Go Back   English Forum Switzerland > Help & tips > Finance/banking/taxation  
Reply
 
Thread Tools Display Modes
  #1  
Old 01.06.2017, 11:27
defcon3's Avatar
Forum Veteran
 
Join Date: Jul 2008
Location: Geneva
Posts: 521
Groaned at 2 Times in 2 Posts
Thanked 408 Times in 155 Posts
defcon3 has an excellent reputationdefcon3 has an excellent reputationdefcon3 has an excellent reputationdefcon3 has an excellent reputation
Buying Cryptocurrencies in Switzerland [Brokers + HowTo Cash to Crypto]

I recently unlocked some cash from deposits and wish to buy some crypto.

Google takes me to Coinbase and after the 5 workday account verification, I'm finally cleared to buy. Lo an behold, if you wish to buy BTC using credit card, you are limited to EUR325/week (dafuq). Opting to link bank account in hopes of being able to buy more doesn't work for swiss banks, so no dice.

How can one buy a couple of bitcoins without making it a marathon project of a lifetime in bite-sized chunks of 300/week? Any Swiss broker you know of, who is happy to take CHF and sell BTC? Or any cryptocurrency for that matter - shapeshifter works like a charm, so as long as I find a way to cross the fiat-crypto border, its good.
Reply With Quote
  #2  
Old 01.06.2017, 11:40
speakeron's Avatar
Forum Veteran
 
Join Date: Mar 2012
Location: Censored
Posts: 1,447
Groaned at 39 Times in 30 Posts
Thanked 1,299 Times in 666 Posts
speakeron has a reputation beyond reputespeakeron has a reputation beyond reputespeakeron has a reputation beyond reputespeakeron has a reputation beyond reputespeakeron has a reputation beyond repute
Re: Buying Cryptocurrencies in Switzerland [Brokers + HowTo Cash to Crypto]

Quote:
View Post
I recently unlocked some cash from deposits and wish to buy some crypto.

Google takes me to Coinbase and after the 5 workday account verification, I'm finally cleared to buy. Lo an behold, if you wish to buy BTC using credit card, you are limited to EUR325/week (dafuq). Opting to link bank account in hopes of being able to buy more doesn't work for swiss banks, so no dice.

How can one buy a couple of bitcoins without making it a marathon project of a lifetime in bite-sized chunks of 300/week? Any Swiss broker you know of, who is happy to take CHF and sell BTC? Or any cryptocurrency for that matter - shapeshifter works like a charm, so as long as I find a way to cross the fiat-crypto border, its good.
Can't you even link a EUR account to Coinbase? I must admit I never realized there was a problem there. I have a (dormant) account with them but haven't used it since I'm not usually transferring back and forwards to fiat.

Maybe just go down this list and see what you can come up with:

https://www.google.ch/search?q=switz...and+bitcoin+ex
Reply With Quote
  #3  
Old 01.06.2017, 11:56
JoeUK's Avatar
Forum Veteran
 
Join Date: Aug 2009
Location: Au
Posts: 630
Groaned at 30 Times in 26 Posts
Thanked 817 Times in 441 Posts
JoeUK has an excellent reputationJoeUK has an excellent reputationJoeUK has an excellent reputationJoeUK has an excellent reputation
Re: Buying Cryptocurrencies in Switzerland [Brokers + HowTo Cash to Crypto]

Coinbase accept SEPA transfers denominated in EUR AFAIK. If you were to do that today before 3pm the funds should be in your account tomorrow morning.
Reply With Quote
The following 2 users would like to thank JoeUK for this useful post:
  #4  
Old 01.06.2017, 16:12
Junior Member
 
Join Date: Feb 2017
Location: Zollikerberg
Posts: 39
Groaned at 0 Times in 0 Posts
Thanked 13 Times in 11 Posts
LuofaEugen has no particular reputation at present
Re: Buying Cryptocurrencies in Switzerland [Brokers + HowTo Cash to Crypto]

I've transferred around 500EUR a few days ago from swiss bank account to Coinbase no problems.

Not sure if its a right time to buy BTC right now.
Reply With Quote
  #5  
Old 01.06.2017, 16:20
Phil_MCR's Avatar
Forum Legend
 
Join Date: Oct 2009
Location: Basel
Posts: 13,418
Groaned at 269 Times in 175 Posts
Thanked 16,231 Times in 6,895 Posts
Phil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond repute
Re: Buying Cryptocurrencies in Switzerland [Brokers + HowTo Cash to Crypto]

Has anyone here converted moderate amounts of cash to BTC and back, let's say more than 30k?

I was tempted to invest some when the price was hovering between $200-300 per Bitcoin, but it really just seemed like too much hassle.
Reply With Quote
This user would like to thank Phil_MCR for this useful post:
  #6  
Old 01.06.2017, 17:02
JoeUK's Avatar
Forum Veteran
 
Join Date: Aug 2009
Location: Au
Posts: 630
Groaned at 30 Times in 26 Posts
Thanked 817 Times in 441 Posts
JoeUK has an excellent reputationJoeUK has an excellent reputationJoeUK has an excellent reputationJoeUK has an excellent reputation
Re: Buying Cryptocurrencies in Switzerland [Brokers + HowTo Cash to Crypto]

Quote:
View Post
Has anyone here converted moderate amounts of cash to BTC and back, let's say more than 30k?

I was tempted to invest some when the price was hovering between $200-300 per Bitcoin, but it really just seemed like too much hassle.
Expand? You mean sell cryptos on an exchange and have the cash left there or sell and repatriate to a personal bank account? I have done both, one transfer out cost $60 for c. €4000, another was €0.60 for much more once the Exchange had adopted SEPA payments. An on exchange transaction also attracts fees which can vary a lot. Again a transfer off exchange to a personal wallet attracts fees and an investment of personal time/energy (we don't bother).

Off exchange is a totally different ball game

The hassle of 1000%+ nominal profit? Oh well
__________________
www.joe.co.uk - We're all about just sayin' - just sayin'
Reply With Quote
  #7  
Old 01.06.2017, 17:22
Phil_MCR's Avatar
Forum Legend
 
Join Date: Oct 2009
Location: Basel
Posts: 13,418
Groaned at 269 Times in 175 Posts
Thanked 16,231 Times in 6,895 Posts
Phil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond repute
Re: Buying Cryptocurrencies in Switzerland [Brokers + HowTo Cash to Crypto]

Quote:
View Post
Expand? You mean sell cryptos on an exchange and have the cash left there or sell and repatriate to a personal bank account? I have done both, one transfer out cost $60 for c. €4000, another was €0.60 for much more once the Exchange had adopted SEPA payments. An on exchange transaction also attracts fees which can vary a lot. Again a transfer off exchange to a personal wallet attracts fees and an investment of personal time/energy (we don't bother).

Off exchange is a totally different ball game

The hassle of 1000%+ nominal profit? Oh well
Yes, in hindsight a 10x profit would have made it worthwhile , but I didn't know enough of the current exchanges and would have been reluctant to put more than 10k in given the past sketchiness of some exchanges and doubts over future liquidity and ability to convert that back (I don't really have a personal use for 100k of bitcoin).

But I mean transfer, say 30k to an exchange and then buy and get those funds back. With some exchanges being hacked or fraudulent, if you invested 30k which became now 300k, do you bring it back in smaller chunks, or do you trust that the exchange will be able to convert it for you back to cash without fraud/hacking risks?

Personally, I would not trust any significant bitcoin holdings left with an exchange and would only hold them in my own wallet.
__________________
By replying to this post, you hereby grant Phil_MCR a royalty-free license to use, in any way, anything posted by you on the internet. If you do not accept, stop using EF and delete your account.
Reply With Quote
  #8  
Old 01.06.2017, 17:24
defcon3's Avatar
Forum Veteran
 
Join Date: Jul 2008
Location: Geneva
Posts: 521
Groaned at 2 Times in 2 Posts
Thanked 408 Times in 155 Posts
defcon3 has an excellent reputationdefcon3 has an excellent reputationdefcon3 has an excellent reputationdefcon3 has an excellent reputation
Re: Buying Cryptocurrencies in Switzerland [Brokers + HowTo Cash to Crypto]

At this point, all I want is "in", so fiat-to-crypto; moving within the crypto (btc, eth, etc, xrp, etc.) is OK and likely by the time I seek exit to fiat, one of two things will happen:
- crypto will be accepted in many places
- exit to fiat will be easier.

So no good on-ramp in Switzerland.
Reply With Quote
  #9  
Old 01.06.2017, 17:31
speakeron's Avatar
Forum Veteran
 
Join Date: Mar 2012
Location: Censored
Posts: 1,447
Groaned at 39 Times in 30 Posts
Thanked 1,299 Times in 666 Posts
speakeron has a reputation beyond reputespeakeron has a reputation beyond reputespeakeron has a reputation beyond reputespeakeron has a reputation beyond reputespeakeron has a reputation beyond repute
Re: Buying Cryptocurrencies in Switzerland [Brokers + HowTo Cash to Crypto]

Quote:
View Post
So no good on-ramp in Switzerland.
The guys above explained that you can transfer EUR into CoinBase. Can't you open a EUR account and do that?
Reply With Quote
  #10  
Old 01.06.2017, 17:32
Phil_MCR's Avatar
Forum Legend
 
Join Date: Oct 2009
Location: Basel
Posts: 13,418
Groaned at 269 Times in 175 Posts
Thanked 16,231 Times in 6,895 Posts
Phil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond repute
Re: Buying Cryptocurrencies in Switzerland [Brokers + HowTo Cash to Crypto]

You can also try localcoins and do a face to face transaction.
Reply With Quote
  #11  
Old 01.06.2017, 18:06
JoeUK's Avatar
Forum Veteran
 
Join Date: Aug 2009
Location: Au
Posts: 630
Groaned at 30 Times in 26 Posts
Thanked 817 Times in 441 Posts
JoeUK has an excellent reputationJoeUK has an excellent reputationJoeUK has an excellent reputationJoeUK has an excellent reputation
Re: Buying Cryptocurrencies in Switzerland [Brokers + HowTo Cash to Crypto]

Quote:
View Post
The guys above explained that you can transfer EUR into CoinBase. Can't you open a EUR account and do that?

I transferred from a CHF denominated UBS account, designated currency EUR. Took about 1 min to set up and 12 hours to execute. As for safety of exchange deposits, some state that they are 'fully insured' against customer loss, Coinbase might be one of them but I am not sure. I have made inter exchange transfers of 30+ BTC and withdraw four or five figures of 'real' money without issue 'til now.
Reply With Quote
This user would like to thank JoeUK for this useful post:
  #12  
Old 01.06.2017, 18:07
JoeUK's Avatar
Forum Veteran
 
Join Date: Aug 2009
Location: Au
Posts: 630
Groaned at 30 Times in 26 Posts
Thanked 817 Times in 441 Posts
JoeUK has an excellent reputationJoeUK has an excellent reputationJoeUK has an excellent reputationJoeUK has an excellent reputation
Re: Buying Cryptocurrencies in Switzerland [Brokers + HowTo Cash to Crypto]

Quote:
View Post
You can also try localcoins and do a face to face transaction.
You mean LocalBitcoins.... I'll refer you to this... Off exchange is a totally different ball game
Reply With Quote
This user would like to thank JoeUK for this useful post:
  #13  
Old 01.06.2017, 18:21
HIAO's Avatar
Forum Veteran
 
Join Date: Jun 2011
Location: Bellevue
Posts: 1,109
Groaned at 6 Times in 5 Posts
Thanked 2,779 Times in 768 Posts
HIAO has a reputation beyond reputeHIAO has a reputation beyond reputeHIAO has a reputation beyond reputeHIAO has a reputation beyond reputeHIAO has a reputation beyond reputeHIAO has a reputation beyond repute
Re: Buying Cryptocurrencies in Switzerland [Brokers + HowTo Cash to Crypto]

Quote:
View Post
I transferred from a CHF denominated UBS account, designated currency EUR. Took about 1 min to set up and 12 hours to execute.
I did same to coinbase from Swiss UBS account, with similar speed.

Have to say coinbase has been unreliable in last couple of weeks. Difficult to logon, problem accepting new credit card for funding etc.
Reply With Quote
  #14  
Old 01.06.2017, 19:43
speakeron's Avatar
Forum Veteran
 
Join Date: Mar 2012
Location: Censored
Posts: 1,447
Groaned at 39 Times in 30 Posts
Thanked 1,299 Times in 666 Posts
speakeron has a reputation beyond reputespeakeron has a reputation beyond reputespeakeron has a reputation beyond reputespeakeron has a reputation beyond reputespeakeron has a reputation beyond repute
Re: Buying Cryptocurrencies in Switzerland [Brokers + HowTo Cash to Crypto]

Quote:
View Post
I did same to coinbase from Swiss UBS account, with similar speed.

Have to say coinbase has been unreliable in last couple of weeks. Difficult to logon, problem accepting new credit card for funding etc.
A lot of the exchanges have been like that from the hugely increased user base recently. Just take a look at the poloniex trollbox to see the screaming about unanswered support tickets. (Actually, don't.)
Reply With Quote
This user would like to thank speakeron for this useful post:
  #15  
Old 01.06.2017, 23:40
Newbie 1st class
 
Join Date: May 2017
Location: Lausanne
Posts: 14
Groaned at 0 Times in 0 Posts
Thanked 5 Times in 2 Posts
KEVORK has no particular reputation at present
Re: Buying Cryptocurrencies in Switzerland [Brokers + HowTo Cash to Crypto]

Lykke should accept CHF, but the volumes are much lower compared to Coinbase or Kraken. Probably also The Rock Trading accepts CHF.
Reply With Quote
  #16  
Old 02.06.2017, 12:28
dm3 dm3 is offline
Newbie
 
Join Date: Jul 2014
Location: Zug
Posts: 3
Groaned at 0 Times in 0 Posts
Thanked 4 Times in 1 Post
dm3 has no particular reputation at present
Re: Buying Cryptocurrencies in Switzerland [Brokers + HowTo Cash to Crypto]

There are a few Bitcoin ATMs which allow for up to 5000CHF transactions: https://www.bitcoinsuisse.ch/atm-network/. Your money is never on the exchange and you get a printout of your private key back.

The same company also offers buying/selling via SEPA transfer after an identity verification. Haven't tried that one but I assume the verification will be much faster than Kraken/other popular exchanges.
Reply With Quote
  #17  
Old 02.06.2017, 12:44
JoeUK's Avatar
Forum Veteran
 
Join Date: Aug 2009
Location: Au
Posts: 630
Groaned at 30 Times in 26 Posts
Thanked 817 Times in 441 Posts
JoeUK has an excellent reputationJoeUK has an excellent reputationJoeUK has an excellent reputationJoeUK has an excellent reputation
Re: Buying Cryptocurrencies in Switzerland [Brokers + HowTo Cash to Crypto]

Quote:
View Post
mpany also offers buying/selling via SEPA transfer after an identity verification. Haven't tried that one but I assume the verification will be much faster than Kraken/other popular exchanges.
Your Kraken account is verified to Tier 3. 15/07/2015
Kraken Alert: Two-factor updated 15/07/2015
Your Kraken account is verified to Tier 2. 15/07/2015
Your Kraken account has been confirmed - you can now unleash the Kraken! 15/07/2105
Thanks for signing up at Kraken! 15/07/2105

Faster than 4 hours?
Reply With Quote
  #18  
Old 02.06.2017, 15:48
dm3 dm3 is offline
Newbie
 
Join Date: Jul 2014
Location: Zug
Posts: 3
Groaned at 0 Times in 0 Posts
Thanked 4 Times in 1 Post
dm3 has no particular reputation at present
Re: Buying Cryptocurrencies in Switzerland [Brokers + HowTo Cash to Crypto]

It's a different world currently - most of the popular exchanges are struggling with the load. I've registered a Kraken account ~2 weeks ago and submitted data up to Tier 2. Verified to Tier 1 in 3 days. Still waiting for Tier 2.
Reply With Quote
  #19  
Old 02.06.2017, 16:35
Guest
 
Posts: n/a
Re: Buying Cryptocurrencies in Switzerland [Brokers + HowTo Cash to Crypto]

Quote:
View Post
Google takes me to Coinbase and after the 5 workday account verification, I'm finally cleared to buy. Lo an behold, if you wish to buy BTC using credit card, you are limited to EUR325/week (dafuq). Opting to link bank account in hopes of being able to buy more doesn't work for swiss banks, so no dice.
I just did Coinbase with a photo of a drivers license using my mobile. The verification took 3 minutes and the weekly creditcard limit was increased to 500Eur after the first purchase. Apparently it will increase again with the next purchase, we'll see how well that works. I think ebanking SEPA transfer is probably the best way though.

Exchanging between various crypto currencies after that can be done with shapeshift.io quick and cheap, no account required.
Reply With Quote
  #20  
Old 02.06.2017, 17:02
Phil_MCR's Avatar
Forum Legend
 
Join Date: Oct 2009
Location: Basel
Posts: 13,418
Groaned at 269 Times in 175 Posts
Thanked 16,231 Times in 6,895 Posts
Phil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond repute
Re: Buying Cryptocurrencies in Switzerland [Brokers + HowTo Cash to Crypto]

Human behaviour is strange. There seems now to be a mad scramble to buy crypto currencies by people who hardly know how it works now that prices reached all time highs. But little scramble when the price crashed to $2xx a few years ago.
Reply With Quote
Reply

Tags
bitcoin, btc, chf, cryptocurrency, eth




Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Interactive brokers in Switzerland ipsiety Finance/banking/taxation 379 10.12.2018 09:00
MPs say yes to cash for Switzerland’s 'slave kids' marton Daily life 24 04.05.2016 16:05
Where I can get the best rates to exchange 10000CHF in cash for GBP in cash? meklermoshe Finance/banking/taxation 17 19.12.2014 00:12
GBP bank checks to cash in Switzerland? Muuvaara Finance/banking/taxation 19 31.01.2014 11:30
How much money can one bring to Switzerland in cash? JRique Finance/banking/taxation 137 18.05.2013 13:09


All times are GMT +2. The time now is 12:54.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2020, Jelsoft Enterprises Ltd.
LinkBacks Enabled by vBSEO 3.1.0