Swiss online bank to launch bitcoin trading

According to Finance Magnates, Swissquote, online Swiss bank, is the first one to announce that its clients will be able to buy and sell Bitcoin.

The bank has launched the project in partnership with Bitstamp cryptocurrency exchange, that is the first and the only licensed Bitcoin exchange in the European Union. The product is primarily aimed at brokerage industry allowing Swissquote clients to exchange US dollars and euros into Bitcoin using their trading account. The bank launched trading in the virtual currency without leverage.

The minimum limit of a transaction is 5 units, the maximum one is 100,000 USD or EUR. The bank fee will vary between 0.5 and 1 percent of transaction value depending on its amount.

Swissquote CEO Marc Burki said:

“Many investors are interested in cryptocurrencies but are afraid to trade them. The players in the market are mostly little known and require a 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 reach of everybody”.