Switzerland has always been an economic hub at the forefront of accepting new technologies. It is regarded as one of the most crypto-friendly countries and seeks to provide a positive and nurturing environment for blockchain and crypto-related businesses.
Cryptocurrencies are regarded as assets in Switzerland and are taxed by the Federal Tax Administration. This regulatory clarity has helped the country in embracing digital tokens in various aspects of public life. The city of Zurich, for example, had set up Switzerland’s first Bitcoin ATM as far back as 2014.
Lugano, a city in the southern region of the country, seeks to become the cryptocurrency capital of Europe by actively supporting R&D and relevant projects. The Swiss Federal Railways has also enabled the purchase of Bitcoin via its ticketing machines at various locations.
All in all, Switzerland has emerged as a cryptocurrency hot spot especially since financial regulators in several other countries are hesitant towards the use of cryptocurrencies. This can be seen in the active cryptocurrency trading scene in the country.
There are several cryptocurrency exchanges that are completely home-grown and cater specifically to the needs of Swiss traders.
Top 3 Swiss Cryptocurrency Exchanges
Switzerland is a financial hub and of course, it could not stay away from the crypto craze. Swiss laws are pretty clear about the way cryptocurrency exchanges are to function in the country.
This has helped bring stability to the crypto scene and has led to the development of many cryptocurrency exchanges focusing primarily on serving Swiss traders.
Bitcoin Suisse
Founded in 2013, Bitcoin Suisse is a pioneer in the development of the Swiss crypto industry. It is a regulated financial intermediary and provides crypto trading, staking, lending and prime brokerage services to both individual and institutional investors.
You can simply and safely buy, sell, trade or hold 40 cryptocurrencies on Bitcoin Suisse. It claims to provide the best possible prices, liquidity and risk exposure to its users.
Bitcoin Suisse is a member of the Financial Services Standards Association(VQF) and is subject to the Swiss AML/CFT regulations. It has also introduced the ISAE 3402-certified Bitcoin Suisse Vault for the secure custody of the users’ crypto assets.
Features
✔️40+ cryptocurrencies available
✔️Mandatory KYC verification
✔️Keeps funds in cold storage
Pros and Cons
✅Regulated brokerage ❌Limited cryptocurrencies available
✅Staking opportunities ❌High minimum investment
✅Bitcoin Suisse Vault for asset
security
✅Multilingual support for users
Trading Fees
Bitcoin Suisse charges a flat fee of 1.25% for cryptocurrency trading.
Bitcoin Suisse trading fees
Customer Reviews
Bitcoin Suisse is great for beginner traders
Bitcoin Suisse does not have the best customer service\
Why We Picked It
Bitcoin Suisse is a home-grown exchange that promises the best execution for your trades. It tries to get you the best possible prices with minimal risk exposure. You can also stake your assets and earn passive income on Bitcoin Suisse.
SwissBorg
SwissBorg was launched in 2018 to provide a fast, secure and reliable crypto trading and investment app. It is not strictly a cryptocurrency exchange but a hybrid of a traditional wealth management and an emerging Web3 platform.
SwissBorg helps users actively invest and grow their crypto portfolio. It has theme-based crypto bundles to help you grow and diversify your portfolio. SwissBorg Earn allows you to earn passive income on your crypto holdings with the least possible risk.
SwissBorg supports 16 fiat currencies with which you can directly buy cryptocurrencies. Its Smart Engine connects to several leading exchanges and finds the best rates and liquidity to execute your order. The Portfolio Analytics tool analyzes the supported assets and the user’s performance and helps you gain a better insight into your portfolio.
Features
✔️Wealth management and Web3 platform
✔️Supports both crypto and fiat withdrawals and deposits
✔️Native token is CHSB token
Pros and Cons
✅High liquidity ❌Custodial exchange
✅Crypto bundles for investment ❌Need to stake CHSB for best returns
✅Smart Engine to find best rates
✅Portfolio analysis tools
Trading Fees
The standard level fee for trading cryptocurrencies on SwissBorg is 1.0%.
SwissBorg exchnage fees
Customer Reviews
SwissBorg is a conveneint and easy to use app
SwissBorg may not have the best customer service
Why We Picked It
SwissBorg offers many options for users to diversify and grow their portfolios. Its Smart Matching Engine helps them find the best trades and its portfolio analysis tools assist them in analyzing their performance.
Bity
Bity was created in 2014 with the aim of becoming the primary Swiss exchange for buying and selling cryptocurrencies. It is audited by KPMG and complies with all relevant Swiss regulations. Bitcoin(BTC) and Ether(ETH) are the only cryptocurrencies supported though you can also buy USDC with the Euro(EUR) or the Swiss Francs(CHF).
Bity also runs Bitcoin ATMs which can be found across Switzerland. You can directly buy cryptocurrency with cash via these ATMs. Bity also enables users to pay their rent, phone, utility and other bills online with cryptocurrency.
Features
✔️2 cryptocurrencies available
✔️Runs a network of Bitcoin ATMs
✔️Audited by KPMG
Pros and Cons
✅Secure platform ❌Only 2 cryptocurrencies supported
✅Small trades can be done
without ID
Trading Fees
The trading fees charged on Bity is a flat 0.8% rate.
Bity trading fees
Customer Reviews
Bity has an efficient customer support system
There may be errors during transactions on Bity
Why We Picked It
Bity is an old, reliable and secure platform. Trades here are generally hassle-free and you don’t even need to be verified for small-value trades. It has excellent customer service and users can easily find Bity ATMs in the public.
Top 5 International Crypto Exchanges in Switzerland
Binance
You might’ve heard of Binance even if you are not particularly into cryptocurrency trading. It is a giant entity that has dipped its toes in all sorts of blockchain and cryptocurrency-related projects. On a fundamental level though, Binance is a cryptocurrency exchange with a vast collection of tradable coins available at a low price.
It is a KYC-compliant exchange and offers several services beyond the basic cryptocurrency buying and selling. There is Binance Earn which allows you to invest your crypto holdings in various products of differing lengths to earn income.
Binance also offers a Visa-powered Binance card for making payments. Further, there is no signup or annual fees or ATM withdrawal fees within Europe. It is estimated that this card can be used with over 90 million merchants worldwide with 8% BNB cashback for every eligible transaction.
Binance employs advanced end-to-end data encryption technologies for better protection of users’ data. This helps in ensuring that only the user has access to his information. Further, there is a Secure Asset Fund for Users(SAFU) which has been created to protect a share of user funds. Binance sends 10% of all trading fees to the fund for this purpose.
Features
✔️Biggest exchange in the world
✔️Over 350 cryptocurrencies available
✔️Native token is BNB Coin
✔️Binance card for making merchant payments
Pros and Cons
✅Wide variety of coins ❌Legal problems in many places
✅Mandatory KYC ❌Overwhelming interface
✅Binance card with cashback rewards ❌Past incidents of major hacks
✅Good staking options
Trading Fees
Binance takes into account the 30-day trading volume and/or the user’s BNB Balance to determine trading fees. The highest rate is 0.10% for maker and taker fees.
Binance trading fees
Customer Reviews
Binance especially its Visa card is liked by users
Verification on Binance can be a hassle
Why We Picked It
Binance has a lot of options-from earning to payments for users to choose from. It has both flexible and fixed-term products available for investments. Trades are not very expensive here and you can also get cashback by making payments with the Binance card.
eToro
eToro is not strictly a cryptocurrency exchange but more of a social trading platform. Therefore, along with cryptocurrencies it also supports other assets such as stocks and ETFs. While it does not have the most extensive cryptocurrency collection, it has several other interesting features.
eToro was one of the first places to offer copy trading where you could imitate the strategies of other traders of your choice. You can copy just one trader or even build a team of multiple traders. Its Smart Portfolio option helps you in diversifying your portfolio and growing your assets.
eToro also has a VIP Club system where members are entitled to certain perks and benefits depending on their membership levels. These benefits include but are not limited to reduced withdrawal fees, dedicated account managers and access to Trading Central.
Before committing to it, you can create a practice account on eToro via its demo trading feature to test out your strategies without involving real money. Apart from that, eToro also offers advanced charting and analysis tools for users.
Features
✔️75+ cryptocurrencies available
✔️Social trading and investment platform
✔️Stocks, crypto and ETFs available
Pros and Cons
✅Copy trading available ❌Less number of cryptocurrencies
✅Smart Portfolio ❌Fees are not very competitive
✅Demo trading option
✅Learning resources available
Trading Fees
eToro charges a flat 1% fee for buying and selling cryptoassets on the platform.
eToro fees for cryptocurrency purchases
Wallet fees on eToro
Customer Reviews
eToro is a user-friendly brokerage
The fees on eToro are higher than average
Why We Picked It
eToro is a great place to diversify your portfolio. You can trade crypto, stocks and ETFs under one roof. You can also utilize its copy trading feature to imitate the strategies of other traders and makes the most of your investments.
Bybit
Bybit is a leveraged exchange meant primarily for margin and derivatives trading. However, it still features a healthy sum of 280+ pairs for spot trading. A unique thing about the leverages on Bybit is that they are freely adjustable i.e. you can change them even after a position has been opened.
Bybit also assists you in discovering tools that are tailored specifically to your trading style. It uses AI to analyze your investment profile and then recommends trading tools based on that.
Bybit supports liquidity mining wherein you can add liquidity to pools based on the automated market maker model. With this, you can earn a yield which is derived from the trading fees every time a successful trade takes place.
Bybit also gives out high Loan-to-Value(LTV) crypto loans. You can use one type of crypto asset as collateral for borrowing another asset. These loans can be repaid anytime with no penalties.
Features
✔️Over 280 spot trade pairs
✔️Leveraged exchange for derivatives trading
✔️Biggest USDC Options marketplace
✔️Available in 16+ languages
Pros and Cons
✅Good cryptocurrency selection ❌Unverified trade statistics
✅Freely adjustable leverage
✅Crypto loans available
Trading Fees
Bybit has a VIP program with several benefits for users. The higher the VIP level the lower the maker-taker fees on Bybit.
Bybit trading fees
Customer Reviews
Bybit is an excellent platform with a fantastic interface
Accounts can sometimes get locked on Bybit
Why We Picked It
If you want to do margin trading with some great and adjustable leverages, Bybit is the place to go. It has a great interface, fast transactions, low fees and several other benefits. You can also try out liquidity mining here to get yield on your assets.
Uphold
Uphold, like eToro, is a multi-asset trading platform. However, it has a much bigger collection of cryptocurrencies as compared to the latter. It is essentially a platform that combines the features of a cryptocurrency exchange, a forex trading platform and a brokerage.
Therefore, you can trade not just cryptocurrencies but also fiat currencies and precious metals on Uphold. In fact, you can trade between assets as well i.e. say BTC to gold trades are also possible on Uphold.
Uphold is a commission-free platform with low costs and no deposit or withdrawal fees. It also does not charge anything for bank deposits or withdrawals. Succinctly, you pay what you see on Uphold with no worries about any additional hidden charges.
Features
✔️250+ cryptocurrencies available
✔️Cryptocurrency, fiat currency and precious metals available
✔️Active bug bounty program
Pros and Cons
✅Variety of coins available ❌No equity trading
✅Cross-asset trading ❌Spreads can be expensive
✅Deposits and withdrawals are free
Trading Fees
Uphold service fees
Customer Reviews
Uphold is very easy to use
The withdrawal process on Uphold can be difficult
Why We Picked It
Uphold is great for exploring different asset classes in one place. You can also trade between the different types of assets here. It is a regulated and secure platform that also runs a bug bounty program for early detection of vulnerabilities.
Bitstamp
Bitstamp is a fast and reliable cryptocurrency exchange. Serving customers since 2011, it has carved its own space in the crypto industry. Bitstamp is registered as a payment institution in Luxembourg and is licensed to operate in all 27 European Union member states including Switzerland.
Bitstamp does not have the most extensive cryptocurrency collection but it is a heavily regulated platform with an active customer support. You can, hence, rest assured that your funds will be safe here.
For professional traders, Bitstamp offers an advanced interface with real-time market insights and a good range of powerful analytical tools.
Features
✔️82 assets available
✔️Has a mobile app
✔️Funds are stored offline
Pros and Cons
✅Registered and licensed ❌Limited cryptocurrencies
exchange ❌Margin trading not supported
✅Trading fees are low
✅Earning opportunities
Trading Fees
The 30-day trading volume is taken into consideration on Bitstamp to charge the maker and taker fees.
Bitstamp trading fees
Customer Reviews
Bitstamp is an old and trusted exchange
Users have had trouble with withdrawals on Bitstamp
Why We Picked It
Bitstamp has been a trusted cryptocurrency exchange for more than a decade. Although rather basic, it is quite suitable for people who are just getting started with cryptocurrency trading. It keeps the majority of the funds offline for safety and also has a rather solid mobile app.
Top 3 Decentralized Cryptocurrency Exchanges in Switzerland
UniSwap
UniSwap is an open-source protocol meant for trading ERC-20 tokens. It is one of the largest and most famous decentralized exchanges out there. It has a set of smart contracts that make up the automated market maker and dictate how the platform will be run.
UniSwap eliminates all sorts of intermediaries and facilitates peer-to-peer market making on the Ethereum blockchain. Further, the UniSwap liquidity pools double as oracles giving users access to historical prices and liquidity data. It is quite difficult to manipulate the oracle prices due to their considerable maximum length.
There is also a UniSwap wallet available that can be used to directly trade tokens on the protocol. You can conveniently switch between Polygon, Arbitrum, Optimism and the Mainnet with this wallet. Further, this wallet can also be used to buy crypto with Moonpay.
Features
✔️Developed on the Ethereum chain
✔️Uses Automated Market Maker
✔️Native token called UNI
✔️Works with several blockchains
Pros and Cons
✅ERC-20 token trading ❌Ethreum gas fees can be expensive
✅Multiple pool fee tiers ❌No verification of coins
✅UniSwap wallet for direct trading
✅Social consensus via voting
Trading Fees
UniSwap has three pool fee tiers of 0.05%, 0.30% and 1%. A new tier of 0.01% was added in 2021 after it was approved by the community.
UniSwap trading fees
Customer Reviews
UniSwap is a typical decentralized exchange
Gas fees on UniSwap can be very expensive
Why We Picked It
UniSwap is a famous and accessible decentralized exchange. It has high liquidity and is far easier to use than several other such exchanges. Plus, you can use the UniSwap wallet to switch between the mainnet and chains like Polygon and Arbitrum.
PancakeSwap
PancakeSwap is a decentralized exchange on the BNB Chain popular for its innovative product suite. Like UniSwap, it is governed by a set of smart contracts that make up the automated market maker. PancakeSwap has a cute and colorful aesthetic that is all about making trading accessible and fun.
PancakeSwap has some of the lowest fees among decentralized exchanges and gives a major chunk of it to liquidity providers as compensation for providing liquidity. It is a highly capital efficient exchange as it allows liquidity providers to set a custom range for prices while providing liquidity.
Further, the PancakeSwap v3 enables liquidity providers the flexibility to choose from any of its four trading fee tiers while providing liquidity for the same token pair.
Features
✔️Developed on the BNB Chain
✔️Employs Automated Market Maker
✔️Native token is CAKE
✔️Four-tiered pool fee structure
Pros and Cons
✅BEP-20 token trading ❌No system for customer support
✅Multiple pool fee tiers ❌Issue of scams
✅Capital efficiency
✅Innovative products
Trading Fees
PancakeSwap has four tiers of trading fees. They are some of the lowest rates in the industry and the biggest proportion of the fees goes to the liquidity providers.
PancakeSwap trading fees
Customer Reviews
PAncakeSwap has some great options for users
PancakeSwap has a problem with low quality coins
Why We Picked It
PancakeSwap has some pretty ingenuine products for customers to check out. It has an attractive and intuitive design that makes crypto trading fun. The PancakeSwap v3 helps liquidity providers achieve better capital efficiency.
Bisq
Bisq is slightly different from other decentralized exchanges. It does not run on any particular blockchain but is an open-source software that must be installed on a computer for trading cryptocurrency. There are no central order books but a global peer-to-peer network where every user runs the application on their computer.
This ensures that there are no geographical barriers to trading on Bisq. Anyone anywhere with a computer and an internet connection can use it. Your data is always stored locally on-disk rather than in a central server. Thus, there is no possibility of your data being compromised due to a central failure.
Bisq is governed as a decentralized autonomous organization where the stakeholders determine the platform’s project strategy via voting.
Features
✔️Open source computer application
✔️Governed as a decentralized autonomous organization
✔️Native coin is BSQ
Pros and Cons
✅Completely decentralized ❌BTC or BSQ needed for payments
platform ❌Not for beginners
✅Data stored locally
✅User control over private keys
✅No geographical barriers to trading
Trading Fees
Bisq uses the maker-taker model for determining trading fees. The combined rate comes to be 1.1% for BTC and 0.55% for BSQ.
Bisq trading fees
Customer Reviews
Bisq is a platform true to the spirit of cryptocurrency
The bisq platform might need some improvements
Why We Picked It
Bisq is an exchange which is very close to the ideals of bitcoin or rather cryptocurrency in general. It does not ask for any sort of identifying information and simply facilitates P2P trades among interested crypto traders.
Is Crypto Trading Legal in Switzerland?
Switzerland which is a banking hub and home to several important financial organizations is also quite open to cryptocurrency. It has a positive attitude towards blockchain and distributed ledger technology(DLT) and is seeking to establish itself as a leading cryptocurrency hub.
Cryptocurrencies are classified as assets in Switzerland and are generally considered to be of three types- payment tokens, utility tokens and asset tokens.
However, one thing to note here is that cryptocurrencies are still not considered legal tender in Switzerland. While the Swiss National Bank(SNB) recognizes the potential of digital tokens, there is no official state-backed cryptocurrency in the country.
Cryptocurrency exchanges operating in Switzerland come under the regulatory purview of the Swiss Financial Market Supervisory Authority(FINMA). Depending on the nature of the firm, the country issues four types of crypto licenses and the eligible businesses can opt for any of them.
Beyond that, the issuing and trading of cryptocurrencies in Switzerland are subject to the nation’s anti-money laundering regulations. They are also subjected to taxation but a unique aspect about the wealth tax on crypto is that they must be converted into Swiss francs for this purpose.
The Federal Tax Administration(FTA) releases conversion rates for certain cryptocurrencies such as Bitcoin and Ethereum every year. While the finer details of cryptocurrency declaration for tax purposes can vary among different cantons, it is broadly accepted that cryptocurrencies are assets similar to bank deposits and therefore, subject to wealth tax.
Further, while cryptocurrencies held as assets by individuals are exempt from income tax on capital gains, the same would have to be paid if cryptocurrencies are held by an individual as business assets.
Conclusion
Like other financial domains, Switzerland is at the forefront of the cryptocurrency market as well. Various Swiss bodies have recognized the potential of blockchain and digital token technology. The country has also passed regulations for the digital token industry in order to become a global cryptocurrency hub.
The friendly environment in Switzerland has allowed the crypto industry to flourish and there are many cryptocurrency exchanges, both global and local that have been successfully operating in the country for several years.
Swiss traders have a lot of choice when it comes to cryptocurrency trading with exchanges coming up with new and innovative products to help them more efficiently utilize their crypto holdings.