Swissquote, the forex brand of Swissquote Bank, a Swiss online financial and trading service provider, announced it is launching bitcoin trading in partnership with EU-licensed digital currency exchange Bitstamp.
Starting from July 14, Swissquote clients can trade BTCUSD and BTCEUR, like any other currency, but without leverage, in order to minimize risk of major loss. The minimum transaction is set at 5 EUR or USD and the maximum can be 100 000 EUR or USD. Fees are calculated as a percentage of the transaction sum and range from 0.5% to 1%, depending on size.
According to Swissquote CEO, Marc Burki, many investors are interested in Bitcoin and other digital currencies, but are afraid to trade them, because most players on the market are little known and are not properly regulated. Another problem for potential investors could be the foreign transfers. “As a Swiss bank, we offer our clients a simplified transparent process, without foreign transfers, that is within reach of everybody”, Burki noted.
“This is our first foray into the world of bitcoin,” said Swissquote CEO, Marc Burki, “and so we wanted to work with a partner we could rely on. Bitstamp’s focus on regulation and compliance, as well as its payment institution licence, made it the standout choice for our needs.”
“Our partnership with Swissquote represents a leap forward in terms of integrating bitcoin with the traditional financial industry,” noted Bitstamp CEO, Nejc Kodric.
According to the company statement, Swissquote and Bitstamp will expand their partnership.
Swissquote Bank provides online trading, analysis, and financial and information services. The Swissquote Group is headquartered in Switzerland and holds a bank license issued by the Swiss Financial Market Supervisory Authority (FINMA). The company has more than 200,000 retail and institutional clients serviced through its offices in Dubai, London, Malta and Hong Kong.
Swissquote has 63 currency pairs in its product portfolio. For trading the bank offers mini, standard, and premium accounts and three trading platforms – the industry leader MetaTrader 4 (MT4), as well as FXBook and Advanced Trader.
Swissquote is the latest forex company to join the ever expanding list of brokers offering trading in digital currencies.