Swissquote Now Offers Four New Cryptocurrencies for Trading

Today, Switzerland-based online banking service provider Swissquote launched four more cryptocurrencies on its trading platform – Bitcoin Cash, Ether, Litecoin, and Ripple. It already offers Bitcoin trading.

The platform will allow trading of all five cryptocurrencies against the euro and US dollar. But unlike other trading entities, the platform is not providing any leverage for crypto trading, thus eradicating the risk of losing more than the invested amount.

The lack of leverage in Swissquote’s offering represents a great alternative to unregulated exchanges for clients of the Swiss brokerage. With the gaining popularity of the new asset class, several retail brokers have started offering CFDs on Bitcoin and other popular cryptocurrencies.

Swissquote says the move is a result of client demand and the available liquidity. The platform is allowing a minimum transaction of 5 USD or EUR and the maximum cap is set at 500,000 USD or EUR. As a platform fee, they are charging between 0.5 percent and 1 percent of the invested amount.

Addressing the addition of the new cryptocurrencies, CEO of Swissquote Marc Bürki said: “Our Bitcoin trading offer and certificate have been a big success and exceeded our expectations. We are expanding our offer to help investors diversify in cryptocurrencies, just like they do in traditional securities. Cryptocurrencies are increasingly popular, more quickly than anyone expected. By offering them on our platform, investing in cryptocurrencies becomes simpler, safer and accessible to all.”

In July ‘17 Swissquote partnered with Luxembourg-based cryptocurrency exchange Bitstamp to introduce Bitcoin on the trading platform. It thus became the first online bank to launch any cryptocurrency support on a trading platform.

In late November, Swissquote also introduced six Bitcoin certificates, powered by its machine learning algorithm. The exchange-traded product is also listed on the Six Swiss Exchange, Switzerland’s largest stock exchange. With that move, Swissquote also removed the largest barrier faced by the unregulated cryptocurrency market as investors can buy into the cryptocurrency market without directly investing in the digital token.

(Photo: Swissquote)

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