Effective January 8th, 2024, new regulations from the UK are in place. To ensure uninterrupted service, SwissBorg users resident in the UK are required to complete a Client Categorisation and an Appropriateness Test.
The Appropriateness Test is a multiple-selection questionnaire designed to evaluate your awareness and comprehension of the risks associated with crypto-asset trading. It is a necessary step to maintain your ability to trade in crypto and utilise the services provided by SwissBorg.
We appreciate your understanding, even though this may represent an inconvenience.
Access a Test
The first time you attempt to use any of the SwissBorg products (Exchange/Thematics, Earn, or Alpha) you will be prompted with this screen:
Press on ‘Get Started’ to access the Appropriateness Test.
Remember, this is a mandatory requirement and the SwissBorg app cannot be fully used until the test is successfully completed.
To access a test, you simply need to tap on the product you intend to use. For example, to access the Exchange Test, go to the ‘Portfolio’ screen and tap on ‘Exchange’, as shown in the following video:
If the test doesn't open, go to Portfolio and tap on 'Deposit'.
What should I expect from the Appropriateness Test?
You will be prompted between 9 and 11 questions that are going to assess your knowledge on crypto asset investments and the risks associated with them.
All the questions are multiple-selection-based, with three options and only one possible correct answer.
An example:
Which among these assets is likely to bear the highest risk?
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Bitcoin
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USDT-USDC staking pool
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Memecoins
The Appropriateness Test consists of three questionnaires: Exchange, Earn, Alpha. You will need to complete each of these tests the first time you are going to perform an exchange, deposit in an Earn pool, or invest in an Alpha product, respectively.
You don’t need to complete all the three tests at once, but only the first time you are going to use the related product.
However, the Alpha and Earn tests have to be completed together, as the two products share similarities and require a similar level of knowledge.
If you have any question about the Appropriateness Test, we suggest you to visit this page: Appropriateness Test and Client Categorisation FAQs.
To know more about the topics covered in the Appropriateness Test, you can consult the following articles:
Exchanging Cryptoassets: An Overview of Market Dynamics and More
SwissBorg Earn: Understanding DeFi and Different Staking Mechanisms
SwissBorg Alpha: Navigating the Workings of Early-stage Investments
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