The trend for cryptocurrency trading has escalated. In fact, trading in cryptocurrencies and blockchain banking has emerged as the latest fad, influencing everyone – from top-notch financial institutions to leading enterprises who want to leverage the broad capabilities of this technology. The purpose is to cash on the craze and increase their profitability. However, for this, they need a crypto trading platform they can trust.
This is one of the biggest dilemmas that investors face – which trading platform they should consider to begin buying, selling and storing their crypto assets. Discussed here are the five key features to consider for choosing one of the best cryptocurrency trading sites and generate high profits with reduced risk and more security.
Factors to Consider When Selecting a Crypto Trading Platform
#1: Security and Authenticity
Lack of security is one of the biggest concerns plaguing the cryptocurrency industry today. Even the best crypto exchange is not free from the threats of fraud, hacking and unscrupulous schemes such as pump-and-dump. Therefore, the level of security offered by the trading platform is one of the foremost features to look for.
Do thorough homework about the trading exchange you are considering, check reviews or get recommendations from other investors. This will help you choose one that is legitimate and ensure high levels of security for your trading transactions and wealth. A good crypto trading platform is one that offers the following safety features:
Proof of Reserve: Under this, the exchange should be audited to monitor and validate that it holds the same amount of funds that are necessary to provide coverage for anonymous customer balances.
Two-factor Authentication: 2FA extends an added layer of security over and above your password used to claim your identity when accessing your crypto account or wallet. In addition to your password, you might have to provide the answer to pre-set security questions or feed in the One-Time Password (OTP) sent to your registered mobile number or email address.
Cold Storage: Some trading platforms or offshore bank account with blockchain facilities may provide cold storage for most of your crypto funds. That means the funds will be stored offline to minimise the risk of online hacking.
In this regard, leading offshore banking institutions such as SUISSE BANK provide an all-in-one wallet for all your crypto trading transactions with high-end security. You remain the sole custodian of the wallet with full control over its operations, funds and liquidity. This further ensures greater security.
#2: Supported Tokens
While most trading platforms support popular cryptocurrencies such as Bitcoin and Ethereum, investors would look for more variations because there are numerous altcoins to trade. This helps diversify your risks across different cryptos. However, if you look around, you will find great variations across trading platforms supporting tokens. For instance, one exchange may have a long list of coins to trade in, while some other holds only a handful of major cryptocurrencies.
#3: Method of Trading in Cryptos
This is also an important factor to consider when choosing one of the best cryptocurrency trading sites. Different platforms have different methods of purchasing. For example, one platform may require a minimum deposit through bank transfer, while others may accept credit or debit cards, use PayPal or cryptocurrencies for purchasing. SUISSE BANK, a globally-recognised offshore banking institution, requires a deposit amount to let create your all-in-one wallet for blockchain trading. However, that is not a minimum amount and can be used anytime for crypto trading.
#4: Services Available
What are the different facilities that you get from the cryptocurrency exchange? This is a crucial factor to consider because that will help determine the seamless experience you will have trading in cryptos. For example, SUISSE BANK provides an all-in-one wallet that lets you buy, store, sell, withdraw, deposit and convert your crypto into fiat money. In addition to this, you will get a 14K Solid Gold Debit MasterCard, an offshore bank account and the ability to buy physical gold.
If the exchange does not provide abundant liquidity option, it can affect the speed and price of your crypto transactions. Based on the altcoins you want to trade in, check whether the platform provides adequate trading volume and liquidity. This will also ensure that the crypto prices will not be affected majorly by leading market movers.
Considering the above features will help you make a sound decision in choosing the right crypto trading platform.
There goes a common misconception that offshore banking facility is only for the well-heeled and multinational corporations with huge wealth portfolio. However, the truth is that even small businesses, having financial stability, can potentially benefit from having an offshore corporate bank account. Since small businesses operate with small working capital and have low-profit margins, they think that they are not eligible for offshore corporate banking services. But this is untrue.
There are several globally-recognised offshore banks and financial institutions that provide the opportunity to open corporate bank accounts, even to small businesses with low capital and profit earnings. Take, for example, SUISSE BANK. The offshore banking institution is licensed in the United Arab Emirates and requires a nominal first payment amount of only 25,000 EUR to open a corporate account. Additionally, the amount is not a bank deposit and is freely available for use to the business.
So, it should not be a big deal opening an offshore account for your small business. Furthermore, there are several other corporate banking solutions that you can get for effective wealth management and propelling business growth. Let’s check out some of them:
Anonymity and Privacy
When you open an offshore corporate bank account, your wealth and investments come under the jurisdiction of that particular country. And there are some unique banking guidelines for businesses that ensure utmost privacy of their account and anonymity of the directors or investors. This is one of the biggest advantages of having an overseas account. It also helps safeguard against potential risks of government intervention.
A Gamut of Financial Products and Services
When you have an offshore business or open an overseas account, the interest rate isn’t the only thing you expect from your banking institution. You also want products and services that can help boost your business operations and drive growth. Many reputable offshore banks offer a wide range of products and personalised services that are designed to generate increased wealth for your small business. One of these is the MasterCard, which is an intelligent way of mitigating your losses while giving you more purchasing power.
Ability to Hold Multiple Currencies
Many small businesses have been dealing with multiple currencies, but through their domestic bank account with more hassles and less convenience. In such a scenario, having a corporate offshore account can help you deal with multiple currencies without having to pay remarkably higher conversion charges. This gives you an opportunity to cut down on your costs and ensure long-term solvency.
Some offshore banks, such as SUISSE BANK, also provide the option of blockchain banking. This empowers small businesses like you to trade in top cryptocurrencies like Bitcoin, Ethereum, etc. And they do not just provide the option to buy or sell multiple cryptocurrencies but also aid in crypto storage, conversion and liquidation.
The benefits of holding an offshore corporate bank account are lucrative enough for small businesses to move towards effective wealth management and diversify their risks. However, make sure you choose the right offshore bank that has been in the industry for long; providing customised solutions, privacy and security of your wealth.
For effective wealth management, it is crucial to get the best private banking services that you can rely upon. While private banking reduces the stress and hassles of managing your wealth, it can be a complex process and needs thorough understanding.
Read on to know a few important aspects of private banking that ensure a seamless experience.
What is Private Banking?
The private banking process comprises providing dedicated banking, tax management, investment, and other financial solutions to High Net-Worth Individuals (HNWIs). This is unlike retail banking services, which focus on the mass and provide more personalized services to individuals via a professional banking expert dedicated to provide such solutions to its clients.
Since High Net-Worth Individuals possess considerable assets than an average individual, they are more likely to utilize dedicated financial services that demand bulk investments such as real estate and hedge funds. Private banking services provided by some firms also include taxation solutions, succession planning, and retirement planning.
Eligibility Criteria for Private Banking
Most private banks like SUISSE BANK, typically require a minimum balance for the clients to activate their private account. This may include bank deposit or any kind of investments, individual retirement accounts, or other investable assets. For instance, certain banks need just a first payment of 10,000 EUR to enjoy the best private banking services. This amount isn’t any kind of bank deposit and is freely available to the client. However, the minimum amount required may vary from one bank to another and it is advised to get complete eligibility details from your dedicated relationship manager.
What Private Banking Services You Get?
Private banks catered to HNWIs offer a gamut of financial services that may include the following:
- Asset planning, consulting and management
- Fixed income securities
- Global trade finance
- Foreign exchange
- Structured products and commodities
- Real-estate investments
- Tax solutions
- Bank guarantee
- Currency conversions
- Multiple channels for worldwide incoming and outgoing payments at low prices
- Priority banking services
- Proof of funds
Before you hire private banking solutions, it is crucial to assess the scope of services based on your wealth and key objectives.
Benefits of Private Banking
Discussed here are the benefits you get with the best private banking solutions.
1. Dedicated Relationship Manager
The top benefit of private banking is that you have a dedicated professional working on your banking and asset management needs. They have decades of knowledge and experience providing expert banking consultancy, investment advice and financial solutions that best fit your needs. One-on-one service also helps save your valuable time.
2. Utmost Privacy
Having a private bank account with a reputable firm like SUISSE BANK provides a safe haven for your wealth. The private banks maintain superior privacy, ensuring your money is fully secured without having anyone spying on your personal wealth.
3. Lower Prices
With private banking, you can get discounted rates for various financial services like preparing and planning taxes, corporate checking, travelers check, currency conversion, real estate investments, etc.
While there are also certain challenges involved, the best private banking services can help mitigate risks, manage your wealth and earn higher returns.
SUISSE BANK has changed the way of international banking. It has made the United Arab Emirates one of the most reliable as well as trusted locations in the world for offshore company formation. In addition, licenses are granted easily the finance areas are growing remarkably together with a hi-tech and secure online verification system.
The modern offshore SUISSE BANK offers an array of benefits like international access, tax efficiency, and absolute confidentiality besides the optimum level of discretion. In fact, SUISSE BANK is a trusted and steady haven for making and saving money with complete discretion.
Making their services exclusive, SUISSE BANK does not provide financial benefits to the residents of the United Arab Emirates. It only serves its approved clients, not the public.
Offering an array of services to cater to corporate and private clients, this enterprising bank expertise in trade finance solutions, corporate and private banking and advanced blockchain services.
SUISSE BANK is the world’s top financial institutions to offer reliable services with the utmost professionalism. The bank offers a wide range of products specialized in the field of corporate banking and trade finance such as
- Bank Guarantees
- Documentary Letters of Credit
- Standby Letters of Credit
- Warranties, Proof of Funds
Service-oriented Banking Solutions
SUISSE BANK focuses primarily on corporate and private offshore banking. Clients have access to a user-friendly net banking portal and mobile app. 24/7 access to corporate and private offshore accounts is facilitated for clients. Clients can also check accounts as well as debit card balance and make money transfer using their smartphones, tablets, and laptops using multilingual support.
In addition, SUISSE BANK also has blockchain banking, which allows cryptocurrency trade. The institution focuses on creating accessible and easy-to-use crypto-wallet while handling various technical aspects with a secure proprietary backend system.
SUISSE BANK is a regulated universal financial institution that allows cryptocurrency investments. However, investments are subject to similar legal needs like traditional financial dealings. Thus, both clients and their funds are subject to strict identification and verification.
When it concerns international offshore banking, SUISSE BANK is globally recognized as the finest and seamless banking organization. Their service compliments well positive feedback with trust coefficient.
SUISSE BANK Blockchain Banking
SUISSE BANK facilitates like no other financial institution. Noted below are the leading facilities:
- Cryptocurrency trading
- Crypto storage
- Crypto liquidity
- FX Forex trading
- CFD contract
SUISSE BANK Trade Finance
SUISSE BANK also provides trade finance. The top-rated banking institution provides trade finance with additional features unlike most of the other companies. The bank aims to support clients as partners rather than squeezing out their hard-earned funds intentionally. It offers limitless opportunities to businesses for growth. With a global reach, it is now safe to assume that this bank is the most trusted trade finance provider on the international front.
Financial transaction instruments include:
- A standby letter of credit – SBLC
- Bank guarantee – BG
- Documentary letter of credit – LC
- Proof of funds – POF
SUISSE BANK Private and Corporate Banking
The offshore SUISSE BANK provides considerable benefits to clients such as tax benefits and total discretion. This is the best option for people who are:
- Politically or economically in an unstable or unfavorable situation
- Willing to explore tax benefits
- Willing to benefit from certain terms and conditions of banking
This is your opportunity to make the most out of an association with the SUISSE BANK.
SUISSE BANK is the safest haven for anyone wanting to explore the trade. It allows you to choose their customized solutions and provides support par excellence.
In the arena of international trading, a letter of credit (LC) is a vital financial tool that helps streamline the export-import process and build credibility. To define, it is a letter from a reputable bank or financial institution that guarantees the exporter will receive payment from the importer on time and for the right amount as agreed upon. In case the importer is unable to make the purchase payment, the responsibility of paying the full or remaining amount rests upon the bank extending such a letter of credit.
Herein, the bank serves as an “impartial” third party whose key purpose is to ensure payment protection and facilitate hassle-free international trade process. There are specific conditions and obligations that the client must meet to get an LC from the bank. Similarly, the payment is released only when certain conditions are fulfilled.
Taking into consideration the complexity of international trade finance – varying laws prevalent in the countries, distance and lack of trustworthiness –letter of credit has emerged as an integral aspect of export and import.
How a Letter of Credit Works?
Depending on the type of international trade that a business is involved in, they can choose between LC 90 days, LC 60 days or LC 30 days. This means the payment amount promised in the LC is due for 90 days, 60 days, and 30 days respectively.
Seller Protection: When the buyer and seller involved in a trade are from different countries, the seller may be apprehensive about exporting the goods because there is the risk of a payment default. This is especially true for new importers who haven’t yet built strong credibility in international trading.
The letter of credit works by guaranteeing both payment and time on behalf of the importer. Internationally-recognized financial institutions such as SUISSE BANK ensure seller protection by issuing an LC, wherein if the importer is unable to make the payment by the stipulated period or later, the bank will pay the same if the exporter fulfills all the conditions mentioned in the letter.
Buyer Protection: Banks also ensure buyer protection through the Standby Letter of Credit (SBLC). If the importer has already made full or part payment to the exporter and the latter fails to deliver the product or service, then the bank guarantees to pay you back using the SBLC. This either works as a penalty to the seller who failed to perform as per the conditions in the LC or by allowing the buyer to pay some other seller to get the items needed.
Types of Letter of Credit
1. Commercial Letter of Credit: The issuing bank directly makes the payment to the beneficiary.
2. Standby Letter of Credit: It is a secondary payment process wherein the issuing bank only pays when the holder is unable to make the payment.
3. Traveller’s Letter of Credit: Designed for travelers, it ensures that the bank will seamlessly honor all drafts made at some foreign bank.
4. Revolving Letter of Credit: The LC allows the client to make multiple draws during a particular period of time and within a specific limit.
SUISSE BANK aids in swift and reliable issuance of Letter of Credit, helping businesses flourish in their international trade ventures.
Trade finance corresponds to monetary activities related to international and commercial trade. Since 1983, the concept has been under constant review and monitoring. The constituents of international trade finance goes from lending to insurance of letters of credits, insurance, export credit, to highly structured debt ECA financing and bonds.
Companies involved in international trade finance include banks and financiers, importers and exporters, export credit agencies, insurers and other service providers.
Defining Trade Finance
There are many definitions of trade finance online. It is often described as both science and a vague term that covers myriads of activities. Both are accurate, but only up to a certain extent. In one way, trade finance providers manage capital needed for international trade flow. However, in this science, there are many tools for financiers to use which determines how investments, cash, credit and assets can be utilised for the purpose of international trade.
In simple terms, international trade finance requires an exporter and an exporter to prepay for the goods. The importer, obviously, wants to reduce risks of trade by asking exporters to document that all goods are shipped. The importer’s bank assists the exporter by providing the letter of credit for payment upon presentation of specified documents like bills of lading. Thereafter, the exporter’s bank may request for a loan to the exporter depending on the contract. Documents used in this process depend entirely on the nature of transaction and evidence of performance, such as bill of lading.
Trade Finance Providers
Trade finance providers finance when both buyers and sellers assist them with trade cycle funding gap. Both buyers and sellers can choose trade finance as a type of risk mitigation. However, in order to make this effective, financiers require:
- Controlled use of funds, goods and sources of repayment
- Trade cycle visibility and monitoring through the transaction
- Security of goods and receivables
Trade finance providers help settle all conflicts between the importer and the exporter. An exporter has to mitigate payment risks from importer. It is also crucial to accelerate receivables. Contrarily, importer would want to mitigate risk of supply from the exporter and have the benefit of extending credit on payment.
International Trade Finance
Trade finance in banking works by integrating the divergent needs of exporters and importers. Exporters prefer that importers pay upfront for export shipment in order to avoid risks that importers take the shipment but deny paying for the same. However, if an importer pays upfront, the exporter may accept it but deny shipping the goods.
The only solution to this problem is that the importer’s bank provides a letter of credit to the exporter’s bank, which provides payment once exporter presents all the necessary documents proving that the shipment occurred, such as a bill of lading. Here, letter of credit guarantees that when the issuing bank receives a proof of the shipped goods, it would issue payment to the exporter.
Although international trade finance has existed for centuries, trade finance providers ensure advancement. The prevalence of trade finance in banking contributes to massive growth in international trade.
Trade finance is an opportunity to mitigate risks throughout the lifecycle of a certain transaction. The best trade finance banks in the world provide trade finance to cover the risks of non-payment of buyers with documentary credit issued by the bank. Exporters receive funds in advance upon presenting the documents fulfilling terms of credit.
Global trade finance involves the use of standby documentary credits that act as a guarantee. Such credits are only activated in case of non-payment. Banks also use guaranteed to stand behind contracts. Documentary credits like a letter of credit issued for facilitating trade across borders.
To ensure cross-border relationship and global trade finance, some bonds are used, such as bid bonds. They support up to 5 percent of customer’s tender. If such a tender is successful and suppliers accept it, a performance bond is created. This is to make sure the contract you have entered into is performed and the bond may have a contract value of up to 20 percent.
Some contracts lay down advance payment rules to be made prior to goods delivery. In such cases, an advance payment bond is created to make sure repayment of advance is done if any clause of the agreement is unfulfilled. When it concerns machinery or plant purchase, the purchaser may have to hold back 10 percent per year. Nevertheless, if sellers require 100 percent value, a retention bond may be provided to cover the shortfall. Hence, retention bond is provided by the bank of the exporter in favour of the buyer.
Payment guarantee is used to ensure exporter receives payment if payment obligations are unfulfilled.
Documentary Collections for Global Trade Finance
Best trade finance banks usually refer to documentary collections – payment service where exporters and importers transact using a banking channel. Using this, banks control goods and title documents. Once the correspondent bank feels satisfied with the trade in a different jurisdiction, they may choose to release those documents.
Seller’s financier releases documents only when the bill of exchange is accepted or payment is done. The advantage of collection type payment is the commitment to pay upon the receipt of all necessary documents managed through the banking system.