Review SwissBorg: beginner friendly platform and good customer support
Swissborg is a blockchain-based wealth management platform that provides its users the possibilities to get the best from their cryptocurrency investments. They have their Initial Coin Offering (ICO) in december 2017 and have sold a total of 535 million CHSB tokens at a price of $0.10 each. Thus, a total of $53.5 million was raised.
How is the SwissBorg app?
After the ICO, CHSB holders were soon given an important choice through a referendum. In this it was voted that the Swissborg Wealth App should first be developed for the mobile phone and later the PC. The app is ready, but the PC (web app) is still not available. Sign-up and registration (KYC) is only on the mobile app.
In the app you can exchange with 30+ cryptos & 15+ fiats with Swissborg. The app is very user-friendly and quick to learn. There are 500K+ users with total of about $1.52B in crypto assets value. They are a broker and find the best prices in other top exchanges to buy and sell the cryptos.
How can you earn passive income?
By staking in their Smart Yield which is basically Yield Farming. They use other top exchanges to find the best return for the lowest risk. Based on the amount of CHSB token that you hold, extra benefits are given like higher interest rates and other rewards. On a Standard account, staking a stablecoin like USDT could earn an interest rate of 4.75% with a maximum of 9.5% if you hold a lot of CHSB.
How is the exchange and withdrawal fee?
As they need to buy and sell the cryptos elswhere the fee is 1% which is rather high. By holding a certain amount of CHSB tokens this could be lowered to 0.75% or even to 0% if you are Genesis Premium.
The fiat withdrawal fee is 0.10%, with a minimum fee per currency. Crypto withdrawal has a minimum and maximum fee. They do not support TRC20 chain so many cryptos need to be withdrawn with the relatively expensive ERC20 chain ($35 – $114).
How do you deposit money?
You could deposit fiats to their SEPA account in Malta or their SWIFT account in Estonia.
Is staking at SwissBorg a good alternative?
The Smart Yield interest rate is not that high compared to other competitors. You have to stake 12 months and quite some CHSB to get the highest interest rate of 9.5% which is still not a lot. However staking CHSB gives some good reward, up to 25% and reduction in exchange fee.
SwissBorg has good customer support and it is secured by Curve MPC technology. It could be a good place to spread the investment into multiple platforms.
Stablecoins: USDC, USDT and EURT (Tether in Euro).
The CHSB price chart is added to show the movement of this ERC20 token.
Disclaimer: I am not a financial advisor and cannot give investment advice. All the information contained on this website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on this website is strictly at their own risk. Please consult your financial advisor to associate the risks involved.