Is Sygnum Bank ok?

[skyper]

Hello Guys, was looking around for many banks out of my country and get involved in Sygnum and Seba Bank. Actually I've found many information about Seba and there are even quite lots of review I can't find nothing about Sygnum. Do you guys know them? Any review to share?
Thanks!

 

[JohnnyDoe]

I have been rejected by both smi(&%

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[skyper]

lol for what reason?‌ I’m trying the KYC without success actually

 

[JohnnyDoe]

skyper said:
lol for what reason? I'm trying the KYC without success actually
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Who knows? Probably for the same non reason why you are not being successful.

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[skyper]

In my case I’ve applied to the KYC then answered some‍ email that requires me information about the business then all of them disappears.

But this⁠ apart. Are they trusty?

 

[JohnnyDoe]

skyper said:
In my case I've applied to the KYC then answered some email that requires me information about the business then all of them disappears.
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I don't really remember what they told me or if they disappeared like they did with you. I just have them in my list under the “bad” column 😀

skyper said:
But this apart. Are they trusty?
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I guess less than Credit Suisse or BoA but more than Bankera and other LT EMIs.

I just found the last email I sent to Sygnum, it's from 3 months ago, never received a reply.
This is what I asked:

1. Do you offer interests on crypto deposited with you? In addition to XTZ and ETH staking.
2. What are the terms for Lombard loans?
3. Are we free to withdraw crypto to external addresses at any time?
4. Do you offer multi-sig wallets?

Seba bank disappeared in early December. This was my last email:

With regards to your question about the crypto assets: I have purchased crypto over the years using business profits. I attach some self explaining documentation.

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[skyper]

Yeah I’m running quite the same situation… I can’t understand if they︄ are something to achieve or not… online Sygnum seems to be a little office with︅ a vynil printed on it… well let’s see if anyone else in the forum has︆ got some xp with them

They say to have a HQ even in Singapore but︇ I can’t find info about

 

[JackAlabama]

Yah they are ok.⁤ A little on the pricier side and they require minimum deposit which however can be⁣ in Bitcoin.

 

[skyper]

Ok nice. Do you‍ know maybe if they offer credit card on the account? Can’t really find info on⁠ the website

 

[palermo55]

6 months now no verification even after sending all the documents to them they want‌ digitally signed document from broker that can't be get and they freeze tour account asking‍ for more info

 

[MiddleEuroAsia]

No no credit cards,‍ but they offer lombard loans and have access to institutional liquidity which is very beneficial⁠ if you do big trades regularly.
You can negotiate the fess with them if you⁤ trade with them regularly and have certain turnover (it depends on your nationality, residency, and⁣ company's history), and they accept classic offshore jurisdictions but it's based on a case by⁢ case basis and their KYC/AML is quite strict so you need to make sure that︀ your business has the history and it looks and sounds as clean as a whistle.︁
their target audience is HNW and UHNW individuals, so make sure to prepare 1m+ and︂ above.
I got my HK company account verified with them in 3 weeks. yours might︃ be longer. but for me, so far, so good.

 

[JohnnyDoe]

Sygnum just resurfaced and asked me to arrange a meeting! clow#¤%
Maybe they read this forum?

Anyway, can anyone share their experience with Sygnum? I don't remember why I applied for an account with them 😀

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[diatessaron]

Glorified company, made me wonder if⁠ them being in Switzerland was purposefully done to gain some of that juicy auto-credibility ignorants⁤ who don't know better issue to companies just because they have Swiss in their name⁣ or address.

 

[JackAlabama]

Nah, the market is down and⁠ they need moar fresh cash from clients.

 

[JohnnyDoe]

JackAlabama said:
Nah, the market is down and they need moar fresh cash from clients.
Click to expand...

I just need to deposit some crypto as collateral for a loan, nothing fancy. Supposedly they hold crypto in segregated wallets.

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[skyper]

They requested me minimum deposit of 500k. They have really expensive conditions in my opinion‌ with no services.
I think as you already told me that you need to have‍ a good story to tell them.

 

[Rzeznik]

I have tried to open account‍ with them but I gave up once I have to their price-list . Now they⁠ are focused at "professional clients" who will trade with them. But:
Custody fee: 0.4% -⁤ 0.6%
Trading Digital Assets > 0.9% (Binance 0.1% / Kraken 0.5%)
Okey their business but⁣ same time you can have like 1-100m USD/EUR in Kraken/Bitstamp/Binance and pay whole 0% for⁢ keeping there USD/EUR. You can stake your crypto there Kraken/Binance and instead of -0.5% you︀ can be on +1%~6% on staking/lending/farming.
Colapsing of Sygnum vs Kranen IMO Kraken would get︁ some bailout from "private investors" they will "issue" token like Bitfinex and be live.

 

[FinTech Avenger]

Yes, Swiss banking is really︀ expensive in general.

However, as someone who has worked with many Swiss banks over the︁ past years, I could only give thumbs up for Sygnum and let me tell you︂ why: for the fees they charge they do provide really excellent SLA: not a single︃ case when they have missed any account opening/operational deadline even by a single day. That's︄ priceless In my opinion 😀

 

[skyper]

You are right but they should improve the "investment" branch. Actually with Sygnum you can⁢ only spend money without earning... It's not a traditional bank but they should offer a︀ way to earn some cash or simply paying their costs that are so expensive.

 

[MiddleEuroAsia]

Plus their customer support is top notch, they are quite technical and fast.
The Best⁢ thing is they accept Classic offshore jurisdictions, but they need 1m and above plus business︀ history that makes Sense, and I repeat, "makes" "sense" from their prespective, not yours.
Like point to me one FINMA - Regulated bank, who is crypto friendly and accept classic︁ offshore jurisdictions in 2022. There is none. Except SEBA, which is a good, but not︂ as good as Sygnum.
Want low fees? Go to binance, but good luck with their︃ support.
OR Kraken, top notch support, but they are in the US, and they don't︄ accept classic offshore jurisdictions.
So you have to decide which compromise you willing to take.︅