One of the more popular and reputable brokers in the industry, Swissquote has been operating since 1996. It offers a wide range of base currencies on forex, and CFDs on stock indices, commodities, and bonds, among others, utilizing Advance Trader or the MT4 and MT5 platforms.
Is Swissquote for you? Find out by gleaning through this Swissquote review that will give you a preview of its trading service aspects, conditions, and offerings.
Swissquote Background & Safety
Founded in Switzerland in 1996, Swissquote Group is a well-known brand in the brokerage scene. For one, it has earned a coveted listing on the Swiss stock exchange. For another, the broker has over 330,000 client accounts across Europe, Asia, the Middle East, and Latin America plus a whopping 3 million products.
More importantly, Swissquote has a good regulatory credential, having multiple regulatory certifications from top regulatory bodies in the world including the Financial Market Supervisory Authority (FINMA) in Switzerland and the UK’s Financial Conduct Authority (FCA). In other jurisdictions, Swissquote is regulated by Malta Financial Services Authority, The Securities and Futures Commission (Hong Kong), and Dubai Financial Services Authority (UAE).
Being highly regulated, Swissquote adheres to the highest standards of securing client funds. The UK’s Financial Conduct Authority requires accounts under its jurisdiction and supervision to be covered by the Financial Services Compensation Scheme up to £50,000 while the Swiss accounts are bound by the Agreement by Swiss Banks and Securities Dealers on Deposit Insurance for up to CHF100,000.
Swissquote is more than just a broker as it has expanded its business arms by establishing the Swissquote Bank Ltd and the Swissquote Ltd, with the latter operating in the U.K. and offers trading services including CFDs and Forex.
Swissquote Features & Fees
Swissquote has a long list of tradable assets for its market offering. It consists of forex (with 78 currency pairs), 49 CFDs (covering precious metals, stock indices, commodities, and bonds), and cryptocurrencies.
Swissquote offers the Standard, Premium, and Prime account types. But spreads and minimum deposits are relatively lower in the UK Swissquote. The U.K.-based Swissquote operates trading backed by an agency. Meanwhile, the Switzerland-based Swissquote executes trading through the combination of a dealing-desk and an agency. Though the Switzerland Swissquote is a more expensive trading investment, it features a wider array of trading instruments and services compared to the cheaper U.K. Swissquote.
The Standard account requires a $1,000 minimum deposit and provides spreads starting from 1.7 pips and zero commissions. The broker’s best-seller account type is the Premium account. This account requires a $10,000 initial funding. It provides users access to spreads starting from 1.4 pips and zero commissions. Lastly, the Prime account is a luxurious account type as it asks for a $50, 000 deposit. It provides users with spreads from 1.1 pips and zero commissions.
EU clients are offered with the Elite account (for Professional traders) which includes an option to pay from 0.0 pips.
Unlike many brokers, Swissquote charges no inactivity fee.
For deposits, Swissquotes accepts payment via MasterCard and VISA credit cards. Transaction fees of 2.2% for CHF, EUR, and GBP apply. For USD deposits, the deposit fee is 2.5%. Swissquote (CH) charges no deposit fees for bank transfers.
eBanking services are enabled by the broker for deposit and withdrawal transactions. Swissquote (CH) charges €2 for euro withdrawals and $10 for US dollar withdrawals.
Swissquote Trading Platforms & Tools
Swissquote offers three platform options: its proprietary Advance Trader, MT4, and MT5.
Advance Trader is Swissquote’s award-winning software. It has a fully-customizable interface, automatic pattern detection, and a wide range of order types. With its automatic pattern detection feature, it presents 17 of the most commonly used chart patterns. Moreover, Advance Trader is built with 27 indicator tools, 17 overlays, and integrated market news.
Advance Trader’s Web platform is 100% user-friendly with charts from TradingView. Its mobile version is available for all iOS and Android devices.
MT4 is known for its robust analysis and charting. It has 30 built-in indicators, over 2000 free custom indicators, and 700 paid ones. The platform is also equipped with 24 analytical objects (lines channels, Gann and Fibonacci tools, shapes, and arrows), and customizable charts with 9 timeframes.
Lastly, the MT5 platform is best for automated trading. It has powerful built-in tools to develop your strategies with more data for back-testing and thousands of Expert Advisors available free or for a small fee. The platform is also powered with 80 built-in indicators, 4 analytical objects, and highly customizable charts with 21 timeframes.
Using MT4 or MT5, plugin software including Autochartist, MetaTrader Master Edition, and Trading Central are available to be utilized. The Web version of both platforms is compatible with any browser and OS (Windows, Mac, and Linux). MT4 and MT5 also have a mobile app available for all iOS and Android devices
For its educational resources, Swissquotes only provides the basics with just a number of videos, including webinars on its YouTube channel.
Being a reputable brokerage firm, Swissquote is a safe haven. It has an impressive selection of products and services and advanced technology offerings. However, Swissquote’s minimum deposit is relatively high, so are its trading fees.
Swissquote is best for traders who would like their deposits and funds to be held in a Swiss bank account and have access to a wider range of financial services and instruments.