In the evolving world of finance, the ability to use digital assets like Bitcoin and Ethereum for traditional banking operations represents a significant step forward. This guide explains how you can fund your trading or investment account using accepted cryptocurrencies, detailing the processes, requirements, and important considerations to ensure a smooth experience.
Accepted Cryptocurrencies and Account Types
Certain account types allow for funding and withdrawals using digital assets. The accepted cryptocurrencies are strictly limited to the following, each on their respective mainnet:
- Bitcoin (BTC): Transfers must be on the Bitcoin Mainnet.
- Ether (ETH): Transfers must be on the Ethereum Mainnet.
- Tether (USDT): Only the ERC20 version based on the Ethereum blockchain is accepted.
It is crucial to ensure you are sending the correct asset type and version, as mistakes can lead to delays or potential loss of funds.
For Crypto-Fundable Trading Accounts
These specialized trading accounts use cryptocurrency for deposits and withdrawals, with the following key conditions:
- The account's base currency is the US Dollar (USD).
- Deposits and withdrawals are only possible in the one specific cryptocurrency selected during the account opening process.
- All incoming BTC, ETH, or USDT is automatically converted to USD at the bank's prevailing exchange rate. The resulting USD amount is then credited to your account.
- Withdrawals work in reverse: USD is debited from your account, converted into your chosen crypto at the current rate, and sent to your pre-declared external wallet address.
- Access to blockchain deposits and withdrawals is only active if the validity period of your declared external wallet address has not expired. If it expires, you must complete the message signing procedure again.
- A cumulative net deposit limit of USD 500,000 applies, though the bank reserves the right to impose lower limits on a case-by-case basis.
- Transactions are only processed on business days (in the Canton of Geneva, Switzerland).
For Multi-Currency Account (MCA) Investment Funding
Cryptocurrency can also be used to open investment positions within an MCA, subject to these conditions:
- This option is only available to clients who have successfully completed the blockchain address declaration procedure (message signing).
- Similar to trading accounts, the validity of your declared wallet address must be current for transactions to be processed.
- Crypto assets sent to the generated deposit address are automatically converted to the account's investment reference currency, and a corresponding BTC, ETH, or USDT investment is purchased immediately (standard investment fees apply).
- When you close the position, the delivery of the crypto investment is always made to the blockchain wallet address you declared to the bank.
Step-by-Step Deposit Guide
The deposit process is similar for all three accepted cryptocurrencies, with minor variations in the number of confirmations required. The following steps provide a general overview.
Step 1: Generate a Deposit Address
First, log in to your live member area and navigate to the "Funding" section. Locate and open the deposit form for your specific cryptocurrency (e.g., Bitcoin deposit form). You will be asked to indicate the amount you intend to deposit.
It is critical that the amount you plan to send matches the amount you announce in the form. Any discrepancy will trigger a scrutiny procedure. Click the "Generate Deposit Address" button to create a unique, one-time-use address for this specific transaction.
Warning: Never send funds to a deposit address that has been used before. Always generate a new address for each new transaction. Sending crypto to an old address may result in the funds being quarantined.
Step 2: Send the Cryptocurrency
From your personal crypto wallet, send the exact amount of cryptocurrency (BTC, ETH, or USDT) to the unique deposit address you just generated. Double-check the address and the amount before confirming the transaction.
Step 3: Await Processing and Confirmation
The transaction is not instantaneous. The network must confirm it:
- Bitcoin deposits require 6 block confirmations.
- Ether and Tether deposits require 12 block confirmations.
Once confirmed, the bank will perform several checks, including verifying that the amount received matches the amount you announced and that the source address aligns with compliance considerations.
Step 4: Provide Transaction Screenshot (If Required)
You will likely receive an email requesting a screenshot of the executed transaction from your blockchain wallet. This screenshot is a key security and compliance measure.
It must include personal information identifying you as the wallet holder (e.g., name, email) and at least two of the following elements:
- The transaction amount.
- The destination wallet address (the one you generated).
- The source wallet address (yours).
- The blockchain transaction ID (TXID).
Reply to the email with the requested screenshot and your account number. Your deposit cannot be finalized until valid screenshots are provided.
Exception: This step is waived if the transaction originates from a wallet address you have previously verified through the "message signing" or "micro-transaction" procedure, as this already proves your control over the address.
👉 Explore secure deposit methods
Understanding the Withdrawal Process
For Crypto-Fundable Trading Accounts
To withdraw funds from your trading account back to your crypto wallet:
- Initiate the Request: Log in to your member area, go to the "Funding" section, and open the withdrawal form. Specify the amount of USD you wish to withdraw and confirm the operation.
- Processing: The bank will debit the USD amount from your account. This amount is then converted into your chosen cryptocurrency (BTC, ETH, or USDT) at the bank's current exchange rate. A fixed withdrawal commission, as per the fee schedule, will apply.
- Transfer: The converted cryptocurrency is sent to the external blockchain wallet address you declared to the bank during the setup process.
Important Note: The withdrawal process is not instant and is only processed on business days. Furthermore, exchange rates fluctuate between the time you request the withdrawal and when the bank completes the conversion and transfer. Therefore, you cannot predict the exact amount of cryptocurrency you will ultimately receive in your external wallet.
For MCA Account Withdrawals
The process for withdrawing an investment position from an MCA is similar, with the crypto asset being delivered to your declared blockchain wallet address. Specific details can be found in the bank's FAQ regarding investment delivery.
Risks and Important Considerations
- Exchange Rate Risk: The value of your deposit is determined at the moment the bank converts your cryptocurrency to USD. There is a time lag between when you send the crypto and when this conversion happens, during which the exchange rate can change, affecting the final USD amount credited.
- Quarantine Risk: Funds can be placed in quarantine for several reasons, including sending crypto to a previously used address, sending the wrong type of token, sending an incorrect amount, or if there are compliance concerns. Recovering quarantined funds requires providing convincing evidence that the sending wallet belongs to you.
- Precision Matters: Pay close attention to the required decimal precision for each asset (8 decimals for BTC, 8 for ETH, 6 for USDT) to avoid mismatches.
👉 Get advanced crypto management strategies
Frequently Asked Questions (FAQ)
Q1: What cryptocurrencies can I use to fund my account?
A: The bank currently accepts only Bitcoin (BTC) on the Bitcoin Mainnet, Ether (ETH) on the Ethereum Mainnet, and Tether (USDT) exclusively in its ERC20 format on the Ethereum network. All other cryptocurrencies or token versions are not supported.
Q2: Why do I need to provide a screenshot of my transaction?
A: The screenshot is a critical security and regulatory requirement. It helps the bank verify that you are the legitimate owner of the wallet sending the funds, preventing fraud and ensuring compliance with anti-money laundering (AML) regulations.
Q3: What happens if I send the wrong amount or the wrong type of crypto?
A: Sending an incorrect amount or an unsupported cryptocurrency version will trigger a scrutiny procedure. The funds will likely be placed in quarantine, and you will need to provide evidence of ownership to initiate a recovery process, which may involve special fees.
Q4: Are there any limits on how much cryptocurrency I can deposit?
A: Yes, there is a cumulative net deposit limit of USD 500,000 for crypto-fundable trading accounts. However, the bank reserves the right to apply lower limits on an individual basis depending on various factors.
Q5: How long do deposits and withdrawals take to process?
A: Processing times depend on blockchain network congestion for confirmations (6 blocks for BTC, 12 for ETH/USDT) and subsequent bank checks. Furthermore, all operations are only processed on business days in Switzerland, which can add to the total time.
Q6: Can I use any Ethereum wallet address for USDT?
A: You can only withdraw to your pre-declared and verified wallet address. For deposits, you must use the unique, one-time address generated within your member area for each transaction. Never send funds to an address from a previous transaction.