Last Updated on 2 years by Alex James
Understanding what is SwissBorg also includes learning about the pros and cons that it offers to the users. Even though there is a wide range of cryptocurrency exchanges, none of them are perfect or flawless. Every exchange, no matter how popular or small, offers a set of advantages and disadvantages that the potential users should know about.
It is not necessary that the disadvantages of an exchange may be massive and unavoidable. They can be minor as well, however, you can only determine that if you know what the drawbacks of using an exchange are.
This is why, it is crucial and useful for every new crypto investor or trader to learn the major details of the SwissBorg exchange along with the pros and cons it offers.
Taking a look at the benefits and drawbacks mentioned below can help you in determining if it suits your needs, trading requirements and more or not.
What is SwissBorg?
SwissBorg is a well-known crypto exchange that is headquartered in Switzerland. It was founded in 2016 and has become one of the fastest growing crypto platforms in the world.
This popular crypto exchange was designed to make crypto buying and trading easier, safer and quicker for the interested parties, whether they are new to the crypto space or not.
It offers several outstanding attributes to the users such as the Wealth App, customized features and variety of unique tools. The available tools and features benefit the traders as they help them in diversifying and expanding their trading portfolio.
However, if you are interested in using the SwissBorg exchange then you need to know the pros and cons it offers as well and then decide if it is suitable for you to use or not.
Benefits of the Exchange
Understand what is SwissBorg also requires you to know the highlighting features that make it a stand out option among other crypto exchanges. Therefore, to get a better understanding of what the platform has to offer, here are the pros to look at.
SwissBorg is one of the exchanges that has a community-centered business model. It means that the platform keeps an eye out on the feedback given by the community and then any suggested improvements are made accordingly.
As mentioned above, the SwissBorg exchange offers a Wealth App that offers exclusive features that benefit the users. It has simple and easy design and has some of the following key features.
- Advanced security
- Access to several digital currencies in a single bundle
- Analytical tools
- Advice from professionals
- Smart engine
Safety and Security
If you want to know what is SwissBorg then you should know that it is one of the safest crypto exchanges in the world. It makes use of some of the top-of-the-line security protocols such as:
- High-end security software
- MPC cryptography
- Multi-signature cold wallet storage
- Platform stress testing
- Two-factor authentication (2FA)
Transparent Fee Structure
Another major benefit offered by the SwissBorg exchange is that it has one of the lowest fee structures, which is also free of any kind of hidden or additional charges. The details of the fee charged are mentioned below.
- Gas fee for transferring crypto from a wallet
- Possible bank charges (depending on the bank)
- Conversion funds ranging from 0.5% to 2.00%
- Average withdrawal fee of 0.10%
Variety of Currencies Supported
What is SwissBorg? It is a versatile and powerful crypto exchange that not only supports digital assets but fiat currencies as well.
The 14 fiat currencies are:
The 14 digital currencies are:
- USD Coin
- PAX Gold
- Kyber Network (KNC)
- Binance Coin
Drawbacks of the Exchange
The SwissBorg exchange is one of the best platforms you can come across while buying or trading crypto. It is smartly designed and makes crypto investing instant and convenient for all interested parties.
However, it does lack a few things that can be considered its drawbacks. As a new crypto investor or trader, it is crucial for you to know about the cons of the exchange so you can decide how much they matter or if they derail your plans of buying or trading crypto or not.
SwissBorg only has a few drawbacks that are mentioned below.
- It does not support all types of payment methods and does not offer support to credit cards.
- It does not have a desktop application, which can be essential for some users.
- This requires the users to complete the KYC (know your customer) verification, which means users cannot anonymously create accounts.
- It does not offer its services to crypto investors or traders residing in the USA.
Exploring the features of the exchange in detail, along with the benefits and drawbacks it offers can make it easier to understand what is SwissBorg and if it is suitable for you or not. This is why having the above-mentioned information is important.