Selling crypto / stable coins to CHF

Investing / Cryptocurrencies
1

I need to sell some crypto to CHF.
Please share if you know schemes outside of the list below. I’m interested in minimizing the fees payed with minimal risk of accounts freeze, transaction freeze by banks.

I know about the following schemes:

  1. swap_dex(MyToken, USDC), move to Kraken to exchange to CHF, move to Swiss Bank
  2. swap_dex(MyToken, USDC), move to Coinbase to exchange to USD, move to Revolute to change USD to CHF, move to SwissBank
  3. swap_dex(MyToken, USDC), move to Bitcoint Suisse to exchange to CHF, move to Swiss Bank
  4. swap_dex(MyToken, USDC), move to Sygnum to exchange to CHF

All the schemes are using DEX because the fees of exchanging MyToken to USDC on CEX are typically higher than for stablecoint/fiat. Compare https://www.kraken.com/features/fee-schedule#spot-crypto vs https://www.kraken.com/features/fee-schedule#stablecoin-pegged-token-fx-pairs as an example.

The first scheme will cost me 0.2-0.0% depending on the amount due to Kraken (https://www.kraken.com/features/fee-schedule#stablecoin-pegged-token-fx-pairs). But it has the problem that if something is off on Kraken side, you money might be stuck there for unpredictable amount of time (check “cannot withdraw from Kraken” on reddit). Also Kraken doesn’t allow to move out more than 100k USDC per day.

In second scheme there is one additional point of failure – Revolute, which has a good support if you have ultimate subscription. But it has Coinbase support issue, if something is off, they also can freeze you money. Exchange of USDC/USD on Coinbase is 0 cost, exchange USD/CHF is almost zero cost if you have Revolute Ultimate (50chf per month).

Third option, 0.25% will be taken by Bitcoin Suisse. The benefit is that it has a good support and all your money are always in Switzerland so it is safe. And Swiss bank will not have many questions to transaction from Bitcoin Suisse. The downside that they support (only?) token on ETH and I have to use bridges to convert USDC on my chain to USDC on ETH (not sure if there is any fee or risk associated with it).

The forth option, will cost 0.8%. The benefit is there is minimum number of intermediates (points of failure).

So if I want to exchange, lets say, 1M, the cost will be:

  1. 2k-0k
  2. 0k
  3. 2.5k
  4. 8k

The question is, of course, what is the premium one is ready to pay to lower the risk of problems (account freeze).

2

I’d probably minimize the number of intermediaries, each one of them can trigger a freeze and AML/KYC process.

1 Like
3

You can also put Swissquote or even Yuh in this list.

4

Do they allow to deposit USDC or any other stable coins?
I recall that FX fee is like 1% which was no-go for me even for buying traditional financial instruments since IBKR is almost 0%.

5

These processes in case of Kraken take months. In case of Coinbase, they are asked me some documents which correspond to P90 in UK. Not sure what could be the exact analogue in Switzerland so just gave up.

6
7

0.9% fees …