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SwissBorg Review 2024

Crypto Nerd

January 1, 2024

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What Is SwissBorg?

Introduction

In this SwissBorg Review we’ll be covering all major aspects and address the most frequently asked questions. First lets get started with a brief overview of the SwissBorg platform, a rising star in the world of cryptocurrency, backed by a dynamic and dedicated team that is revolutionizing the way people invest. With a company overview that highlights its commitment to transparency and innovation, SwissBorg is quickly gaining recognition as a leader in the digital asset management space. The platform offers a range of services, including the SwissBorg Wealth App, which allows users to easily manage their crypto assets with the help of advanced algorithms and expert advisors.

SwissBorg Review Summary

The team behind SwissBorg is composed of industry veterans and tech-savvy professionals, who bring a wealth of experience and expertise to the table. Led by CEO Cyrus Fazel, the team is driven by a shared vision of democratizing wealth management and creating a more inclusive financial system. With their innovative approach and passionate team, SwissBorg is poised to redefine the future of investing.

How does SwissBorg work and what exactly is SwissBorg?

SwissBorg is a crypto wealth management platform that aims to democratize wealth management by making it fun, fair, and community-centric. It offers a multifaceted ecosystem incorporating various tools and services for digital asset investment and management.

SwissBorg Ecosystem

The SwissBorg ecosystem is powered by its native token, the BORG (SwissBorg Token) previously known as CHSB, an ERC-20 token built on the Ethereum blockchain. The BORG token has multiple utilities within the SwissBorg ecosystem, such as granting Premium membership to holders who lock their tokens, providing access to higher yield rates, and lowering exchange fees. Premium members also have a say in the ecosystem’s development through a participative approach.

Smart Engine

SwissBorg’s Smart Engine is a sophisticated tool that optimizes cryptocurrency trading by providing more liquidity, price optimization, and the ability to transition from fiat to on-chain tokens seamlessly. It connects to multiple exchanges, including Binance, HitBTC, LMAX, Kraken, Bitfinex, Orca, and Phoenix, and finds the best execution route every time, ensuring users get the best price from these exchanges.

Let’s illustrate how the Smart Engine works with a simple example:

Suppose you want to exchange your Bitcoin (BTC) for Ethereum (ETH). Instead of manually checking the rates on multiple exchanges and then executing the trade on the one offering the best rate, you would simply initiate the trade on SwissBorg.

The Smart Engine then springs into action. It scans multiple exchanges in real-time to find the best possible rate for your BTC to ETH trade. It takes into account factors such as the current market prices on different exchanges, the liquidity available on these platforms, and the transaction fees associated with each exchange.

Once it identifies the optimal route, it executes the trade on your behalf. This entire process happens within milliseconds, ensuring that you benefit from the best possible rate at the time of your trade. Moreover, the Smart Engine simplifies the trading process by handling complex trades across multiple order books, which would be nearly impossible for a single human to manage. It also provides a Smart Exchange Report that visualizes the path your money takes during a trade, showing how the best execution was reached.

Security and Regulation

SwissBorg is a licensed and regulated platform. It operates under the Virtual Currency Service License (FVT000326) issued by the Financial Intelligence Unit (FIU) in Estonia and is also registered with the Financial Markets Authority (AMF) in France under number E2022-034. These licenses enable SwissBorg to provide services such as selling, buying, and exchanging virtual assets against other virtual assets or legal tender, as well as custody of virtual assets. SwissBorg is also regulated in Switzerland by the Supervisory Body for Financial Intermediaries & Trustees.

SwissBorg currently has 3 offices but the main office, which serves as its headquarters, is located in Lausanne, Switzerland, at Rue du Grand-Chêne 8. This central hub is where the core operations and strategic decisions of the company are managed.

SwissBorg app supported assets

SwissBorg supports a wide range of cryptocurrencies (50+) and fiat currencies on its platform. The cryptocurrencies include Bitcoin (BTC), Ethereum (ETH), SwissBorg Token (BORG), USD Coin (USDC), Binance Coin (BNB), XRP, Tether (USDT), Polygon (MATIC), Dai (DAI), Avalanche (AVAX), Chainlink (LINK), Polkadot (DOT), Aave (AAVE), and many more.

As for fiat currencies, SwissBorg supports the Euro (EUR), Swiss Franc (CHF), British Pound (GBP), Canadian Dollar (CAD), Czech Koruna (CZK), Danish Krone (DKK), Hong Kong Dollar (HKD), Hungarian Forint (HUF), Israeli Shekel (ILS), Norwegian Krone (NOK), Polish Złoty (PLN), Romanian Leu (RON), Singapore Dollar (SGD), Swedish Krona (SEK), Emirati Dirham (AED), and US Dollar (USD).

Fiat Currencies on SwissBorg

What is BORG Token?

The BORG token, previously known as CHSB, is the lifeblood of the SwissBorg ecosystem, offering a range of benefits to its holders. As a multi-utility token, BORG provides premium membership perks, early access to investment opportunities, and the potential for cashback on transaction fees. It also plays a pivotal role in SwissBorg’s community-driven approach, allowing token holders to participate in governance and influence the platform’s future direction.

With a total supply capped at 1 billion tokens, BORG’s value is maintained through strategic initiatives like the Hero Score program and listings on both centralized and decentralized exchanges. The token’s design is based on the OpenZeppelin ERC-20 standard on Ethereum, ensuring robust security and multi-chain compatibility, which is crucial for DeFi integration and broader use cases.

What are the Benefits of BORG Token Staking?

SwissBorg’s native token, BORG, unlocks exclusive perks and boosts your crypto returns. One cool feature is the “Generation Premium” tier, accessible by locking in 20,000 BORG for a year. This VIP level doubles your yield on investments and slashes exchange fees by half for over 40 tokens within the SwissBorg app. Sounds great, right? But hold your horses, there are some things to consider.

Pros:

• Double the earnings: Supercharge your crypto gains with a 2x yield boost on your investments.
• Fee savings galore: Cut your exchange fees in half on over 50+ tokens within the app, letting you keep more of your crypto profits.
• Early access and voting power: Generation Premium members get exclusive early access to new features and increased voting power on platform decisions, giving you a voice in shaping the future of SwissBorg.

Cons:

• Locking your tokens: Committing 20,000 BORG for a year is a significant investment, and you won’t have access to those tokens during that period.
• Market volatility: BORG Token’s value can fluctuate, potentially impacting your investment and unlocking requirements.
• Not for everyone: The premium features might not be necessary for casual users or those with smaller portfolios.

SwissBorg Platform Fees (Deposit, Withdrawal, Trading)

Deposit Methods and Fees

SwissBorg supports deposits in both fiat currencies and cryptocurrencies. Users can fund their accounts via bank transfer, credit or debit card, or Google Pay. Notably, there are no fees associated with the deposit of fiat currencies, stablecoins, or crypto assets, except for card deposit fees. However, users may be charged a fee by their bank or the platform from where they are sending the funds.

Withdrawal Fees

Withdrawals from a SwissBorg account are subject to an execution fee of 0.10%, with a minimum fee per currency. For example, if you withdraw CHF 100, 0.1% of CHF 100 is 0.1 (1 Rappen), but you will be charged 4.5 Fr (max). But if you withdraw 10,000 Fr, you will be charged Fr 10 (10,000 x 0.1%), not just 4.5 Fr. Also, withdrawal of any crypto assets, stablecoins, or fiat currencies below the minimum fee amount is not permitted.

Trading Fees

SwissBorg’s trading fees are designed to be transparent and competitive. The platform uses a Smart Engine that connects to multiple exchanges to find the best rates on the market, with no hidden fees, no spread, and full transparency on the price of each trade made. The ‘Standard’ trading fee on SwissBorg is 1.49%, but this can be reduced for Premium account holders (different levels available) as shown in the reference image below.

SwissBorg KYC and Account Verification

SwissBorg requires mandatory Know Your Customer (KYC) and account verification for all users. SwissBorg has different account levels, each with its limits and thresholds, and each requires a different kind of KYC check.

• Account Level 1 (‘Proof of Identity’) is mandatory (Deposit limited to EUR 5,000, withdrawals limited to EUR 5,000) for everyone who joins SwissBorg. This level involves the identity verification step, where users have to provide a photo of a valid government-issued ID.
• Account Level 2 (‘Proof of Residence’) verification (Deposit limited to EUR 50,000, withdrawals limited to EUR 1,000,000) requires users to provide proof of address. This could be a utility bill, bank statement, or any other document that clearly shows the user’s residential address.
• Level 3 (‘Proof of Funds’ or ‘Source of Wealth’) verification (Unlimited Deposit and withdrawal) involves verifying the origin of funds. This is typically required when a user’s account hits a certain deposit limit. The user will need to provide documentation that clearly shows the source of the funds they are depositing into their SwissBorg account.

SwissBorg Supported Countries

SwissBorg is currently accessible in over 93 countries globally, with ongoing plans to expand its reach. However, it’s important to note that not all features are available in every country. To find out if your specific country is supported and which features you can use, you should visit the SwissBorg Supported Countries page.

Account Opening Instructions

How to buy crypto in the SwissBorg App

SwissBorg Alternatives to Consider

SwissBorg is not the only game in town when it comes to crypto exchanges. There are several other popular alternatives, including Binance, Bybit, Phemex, and MEXC. Let’s take a closer look at how they compare:

SwissBorg Vs. Kraken Vs. Binance

Is SwissBorg a Crypto Exchange?

The one line or the simple answer would be ‘No’ it is not a traditional/conventional cryptocurrency exchange it goes beyond the typical cryptocurrency exchange by offering a suite of investment products and features for managing crypto portfolios. It’s a one-stop shop for crypto investors, providing a platform for buying, selling, and storing cryptocurrencies, as well as earning through yield accounts.

Here’s a quick rundown and comparison of different cryptocurrency platforms.

Comparison

• User Base: Both Binance and Kraken have a larger user base with millions of users worldwide, while SwissBorg has around 700,000 users mainly in Europe.
• Selection of Cryptocurrencies: Kraken and Binance offer a much wider selection of cryptocurrencies and tokens available, compared to SwissBorg’s 50.
• Advanced Trading Features: Kraken and Binance provide more complex trading options for advanced users, including margin and futures trading, which SwissBorg does not offer.
• Regulation: SwissBorg is regulated by authorities in Estonia and France, while Kraken’s regulatory status is not specified in the provided sources. While Binance is highly regulated and has licenses from different institutions across the globe you can find out more on this page.

In conclusion, while SwissBorg offers a comprehensive wealth management platform with a user-friendly interface, Binance provides a wider range of cryptocurrencies and advanced trading features. The choice between the two would depend on the specific needs and preferences of the user.

Frequently Asked Questions (FAQs)