Our review of SwissBorg crypto platform: 3/5

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SwissBorg in brief

Our opinion of SwissBorg

SwissBorg is a crypto wealth management platform that aims to simplify cryptocurrency investing with smart automation and competitive exchange rates. We liked its intuitive mobile app, which makes it easy for beginners to buy, sell, and earn passive income through staking. The Smart Engine is a useful feature, as it automatically scans multiple exchanges to find the best available price for trades.

However, we would have liked to see a wider selection of cryptocurrencies, as the platform currently offers fewer assets than major competitors. While the Earn feature allows users to generate passive income, the lack of lending and farming options limits opportunities for those looking for more diverse DeFi investments. Another downside is the high withdrawal fees on certain assets, especially for Ethereum and ERC-20 tokens, which can make moving funds costly.

Customer support is available through email and in-app chat, but response times can be slow, especially during periods of high user activity. The absence of phone support is a drawback for users who prefer direct assistance. Additionally, SwissBorg is not registered with Canadian financial regulators, which may be a concern for those seeking local investor protections.

Who is SwissBorg best for?

SwissBorg is best suited for casual investors and beginners who prioritize ease of use and passive income but do not require advanced trading tools or a large selection of cryptocurrencies.

Before you zero in on SwissBorg, compare the best crypto platforms in Canada:

Let's find out more about our test results on SwissBorg.

Reliability and Security 3/5

SwissBorg, established in 2017 by Cyrus Fazel and Anthony Lesoismier, is a Swiss-based fintech platform offering services such as wealth management and cryptocurrency trading. The company has experienced significant growth, boasting over 600,000 verified users and managing assets exceeding $1 billion. In 2023, SwissBorg conducted a successful Series A funding round, raising 21.27 million CHF from 16,660 individual investors.

Despite its achievements, SwissBorg is not registered with Canadian regulatory authorities such as the Ontario Securities Commission (OSC), the British Columbia Securities Commission (BCSC), or the Alberta Securities Commission (ASC). This lack of local regulatory oversight may raise concerns for Canadian traders seeking platforms compliant with domestic financial regulations.

To mitigate risks, SwissBorg employs security measures like two-factor authentication (2FA) and advanced encryption protocols to protect user accounts and data. However, the absence of Canadian regulatory approval means that users may not have access to certain investor protections available through locally regulated platforms.

Considering these factors, SwissBorg's reliability and safety for Canadian traders are moderate. While the platform offers robust security features, the lack of Canadian regulatory oversight is a notable drawback.

Cryptocurrencies Available 3/5

SwissBorg positions itself as a crypto wealth management platform rather than a traditional exchange. While it offers a curated selection of cryptocurrencies, the range of available assets is more limited compared to major exchanges. The platform focuses primarily on popular cryptocurrencies and staking assets, but it lacks NFT trading, a broad range of altcoins, and advanced financial products such as futures or derivatives.

Below is a comparison of the types of assets available on SwissBorg versus the market average:

Our opinion on SwissBorg's offerings

SwissBorg provides a well-curated but limited selection of digital assets. While the Earn feature allows users to stake and earn interest on their holdings, the lack of niche altcoins, NFT support, and derivative products makes it less suitable for traders looking for broader market exposure.

Services and Tools 3/5

SwissBorg offers a focused set of services designed primarily for long-term investors rather than active traders. While the platform provides staking and passive income opportunities, it lacks essential features such as crypto lending, borrowing, farming, and advanced trading tools.

• Crypto card: ❌ Not available – SwissBorg does not offer a debit or prepaid crypto card for spending digital assets.
• Lending & Borrowing: ❌ Not available – There are no options to lend crypto for interest or borrow funds against holdings.
• Staking: ✅ Available – Users can stake certain cryptocurrencies through the Earn feature, allowing passive income generation.
• Farming: ❌ Not available – No yield farming or DeFi staking options are available.
• Smart Engine Trading: ✅ Available – The platform aggregates prices from multiple exchanges to provide users with the best available market rates for crypto trades.
• Wealth App & Portfolio Management: ✅ Available – SwissBorg’s app provides automated insights, performance tracking, and risk assessments for users managing their crypto portfolios.
• Fiat On-Ramp & Off-Ramp: ✅ Available – Users can deposit and withdraw fiat currencies, making it easy to enter and exit the crypto market.

Fees and Commissions 2.5/5

SwissBorg positions itself as a crypto wealth management platform, offering services such as staking and portfolio management. However, its fee structure is notably higher compared to many competitors, which may impact its attractiveness to cost-conscious traders.

Trading Fees

SwissBorg charges a standard exchange fee of 1.49% for its users. In contrast, many other exchanges implement a tiered fee structure based on trading volume, often resulting in lower fees for active traders.

Other Fees

• Deposit Fees: SwissBorg does not charge fees for cryptocurrency deposits.
• Withdrawal Fees: Withdrawals are subject to a 0.10% execution fee, with a minimum fee per cryptocurrency. Additional network fees may also apply, depending on the specific cryptocurrency and network conditions.
• Fiat Withdrawals: Fiat currency withdrawals also incur a 0.10% execution fee, with minimum fees varying based on the currency and withdrawal method.

Our opinion on SwissBorg's fees and commissions

While SwissBorg offers a user-friendly platform with valuable features, its higher fee structure compared to other exchanges may be a deterrent for traders seeking cost-effective trading solutions.

Customer Reviews 3.6/5

SwissBorg has a Trustpilot rating of 3.6/5 based on 1,769 reviews, reflecting a mix of positive and negative user experiences. While some users appreciate its user-friendly interface and Earn feature, others highlight high fees, slow withdrawals, and customer support issues.

Here are some recent reviews from Canadian users:

• Jason M (January 8, 2025): "I started using SwissBorg because of the Earn feature, and while the staking rewards are decent, I was surprised by the high withdrawal fees. I wanted to move my Ethereum to another wallet, and the fees were much higher than I expected. The platform is easy to use, but if you're someone who moves crypto often, it can get expensive."
• Emily T (November 20, 2024): "The Smart Engine is really convenient and gets me the best exchange rates when trading. Depositing funds was fast, and I like the wealth management features. However, customer support is slow to respond, and it took me two days to get an answer about a failed transaction. If they improve support, this would be a solid platform."
• Daniel L (September 5, 2024): "I had issues verifying my account, and it took over a week to get approved. The app itself works fine, but the selection of cryptocurrencies is too limited compared to other exchanges. Also, the trading fees are higher than expected, and there’s no way to reduce them based on trading volume. Not the best choice for frequent traders."

How does SwissBorg compare to other Crypto brokers?

SwissBorg positions itself as a crypto wealth management platform, but when compared to other brokers, it lacks a broad asset selection and key financial services. Below is a comparison of its key features against three other well-known brokers.

Conclusion of our analysis of SwissBorg

SwissBorg provides a well-designed app with a smart trading engine, making it easy for users to buy and manage crypto portfolios. We liked its staking options, which allow users to earn passive income, and the Smart Engine, which finds competitive market prices.

However, we would have liked to see a larger selection of cryptocurrencies, as the platform currently supports fewer assets than major exchanges. The lack of a crypto card, NFT support, and lending services also makes it less competitive for users looking for a full crypto ecosystem.

Additionally, the high withdrawal fees on certain assets and the absence of Canadian regulatory registration may be concerning for users prioritizing compliance and cost-efficiency.

Before opening an account on SwissBorg, compare the best crypto brokers and platforms in Canada:

What types of accounts are available with SwissBorg?

SwissBorg offers multiple account types designed to cater to different levels of users, each providing unique benefits and fee structures. The Standard account is free, while Premium accounts require users to lock up SwissBorg (CHSB) tokens for 12 months to access lower trading fees and higher yield rewards.

Below is a summary table outlining the key characteristics of each account type:

Standard Account

The Standard account is free and does not require locking up CHSB tokens. It offers full access to the platform's basic features, including crypto trading, fiat deposits, and withdrawals. However, trading fees are higher at 1.49%, and users do not receive any yield boost on their earnings.

Explorer Account

The Explorer account requires users to lock up 500 CHSB tokens for 12 months. In return, users get a slight reduction in trading fees (1.0%) and a 1.25x yield boost on staking rewards.

Community Account

With a 2,000 CHSB token lockup, the Community account provides lower exchange fees (0.75%) and a 1.5x yield boost for staking. This tier is suited for users who frequently trade and want to maximize returns on their holdings.

Pioneer Account

The Pioneer account requires a 7,000 CHSB token lockup and maintains a 0.75% trading fee, but yields are boosted to 1.75x. This account is designed for users who actively engage with the SwissBorg Earn feature.

Generation Account

The Generation account is for users who lock up 20,000 CHSB tokens. It offers 0.5% exchange fees and a 2x yield boost, making it one of the most cost-efficient options for high-volume traders and long-term investors.

Genesis Account

The Genesis account is the highest tier, requiring 50,000 CHSB tokens to be locked. Users receive the lowest trading fee (0.25%) and a 2x yield boost, making it ideal for those investing significant amounts through the platform.

Good to know

SwissBorg’s tiered account system rewards long-term commitment by reducing fees and increasing staking rewards, but the requirement to lock up CHSB tokens for a full year may deter some users. While the platform benefits loyal investors, it lacks flexibility for casual traders who may prefer traditional tiered fee structures based on trading volume.

How do deposits and withdrawals work with SwissBorg?

SwissBorg offers various deposit and withdrawal methods to facilitate user transactions. Below is a summary of the available options, including currencies, processing times, and associated fees:

In comparison to other platforms, SwissBorg's fee structure is relatively transparent. The absence of deposit fees for bank transfers is advantageous, though users should be mindful of potential bank-imposed charges. The 0.10% execution fee on withdrawals is competitive; however, the minimum fee thresholds can be higher than those of some competitors, particularly for certain fiat currencies like the Canadian Dollar.

Additionally, while credit/debit card deposits offer instant funding, the associated fees are on the higher end compared to other exchanges. Overall, SwissBorg provides a straightforward and user-friendly experience, but individuals with smaller transaction amounts or those frequently moving funds might find the fee structure less accommodating.

Does SwissBorg offer crypto staking?

SwissBorg offers crypto staking through its Earn feature, allowing users to earn passive income on selected cryptocurrencies. Users can stake assets directly within the SwissBorg app, and returns vary depending on the asset and account tier.

Below is a selection of available cryptocurrencies for staking on SwissBorg, along with their estimated annual yields:

Note: Yields vary based on market conditions and SwissBorg account tier.

Good to know

SwissBorg does not offer lending or borrowing services. Unlike some platforms that allow users to lend crypto for interest or borrow against their holdings, SwissBorg focuses on staking and passive yield opportunities through its Earn feature.

How are revenues generated by SwissBorg taxed?

Income generated from cryptocurrency trading, staking, and other activities on SwissBorg is taxable in Canada. The Canada Revenue Agency (CRA) considers cryptocurrency as property, meaning that any gains or earnings must be reported based on their classification as capital gains or business income.

How crypto transactions are taxed

• Capital Gains Tax: If users buy and sell cryptocurrencies for investment purposes, any profits made are considered capital gains, and only 50% of the gains are taxable at the individual’s marginal tax rate. Losses can be used to offset other capital gains.
• Business Income Tax: If trading activity is frequent and structured like a business, earnings may be taxed as business income, meaning 100% of the profit is taxable rather than just 50%.
• Staking and Yield Rewards: Any income earned from staking on SwissBorg’s Earn feature is classified as income and must be reported at its fair market value at the time of receipt. This is taxable at the user’s full marginal tax rate.
• Fiat Withdrawals: When crypto is converted to fiat (CAD) and withdrawn, users must track their cost basis and report any taxable gains or losses.

How to declare crypto income in Canada

• Keep Detailed Records: The CRA requires documentation of all crypto transactions, including the date, purchase price, sale price, fees, and fair market value in CAD.
• Report on Tax Return:
• For capital gains, use Schedule 3 (Capital Gains and Losses) of the T1 Income Tax Return.
• For business income, report earnings in the business income section of the return.
• For staking rewards, declare them as investment income on the tax return.
• Convert Crypto to CAD for Reporting: All cryptocurrency transactions must be reported in Canadian dollars (CAD) using the fair market exchange rate at the time of each transaction.

Good to know

SwissBorg does not provide Canadian tax reporting tools, meaning users must track transactions manually or use crypto tax software to generate reports. Failure to report crypto income accurately can lead to CRA audits, penalties, and interest charges. Consulting a tax professional is recommended for users with high trading volumes, staking income, or complex transactions to ensure full compliance with Canadian tax laws.

Contact: How to contact SwissBorg customer service?

FAQs

Nishadh Mohammed

Nishadh Mohammed is a seasoned news editor and financial writer, working with HelloSafe since May 2023. Nishadh has developed expertise in financial markets, insurance, and investment products, with a deep understanding of the Canadian financial landscape. He has honed his SEO skills and content marketing strategies while writing for Canadian publishing houses. Armed with a master's in Business Analytics and extensive journalistic experience, Nishadh uniquely combines data proficiency and thorough research to deliver comprehensive and accessible information.