Safe Swiss banks to buy crypto with

Investing / Cryptocurrencies
42

True!

Difference between using kraken pro and normal kraken portal is substantial.

For example, price for BTC was somewhat +1500$ than the current available price in Kraken pro.

Same with other altcoins like DOT or Kusama, prices are higher.

Another thing I find useful, is never buy with CHF. With Kraken pro you can change your CHF to USD and then you can trade in the USD/BTC or any other altcoin more easily. As someone said before, much more volume/liquidity in the USD market.

So with CHF, you can only buy BTC, ETH and Tether if I recall correctly. With USD, you have the whole range or crypto currencies available.

43

I’m using Swissquote for BTC.

44

did you ever solve this as the ABTC ticker is available in IB? Which permission did you register for?

I had the same problem, but even enabling ‘Complex products’ trading permissions did not solve it.

However, now the problem is void anyway, as since 6 January 2021 trading of crypto products is forbidden for retail customers in the UK.

And as all of us in Switzerland are IBUK customers, the error message has now changed to:

Restricted: Crypto currency based instrument (UK).

I’d be interested in alternatives
DeGiro doesn’t have it, I don’t have SQ.
I could use PF but well, I try to avoid that.

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45

Oh… So now it isn’t possible to trade 21 Shares product as ABBA or HODL on IB ? I’m asking because I wanted to trade with HODL. But if it isn’t possible anymore, I will probably open a Swissquote account for that.

46

Nope, they are not allowed in EU

47

Nope, they are not allowed in EU

I’m not sure where the EU is involved here, between Swiss customers and IB UK?
I might try buy them on my PF account.

48

I can see some HODL in IB in USD, GBP, and EUR, from 21 shares and ABBA as well.

Edit: Did not ready enough before, can’t make an order either.

49

Certainly, but what happens if you try to issue a purchase order?
Do you get the same message?

50

I find it strange that IB allows purchases of GBTC but not ABTC. Isn’t crypto crypto?

51

Also BITC and ETHE (Coinshare) ETNs seem to work.
But not the 21shares ETNs.
I don’t understand it either…

52

On the simulated IBKR account, I could “trade” the ETHE from GRAYSCALE ETHEREUM TRUST but not the Coinshare one on the SIX.

If you change the permission of your IBKR account in order to trade some ETP/leverage financial instrument, do you think you will have access to 21 Shares index product ? I’m waiting the approval of my IBKR account to look at this. In my newly SQ account, I can trade 21 Shares ETP or Coinshares product without problem… Maybe I will invest my first CHF with SQ instead of IBKR.

EDIT: it is also possible to trade GBTC from GRAYSCALE BITCOIN TRUST BTC. Does it seem that you can only trade US ETP with IBKR ?

53

I have no issues trading ABBA on IBKR, I guess its a permissions problem

54

I don’t know, I have permission to trade ETP now in my IBKR account, but when I try to trade ABBA for exemple, I have this message:

IBKR ABBA
IBKR ABBA1154×704 50.4 KB

However, for GBTC or ETHE from Grayscale (US Domiciled) and BITC or ETHE from Coinshares (UK Domiciled) there aren’t such issue.

EDIT:

So I asked the support why is it not possible for me to trade 21 Shares product like HODL or ABBA, and they said that this products are only available for professional. Please look at their answer in the following picture (in French sorry).

IBKR chat
IBKR chat1329×261 21.8 KB

It is a bit weird since @MrCheese can trade it without problem, or maybe you already have some position and they recently change the permission ?

55

Looks like the answers I’ve given in the questionaire rates me as professional. I think one of the criterias is that ones net worth is >500k to get access to more instruments. I kind of exaggerated when I filled the form originally…

56

So do they withhold taxes as though you are a professional?

57

Well the regular 15% on dividends, yes.

58

The professional classification for taxes is totally unrelated to the professional classification for trading access.

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59

From what they’ve said to me you need to met this criteria to set up a professional account:

1. Qualitative Requirements: we must conduct an assessment of your expertise, experience and
knowledge to ensure that you are capable of making your own investment decisions and that you
understand the risks involved.

2. Quantitative Requirements: we must ensure you have satisfied two of the following criteria:

  • you have carried out trades in significant size on the relevant market at an average frequency of 10 per
    quarter over the previous four quarters;
  • your portfolio including cash exceeds EUR 500,000;
  • you have worked in the financial sector for at least one year in a professional position.

I don’t know if I will go with IB + SQ, or just go with SQ to have all my investment in one place…

60

Must be a new requirement or so… I thought the 500k+ in assets is the only requirement for ETPs.

61

Yeah might be new, it’s Art. 5 LSFin (2M in assets or expertise+500k).

1 Like