorg Site Experience
The SwissBorg dashboard is extensive but focuses on being straightforward to ensure actions can be taken swiftly by traders, especially beginner traders.
The interface is intuitive and modern focusing on bright colors that aims to focus users’ attention on the important details.
From the account management portal, users can access all their account details.
The details include net portfolio balance in fiat currency, cryptocurrencies owned, trading history, and market data.
However, the SwissBorg exchange constantly focuses on prioritizing the Wealth app as the main exchange go-to interface for users to utilize to manage all the cryptocurrency trading and asset management given that the security is at a higher level when compared to the security of the browser site whereby the user account private key is generated in a phone’s secure enclave and cannot be accessed by an intruder.
Users can access their accounts from the supported browsers after entering their login details, and the user enables two-factor authentication (2FA).
Compared to prominent competitors, the SwissBorg exchange website feels very rich and modern, although missing out on derivative products, leverage trading, and options trading.
Like all centralized exchanges, SwissBorg forces all users to complete the KYC process to utilize the exchange tools and activate the trading account.
However, the exchange is one of the most limited exchanges in countries supported.
KYC process involves real-time identity verification, which includes facial recognition using a mobile or computer camera.
However, users can still opt to skip the KYC if they are content with the limits provided by unverified accounts.
The required information for KYC registration are:
- Full name
- Permanent address
- Date of birth
- Contact information
- Email address
ID Verification Documents:
- Government Issued ID-Card
- Social Security Number
- Driver’s License
- Pan Card
- ID Card
Proof of Residence Documents:
- Municipal rates & taxes statement
- Municipality bill for utility services
- Internet service bill
- Landline telephone bill
- Bank statement
- Mortgage statement
- Government-issued documents
SwissBorg Global Restrictions
In terms of territory access and jurisdictions, SwissBorg does not provide its services to a handful of countries including the U.S. and Australia.
Users should always be wary of the updated banned countries list to ensure that no bans are in place under users’ jurisdiction, so users are encouraged not to store their entire portfolio within a centralized exchange and opt for utilizing decentralized exchanges.
SwissBorg Customer Service
The exchange has received mixed reviews as to the customer support provided.
The exchange does offer extensive customer service through telephone, emails, or chat.
However, customers are limited to finding answers in the help section or contacting the exchange on social media platforms.