SwissBorg is a blockchain-based platform that allows users to manage their cryptocurrency investments.
Developed entirely as a mobile application, the platform aims to revolutionise the way people invest in crypto. But how does it work in detail and what are its limitations? Here is all you need to know.
Summary
What is SwissBorg?
As mentioned above, the project behind SwissBorg aims to make buying and selling cryptocurrencies as easy as possible for both more and less experienced users.
The platform consists of a revolutionary automated engine that makes it possible to buy and sell digital currencies at the best price and with relatively low commissions.
The interface is also considered by many to be very simple and intuitive. What’s more, the platform has evolved over time to the point where you can even make money with cryptocurrencies.
At the heart of the ecosystem is an app that primarily offers a cryptocurrency exchange, which differs from the others in that it offers technology that simplifies buying and selling cryptocurrencies while minimising time and commission costs.
SwissBorg was set up by founders Anthony Lesoismer and Cyrus Fazel, who initially raised $53 million to back the project and then launched it at the height of the cryptocurrency rally in December 2017.
Although the project is based in Switzerland, its team members are spread across the globe. Currently, SwissBorg supports more than 30 different cryptocurrencies and 15 different legal currencies.
It also offers two main applications to its users: Swissborg and Crypto Challenge (formerly Swissborg Community). Finally, the main tokens listed are Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), PAX Gold (PAXG), Enjin (ENG), Dai (DAI), Ren (REN), Compound (COMP), Aave (AAVE), Kyber Network (KNC), Binance Coin (BNB) and SwissBorg (CHSB).
How does the exchange work? The main features
As mentioned above, Swissborg offers an investment app that aims to meet the needs of retail investors by helping them to invest in cryptocurrencies.
Recognising the difficulties of those who are new to crypto, Swissborg has implemented a fully automated system that allows them to compare the best cryptocurrency exchanges and know the exact purchase price and commission.
This system is called the Smart Engine and is based on transparency, which means that it allows you to get the best purchase price while paying the lowest commissions.
It is very simple to use. When a user decides to buy with Swissborg, the Smart Engine compares 5 of the best cryptocurrency exchanges in the world (Binance, Kraken, Bitfinex, LMAX and HitBTC) and finds the best price with the lowest commissions.
This means that the Smart Engine automatically compares all possible solutions to buy the desired cryptocurrency, even if this involves multiple exchanges.
The user only has to deposit a fiat or cryptocurrency and select the cryptocurrency he or she wishes to purchase.
SwissBorg pros and cons: security, quality, trading and more
In terms of security, speed and stability, the SwissBorg app is hard to beat, according to many experts. In fact, there are several security features that set it apart.
These include offline wallet storage, where the exchange platform uses a multi-signature offline wallet storage system to store users’ assets.
Not only that, but it also ensures that people are protected from hackers and other risks. There is also 2FA security, i.e. the two-factor authentication feature of the Wealth application, which can be used as an additional layer of security to protect users from any risk.
Finally, account recovery: if users change gadgets, forget their password or lose their device, they can quickly recover their account.
So the platform is more of a quality platform.
On the downside, its services are not suitable for those who want to trade or those who are looking for rare cryptocurrencies. As for transaction fees, they are rather high for standard members.
However, they become lighter when clients reach a VIP level. It should be noted, however, that in order to gain access to a premium level, it is necessary to invest a significant amount of money to purchase the platform’s native CHSB token.
There is also a mandatory one-year lock-in period, which makes the offer inaccessible to most people.
