Swissquote Review

Review

 

Swissquote is one of the Top 10 online Forex brokers globally. Its history dates back to 1990 to its predecessor, Marvel Communications SA. It became Swissquote in 1996 and has had its shares floated on the Swiss SIX Exchange since 2000. It became the top online bank in Switzerland and one of the country's most dominant financial services firms. Swissquote expanded into the Forex market with the 2010 acquisitions of Tradejet AG and ACM Advanced Currency Markets AG. In 2013, it acquired MIG Bank, which catapulted Swissquote into a Top 10 Forex broker. The 2018 acquisition of Luxembourg-based Internaxx Bank SA solidified its position as one of the most dominant brokers. This review will focus on Swissquote Forex, where clients get a commission-free trading environment but have to accept high spreads. Besides the MT4/MT5 trading platforms, Swissquote also deploys a proprietary webtrader.

Back to Top

Regulation and Security

The primary regulator of the Swissquote Bank AG is the Swiss Financial Market Supervisory Authority (FINMA), one of the most trusted global regulators. It is also a publicly-listed company, adhering to strict capital requirements and best business practices. Regrettably, Swissquote does not specifically mention on its website the segregation of client capital and the offering of negative balance protection for traders. It should be noted, however, that these are mandatory, per FINMA requirements, as well as its other regulators, and do apply. Swissquote is also a member of the Swiss Bankers Association. Additional regulatory oversight for various subsidiaries exists from the UK Financial Conduct Authority (FCA), the Dubai Financial Services Authority (DFSA), the Hong Kong Securities and Futures Commission (SFC), the Malta Financial Services Authority (MFSA), the Monetary Authority of Singapore (MAS), and the Luxembourg Commission de Surveillance du Secteur Financier (CSSF), with oversight of the European Central Bank (ECB). Swissquote employs 722 individuals across multiple offices and remains one of the most trusted banks and brokers globally. It maintains a complete overview of its corporate structure with all regulatory information and contact details.

Swissquote details its corporate structure on its website.

Information on all its subsidiaries is also available.

Swissquote also maintains superior capital reserves and enjoys an excellent relationship with clients.

Back to Top

Fees

Swissquote maintains a commission-free trading environment, but the spreads remain elevated. The Standard Account commences from a minimum mark-up of 1.7 pips or $17 per 1.0 standard lot. Clients who trade from the Premium Account still face a cost of 1.4 pips or $14, while the Prime Account lists it as 1.1 pips or $11. By any measure, those costs represent an uncompetitive offer. Swap rates on leveraged overnight positions apply, and Swissquote provides them transparently on its website. Swissquote forwards all corporate actions to client portfolios. Traders have to pay a deposit fee for credit/debit card transactions, and third-party costs may also apply. Swissquote charges an inactivity fee of ten currency units per month after six months of dormancy. The overall pricing environment at Swissquote remains expensive. 

MT4/MT5 traders can easily access swap rates from their platform by following these steps: 

1. Right-click on the desired symbol in the Market Watch window and select Symbols. 

2. Select the desired currency and then click on Properties located on the right side. 

3. Scroll down until you see Swap Long and Swap Short. 

Spreads at Swissquote rank among the highest in the industry. 

Swissquote lists swap rates on leveraged overnight positions on its website.

Back to Top

What Can I Trade?

While Swissquote, as a group, notes more than 3,000,000 assets, the Forex division grants traders access to 78 currency pairs and 45 Forex options. It also maintains 23 commodities, 26 index CFDs, and three bond CFDs. Twelve cryptocurrency assets are available but are not listed in the Forex Product Guide. The asset selection is excellent for Forex traders, while the broad choices at Swissquote remain market-leading and unmatched.

Swissquote offers an excellent asset selection for all types of traders.

Back to Top

Account Types

Traders have access to three account types plus a professional alternative. The Standard, Premium, and Prime accounts have identical trading conditions except for a smaller minimum lot size in the Standard one. The maximum leverage remains capped at 1:100, while Swissquote demands a minimum deposit of $1,000, $10,000, and $50,000, respectively. Fifteen account base currencies are available, together with CHF100,000 deposit protection.

While four account types exist as Swissquote, the cost structure remains uncompetitive.

A CHF100,000 depositor protection scheme exists.

 

Back to Top

Trading Platforms

Swissquote offers traders the MT4, the MT5, and its proprietary platform, the Advanced Trader. It upgrades the out-of-the-box MT4/MT5 versions via Autochartist, the MetaTrader Master Edition, and Trading Central, creating one of the most competitive MT4/MT5 trading environments among all brokers. The Advanced Trader platform offers an excellent alternative for manual traders, assisted with automatic pattern detection. Automated traders can rely on the MT4/MT5 trading platforms. Swissquote ensures its clients have a competitive edge by maintaining three excellent trading platforms.

MT4 remains the most versatile trading platform and is a market-leader for automated trading solutions.

Swissquote also offers the MT5 trading platform.

The Autochartist plugin upgrades MT4/MT5 with a competitive analytics tool.

Swissquote also provides clients with the MetaTrader MasterEdition upgrade, consisting of 12 advanced tools and 15 custom indicators.

The Trading Central plugin adds award-winning research capabilities.

Manual traders may opt for the proprietary Swissquote Advanced Trader.

The desktop version caters to advanced traders and includes automatic pattern detection.

Back to Top

Unique Features

Besides offering one of the most trusted trading environments and the largest overall asset selection in the industry, Swissquote shines with its liquidity and execution statistics. The average execution speed is 9.0 ms with a fill ratio of 100%. It does show 13% of orders receiving negative slippage, but the broad trading environment minus trading costs remain among the best. Swissquote also provides the FIX API for clients with custom trading solutions, but a minimum deposit of $50,000 is required to access that.

Swissquote maintains an excellent trading infrastructure, liquidity, and execution statistics.

The FIX API is available for clients who wish to connect their custom trading solutions to the Swissquote infrastructure.

Back to Top

Research and Education

Swissquote offers quality market commentary on its website under the Newsroom section. It consists of Morning News and Themes Trading. The former, published each trading day, offers market commentary with some of the most market-moving events and analysts' upgrades or downgrades with price targets. The latter, Themes Trading, provides more quality trading ideas based on trending themes. It does not grant direct trading recommendations, but traders have a set of trading tools to assist with trading decisions.

Morning News presents clients with daily market commentary.

Themes Trading offers ideas based on trending topics.

New traders can benefit from the Swissquote Education Center, where two video trading courses, which consist of 31 videos and two hours of combined content, provide an excellent introduction to trading. An additional 12 eBooks cover various topics, while Swissquote also hosts live webinars. Seminars are presently on hold, but Swissquote is likely to resume them once conditions allow. Overall, Swissquote offers an excellent educational section, which complements its high-quality trading environment.

Two video trading courses offer new clients an excellent starting point.

Live webinars enhance the educational value provided by Swissquote.

Traders may also download 12 eBooks.

Back to Top

Customer Support

Swissquote maintains a dedicated Support Hub with contact e-mails and phone numbers to various departments. An FAQ section answers many of the most common questions, but the live chat feature presents the most convenient contact method. Operating hours are Monday through Friday between 0800 and 2200 hours. Most clients may only require assistance during emergencies, as Swissquote presents and explains its products and services in detail.

Customer Support is available each weekday via numerous channels.

Back to Top

Bonuses and Promotions

At the time of this review, Swissquote neither offered bonuses nor hosted promotions. It does maintain a refer-a-friend campaign rewarding the referrer and referee, but the amounts require high deposits for minimal rewards.

The refer-a-friend campaign requires high deposits in exchange for minimal rewards.

Back to Top

Opening an Account

New clients must complete a four-step online application, which consists of two questionnaires. The process is longer than at most brokers. Account verification remains a mandatory final step to comply with AML/KYC stipulations; a copy of the trader’s ID and one proof of residency document generally satisfies it.

The account opening process is a 4-step online application including questionnaires; account verification is mandatory.

Back to Top

Deposits and Withdrawals

Unfortunately, Swissquote only supports e-banking and credit/debit cards. Processing times vary, and there is a fee ranging between 2.2% and 2.5% for the use of credit/debit cards. Deposits and withdrawals offerings represent a distinct weakness at Swissquote, which fails to provide clients the freedom and cost efficiencies of modern online payment providers. Clients also have no option to keep their trading activities separate from their day-to-day banking needs.

Swissquote only supports e-banking and credit/debit cards; there is no provision for online payment providers.

Back to Top

General Information

Company Information

  • Broker's Name : Swissquote
  • Regulation :

Account Information

  • Type of Broker : Market Maker
  • U.S. Clients Allowed :
  • Minimum Deposit : 1000
  • Maximum Leverage : 1 to 100
  • Commissions / Spreads : Spreads
  • Account 1 : Standard
  • Account 2 : Premium
  • Account 3 : Prime
  • Account 4 : Professional
  • Demo Account :
  • Islamic Account :
  • Segregated Account :
  • Managed Accounts :
  • Institutional Accounts :
  • Deposit Options :
  • Withdrawal Options :

Instruments Traded

  • ETFs :
  • CFDs :
  • Commodities :
  • Metals :
  • Stocks :
  • Oil :
  • Gold :
  • Binary Options :
  • Indices :

Trading Platforms

  • Type of Platform : MetaTrader 4, MetaTrader 5, Proprietary platform, Web-based
    • Platform Languages :
      • English
    • OS Compatibility :
      • Mobile
      • Web
      • iPhone
      • iPad
  • Trading Signals :
  • Charting Package :
  • Market Analysis :
  • Chart Trading :
  • Automated Trading :
  • Scalping :
  • Hedging :
  • Mobile Alerts :
  • E-mail Alerts :
  • Trailing Stops :
  • Guaranteed Stop Loss :
  • Guaranteed Limit Orders :
  • Guaranteed Execution :
  • One-click Execution :
  • OCO Orders :
  • Interest on Margin :
  • Web-based Trading :
  • Mobile Trading :

Customer Support

    • Website Languages :
      • English
      • Spanish
      • Arabic
      • Italian
      • French
      • German
      • Chinese
      • Russian
      • Other
  • Support Hours : M-F 08:00 -22:00
  • E-mail Support :
  • SMS Support :
  • Chat :

Pros and Cons

Advantages

  • Demo Account

  • Clear Charts

  • Choice of Accounts and Platforms

Disadvantages

  • No Bonuses or Promotions

Back to Top

FAQs

Is Swissquote safe?

Swissquote remains one of the safest brokers in operation today. It is a publicly-listed company and licensed bank in Switzerland.

Is Swissquote regulated?

Swissquote operates under the oversight of seven regulators and one central bank. It has a clean track record and is one of the most trustworthy and transparent financial companies.

Is Swissquote a market maker?

Swissquote deploys a market-making model with excessive spreads, the most significant drawback in an otherwise excellent trading environment.

How do I transfer money to Swissquote?

Swissquote supports e-banking and credit/debit cards only, which is unfortunate. Traders should demand more from a leading online bank.

Is Swissquote a bank?

Swissquote is a licensed bank in Switzerland with FINMA as its regulator. It is also a member of the Swiss Bankers Association.

Back to Top

Summary

Swissquote offers traders an excellent trading environment but with an elevated cost structure. It presents the broadest overall asset selection with more than 3,000,000 trading instruments, but the Forex division grants 187 assets. Forex traders have access to 78 currency pairs and 45 Forex options, presenting a competitive selection. The minimum deposit is $1,000, but the spreads commence from 1.7 pips with a maximum leverage of 1:100. Swissquote also maintains deep liquidity pools and excellent execution statistics.

The upgraded MT4/MT5 trading platforms feature Autochartist and Trading Central plugins. The MetaTrader MasterEdition upgrade is also available, granting clients a distinct competitive edge. The proprietary trading platform, Advanced Trader, is another outstanding choice for manual traders. New traders can benefit from a high-quality educational section, while market commentary is equally available. Swissquote also offers the FIX API for advanced traders who wish to connect to the Swissquote infrastructure. Despite the expensive commission-free pricing environment, Swissquote remains one of the most competitive, secure, and trustworthy brokers in operation today.

Back to Top

User Reviews

Did you have a good experience with this broker? A bad one? Tell our team and traders worldwide about your experience in our User Reviews tab. Your email address will not be posted.

Please make sure your comments are appropriate and that they do not promote services or products, political parties, campaign material or ballot propositions. Comments that contain abusive, vulgar, offensive, threatening or harassing language, or personal attacks of any kind will be deleted. Comments including inappropriate, irrelevant or promotional links will also be removed.



0 User Reviews
Comments
Add Comment
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Back to Top
Sample Dynamic Content Placeholder dfp-placeholder