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Cashing out bitcoin through Swissquote

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Martin Everson

Offshore Retiree
Mentor Group Gold
Elite Member
Would not surprise me if more banks restricted crypto related activity as its primary use is capital flight from asia and other developing countries and also criminal activity such as tax evasion, drug supplies etc. Cartels are using it instead of big bundles of cash these days. I am not bullish on crypto it has done nothing during corona virus outbreak so far other than crash in price. Today bitcoin is like down 21% as I speak.....lol eek¤%&.

Hopefully the price will recover.
 

GiGoGo

I make things happen
Silver Member
I actually see money running from Europe because the coronavirus effects on the economy. Some see Bitcoin a good way to move the money out.
 

AlbanyJames

Mentor Group Gold
Don't bother with swissquote if your intentions are to use them to simply cash out to your bank without any real trading volume on their platform.

Your account will be blocked quite fast.
 

KJK

Entrepreneur
Don't bother with swissquote if your intentions are to use them to simply cash out to your bank without any real trading volume on their platform.

Your account will be blocked quite fast.
Speaking from personal experience?
I understand they want the clients to use their brokerage / buy stocks / pay fees / stuff like that, right?

There is still one solution if you have problems cashing out, HODL smi(&%
 

dohongnam

New member
okay, but there is no problem to receive payments from any crypto exchange to TransferWise, has been discussed here a few times already.

Anyway, if they have their "own banking" and you can use that for spendings etc. it may be fine. Otherwise I believe that while many world wide banks already know KRAKEN then they also already know BITSTAMP and you will get the same question. Specially because you say they are among one of the oldest.

So transfer from Kraken to Transferwise is allowed, but are transfers from Transferwise to Kraken allowed?
 

wonderwhat

New member
Interesting thanks !

Although except for wirex and advcash all those are restricted to EU cash cow resident unfortunately.

Will check wirex in more detail, seems pretty goods on paper. people keep mentioning them but I don't know how reputable/risky they are.

Binance to Advcash might be interesting for low amounts, didn't thought of that. Crazy how Binance is growing at lightning speed ...

I guess the Swissquote fees don't seem that high in comparison, but the reputation is light years away from everything else.


Binance is a laundering machine. They mix Russian and Iran money with user funds flow.
Go with Circle USDC. You can withdraw directly from their site. The fees are lowest. They accept international people all around the world and limits are higher.
 

GiGoGo

I make things happen
Silver Member
Transfers from Bitcoin exchanges in HK to local HK bank accounts works quite well, no questions asked
 

reesek

EU IBANs for everyone!
Silver Member
ib was just fined for mismanaging onboardings
they started shutting down accounts and screening withdrawals\deposits if not originated from country of residence
 

jermird

New member
ib was just fined for mismanaging onboardings
they started shutting down accounts and screening withdrawals\deposits if not originated from country of residence

can confirm, popular EMIs are not being accepted anymore. (if you funded through one, play tough with compliance and they will usually clear that one account for withdrawals still after the in = out rule)
 

Singa

New member
Hi there ✋
So i was talking to the TransferWise support, about crypto incoming to transferwise.. And yes, you can deopsit or Cash out your crypto to TransferWise..
BUT!!!!!!! the transfer (SEPA/SWIFT) MUST BE COMING WITH YOUR NAME..
that's means any crypto service out there that give Personal IBAN is allowed
For example : Bankera.com, Wirex..
See the attached screenshot from my Chat with TW support
 

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botero

New member
Does Swissquote allow incoming SEPA transactions from Bitstamp or Kraken?
I've made several four-figure transfers from Kraken to Swissquote without any issues using the normal SEPA withdrawal option. I then invest some of the funds (to keep Swissquote happy) and withdraw the rest to Transferwise or my other banks in Europe.

I find Swissquote to be a great middleman in getting banks (including Transferwise) to accept your funds without any hassle. I would just make sure to perform some actions on their trading platform once in a while to prevent your account from being flagged. Brokers generally don't like it when people use their platform as a bank and don't invest.
 

Singa

New member
. I then invest some of the funds (to keep Swissquote happy) and withdraw the rest to Transferwise or my other banks in Europe.
Lol.. Seems like you know what u doing..
But i wanna ask u this>> if i only trading crypto in Swissquote, will they flag my account? At the end of the day crypto is one of they services and I will be active trading in their platform..
Right now my KYC documents are being reviewed, and before i open my account i told them that i only be using crypto nothing eles, no stocks, no Forex.. etc
Because i don't have any experiences with them, only dealing with crypto

Thanks
 

nomad999

Entrepreneur
Lol.. Seems like you know what u doing..
But i wanna ask u this>> if i only trading crypto in Swissquote, will they flag my account? At the end of the day crypto is one of they services and I will be active trading in their platform..
Right now my KYC documents are being reviewed, and before i open my account i told them that i only be using crypto nothing eles, no stocks, no Forex.. etc
Because i don't have any experiences with them, only dealing with crypto

Thanks
Given the enormous fees they take i am pretty sure they will be more than happy to have you!
 

Singa

New member
Given the enormous fees they take i am pretty sure they will be more than happy to have you!
I hope so man... This would be a great legit and convenient gateaway bank to Cash out Crypto Profits..
Let's see what will happen, i will keep yall updated
 
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