Swissqoute is one of the well-known and successful online FX brokers in Switzerland and provides additional financial services. It came into existence in 1996, and since then, it has worked hard to make its reputation in the market.
In May 2000, Swissquote made its way to Six Swiss Exchange and built compliance control and well-respected regulations. FCA regulates Swissquote Ltd, which is based in London and is the subsidiary of Swissquote Bank.
The Swissquote platform is considered the most significant financial portal in Switzerland, covering more than 230,000 customers. It is also known as multi-asset brokerage because you can trade Commodities, Indices, Equities, Bonds, and Forex in one place.
Leverage and trade size depend on the client’s choice, and new and experienced traders can enjoy MetaTrader’s MT4 and MT5 platforms.
Who Does Swissquote Appeal?
Swissquote is a CFDs and Forex broker with a wide range of customers; the focus areas of Swissquote are European countries and the UK. Most experienced traders always aim for an extra.
That is why the broker offers them exceptional services. There is a straightforward layout for the beginner, which is quite helpful for them to understand trading.
The platform of Swissquoute has been making adjustments for the last 20 years to fulfill the trader’s requirement and be the best in the market. Some may be given the Robo-Trading service, and some may be taken to the leverage level of up to 50:1. The best in the business regulatory system of Swissquote will attract many people.
Swissquote Account types
Swissquote offers three main accounts: standard, premium, and prime. The minimum deposit amount needed to register for a trading account is $1,000, and a standard account size is between $1,000 and $25,000.
Those traders who want to deposit between $25,000 and $100,000 are offered a premium account. And for the more prominent investors with a deposit of over $100,000, the prime account is reserved.
The requirement of margin and spreads differ among these account holders, and there is a slight difference in benefits and features for these account holders. The size of transactions is the same in all types of accounts, and there is no extra fee if they withdraw their money, close their account, or make their account inactive.
To practice trading and experience different tactics, a demo account is also offered by Swissquote, having a virtual balance of $100,000. The demo account is for the trial purpose, valid only for 30 days, but it is very realistic and uses the prices and data according to the market.
Trading Markets and Territories
Swissquote is expanded to many territories and allows you to deal anywhere globally; it is operational five days a week and 24 hours a day. Swissquote Group Holding Ltd is based in Gland, Switzerland, and is the parent company of Swissquote, and it operates two other companies. One is in Gland, Switzerland, and is known as Swissquote Bank Ltd.
The other is in Mriehel, Malta, or Swissquote Financial Service (Malta) Ltd. The three subsidiaries of Swissquote Bank Ltd include Swissquote MEA Ltd, which is in Dubai, Swissquote Ltd in London, and Swissquote Asia Ltd, based in Hong Kong. Every branch has its own regulatory body within its jurisdiction.
For instance, Swissquote Ltd, based in London, is regulated and authorized by FCA, while Dubai Financial Service Authority has issued a Category 4 license to Swissquote MEA Ltd.
Assets and Spreads
The tradable instruments offered by this company are pretty diverse and exciting. These include 80 Forex pairs, more than 20 stock indices, almost 20 commodity pairs, and a few bonds, all of which are available as CFDs. There is also the availability of exotic and minor currency pairs.
Commodity pairs act like oil and gold, the typical trading assets. There is also a possibility for the trade of bonds, ETFs, derivatives, and warrants. Some of the traders have the advantage because some of the markets are only present in their hometown or the area they live; there must be a proper check on such benefits with the onboarding due diligence process.
Dynamic spreads depend on the nature of your account, and it will be different for different financial instruments. 1.7 pips is the minimum spread that is quoted on a standard account.
The spread for the premium account holders is 1.4 pips, and the start of the spread in the prime account is 1.1 pips. There will be a higher spread on the exotic and minor pair because of the low liquidity, but it can be seen at any forex brokerage.
The charge of spread and other information about trading can be seen by looking at the tradeable assets on the website. If you want to keep a position open for the whole night, then there is a cost to do it.
Fees and Commissions
All of the types of accounts offered by Swissquote are commission-free. As mentioned above, the broker takes his profit from the spreads because there is no commission. The spreads vary at Swissquote, but it will always depend on your account type.
All the information about the fees, overnight interest calculations, the leverage offered, and minimum trade size is available on the official website of Swissquote, which is quite transparent and shows current spreads for all the offerings.
The bank may impose any withdrawal or deposit fee on your account. Still, Swissqoute doesn’t charge any fees on the withdrawal or deposit, and $1,000 is the minimum deposit needed to open an account.
You can inactivate your account anytime without any payment. Because there is always a change among the charges, it is essential to know all the policies before starting the trade.
Types of Trade Platforms
Swissquote provides both of the MetaTrader platforms, MT4 and MT5. These platforms tend to fulfill the need of their client and provide them with everything they need, which make these platforms the most popular in the world.
Only a real fan of a MetaTrader will know about the advanced features, including the facility of backtesting, technical indicators, and trading tools. Another advantage of these platforms is that MT4 and MT5 can be customized and integrated with the third-party indicators, and the tools are excellent.
The broker, Advanced Trader, also owns a desktop trading platform. Its simplicity attracts people, although it lacks some advanced tools on which MT4 and MT5 have a grip.
The interface of this platform is quite open and clean, and it is straightforward to navigate and use. A Watchlist is an essential tool available on this platform, and it is based on a pre-set list of pairs of currency, although there is limited customization.
The Advanced trader is sufficient to fulfill the needs of the new traders seeking a transparent and straightforward platform who don’t know about MetaTrader.
Swissquote Mobile Trading App
Swissquote provides free mobile apps for both Android and iOS platforms. The app has some drawbacks and limitations; besides that, it works well. The security of this app must be improved because it is at its basic level and doesn’t even have two-step verification.
The mobile trader can access account details, all trading instruments, and other vital functions, but critical tools and technical indicators are lacking.
The Android app has only 3.1-star ratings, which might show us the clients are not satisfied with the app. The testing showed that the app is very user-friendly and reliable. The service transfer to the small screen is excellent, and its aesthetic is beautiful and bright.
News from Dow Jones newswire is added to the newsfeed in the app, and some quotes about tradeable instruments are also streamed on this app. A customizable mobile watchlist is also available to add your favorite trading pairs by just a tap on the + sign available on the top of the screen.
The charts available on the app are necessary, but they are more challenging to read than on the desktop. Although it is not one of the best trading apps tested, the app experience is acceptable. The mobile version of MT4 and MT5 is also available for use.
Social Trading and Copy Trades
As far as copy/social trading is concerned, Swissquote doesn’t offer this service, but they have a lot more to offer, which is in the trader’s best interest.
The standard and essential offering of Swissquote is that clients can take advantage of the service of MetaTrader Expert Advisor, which will allow automated trading based on others’ signals. It also offers a forum to showcase the social trading style.
Some of the features are exclusive and help the trader to work with the ideas of others. The first feature is the AutoChartist, a tool that offers an algorithm that is generated automatically to check the desired charts using horizontal levels and Fibonacci patterns. This way, the investor feels more secure and less at risk, and backtesting can also be done.
An automated investment manager known as a Robo advisor is also available to create the portfolio for a trader according to his choice and capability to take on the risk.
The progressiveness of the firm suggests the Theme Trading service. This addition to the broker space is quite valuable and will increase the worth of the account holders.
Cryptocurrency Trading
Swissquote offers great cryptocurrency trades.
The big names will be accessible to the traders who have access to the crypto market in their region because the entire account holder will not have access to all the areas. It will be easy for some traders to make transfers between the cryptocurrency wallet and their Swissqoute bank account, although this is now limited to Ethereum and Bitcoin.
The withdrawals and deposits of cryptocurrencies for the clients of Swissqoutes Bank could be made by going into their account overview and selecting the option of payments and transfers. It could also be done from the section on cryptocurrency.
Charting and Tools
Swissquote provides trading tools and basic charting options for all customers. To have an advanced data analysis, the ability to make strategies for risk management on the customized data could be done by setting the risk-adjusted position sizes based on the calculation of capital exposure and backtesting; the AutoChartlist feature could be handy.
The insights and research tools provided by Swissquote Ltd are not very comprehensive. The fundamental and technical analysis is limited, and all the customers can avail of the analyst report via an email subscription newsletter without incurring any cost.
Both mobile and desktop platforms offer a primary economic calendar and a real-time newsletter that covers the market’s analysis and relevant developments.
MT4 and MT5 traders are given access to any third-party and integrated tools they require. They can customize the platform by combining the charting tool and technical indicators of their own choice. And they can also include relevant plugins and expert advisors.
Education
There is a wide range of educational resources offered by Swissqoute to its clients, which is in line with the peer group. EBooks, training videos, and webinars cover a wide range of topics, and the cases are not only for beginners but also for experienced traders.
The learning center comprises simple, stylized videos, further divided into an introduction to CFDs, Forex, fundamental analysis, risk management, and technical analysis. A user guide to the advanced trader and MetaTrader software is also available.
You can access a significant number of webinars from the learning center, both on-demand and live. International traders can take advantage of these webinars because they are offered in multiple languages.
But it was noted that there wasn’t a proper arrangement of these webinars, and we could not browse, for instance, all the webinars in English. Filtering the webinar you want is difficult because major languages have similar webinars.
The online training of Swissquote is divided into different sections. One is specified for the instruments, such as Forex or CFDs, and another section provides instruction on general topics like risk management strategies and technical analysis.
Learning resources are categorized neatly, and some useful links are present at the bottom of the educational page. These links consist of a complete summary of all CFDs and Forex products that Swissquote offers under the heading of the “Product Guide,” It also includes all the details and trading conditions for an individual.
Trading conditions at the broker have a complete manual available for specifying spreads, all types of accounts, maintenance margin, leverage, other essential information, and the minimum size of the trade. Swissquote also provides a live newsfeed and some research tools, and the research and education section is distributed relatively and covers all sorts of traders.
Swissquote is an online broker which regulated globally. Swissquote Ltd is the leading trading company in the UK; that is why FCA governs it. Some of the authorizations and regulations are in place among all its jurisdictions. The regulators of Swissquote are:
- FCA
- MFSA
- DFSA
- FINMA
- SFC
Swissquote Group Holding Ltd is the parent company listed on the Six Swiss Exchange. Swissquote Bank Ltd has a membership of the Swiss Bankers Association. FCSC protects the traders of Swissquote Ltd, which means that if a client cannot pay their debts, they are compensated up to a limit of $50,000.
Swissquote applies its best measures to secure the data by encrypting and protecting the client’s data over the site. Still, the clients should be aware of any mishap because the app and website currently lack additional security features like two-factor authentication.
How to Open an Account
Swissquote accounts are available in all European countries, the UK, and many other countries worldwide. Those traders who live in these countries can open their demo accounts online. There are some exceptions while covering Canada, Singapore, Japan, and the USA.
Traders from different areas will have various organizations connected to the Swissquote Group, but an account for trading is usually registered with Swisquote Ltd, based in London. There should be a careful check on the corporate structuring and account terms by all potential traders, Swissquote, and any other broker.
Visit the website and click on open your account after you are ready for it and then follow the instructions. Remember, a demo account has a virtual balance of $100,000 to practice trading.
You need to have a demo account to familiarize yourself with the platform, and, interestingly, this account uses the accurate data and prices of the market. The validity of the demo account is 30 days, and if you think you are ready for the actual trading, then you have to convert this demo account into real-one
A know your client process is completed for any new trader regardless of the licenses held by Swissquote. There may be some time taken for these checks, but once they are completed, the account is ready to trade as soon as you deposit funds in it. For funding, you can use EUR, GBP, AUD, CHF, JPY, CZK, PLN, USD, and HUF. Banks must have a minimum AA credit to work with Swissquote.
The deposits done via bank transfer don’t have broker fees. However, if deposits are made through credit cards, then costs may incur depending on the country you live in.
Trader Support
There are multiple ways to access customer support, including email, phone, and the live chat option available on the website. While the testing was done, it was revealed that the time to respond to the customer was excellent, and the staff of Swissquote had a vast knowledge about their product.
The upfront drawback is that general customer support is only available during business hours, Monday to Friday. You can contact the trading desk anytime in the day from Sunday 23:00 to Friday 23:00 CET.
The execution team can be contacted directly, which works as a backup in extreme market situations because the trading desk is not considered an ideal option to solve complex problems of a customer.
The company also has active multi-lingual social media accounts to make it more convenient for the customer to contact any query.
Other than these customer support channels, the website has a lot of information in several languages that help the customers. There is a clear explanation of the products and policies of Swissquote, and things like terms and conditions and strategies for trading can be easily accessed through the website.
To Trade or Not to Trade with Swissquote
The Robo-Advisor service that Swissquote launched in 2010 made it the first Swiss firm to have an electronic wealth manager. The firm is proud of its achievements so far, which also reflects its concerns about the empowerment of its investors.
The milestone they have achieved shows the approach of Swissquote toward online trading, and the innovation is still going on now and has taken over the whole platform of Swissquote. Swissquote offers something different to its clients by using its creative tactics and fulfilling the needs of its customers.
The firm listed itself on the Swiss stock exchange in 2000, and it’s been operating for over 20 years. Swissquote broker consists of robust regulation certificates. The new users may find the compliance pop-up buttons a bit frustrating, but it shows the firm’s seriousness towards its reputation.
The hosting of more than 231,000 traders shows the success of Swissquote. It is more than an average minimum deposit size, but it is not a big issue for serious traders. The firm has assured that they believe in quality rather than quantity.
Swissquote supports global market trading, but its focus is on the EU, UK, and Switzerland clients. Traders in these regions may prefer using Swissquote because of its benefits.
FAQ:
Is Swissquote regulated?
Yes, Swissquote was established in1996, and it is based in Switzerland. It is entertaining clients around the globe under a top-tier regulated framework.
The regulators of the leading entities are:
- FCA
- FINMA
Other entities of Swissquote are regulated by:
- SFC
- MAS
- DFSA
How does Swissquote make money?
Mainly the money is made through swaps on specific asset classes that are tradeable, spreads, and commissions on individual accounts and products.
What is the minimum deposit for Swissquote?
USD 1,000 is the minimum deposit to open a Swissquote FX trading account.
