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Crypto Banks feedback - sygnum Amina Frick and such

PhantomOf ThePits

Mentor Group Gold
May 12, 2021
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Rubbish
Rubbish
Rubbish
Xapo: all good so far.
What is your experience with them and what you like/don't like?
They all have been discussed before. The 3 rubbish ones can be visualized as:
IMG_5193.webp

Monkeys temples that run on Amiga computers operated by vicious monkeys.
 
Arrogant. I don't want to work with an institution that doesn't respect me at all.
Usable
Not worth it
Look at some Swiss Fintech licensed institutions if you are looking at these. These usually have a higher risk appetite and can do a decent good job.

If you are using a Swiss entity some of the cantonal banks are crypto-friendly.

Otherwise just try usual EMIs, maybe FV Bank, not too bad, maybe Xapo but I don't consider it worth the 1K per year because of the forced USD, not ideal rates, and quite a lot of restrictions.
 
Rubbish

Rubbish

Rubbish

Xapo: all good so far.

They all have been discussed before. The 3 rubbish ones can be visualized as:
View attachment 8556
Monkeys temples that run on Amiga computers operated by vicious monkeys.
Yeah problem is Xapobank.com doesn't offer lots of features like trading stocks, loans and such.

For normal transactions XAPO definitely best and cheapest of all of them
 
Rubbish

Rubbish

Rubbish

Xapo: all good so far.

They all have been discussed before. The 3 rubbish ones can be visualized as:
View attachment 8556
Monkeys temples that run on Amiga computers operated by vicious monkeys.
Have you actually used any of the Frick, Amina, Sygnum? Care to elaborate why ranked rubbish? And I mean something other than they are monkeys.
Xapo is ok yes but completely different thing from the 3 above
Arrogant. I don't want to work with an institution that doesn't respect me at all.

Usable

Not worth it

Look at some Swiss Fintech licensed institutions if you are looking at these. These usually have a higher risk appetite and can do a decent good job.

If you are using a Swiss entity some of the cantonal banks are crypto-friendly.

Otherwise just try usual EMIs, maybe FV Bank, not too bad, maybe Xapo but I don't consider it worth the 1K per year because of the forced USD, not ideal rates, and quite a lot of restrictions.
Why Sygnum not worth it?
 
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Have you actually used any of the Frick, Amina, Sygnum? Care to elaborate why ranked rubbish? And I mean something other than they are monkeys.
Monkeys are usually nicer than ignorant, stupid, arrogant humans charging nonsense fees for their useless “services”.
If you have a good reason to use any of these banks, and you are granted the privilege to open an account, then go ahead, use them for that purpose and then quickly run away.
 
Why Sygnum not worth it?
Because, from my experience, the fees are quite a lot higher than what general retail banks (which accept crypto-related transactions) can offer me without adding any additional benefits.

If your usual bank accounts are not crypto-friendly and/or the other suggested options cannot process enough funds for your needs or you have some problem with them (talking about FV/Xapo/large-scale EMIs, maybe it is an acceptable choice.
 
Monkeys are usually nicer than ignorant, stupid, arrogant humans charging nonsense fees for their useless “services”.
If you have a good reason to use any of these banks, and you are granted the privilege to open an account, then go ahead, use them for that purpose and then quickly run away.
Yeah I like monkeys too.
But I was hoping you have something specific to say from your experience with them AFTER being onboarded.
Since I'm actually using one of them and was wondering if there is something I should be aware about.
Because, from my experience, the fees are quite a lot higher than what general retail banks (which accept crypto-related transactions) can offer me without adding any additional benefits.

If your usual bank accounts are not crypto-friendly and/or the other suggested options cannot process enough funds for your needs or you have some problem with them (talking about FV/Xapo/large-scale EMIs, maybe it is an acceptable choice.

Yes they are expensive but they are not retail banks but private wealth management ones. One of them manages $4b with just 2k customers, that makes $2M average deposit per customer, quite different average customer from retail banks.

They are good if you need to off ramp 7 figures from crypto, they will still ask questions but at least they will not freeze your account. At least not so far :)
While you are working with 5 figures you can use any EMI, including mainstream ones like revolut
6 figures, xapo seems to be fine
7 figures.... those 3 are the only ones I've found so far. But they are expensive, no doubt.
Will be extremely happy someone to correct me and offer another option for 7 figures +
Always looking for back-up of the back-up.
 
But I was hoping you have something specific to say from your experience with them AFTER being onboarded.
Since I'm actually using one of them and was wondering if there is something I should be aware about.
You might find some feedbacks in old posts, from a time when I still believed that banks are necessary.
I was not accepted by one of the 3, I can’t remember which. I dumped the other 2 when I’ve had enough of their nonsense.
 
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Bank Frick - they didn't even want to talk to me

Syngum - typical Swiss really. as long as you make them money they will be happy do what needs to be done

Amina - its in some ways cheaper and less professional version of Sygnum

Xapo - different beast, overall nice, cost effective, but somewhat limited offering
 
dont they scrutinize you with every single transfer coming from hardware wallets to the last tiny bit? I have a friend who complains about this.

my and friends experience was not troublesome. anyway making s**t up always works.

my approach in recent years was actually to show very high net worth when on-boarding, could be the reason of less questions.

oh and with Amina, the good part is that you get easy on-boarding access to JB if one wants to bank there.
 
Bank Frick - they didn't even want to talk to me

Syngum - typical Swiss really. as long as you make them money they will be happy do what needs to be done

Amina - its in some ways cheaper and less professional version of Sygnum

Xapo - different beast, overall nice, cost effective, but somewhat limited offering
very nice sum up!

btw, what is JB?

showing really high net worth is really the better approach with them. Bank Frick didn't even want to talk with me unless $50M+ :)
 
JB stands for Julius Baer I guess.

Bank Frick mentioned to me that "$5M is a lot", then declined a bit later. I also found them to be not polite / arrogant.

PinkCat, may I ask, how much do you pay to Sygnum? 1% of AUM yearly? Is it worth it?
 
My experience with Xapo was less than ideal. They process every transaction for at least 24h, asking a lot of questions.
fiat or crypto and what do they ask?
 
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