Swissquote (a member of LeapRate’s Approved List of Forex brokerage firms) announced today its results for the fourth quarter of 2011. In line with a general slowdown we have seen in Forex volumes, Swissquote’s eFX volumes were also down slightly, to CHF 34 billion (or about $37 billion) per month, down from $41 billion in the previous quarter. Swissquote did see an increase in the number of Forex accounts, to 10,766 (from 10,464 in Q3), but a decline in client FX assets to CHF 122.5 million, down from CHF 130.4 million in Q3.
Overall, Swissquote had a great 2011, earning more than CHF 31 million ($34 million) in net profit, and more than doubling its overall FX volumes as compared to 2010.
Swissquote expanded its presence in the FX business via the acquisition of ACM in October 2010 for CHF 41.7 million (at the time worth $43 million). Swissquote completed the full integration of ACM into its own website and operations last June.
Swissquote, which operates under a full Swiss banking licence, is one of just three firms offering online FX trading in Switzerland. The Swiss financial regulator FINMA requires a full banking license, with its requisite CHF 15 million (approx. $16.5 million) in minimum capital, for those firms offering margin FX trading.