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Swissquote Forex review

Introduction

Swissquote Bank is the Swiss leader in online banking, emphasizing innovative online services and software development since its inception in 1996. Swissquote ranks among the top 15 forex providers worldwide, with over 300,000 client accounts in 120 countries, and an annual client FX trading volume of 800 billion USD.

Swissquote Bank and its subsidiaries are regulated in Switzerland, UK, Hong Kong, UAE and Malta. Swissquote Group Holding Ltd is listed on the SIX Swiss Exchange (SIX:SQN), meaning that it meets the highest standards of security and transparency.

Swissquote Account types

Swissquote offers a fully digital account opening and there is no minimum deposit for trading accounts. However, a high minimum for forex and robo-advisory accounts exists.

Swissquote Forex (UK) serves residents from around 150 countries, while Swissquote (CH) offers trading conditions to over 120 countries, including all European and most of the APAC countries.

However, you won’t be able to open an account at Swissquote Forex (UK) if you are from the US or Japan, and there are some smaller countries where the services of Swissquote (CH) are not available.

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Commissions and Fees

Swissquote’s trading fees are generally high, including for stocks and ETFs. There is a fee for withdrawing your money as well.

Swissquote’s fees for US stocks are quite high, a flat commission ranges between $15 and $190, depending on the trade value. EURUSD fees are average, they are built into spread, whereas 1.6 pips is the average spread cost. Mutual funds fees are quite low and there is absolutely no fee charged for inactivity.

Trading instruments

At Swissquote (CH) you have access to many markets and can trade with a lot of different product types. Only forex and CFDs can be traded on Swissquote Forex (UK).

Trading platforms

You can trade on eTrading if you’re using Swissquote’s Switzerland entity and trading stocks. If you choose to trade forex, you can use MetaTrader 4, MetaTrader 5 or Swissquote’s own trading platform, Advanced Trader.

Deposits and withdrawals

Depositing at Swissquote is quick with credit/debit card and can be done in several base currencies. However, keep in mind that you can only withdraw money via bank transfer.

Pros:

  • Quick deposit and withdrawal – within 3 days
  • Several account base currencies for forex account

Cons:

  • Credit/Debit card withdrawal not available

Research Tools Offered to Traders

Swissquote provides a mostly industry standard offering with exceptional quality, differentiating the broker from its competitors.

Swissquote holds an exchange-traded certificate for crypto. The company also provides analysis and market commentary and publishes its own magazine.

The broker provides traders access to Trading Central, and AutoChartist, providers of automated chart pattern analysis and trading signals.

Should I trade with Swissquote?

Swissquote has three main advantages:

  • It is Swiss,
  • it is listed on an exchange
  • and it is a bank.

Swissquote has two main entities, one in the UK and one in Switzerland. If you choose to open an account at Swissquote’s London-based entity you can trade forex and CFDs, while the Swiss entity gives you access to asset classes ranging from stocks to options.

Swissquote offers a broad range of products across many markets, including many stocks, mutual funds, and a variety of different other types of products, including bonds and cryptocurrencies.

Keep in mind that Swissquote’s trading fees are relatively high.

Because of the banking license and the Swiss stock exchange listing, Swissquote is considered safe to trade with. You can trade many products and no inactivity fee is charged.

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FAQ

Is Swissquote safe?

Regulated by the Financial Conduct Authority (FCA) plus the SFC, FINMA and the MAS, Swissquote is considered to be one of the safest brokers around. It’s a longstanding, legit institution, which has a banking licence and is listed on the Swiss stock exchange. Client funds are kept in segregated accounts.

How do I open a Swissquote account?

To open account activity with Swissquote it’s first necessary to choose between trading, forex and robo-advisory options. Each has a demo account option so traders can try it out first. After confirming ID and funding the account, it’s possible to start to trade straight away, privately or as an institution.

Is Swissquote a bank?

Swissquote is an investment banking group based in Gland, Switzerland. It has a banking licence and operates internationally. As well as  enabling its clients to trade in forex, stocks, mutual funds and ETFs, it offers a wide range of financial services. It supports expat investing and provides portfolio management services.

 

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