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SwissBorg Review
SwissBorg is a platform that can be a bit difficult to understand at first because it cannot be pigeon-holed into a single subcategory of traditional finance. The project can likely be best summarized as a mix between a traditional asset management application and a project involved in the emerging decentralized finance (DeFi) space. In short, SwissBorg is an attempt to simplify the way in which its users can earn a yield on their crypto asset holdings.
Instead of buying some cryptocurrency, throwing it in a hardware wallet, and then forgetting about it for a few years, SwissBorg allows its users to earn some interest on top of their currency crypto holdings. SwissBorg goes above and beyond the competition when it comes to finding yields for their users, and it allows users to earn crypto by making their funds available on everything from centralized exchanges to a variety of DeFi applications on Ethereum. This crypto platform is less concerned with how yields are generated and just wants to make sure their users are able to earn interest on their crypto holdings from any avenue possible. SwissBorg was first put together back in 2017, and they have their own native crypto token known as CHSB.
SwissBorg Overview
- The SwissBorg Wealth app helps users get the highest returns on their crypto holdings
- The SwissBorg Community app is a good way for newcomers to learn about Bitcoin
- Transparent fee structure
- Users can diversify their holdings via Crypto Bundles
SwissBorg Pros & Cons
Pros
The SwissBorg Wealth app helps users get the highest returns on their crypto holdings
The SwissBorg Community app is a good way for newcomers to learn about Bitcoin
Transparent fee structure
Users can diversify their holdings via Crypto Bundles
Available in more than 115 countries
Cons
Smart Yield only supports the USDC stablecoin right now
Not available in the United States
Must stake CHSB to get the best returns and lowest fees
Custodial service
What is SwissBorg?
SwissBorg is a platform that is intended to help cryptocurrency holders better manage their wealth. The blockchain project raised more than $50 million during the hysteria around token offerings in 2017, but unlike many other projects that were launched around that time, SwissBorg has actually delivered some products and services that can be used today. The two original founders of SwissBorg are Anthony Lesoismer and Cyrus Fazel, and the project has its roots in Swizterland.
SwissBorg currently has two very different apps on the market. The first app is the SwissBorg Community app. This application is a good option for those who are new to the world of cryptocurrency. SwissBorg has effectively gamified the process of learning about cryptocurrency and blockchain technology with this app, and users are able to earn a small amount of crypto while they educate themselves about this new financial revolution. SwissBorg’s other app, known as the Wealth App, is their bread and butter. This is the project they originally set out to build, and it allows users to manage their crypto portfolios and find different ways in which they can maximize the value of their crypto investments over time.
How Does SwissBorg’s Crypto Feature Work?
While users are able to earn some crypto by interacting with the SwissBorg Community app, the bulk of this project’s crypto functionality can be found in the Wealth App. The point of this app is to help crypto asset holders manage their portfolios and get the highest potential earnings from their investment strategies.
The most basic functionality built into the Wealth App is the ability to buy and sell cryptocurrencies via 15 different fiat currencies. People from 115 different countries are able to access this functionality, making it one of the most widespread ways to convert fiat currency into cryptocurrency in the entire world. Additionally, the SwissBorg Wealth app connects to four different exchanges to make sure that its users are getting the best possible pricing on their crypto buy and sell orders. The four exchanges used by SwissBorg are Binance, HitBTC, LMAX, and Kraken.
The SwissBorg Wealth app also includes a section for analytics regarding the user’s cryptocurrency investment performance. With this section of the app, users are able to understand exactly how much they are paying in fees and get a clear picture of their past transactions and current asset allocation.
SwissBorg also includes a number of features to help users make the right crypto investment decisions. The app contains predictions and analysis based on machine learning to help users better understand when they should be making their buy or sell orders. Users can also purchase collections of crypto assets in bundles that have been put together by SwissBorg.
One of the newest features of the SwissBorg Wealth app is known as Smart Yield. This allows users to deposit their cryptocurrency and then have SwissBorg take care of making sure the user is earning as much of a return on that deposit as possible. To get the best returns, the SwissBorg Wealth app puts the user’s funds to work in a variety of DeFi projects, centralized exchanges, yield farming initiatives, and liquidity provider programs. While SwissBorg is starting to put a lot of work into this portion of the app, it is only possible to use the USDC stablecoin in the Smart Yield section of the app at this time.
It should be noted that some of the best features of the SwissBorg Wealth app are only available to users who are willing to stake CHSB tokens. Users who are willing to stake these tokens are able to become premium members of the SwissBorg Wealth app. With a premium membership, users gain access to lower fees, including 0% trading fees on trades involving BTC, CHSB, or any stablecoin. Additionally, premium members earn twice as much yield from the Smart Yield section of the app as compared to non-premium users.
It’s important for any potential SwissBorg user to understand the risks associated with becoming a premium member of the Wealth app. The program currently requires 50,000 CHSB to be staked in the app for 12 at least 12 months, which at current prices roughly equates to roughly $15,500. While there are some perks associated with this premium member program, new users should think about how a potential massive drop in the CHSB price could outweigh any potential benefits that are earned from the program.
It should also be noted that the SwissBorg Wealth app is a custodial application, meaning SwissBorg takes custody of funds that are deposited into the app. In other words, users are not in full control of their crypto assets and do not take custody of their own private keys.
Which Cryptocurrencies Can You Buy and Sell?
The SwissBorg Wealth app currently supports 12 different cryptocurrencies, but new crypto assets are being added to the app on a regular basis. For now, the crypto assets support are Bitcoin, Ether, and a number of ERC-20 tokens, which means there is a heavy focus on the Bitcoin and Ethereum blockchains at this time. Here is the full list of crypto assets currently supported by the SwissBorg Wealth app:
- Bitcoin
- Ethereum
- SwissBorg Token
- USD Coin
- PAX Gold
- Enjin Coin
- Binance Coin
- Aave
- KyberNetwork
- Dai
- Compound
- Ren
Country Restrictions
SwissBorg’s applications are available in most countries around the world. The only major exception is the United States, where financial regulations have forced a large number of Bitcoin and cryptocurrency companies to avoid offering their products and services to Americans.
Cryptocurrencies and stablecoins can be used by users who are in any country supported by the SwissBorg Wealth app, but fiat currency support is less prevalent. As mentioned previously, the SwissBorg Wealth app has support for 15 different fiat currencies.
Fees
The only fees in the SwissBorg Wealth app right now have to do with getting funds on or off the platform and trading between different assets. However, it should be noted that the fee structures are different between standard and premium members.
For deposits, there is no fee whatsoever for anyone. On withdrawals, there is a 0.10% fee charged, and there is also a minimum fee that depends on the denomination of the withdrawal.
Trading is where things get a bit more interesting for premium members. While standard users must pay a 1% fee for trading between fiat, stablecoins, BTC, or CHSB, there is no fee for this kind of trading for premium users. And while trading other cryptos still comes with a 0.5% fee for premium users, this is still half of the 1% fee that is charged to standard users.
Supported Crypto Wallets
SwissBorg Wealth is a custodial crypto wallet, which means that it is not really much of a wallet at all. The app functions more like a traditional centralized exchange where SwissBorg takes custody of your crypto assets while they are being used on the SwissBorg platform. That said, users are able to withdrawal crypto assets to their own, non-custodial wallets if they wish. However, it should be noted that users will lose all of the functionality of the SwissBorg app when they move their funds off the platform.
Additionally, it should be pointed out that BTC, ETH, and CHSB are the only three crypto assets that can be withdrawn from the app at this time. Finally, it’s important for those who wish to become premium users to remember that they will be unable to unlock their 50,000 CHSB for 12 months after they decide to stake it in order to become a premium member in the first place.
How to Sign Up For SwissBorg
Although SwissBorg does require users to go through an identification process in order to comply with Know Your Customer (KYC) and Anti Money-Laundering (AML) regulations, the company has been able to streamline this process and make it as simple as possible for new users to complete.
To get started, you just need to search for the SwissBorg Wealth app in either the Google Play Store or Apple App Store, depending on what kind of phone you own. Once you have the app, you should open it to begin the sign-up process. According to SwissBorg, they are usually able to get new users verified within nine minutes.
SwissBorg is able to streamline this process by asking the user for a photo and a copy of a government-issued form of identification shortly after the app has been opened for the first time. Once those documents have been provided and verified by SwissBorg, the user will then have full access to the app and be able to make their first deposit.
SwissBorg Frequently Asked Questions
Yes, SwissBorg is a crypto exchange, but it is also much more than that. The intention is for the app to operate as a complete wealth management system for cryptocurrency users. In terms of trading between cryptocurrencies and fiat currencies, SwissBorg uses four different exchanges in their backend to make sure their users always get the best possible exchange rate on their trades.
No, SwissBorg has never been hacked. That said, t should be noted that this is still a rather new platform, so it doesn’t have a long history of strong security either.
No, SwissBorg is available in more than 115 different countries around the world.
Yes, people in North America can use SwissBorg, including residents of Canada and Mexico. However, anyone living in the United States is unable to use the SwissBorg Wealth app at this time.
Yes, it is extremely easy to buy bitcoin using SwissBorg, as you can connect the app directly to your bank account or use stablecoins to make your trades.
Yes, SwissBorg has its own crypto token known as CHSB. Users must stake at least 50,000 of these tokens if they want to become a premium user and gain access to the best features of the SwissBorg platform.
Yes, SwissBorg recently launched their Smart Yield feature, which helps users gain the highest possible yields on their crypto holdings. It should be noted that this feature currently only works with the USDC stablecoin; however, SwissBorg plans to bring this feature to more crypto assets, including bitcoin, in the near future.
