Swissquote has established itself well in the industry and has managed to maintain a high level of popularity. Swissquite is regulated by FINMA, which, for those of you who don’t know, is the Swiss Financial Market Supervisory Authority. In addition to offering Forex trading services, they are also renowned for their banking solutions, from regular online banking to mortgage solutions.
Account Types
Swissquote offers just one account to trade Forex, Cryptocurrencies, Stocks and more. The minimum deposit for this trading account is $1,000, which immediately gives the sense this trading service is for the more experienced/elite traders who are well-practiced and confident to deposit such an amount.
Platforms
With Swissquote, you may choose to use MetaTrader 4 or 5, or alternatively, you may use Advanced Trader, which is their very own customized platform.
Leverage
Note that leverage options are the same on both MetaTrader and Advanced trader (their own tailor-made platform). For trading the Forex Major pairs, leverage is 1:100. For all other pairs, you will need to refer to a PDF found on the website to calculate leverage according to the margin requirements of each pair.
Trade Sizes
Minimum trade sizes with Swissquote are 0.01 lot, on the MetaTrader platform, however for the Advanced Trader platform, the minimum is 1.000 lot. The maximum order sizes are dependent on the pair you are a trader. There is a full list set out on the website.
Trading Costs
Swissquote does not charge trade commissions, as they make their profit via the spread and rollovers. Swap fees are all set out on the website, a complete list is available, showing the swaps according to each currency pair.
Assets
Swissquote offers a fair variety of tradable assets being 138 Forex currencies and 7 Commodities. Swissquote does not offer Cryptos, Indices, or Stocks.
Spreads
Spreads vary according to the amount you have in your account; the higher you deposit, the better spreads you will have access to. For example, if you deposit $50,000, you will have access to the best spreads available.
Minimum Deposit
The minimum deposit requirement is $1,000 or the equivalent in an alternative currency. This could be an indication this broker is more suited to those traders with more experience.
Deposit Methods & Costs
You may fund your account via visa/Mastercard debit/credit card or via bank wire via Swissquote e-banking. Broker charges are not mentioned however your banking provider may apply charges so bear this in mind and check before completing the transaction.
Withdrawal Methods & Costs
To withdraw fromSwissquote, you may send your funds to your Swissquote e-bank account. The only other alternative is an external bank wire transfer. There are no alternative options, according to the website. It makes sense to first be a Swissquote bank account holder and client before becoming a trading client also. The cost of a bank wire withdrawal is 2 EUR/CHF(external bank wire transfers), but for express transfers, it is 5 CHF. Depending on particular currencies, fees can vary and a full list is available via the website.
Withdrawal Processing & Wait Time
All withdrawals are processed on the same day, however, no exact time scale could be provided by the live chat agents.
Bonuses & Promotions
Swissquote does not offer any deposit bonus schemes or similar promotions.
Educational & Trading Tools
Since Swissquote does not specifically target their service to traders but more on the banking side, it is not a surprise that they do not offer forex education training tools alongside their platform. Having said that, there is an array of free training material to be found online.
Customer Service
You may contact Swissquote via telephone, email, or live chat. The hours of operation are 9:00 – 18:00 CET Monday through to Friday.
Demo Account
You may open a demo account to test Swissquote trade conditions for yourself. This is always good practice before opening a live account to ensure a broker is suited to your style of trading.
Countries Accepted
It is not specific on which countries are restricted and which are accepted and when we asked live chat support, we were advised you will only know once you register when you will need to select your residing country from the list available. Should your country not appear, then you will not be accepted as a client.
Conclusion
Swissquote remains to be a very popular choice among traders, due to their strong quality of service they provide as well as the fact they are regulated. We believe this broker may be more suitable for those who have more experience and for those wishing to trade with higher capital since the minimum deposit requirement is rather high compared to the majority of Forex brokers.
For beginner traders, the website is not entirely easy to use and finding information is not easy. We communicated a lot with customer support live chat as a result of this, which made pinpointing basic information very time-consuming. All in all, the trade conditions offered are fair, and this broker offers a strong variety of assets to trade.
