Crypto is unregulated in the UK; there's no consumer protection; value can rise or fall; tax on profits may apply*.
SwissBorg review 2023
We put the self-proclaimed “wealth management ecosystem” under the microscope.
- A slick app with an appealing opportunity to earn a yield on crypto holdings.
- Your UK bank might try to block your deposit.
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Crypto is unregulated in the UK; there's no consumer protection; value can rise or fall; tax on profits may apply.
16
Fiat currencies
58
Cryptocurrencies
Details
| Product name | SwissBorg |
|---|---|
| Supported cryptoassets | BTC, ETH, XRP, USDT, USDC, BNB, BUSD, ADA, SOL, DOT + 48 more |
| Fiat currencies | GBP, EUR, CAD, CHF + 12 more |
| Deposit methods | Bank transfer Cryptocurrency Credit or Debit Card SEPA SWIFT |
| Trading fee | 0-1% |
| Deposit fee | None |
| Withdrawal fee | 0.10% |
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 blissfully shielded from all that frenetic activity in the zen-like 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 an easy and competitive wealth management tool, SwissBorg does a great 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.
Pros and cons of SwissBorg
Pros
- Transparent trading fees.
- A well-designed app that’s easy to navigate.
- Earn a competitive yield on crypto holdings.
- Referring a friend earns a reward of up to €100 in CHSB.
Cons
- 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.
Verdict: Is SwissBorg any good?
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.
Finder ratings for SwissBorg
| Supported cryptocurrencies | ★★★★★ |
| Transferring money or assets | ★★★★★ |
| Fees and costs | ★★★★★ |
| Ease of use | ★★★★★ |
| Customer service | ★★★★★ |
| Staking/earning | ★★★★★ |
| Trustworthiness/security | ★★★★★ |
| Overall score | 4 |
What to know about SwissBorg
SwissBorg’s two 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.
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Frequently asked questions
*Cryptocurrencies aren't regulated in the UK and there's no protection from the Financial Ombudsman or the Financial Services Compensation Scheme. Your capital is at risk. Capital gains tax on profits may apply.
Cryptocurrencies are speculative and investing in them involves significant risks - they're highly volatile, vulnerable to hacking and sensitive to secondary activity. The value of investments can fall as well as rise and you may get back less than you invested. Past performance is no guarantee of future results. This content shouldn't be interpreted as a recommendation to invest. Before you invest, you should get advice and decide whether the potential return outweighs the risks. Finder, or the author, may have holdings in the cryptocurrencies discussed.
