Buying BTC with CHF in Switzerland | Users Are Fed Up with High Conversion Fees
Edited By
Alexei Volkov
A wave of dissatisfaction is spreading among crypto enthusiasts in Switzerland over high fees when converting Swiss Francs (CHF) to Bitcoin (BTC). Many users report losing significant amounts—between 5% and 10%—due to multiple currency conversions.
The Struggle of Converting CHF to BTC
Crypto buyers in the Swiss market often face a frustrating hurdle: they must first convert CHF to either USD or EUR before they can purchase BTC. This double-conversion setup not only slows the buying process but also inflates costs. Some users are questioning if they are using the right platforms or simply missing better options.
"Double conversions (CHF → EUR/USD → BTC) kill you on fees," expressed one user, highlighting the recurring sentiment among frustrated users.
Preferred Platforms for Direct Purchases
Fortunately, some platforms exist that allow users to buy BTC directly with CHF:
Relai: A Swiss app enabling direct bank transfers in CHF, with transparent fees.
Swissborg: Another Swiss-based option that accepts CHF deposits while avoiding currency swaps.
Kraken: Supports direct CHF deposits, noted for its liquidity and low trading fees.
Local Bitcoin ATMs: While they might have higher fees, they allow users to convert CHF directly to BTC without KYC protocols.
Amid the chatter, one user pointed out, "Find a local crypto ATM, you pay in cash and directly deposit in your hopefully a non-custodial wallet."
Sentiment in the Community
The overall sentiment is a mix of frustration and eagerness for more straightforward options. Some users argue that convenience should outweigh costs, while others remain focused on finding the best value.
Key Takeaways
🚫 Double conversions lead to hefty fees: 5%-10%.
✅ Preferred platforms: Relai, Swissborg, and Kraken for CHF to BTC purchases.
💸 Local Bitcoin ATMs offer cash options but may charge higher fees.
Interestingly, users are beginning to steer away from apps that force currency conversions, suggesting a local preference for Swiss-centric platforms as a better method for buying BTC.
What Lies Ahead for Crypto Buyers in Switzerland
Looking ahead, there’s a strong chance that the rising dissatisfaction with high conversion fees will prompt more innovative solutions in the Swiss crypto market. With the demand for cost-effective methods growing, platforms that prioritize direct purchases with CHF could gain even more traction. Experts estimate that if user-friendly services emerge that cut out double conversions, potentially 30% of users might shift their activity to these apps in the coming year. This shift could lead to increased competition among local exchanges, ultimately benefiting buyers through lower fees and better services.
A Lesson from the Telecom Revolution
A fresh parallel can be drawn from the Swiss telecom industry in the late 1990s when the introduction of cellular technology disrupted traditional landlines. In that era, companies that focused on seamless mobile connectivity thrived, while those clinging to outdated practices faded away. Just as telecom users demanded convenient services without hidden costs, today’s crypto buyers are echoing that sentiment. This shift signifies that the push for streamlined, transparent transactions in the crypto industry isn’t just a trend, but rather a fundamental change in how people interact with their finances.