Swissquote, a Switzerland-based online bank, has launched Bitcoin trading on its platform, a move that is being billed as a major step in virtual money’s integration into the traditional financial system.
Clients of the Swiss bank will now be able to exchange euros and US dollars into Bitcoin using their trading accounts, except without access to leverage. With the lack of leverage, there is no risk of losing more than the invested amount.
Clients can trade from five units of base currency to a minimum of 100,000 EUR or USD. The trading fees vary between 0.5 and 1% of the transaction’s value, depending on the total amount that is invested.
In order to help in Bitcoin trading, Swissquote has collaborated with Luxembourg-based cryptocurrency exchange Bitstamp.
Swissquote CEO Marc Burki said: “Many investors are interested in cryptocurrencies, but are afraid to trade them. The players in this 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.”