Buying crypto for Swiss residents [2023]

ok thanks, are there any disadvantages/advantages compared to buying for example on kraken?

I opened an account at the US entity.

IBKR seems to be cheaper [source] and another advantage would be that everything is on a single platform. Don’t need to move your money around anymore.

Interesting, they are working with Lightning BTC…

Now I can withdraw Lightning BTC from the Kraken app.

good morning everyone, to buy crypto which broker do you recommend? I already use IB and now it is possible to buy crypto but I hear many recommend Kraken and Swissborg… what would you recommend? keep it simple and buy on IB or is it better to open a crypto account with another broker?

This is what is discussed in this thread since more than a year.

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true, but I’ve never read about comparisons on advantages and disadvantages and why it might be better to use one broker rather than the other… that’s why I asked… maybe an expert like you or someone else can make a nice summary post for those like me who want to start buying crypto

I have checked this mtpelerin.com
Looks interesting, however of limited use to me.

Most important: there is no fee for buying crypto up to 500 CHF “each year”. I didn’t consider an option of buying their token because I wouldn’t. After that, the fee is 1.3% for buying for cash and competitive 0.5% for crypto swaps. If these are separate limits of 500 CHF for buying and swapping or there is one global limit, I don’t know. I also don’t know how would they track it if there is no KYC.

Minimum swap amount is 25 CHF, and surprisingly there seems to be no minimum amount for buying for cash.

Paying by Swiss bank transfer (SIC) and EUR bank transfer (SEPA, SEPA Instant) is free, paying by card comes with a heavy fee.

Except for Bitcoin and Ethereum chains, there is no transaction fees.

I have bought, or, rather, ordered some coins for CHF. As the first step, you have to prove that the receiving address belongs to you. This is kind of tricky, but I was able to connect Metamask app (on a smartphone) via WalletConnect to the web app running in the browser on a computer - scanning a code was enough.

After my order went through, I have got info for a bank transfer in CHF and the web site has generated a QR bill for me. Which I have scanned and the transfer will go out tomorrow.

So, I would probably save few francs in fees if I use up the free allowance for buying crypto, but in the big picture there is nothing incredible. I will keep it in mind as an option to buy coins which I cannot easily get otherwise.

Glad you tried.

The tokens are actual company stock. It was the first swiss company to tokenize their equity. You get an valuation report from the canton of neuchatel, invite to the yearly general assembly, etc.
I bought some tokens a few years ago and do not pay fees on the exchange since.

They also provide the tech for tokenization companies like realt.co.

Selection of tokens is not the largest, however i think they have some interesting stuff. I did a lot of Defi with stablecoins and they were the first to list reliable CHF and EUR tokens. So i guess there is some innovation.

The exchange is not as easy to use as other platforms, especially since self custody is required.
Probably rather for the tech savvy users.

Anyway, i always like to support smaller local sompanies and prefer them to binance & co.

Lykke shows a completely screwed up order book. Do not deposit for now. I hope it’s a technical glitch, because I have some CHF deposited and have requested a withdrawal back :stuck_out_tongue:.

P. S.: I have received my CHF withdrawal.

We have received your payment, thank you very much!
If you use our service without being identified, your purchase will be withheld for 7 days and will be automatically delivered on your wallet after that.
The exchange rate is applied at the moment we receive your payment, unless your purchase requires extra compliance steps. In such case, the exchange rate is applied when those steps are completed.
Because you use our service without being identified, your crypto will be delivered in 7 days.
You exchange rate is guaranteed and you will receive … on … in 7 days.
The withholding period doesn’t apply to swaps and cash outs.
The withholding period doesn’t apply to users who have verified their identity.

Well, I haven’t really noticed how can I verify my identity :joy:.

The limit is a global one. “Each year” is probably a calendar year.

The authentication is via the phone number and a code by SMS or via their app that I didn’t and don’t want to install. Good enough to verify the limits.

It seems to be that it is possible to install a permanent order, when all money deposited with a preset reference number and a code in the message, will be automatically converted to the selected coins and transferred to the preset address.

Not confirmed, but might be a hack :grimacing: x.com

So definitely would not deposit at the moment.

Edit: Confirmed by them now (11.06.):

Lykke UK and Lykke Corp AG (Lykke) suffered an attack on their infrastructure on June 4. The affected systems were immediately shut down to limit damage. The identified security breaches have been thoroughly examined and fully addressed.
With solid capital reserves and a diverse portfolio, Lykke maintains strong financial stability. Clients’ funds are safe and will be recovered.
The internal investigation conducted identified the IP addresses of the attacker, who stole more than $22 million of crypto assets. A criminal investigation against this person is ongoing. An external cybersecurity company has been contracted and works on blocking and recovering the stolen assets.
We are keeping the exchange closed as a preventive measure.
We deeply apologize for the inconvenience and concern this attack has caused all affected clients and partners.

I applied for the permission to trade on IBKR 3 weeks ago (still pending), sent them a message to follow up a week ago - no answer. Any advise what to do?

To express our gratitude and ensure you feel valued, we are pleased to inform you that we will be issuing a voluntary compensation payment to your account whilst assets are frozen

We remain committed to maintaining the highest standards of security and are taking all necessary measures to prevent future incidents. Your funds are secure, and our financial stability remains strong, bolstered by our diversified operations and solid capital reserves.

Additionally, we are excited to inform you that in the near future, we will be offering an exclusive investment opportunity to our loyal customers. This initiative is designed to further demonstrate our appreciation for your continued support throughout this process.

No, thank you.

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