SwissBorg Review

Table of Contents

What is the history of SwissBorg?

This review of cryptocurrency exchange SwissBorg was created for the purpose of providing information. Going through this review will help you decide if this exchange fits your needs.

Founders Anthony Lesoismer and Cyrus Fazel started the Swissborg project with the $53 million raised from the ICO in 2017. The platform is headquartered in Switzerland. Nevertheless, the team is made up of different nationalities spread across Europe.

What services does Swissborg provide? 

SwissBorg wants to create a platform that makes it possible to invest in cryptocurrency in an accessible and secure way. For this purpose, SwissBorg will make available the following application.

What is the SwissBorg Application?

The SwissBorg App allows users to create and manage their cryptocurrency portfolios. Not only cryptocurrencies but also fiat accounts can be opened in EURO,USD,GBP,…

The application will support 19 cryptocurrencies and 15 Fiat currencies. New cryptocurrencies will be added regularly. On the platform, users can vote which new cryptocurrency should be listed.

What is the Swissborg Crypto Challenge?

SwissBorg had an application not long ago where users were rewarded for learning about cryptocurrency. This application has since disappeared but a similar app called the Crypto Challenge is under development and will go live soon.

What is Market Analysis?

SwissBorg helps its users make informed decisions. For example, several tools will be provided to make it easier to analyze the market.

What is the Cyborg predictor? 

An algorithm that attempts to predict the market based on historical data and technical indicators.

What is the Community sentiment?

This indicator is based on the volume in the SwissBorg application over the past 24 hours. This indicator will give a picture of what the community thinks is important to buy or sell.

What are the transaction fees of SwissBorg?

SwissBorg uses different fee structures. For example, different account types or memberships will be subject to different transaction fees.

A standard account pays 1% on each transaction.
If one has a Community premium membership the fees will be 0.75%.
If you have the highest membership of Genesis premium you will pay no fees on most transactions. In some cases you will still pay the small fee of 0.25%.

So the transaction fees will vary depending on the user’s membership.

What are the transaction fees of SwissBorg?

SwissBorg uses different fee structures. For example, different account types or memberships will be subject to different transaction fees.

A standard account pays 1% on each transaction.
If one has a Community premium membership the fees will be 0.75%.
If you have the highest membership of Genesis premium you will pay no fees on most transactions. In some cases you will still pay the small fee of 0.25%.

So the transaction fees will vary depending on the user’s membership.

What are the withdrawal and deposit fees?

There are no additional fees for deposits. If one wants to withdraw money, one will have to pay a withdrawal fee of 0.10% of the total amount regardless of the account type.

In case one is using international bank accounts, more may be deducted.

What is the Community Premium and Genesis Premium on Swissborg? 

SwissBorg will work with different memberships that each have their benefits. There are two premium memberships. The first is the community premium membership which will be obtained by purchasing 2,000CHSB tokens and strike.

The second and highest is the Genesis Premium membership, which can be obtained when you buy and stake 50,000CHSB tokens.

Both memberships will give users benefits such as reduced fees or increased returns with smart yield.

In both cases, the CHSB tokens are fixed for one year. After the 12-month period expires, users can choose to redeem their tokens or sell their tokens.

Thus, the price of the CHSB token should be closely monitored when looking to enter into this membership.

How to Yield Farm on SwissBorg?

On the SwissBorg App, under Smart Yield one will find the option to yield farm. This addition allows users to earn an annual return (APY) on various cryptocurrencies. This is all done in a fairly simple and secure manner.

Interest can also be earned in addition to the Smart Yield account by purchasing CHSB and going on strike through the CHSB yield program.

The image below shows the returns one can earn by staking their cryptocurrency.

The annual returns (APY) will vary depending on the user's membership. For example, a community premium user (blue) and genesis premium member (green) will earn a higher interest rate than a standard account type.

What is the SwissBorg Token – CHSB?

The SwissBorg ecosystem has its own utility token CHSB. In addition to SwissBorg, this ERC-20 token is also traded on HitBTC, KuCoin and Uniswap.

What is its usecase?

The CHSB token has its uses within the SwissBorg platform. Users can not only increase their membership but also vote on decisions such as the listen of new cryptocurrencies.

Features

  • Governance: CHSB holders can participate in the decision-making process.
  • Premium Membership: By buying CHSB tokens and staking them, one can enter into different memberships. For Community premium this amounts to 2,000 CHSB and for Genesis premium 50,000 CHSB.
  • Protect and Burn Mechanism: Every so often, CHSB tokens will be burnt allowing the price of the token to be upgraded.
  • Meritocracy: By using the CHSB token, in some cases one is rewarded with RSB tokens.

What are the pros and cons of SwissBorg?

Pros

  • Ability to go from fiat (EURO) to crypto

  • Popular cryptocurrencies available

  • Available on Android/iOS
    User friendly and intuitive

  • Via Smart Yield one can earn annual interest

  • CHSB token holders receive numerous benefits and can participate in future decisions

  • SwissBorg works with a rewards program.

  • Withdrawals and deposits are done in 5 minutes.

Cons

  • Only on mobile application

  • Know your customer (KYC) mandatory

  • Transaction fee of 1% for non-premium users

  • Genesis Premium amounts to 50,000 CHSB tokens.

  • CHSB is only traded on smaller exchanges

  • No 2 Factor Authentication (2FA)

Conclusion

SwissBorg, through its application, makes it accessible to anyone who wants to invest in the crypto world and offers the opportunity to earn interest in a simple and secure way through Smart Yield. It also tries to solve the difficulties involved in managing a portfolio in a highly volatile market.

The platform follows European rules and meanwhile offers more than 400,000 users the opportunity to invest in cryptocurrency. If the project continues to develop itself, it could become a major player in the European onramp for new users in the cryptospace.

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