Best way to convert between Bitcoin and VT

Investing / Cryptocurrencies
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Hey fellow mustachians :blush: I’m looking for a cheap and fast way to convert between Bitcoin and the VT ETF. I currently sell or buy crypto on Kraken and sell or buy VT on IBKR. To go from one to the other I have to convert first to CHF and get it through my bank account. This takes a long time and generates additional fees. Is there a better way? Do I miss something

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If you really want, you can consider sending Bitcoin to Swissquote account, sell it there, buy VT, transfer VT to IB. However I don’t want to even start thinking about fees for doing this :scream:

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I read somewhere that it is possible to trade cryptocurrencies on IBKR. I don’t know what asset class it is, whether it is actually cryptos or crypto futures (I admit I wasn’t interested more than that). Maybe find out more about this?

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Two years back I did some research on trading crypto in IBKR and found it only possible to trade crypto-linked ETFs (there are a few swiss ones too, obscene fees though).

However, to do so you need to change the KYC form answers to qualify you as “proficient” with the asset class, and upon doing so IBKR informs you’ll be tagged as professional investor - with all the potential tax repercussions we know about. Therefore I’ve swiftly abandoned that line of thought :slight_smile:

Perhaps they changed in the meantime, you can try and see with their customer support.
Here the deposit options:

One thing you’ll likely not be able to do (and for good AML reasons) is transfer funds to/from accounts which are not in your name, I believe this extends to things like Revolut where the account is generic and the user identifier is in the transaction notes only. If anyone tried and succeeded I’m also interested.

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As far as I know, it’s not possible to send or receive BTC from an outside wallet to the Paxos/IB wallet. It’s only possible to trade with BTC on the IB platform, but then you have your coins locked up there. Otherwise, that would be the solution I’m looking for

Source: Frequently Asked Questions

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I think the fees on kraken by selling to chf directly are not that high (~.18%) and the transfer to your bank account will cost you CHF 1. I think that’ll be the easiest way.