How to Sell Crypto in Switzerland in 2022
Easily one of the most advanced traditional finance and banking economies of the world, Switzerland is also fast becoming the country to watch in distributed ledger technologies and crypto finance adoption.
Although crypto is far from being accepted as a general legal tender in Switzerland, more businesses now accept crypto payments across the country, including Ethereum and 15+ other virtual currencies.
Are you ready to sell Bitcoin and crypto in Switzerland? Let’s get started!
How to Sell Crypto in Switzerland
In this piece, we will be shedding more light on crypto activities in Switzerland, government attitude and tax treatment of digital assets, crypto exchange activities, and just how to sell your cryptocurrency for Swiss Francs or other assets.
Tax Treatment of Cryptocurrencies in Switzerland
With almost 1000 blockchain and cryptocurrency businesses in Switzerland, it is fair to say the tax legal framework put in place by the Swiss government is favourable!
Although there are no specific tax laws for digital assets and cryptocurrencies, the Swiss government subjects the taxation of all virtual currencies, crypto exchanges and businesses to existing and established tax legislation.
The Swiss Federal Tax Administration (FTA) and the Swiss Financial Market Supervisory Authority (FINMA) classifies cryptocurrencies into three categories – native tokens (i.e Bitcoin, Bitcoin Cash, etc.), asset tokens (i.e Initial coin offerings), and utility tokens.
How to Sell Crypto by Bank Transfer
As a member of the SEPA (Single Euro Payment Area) region, international money transfers are used to facilitate regular trading activities in the country daily.
For this reason, bank transfers using IBAN (International Bank Account Number) and Swift codes are allowed on many exchanges and crypto businesses operating in Switzerland. These modes of transfers allow crypto investors to identify such exchanges and sell their crypto assets via these methods.
Also, some crypto exchanges further allow you to sell your cryptocurrencies in exchange for a bank card which can be used at ATM stops for cash withdrawals and in offline stores as payment.
How to Choose the Best Exchange to Sell Crypto
Several factors determine the best place to sell crypto.
For example, a newbie to the crypto market with little or no information about its risk will most likely be drawn easily by the simplicity of the exchange and relevant trading guides the platform provides.
Experienced investors, however, would be more interested in factors such as the exchange features, market liquidity, transaction fees, exchange rate, supported fiat currencies, security, and customer support responsiveness.
In summary, all these factors combined are great indicators of a good exchange to sell your cryptos.
The Best Exchanges to Sell Crypto in Switzerland
1 CryptoWallet.com #1 Recommended
CryptoWallet.com offers the ability to buy, sell and hold cryptos in a secure exchange wallet with a unique feature that supports spending your crypto on the go, either as payment to online service providers or simply withdrawing it as cash from a Bitcoin ATM via a bank card in real-time.
- Ease of use: Very easy
- Fees: Fees vary based on trading
- Rating: 5/5
- Headquarters: Tallin, Estonia
2 Coinbase
Started out with Bitcoin trading, Coinbase has expanded to over 50+ other crypto assets including Ethereum, LiteCoin, Bitcoin Cash, and XRP with a wide range of payment methods available on its platform.
- Ease of use: Easy
- Fees: Max 0.5% for trading
- Rating: 4.5
- Headquarters: Delaware, United States
3 OKCoin
With offices in 6 locations including Hong Kong, Japan and Singapore, OkCoin is one of the world’s biggest bitcoin exchanges by volume with 16 million+ monthly bitcoin transactions.
- Ease of use: Easy
- Fees: 0.1% – 0.2%
- Rating: 4
- Headquarters: California, United States
4 Paybis
Paybis operates in over 180+ countries, supporting 10 cryptocurrencies including Bitcoin (BTC), Bitcoin Cash (BCH), Ripple (XRP), and Tether (USDT).
- Ease of use: Easy
- Fees: 1.5%
- Rating: 4
- Headquarters: Glasgow, Scotland
5 Kraken
Kraken offers FX trading alongside its cryptocurrency trading services and boasts excellent security. It also offers a trading view for advanced users to gain relevant trading and market insights.
- Ease of use: Easy
- Fees: 0.16% – 0.26%
- Rating: 4
- Headquarters: San Francisco, United States
6 Coinmama
Coinmama is a crypto exchange with a vide variety of payment options on offer, including Apple Pay.
- Ease of use: Intermediate
- Fees: Up to 3.8%
- Rating: 3.5
- Headquarters: Ramat Gan, Israel/Occupied Palestinian Territory
7 Bittrex
Bittrex employs an elastic, multi-stage wallet strategy, bolstering security for the 200+ crypto listing offered on the platform.
- Ease of use: Intermediate
- Fees: 0.2%
- Rating: 4
- Headquarters: Arizona, United States
8 eToro
This platform plans to open up the financial market to everyone, offering alongside its crypto exchange services, CFD Trading, stocks and ETFs, and integrated trading view to aid advanced investors gain market insights in real-time.
- Ease of use: Intermediate
- Fees: 0.75% – 5%
- Rating: 4
- Headquarters: Limassol, Cyprus
9 Wirex
According to its website, Wirex is the first exchange to integrate digital and traditional currencies, and to support multi-currency accounts with a presence in 130 countries.
- Ease of use: Intermediate
- Fees: 0.2%
- Rating: 4
- Headquarters: London, UK
10 Gemini
Gemini is a US-based crypto exchange and custodian that allows users to trade and store cryptocurrencies. It was founded by the Winklevoss brothers – longtime bitcoin millionaires and investors- with its unique selling point and focus on asset security.
- Ease of use: Intermediate
- Fees: 1.9%
- Rating: 3.5
- Headquarters: New York, United States
11 Paxful
Paxful operates as an escrow service in the peer-to-peer marketplace, offering a wide range of payment methods to its users.
- Ease of use: Intermediate
- Fees: 1% for sellers, 0% for buyers
- Rating: 3.5
- Headquarters: New York, United States
How to Buy Bitcoin in Switzerland
If you’re looking to buy Bitcoin safely in Switzerland, it can be hard to know where to start. Similar to selling Bitcoin, the easiest option is to use a cryptocurrency exchange.
Buying Bitcoin or crypto is legal in Switzerland and traders can access a wide range of platforms. There are many exchanges offering different features like low trading fees, ease-of-use, liquidity, support of fiat currency or a huge range of supported coins. The exchanges we’ve reviewed below will support buying and selling Bitcoin.
The simplest solution is to use a cryptocurrency exchange that supports fiat money. This way you can buy Bitcoin using your fiat currency. You’ll need a crypto wallet to store your Bitcoin tokens. Some platforms have integrated their wallet with the exchange for simplicity.
You can buy BTC using a credit/debit card or wire transfer on an exchange like CryptoWallet.com. CryptoWallet.com offers a streamlined platform for buying and selling tokens. Our wallet lets you store your BTC tokens securely.
You can also buy Bitcoin using another cryptocurrency. BTC can be exchanged with XRP, LTC, ETH and USDT on CryptoWallet.com. Other exchanges like Coinbase and OkCoin support a wider range of tokens that can be traded for Bitcoin.
Selling Crypto in Switzerlands FAQs
Is cryptocurrency legal in Switzerland?
The legal framework and status of cryptocurrencies in Switzerland is clear.
As long as you meet FINMA’s anti-money laundering requirements (AML), Know-Your-Customer (KYC) identity verification, and the Combating Financing of Terrorism (CFT) regulations either as a business or a retail crypto investor you are good to go.
Where can I sell my cryptocurrency for cash?
As with most countries including Switzerland, your digital currency and virtual assets can be sold virtually via broker exchanges and peer-to-peer platforms.
However, the rising popularity of licensed crypto banks such as Seba Bank AG and Sygnum, make it possible to also sell your cryptocurrencies at physical locations in Switzerland, drastically reducing the degree of risk associated with crypto transactions.
How do I sell my cryptocurrency?
You may sell your cryptocurrency by converting to fiat currencies (e.g BTC to CHF) or converting to other cryptocurrencies (e.g BTC to ETH). Broker exchanges, peer-to-peer platforms, a Bitcoin ATM near you or licensed Swiss Banks are your best options to sell your crypto assets.
Is there a crypto machine or Bitcoin ATM in Switzerland?
With the ability to buy and sell cryptocurrencies instantly, Bitcoin ATMs are well distributed all over major cities in Switzerland.
Some platforms like CoinATMrader offer tracking services for a Bitcoin ATM near you all over the country.
Is it hard to sell crypto for cash?
With a wide range of options to sell your cryptos, a host of withdrawal methods such as via a Bitcoin ATM, exchanges with Swiss Francs pairs, and a rising number of crypto-friendly banks, Switzerland is one of the easiest countries to convert your digital currency into cash.
How to buy Ethereum in Switzerland
To buy Ethereum in Switzerland, you’ll need to use a cryptocurrency exchange. You’ll also need a crypto wallet to store your ether. As crypto is legal in Switzerland, there is a range of safe and regulated platforms to buy ETH tokens.
It’s important to choose a crypto exchange that suits your needs. Some exchanges will be more suitable for novice traders. These will emphasize ease-of-use and normally accept fiat currency. You’ll be able to buy ETH using a credit or debit card on an exchange like CryptoWallet.com. We offer a custodial wallet to store your Ethereum tokens in for simplicity.
Other exchanges are crypto-only, you’ll need to already own another cryptocurrency that you want to exchange for ETH. Many of these exchanges do not offer a wallet, you’ll need to set up and connect your own wallet. These exchanges are often more suitable for experienced traders.
You can also purchase Ethereum in Switzerland using a licensed crypto bank such as Seba Bank AG and Sygnum. This can be done in their physical locations if you would prefer to carry out the transaction in person.
Please be aware that buying and selling ETH may incur a high gas fee. You may need to factor in this cost when buying ether through any service.
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