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Postfinance is getting into crypto trading: From February 21, customers will be able to trade cryptocurrencies in e-banking or in the app. The offer includes both individual orders and a crypto savings plan similar to a fund savings plan.
This makes Postfinance only the third traditional bank to offer cryptocurrency trading. Zuger Kantonalbank made a corresponding offer in October. And Valiant last summer.
24 hour trading
For now, Postfinance offers its customers eleven cryptocurrencies for trading. Bitcoin, Ethereum, Cosmos and Uniswap, among others. Trading is very flexible in terms of timing: “Orders are placed and executed 24/7 on the crypto market,” Postfinance said when asked by Blick. However, if a currency change is required and the total net transaction amount is more than 25,000 francs, the account will not be registered until the next banking day.
Customers must deposit at least $50. Cryptocurrencies are generally bought and sold in dollars; This means that customers also benefit from the most advantageous market prices. “Crypto purchases are still possible directly from the CHF account,” a spokesperson for the bank confirmed. Once the new offer is activated, fees and conversion rates will be displayed transparently.
Transaction fees are 0.95 percent of the purchase or sale amount. “Portfolio management fees will also be completely eliminated by the end of 2024,” the spokesman said. But Postfinance has no advice: “Clients are clearly responsible for their own investment decisions.”
Advantage for crypto fans: Postfinance offers secure access to the crypto market and takes custody of the cryptocurrency. The institute is partnering with Finma-regulated crypto bank Sygnum for the offering.
This is what Zuger Kantonalbank offers
Zuger Kantonalbank is also collaborating with Sygnum on its own crypto offering. With six cryptocurrencies, their offering is slightly smaller than Postfinance’s. However, unlike Postfinance, Cantonal Bank can trade in the cryptocurrency Ripple.
“The offering is attracting great interest. Demand has significantly exceeded our expectations since launch in October 2023,” a spokesperson said when asked.
Fees at Zuger Kantonalbank are slightly higher than those at Postfinance: Transaction costs for buying and selling digital assets start from 1.30 percent for amounts up to 50,000 francs. Then the costs gradually decrease to 0.70 percent. “If we see strong demand for additional currencies, we will expand the selection of tradable assets accordingly,” Zuger Kantonalbank said.
Luzerner Kantonalbank will soon submit an offer: “LUKB will offer services for cryptocurrencies in the first half of 2024,” a spokesperson said. The relevant pilot operation is currently running.
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
