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Swissquote partners with Luxembourg firm to offer bitcoin trading

Swissquote partners with Luxembourg firm to offer bitcoin trading

Swissquote is offering investors a way to trade in virtual currencies with Bitcoin in partnership with Luxembourg-based Bitstamp.

On the platform, Swissquote users can exchange euros or US dollars for bitcoins and customers can speculate on bitcoin or use it to diversify their portfolios.

Similar to any other currency trading options, investments in bitcoins can be made against the euro or the US dollar through trading accounts, except without the access to leverage.

The minimum bitcoin transaction has been set at five USD/EUR and the maximum at 100,000 USD/EUR. Fees are then set as a percentage of the transaction amount, ranging from 0.5% to 1%.

The new project at Swissquote has been backed by Bitstamp, a company specialising in bitcoin since 2011 and the only bitcoin exchange to gain a licence from the European Union.

With the partnership, the Luxembourg-based firm provides pricing data and executes bitcoin transactions for Swissquote customers.

Commenting on the trend towards cryptocurrencies, Marc Bürki, CEO of Swissquote, said: ‘Many investors are interested in cryptocurrencies, but are afraid to trade them, because the players in this market are mostly little-known, and they often require the transfer of funds to a foreign account.

‘As a Swiss bank, we offer our clients a simplified, transparent process, without foreign transfers, that is within the reach of everybody.’

Swissquote is the latest financial player to join the cryptocurrency march in Switzerland as other groups including Falcon Private Bank, which recently announced its new bitcoin asset management solutions.

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