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Swissquote Bank Europe Launches Crypto-Trading

The Luxembourg-based online bank is offering its customers a new online service for investing in 12 virtual currencies, including Bitcoin and Ethereum.

Photo: During 2021, the online bank will also launch crypto services for institutions / Credits © Jason Briscoe / Unsplash

Swissquote Bank Europe, the Luxembourg-based online bank and subsidiary of Swissquote Group Holding, is launching a new crypto-currency investment service, including Bitcoin, Ethereum, XRP, Litecoin, Chainlink, Stellar, Bitcoin Cash, EOS, Tezos, 0x, Ethereum Classic and Augur.

The 12 cryptos will complement the 22 physical currencies, thousands of stocks, ETFs and international funds already offered to customers. Unlike traditional assets, they can be traded on marketplaces open 24/7, 365 days a year.

The new service includes deposit protection on fiat currency account balances up to 100,000 euros, in line with Luxembourg’s deposit guarantee scheme; real-time trading of crypto-currencies and instant settlement of transactions in euros and US dollars; and the ability to borrow against the value of their investments, including some cryptos, at a rate of 1.99%.

“Customers can now manage their entire portfolio of currencies, crypto-currencies, equities, ETFs and funds via a single account with a European bank.”

A first step in digital investing

For its part, the financial institution charges between 0.5% and 1% of the fees on the transactions, for amounts of 25 to 500,000 euros per transaction.

“Having to transfer money to service providers outside the European Union to buy crypto-currencies is an issue that has prevented many investors from taking the first step in buying digital assets,” Dave Sparvell, CEO of Swissquote Bank Europe. “Customers can now manage their entire portfolio of currencies, crypto-currencies, equities, ETFs and funds via a single account with a European bank.”

During 2021, the online bank will also launch crypto services for institutions in anticipation of demand for crypto assets in Luxembourg and the European Union, its press release said.

Formerly Internaxx, Swissquote Bank Europe is wholly owned by Swiss banking group Swissquote Group Holding Ltd.

The Luxembourg subsidiary offers dedicated services to expatriates and international investors, including multi-currency accounts, smart portfolios, trading platforms and tools.

The financial institution is regulated by the Commission de Surveillance du Secteur Financier (CSSF). Its parent company is listed on the SIX Swiss Exchange.

The group has 390,000 clients in 150 countries and manages total assets of EUR 30.4 billion.

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