Swissquote Review 2024

Quick Links

• Our Review Method

• What is Swissquote?

• Swissquote Pros and Cons

• Awards

• Is Swissquote Safe or a Scam?

• Leverage

• Account Types

• Opening a Swissquote Live Account

• Trading Instruments

• Swissquote Fees

• Spreads

• Deposits and Withdrawals

• Trading Platform

• Customer Support

• Education

• Conclusion

Our Review Method ▲

In our comprehensive review process, we meticulously analyze and compare each forex broker against a stringent set of criteria. We delve into the broker's history, regulatory compliance, trading platforms, asset offerings, fee structures, customer service, and educational resources. Our assessment is based on in-depth research, user feedback, and our hands-on testing. For this review, Swissquote was evaluated alongside 1000 brokers to ensure a thorough comparison and an objective outcome.

What is Swissquote? ▲

Swissquote stands as a frontrunner in the realm of online financial and trading services, presenting users with access to an expansive array of over 400 Forex and CFD instruments, 30 cryptocurrencies, in addition to stocks, ETFs, funds, bonds, options, futures, and more. The journey of this company began in 1990 with the establishment of Marvel Communications SA, a venture focused on financial software and web applications. Swissquote's inception as a brand was marked by the launch of its first financial platform in 1996, which revolutionized the industry by providing private investors with free, real-time access to all securities traded on the Swiss stock exchange. Swissquote has since been on a mission to democratize banking, making financial services more accessible to a wider audience.

Swissquote Pros and Cons ▲

• Swissquote is recognized for its multifaceted regulatory compliance and global presence, ensuring quality trading conditions. The broker boasts a variety of toptier trading platforms, including MT4 and MT5, without imposing restrictions on trading strategies. Notably, Swissquote offers competitive costs and an array of educational materials beneficial for novice traders. Furthermore, the broker provides a wide range of funding methods, allowing traders to benefit from online banking via Swissquote Bank.

Pros

• Multiple regulation and global recognition

• Wide range of trading platforms including MT4 and MT5

• Competitive costs and comprehensive educational materials

• Wide range of funding methods including online banking

Cons

• Trading conditions vary by jurisdiction

• Higher spreads for certain instruments like currency pairs

Awards ▲

Swissquote has garnered numerous industry accolades, highlighting its achievements and dedication to excellence. The broker is globally recognized for its partnership with Manchester United, one of the world's most renowned football clubs. In 2022, Swissquote expanded its horizons by forming a new partnership with Luzerner Kantonalbank (LUKB) for mortgages and becoming an issuer of structured products under the "Yield Booster" brand in cooperation with Leonteq.

Is Swissquote Safe or a Scam? ▲

Swissquote's longstanding history, global regulatory compliance across multiple jurisdictions (including FINMA, FCA, MFSA, SFC, DFSA, CySEC, MAS), and its strong establishment in the financial services industry affirm its status as a safe and legitimate broker. The company's commitment to providing secure and favorable trading conditions is further evidenced by its comprehensive offering of online trading services, user-friendly platforms, and specialized services for various client types. Swissquote's overall ranking of 4.6 out of 5, based on our testing and comparison against the top 12 brokers, attests to its reliability and the trust it has garnered among traders worldwide.

Leverage ▲

Swissquote offers a standard leverage level of 1:100. However, due to regulatory requirements, these rates may vary. For example, European clients are limited to a maximum leverage of 1:30 for major currency pairs, with even lower rates for other instruments. In contrast, traders in Dubai and Hong Kong might access higher leverage levels of up to 1:200. It's crucial for traders to understand how to wisely utilize leverage, as higher rates not only increase the potential for profit but also for loss.

Account Types ▲

Swissquote caters to a variety of traders by offering several account types, including swap-free accounts. These are divided into private accounts, such as Trading, Forex, Robo-Advisory, and Crypto-Assets accounts, and business accounts for Asset Managers and Companies. The Forex account features multi-asset platforms like MT4, MT5, and allows trading in FX and CFDs. The Trading account is ideal for portfolio optimization through stock trading across over 3 million products and 60 exchanges. Robo-Advisors account stands out for its innovative portfolio management. The Crypto-Assets account enables trading of 12 major cryptocurrencies with competitive fees. All account types are also available in demo versions for practice and familiarization. Business accounts are designed to meet the needs of Asset Managers and Companies.

Opening a Swissquote Live Account ▲

Opening a live account with Swissquote is straightforward. Prospective clients should navigate to the account opening or sign-in page and follow the guided steps: select "Open an Account," provide the required personal information, verify identity by uploading documents, complete an electronic quiz to confirm trading experience, and, upon account activation, proceed with the initial deposit.

Trading Instruments ▲

Swissquote grants access to a broad range of trading instruments including Shares, Warrants and Derivatives, Options and Futures, Funds, ETFs, Indices, Forex, Commodities, Bonds, and Cryptocurrencies. The brokerage offers competitive rates for Funds, ETFs, and Swiss DOTS starting from 9 pips, and for Options and Futures from 1.5 CHF. Swissquote has established itself as a leader in cryptocurrency trading, offering five major cryptocurrencies for trading. In total, Swissquote's selection of trading instruments earns a score of 4.4 out of 5 for its extensive range.

Swissquote Fees ▲

Swissquote's trading costs vary based on trade size and activity but are generally considered to offer low spreads. Total fees include spreads, funding fees, inactivity fees, and swap fees. An inactivity fee is charged for accounts inactive for six months or more, up to a maximum of 10 units of the base currency or the account's remaining balance. While Swissquote does not impose deposit fees, withdrawal transactions may incur third-party fees up to $10. After comparing Swissquote's fees with those of over 1000 other brokers, we consider them to be competitive, with an overall rating of 4.4 out of 5.

Spreads ▲

Swissquote offers a variety of account types, each with a unique fee structure. For instance, costs can be incorporated into a spread-only basis for Forex trading or with a commission for stock investments. For cryptocurrency trades ranging from 5 – 10,000 CHF, fees are set at 1%, decreasing to 0.75% or even 0.5% as the transaction size increases. Swissquote's spreads received a low rating of 4.2 out of 5 in our comprehensive testing, comparing them to over 1000 brokers. We discovered that their Forex spreads are significantly lower than the industry average, making them highly competitive for other instruments as well.

Deposits and Withdrawals ▲

Swissquote simplifies the transaction of funds by providing two primary funding options: Wire Transfer and Credit Card Deposits. Its funding methods received a rating of 4.1 out of 5. The minimum deposit requirement is relatively high compared to the industry, but the fees are minimal or nonexistent, offering benefits from various account-based currencies. Moreover, the options for deposit may differ based on the entity.

Pros

• Offers bank wire and credit card deposit options

• Minimal or no transaction fees

Cons

• Higher minimum deposit requirement compared to many brokers

Swissquote's minimum deposit is $1,000 for a Standard Forex account, which escalates according to the trader’s size or the chosen account type, whereas most other brokers set a minimum deposit requirement of around $500.

Swissquote ensures a smooth withdrawal process through its unique eBanking services, enabling traders to easily manage and move funds. As a Swiss bank, it provides the option to issue a Swissquote Card for direct payments and cash withdrawals.

Steps to withdraw money from Swissquote are straightforward:

1. Log in to your account

2. Select 'Withdraw Funds' from the menu tab

3. Enter the withdrawal amount and choose the method

4. Complete the electronic request with the required information

5. Confirm the withdrawal details and submit

6. Monitor the status of the withdrawal through your Dashboard

Trading Platform ▲

Swissquote provides direct market access via highly secure and advanced platforms such as MetaTrader 4, Meta Trader 5, proprietary eTrader, and Swiss DOTS. The platform's offerings are rated as Excellent, scoring 4.6 out of 5 when compared to over 1000 other brokers. Its comprehensive range, including MT4 and MT5, is suitable for professional trading, supplemented by excellent research and tools.

The web trading platform options, including eTrading platform, Swiss DOTS, Themes Trading, and Mobile applications, cater to specific trader needs impressively. eTrader, a multi-asset platform, offers an intuitive trading experience with helpful widgets for account overviews, ratings, analysis, and daily trends. Swiss DOTS provides access to over 90,000 OTC products with competitive conditions.

Additionally, desktop trading is available through the MT4 and MT5 platforms, catering to those who prefer these popular technologies. Mobile trading applications, compatible across various devices including iPhones, Androids, Smartwatches, and even Apple TVs, offer sophisticated technological solutions for trading on the go.

Robo Trading is another standout feature at Swissquote, promoting autonomous investing free from emotional impact. The Robo-Advisor, acting as an electronic asset manager, creates and monitors portfolios using the same algorithm applied to the Swissquote Quant Fund.

Customer Support ▲

Swissquote's customer support is available 24/5 through Live chat, Phone lines, and Emails, tailored by region with specified hours and hotlines. This well-organized structure ensures traders can always find assistance when needed. Customer support at Swissquote is rated 4.25 out of 5 based on our evaluation, with staff providing fast and knowledgeable responses.

Education ▲

Swissquote offers a comprehensive suite of educational materials including detailed courses, webinars, e-books, and a Demo account. Its platforms come integrated with powerful analytical and technical analysis tools, along with news feeds and price alerts. The quality of Swissquote's educational content and research cooperation with market-leading data providers earns it a rating of 4.5 out of 5.

Conclusion ▲

In conclusion, Swissquote stands out as a robustly established company under Switzerland’s stringent financial regulations, holding all necessary licenses across its global jurisdictions. It offers a multi-asset solution with vast access to exchange-traded sides and an impressive technical solution. Swissquote’s offerings are beneficial for a wide range of traders, from those seeking online-bank solutions to those in need of high-quality educational materials and supportive customer service. Swissquote is particularly well-suited for:

• Experienced traders

• Users of MT4 and MT5 platforms

• Currency and CFD trading enthusiasts

• Traders employing a variety of strategies

• Those interested in algorithmic and automated trading

Swissquote's comprehensive services and trustworthy offerings make it a commendable choice for traders at all levels.