SwissBorg review 2024
- Fiat currencies
- Supported assets
SwissBorg is effectively a broker, so its strength lies in finding the best price, liquidity or yield rate through its connections with multiple exchanges and DeFi protocols. Its slick user interface means you are shielded from the chaos of price volatility in the crypto market. The Smart Engine tool takes the best execution route each time. However, if you are an investor that wants to be more in control and set prices triggers and stop losses, then SwissBorg is probably not the best fit.
What it does do is give you an easy to use wealth management tool with transparent fees. Rather than the costs coming from the exchange rate or spread, it charges a small fee which is invested into the ecosystem.
Overall, SwissBorg is a well thought out platform that not only gives you the chance to buy and sell crypto assets, but also earn a passive income and involve yourself in its ecosystem through the CHSB Token. Where it lets itself down is customer service, where users have reported slow response times and issues remaining unresolved.
Transparent trading fees
A well-designed app that's easy to navigate
Chance to earn yield on crypto holdings
You can’t yet set limit orders or stop orders - you trade there and then at the best price SwissBorg can access.
Your UK bank might cause delays when you transfer money to SwissBorg
SwissBorg is not an FCA-registered cryptoasset firm
|BTC, ETH, XRP, USDT, USDC, BNB, BUSD, ADA, SOL, DOT + 48 more
|GBP, EUR, CAD, CHF + 12 more
Credit or Debit Card
Estimated reading time: 2 min
Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be high risk.
What are the key risks?
1. You could lose all the money you invest
- The performance of most cryptoassets can be highly volatile, with their value dropping as quickly as it can rise. You should be prepared to lose all the money you invest in cryptoassets.
- The cryptoasset market is largely unregulated. There is a risk of losing money or any cryptoassets you purchase due to risks such as cyber-attacks, financial crime and firm failure.
2. You should not expect to be protected if something goes wrong
- The Financial Services Compensation Scheme (FSCS) doesn't protect this type of investment because it's not a 'specified investment' under the UK regulatory regime – in other words, this type of investment isn't recognised as the sort of investment that the FSCS can protect. Learn more by using the FSCS investment protection checker.
- The Financial Ombudsman Service (FOS) will not be able to consider complaints related to this firm or Protection from the Financial Ombudsman Service (FOS) does not cover poor investment performance. If you have a complaint against an FCA regulated firm, FOS may be able to consider it. Learn more about FOS protection here.
3. You may not be able to sell your investment when you want to
- There is no guarantee that investments in cryptoassets can be easily sold at any given time. The ability to sell a cryptoasset depends on various factors, including the supply and demand in the market at that time.
- Operational failings such as technology outages, cyber-attacks and comingling of funds could cause unwanted delay and you may be unable to sell your cryptoassets at the time you want.
4. Cryptoasset investments can be complex
- Investments in cryptoassets can be complex, making it difficult to understand the risks associated with the investment.
- You should do your own research before investing. If something sounds too good to be true, it probably is.
5. Don't put all your eggs in one basket
- Putting all your money into a single type of investment is risky. Spreading your money across different investments makes you less dependent on any one to do well.
- A good rule of thumb is not to invest more than 10% of your money in high-risk investments.
If you are interested in learning more about how to protect yourself, visit the FCA's website here.
For further information about cryptoassets, visit the FCA's website here.
What is SwissBorg?
SwissBorg is a crypto trading platform where you can buy and sell cryptocurrency, or hold onto it with a view to earning a return. Its native token, CHSB (issued on the Ethereum blockchain), is also commonly referred to as SwissBorg.
Underneath a slick user interface, SwissBorg is effectively acting as a broker – scouring major crypto exchanges to find buyers or sellers which allow it to complete its customers’ orders at the best prices it can find. This means that you won’t see the “order book” in your SwissBorg app, with all the live trades executing – you’re shielded from that frenetic activity in the app. If you want to get stuck into the fray, and set price triggers and stop losses, this isn’t the platform for you, but as a competitive wealth management tool, SwissBorg does a good job.
SwissBorg has a “Standard” account, with fairly standard exchange fees and yield rates, and 3 tiers of “Premium” account offering reduced exchange fees and higher earn yields. Premium accounts are available to those who hold enough CHSB staked with the platform. Unlike some crypto platforms, SwissBorg is upfront about the costs involved, so you know where you stand.
Finder ratings for SwissBorg
|Transferring money or assets
|Fees and costs
|Ease of use
What to know about SwissBorg
SwissBorg’s 2 main features are its Smart Engine trading platform and its Smart Yield account, which gives you the opportunity to earn a passive income on your cryptoasset holding.
The main thing to understand about SwissBorg is that it is the middleman. So when it comes to trading crypto assets, it connects with exchanges like HitBTC and Kraken to find you the best liquidity and rate for your chosen crypto pair. Similarly with its Yield account, once you move funds into it, you give SwissBorg permission to put your holdings to work. It will typically loan it out to third parties and you will receive a percentage back as a result. This means that SwissBorg is the one doing the hard work trying to find the best price/rate around, but it also means that you are relinquishing control in order to allow it to do this.
Signing up on SwissBorg
Step 1: Download the app
The only way to sign up to SwissBorg is via its app, so you will need to download this first.
Step 2: Enter your mobile number
When you first open the app to create an account, it will ask you to enter your mobile number. You will be sent a verification code in an SMS which will you will need to input into the app.
Step 3: Create a PIN
Before entering any more information, SwissBorg requires you to create a PIN which you will use to log into the app. At a later point, you can enable Face ID if you wish.
Step 4: Enter and verify your email address
The next step is to provide your email address. Once you have done this you will receive an email with a verification link in it. Simply click on this and you will be taken back to the app.
Step 5: Submit your personal details
You will be prompted to provide your personal details, including details of your investment experience. These questions ask what your level of wealth is, occupation and source of income.
Step 6: Provide photo ID
To verify your identity you will first need to submit a photo of your government ID. You can do this within the app using the camera on your phone.
Step 7: Take a selfie
Don’t worry, you won’t need to pull any faces. The app will just ask you to place your face in the frame and take a picture.
Step 8: Wait for verification
This is the only frustrating part of the process in that you need to wait for verification before accessing the dashboard. In our road test, this happened pretty quickly. We waited less than 5 minutes before receiving confirmation that the account was open.