How to Sell Crypto in Switzerland in 2021

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

To help you decide where to cash out your crypto, we have compiled a list of popular exchanges with reputable standings in Switzerland.

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

Selling Crypto in Switzerlands FAQs

Let’s take a look at some of the commonly asked questions around selling crypto in Switzerland.

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.