Swissquote review 2023: should you sign up with this broker?

It has been operating as an investment firm since 1996. It is part of the Swissquote Group Holding, a banking group currently functioning in various countries.

It maintains offices in Bern and Zurich and – outside of Switzerland – in London, Luxembourg, Malta, Dubai, Singapore, and Hong Kong. At the time of writing, Swissquote employs more than 900 staff. Pretty impressive, right?

Swissquote homepage

The brokerage firm is regulated by FINMA, the Swiss Financial Market Supervisory Authority. The broker is also regulated by:

• Financial Conduct Authority (FCA)
• Dubai Financial Services Authority (DFSA)
• Securities and Futures Commission (SFC)
• Malta Financial Services Authority (MFSA)
• Monetary Authority of Singapore (MAS)

It offers a range of trading instruments for currencies and other commodities (as we’ll see in the next section). Additionally, there are great trading platforms and a variety of research tools. Well, that’s pretty impressive. So why not try it for yourself?

How does Swissquote work?

You might be wondering how it works. Well, I am here to answer this simple question. Since I have dealt with it, it will not be a problem. Let’s have a look at it.

You should know that due to regulatory limitations, trading assets vary. Several trading instruments may be available depending on the brokerage holding your account and your country of residence. Furthermore, depending on the trading platform you select, Swissquote may provide different trading instruments.

Overall, Swissquote provides more than 400 financial products. There are more than 80 major, minor, and exotic currency pairs. With Swissquote, you may trade a vast selection of instruments, over 100 in fact, depending on the trading platform you select.

Cryptos

• Bitcoin
• Ethereum
• Litecoin
• Ripple
• ApeCoin
• Audius
• Chiliz
• Enjin
• Hedera Hashgraph
• Decrentraland and many more

Forex

• AUD/JPY
• AUD/USD
• EUR/CHF
• EUR/USD
• EUR/GBP
• NZD/JPY
• NZD/USD and many more.

Metals

• Gold
• Silver
• Platinum
• Palladium

Indices

• US Tech 100
• Euro Stoxx 50
• S&P 500
• Australia 200
• Hong Kong HS50
• Nikkei 225
• IBEX 35 and many more

Deposits and withdrawals take relatively less time than other brokers. Swissquote is multilingual and is available in 8 different languages. I’ll talk about deposits and withdrawals in more detail later.

How does the Swissquote platform work?

Do you know Swissquote offers many trading platforms? When I started, that’s what caught my eye the most. I can select any platform I want. Let’s see how it works. You can access the forex market using these trading platforms.

Advanced trader

Swissquote Ltd. created the proprietary trading platform Advanced Trader. It provides full mobility to switch between trading versions on desktop, web, or mobile.

Swissquote Advanced Trader platform

Metatrader 4 and 5

MT4 and MT5 are the most well-liked online platforms for retail traders. Swissquote and the MT4/5 software are fully connected to offer quick trade execution speeds and substantial liquidity. These platforms also allow you to automate your trading through Expert Advisor (EA) add-ons and participate in social trading.

Swissquote MT4 platform

eTrading

Swissquote’s eTrading web platform has an ordinary and practical design. Although the interface is simple if outdated, navigation between different areas could be smoother. But you can alter the platform to suit your needs.

Swissquote eTrading platform

Mobile platform

Swissquote offers mobile apps that let you access the Advanced Trader platform. I tried the mobile app, and it did wonders for me. I liked the overall UI and navigating around the app.

What trading indicators are available?

You should be aware as a trader that indicators are helpful. Various indicators are used by Swissquote, some of which are listed below. If you know how to use them, they would be helpful.

The trading indicators depend on the platform you use. On Swissquote, some of the most important indicators include:

1. Commodity channel index (CCI)
2. Moving average (MA)
3. Ultimate oscillator (UO)
4. Relative strength index (RSI)
5. Moving average convergence divergence (MACD)
6. Williams’s percent range (WPR) and many more.

Swissquote can offer you four different accounts; you can choose them according to your goals. But, importantly, do they suit your pocket? I use the prime one. The deposit is high but it’s good if you want a broker with excellent trading conditions.

Swissquote trading accounts

Standard account

The Standard account has a minimum deposit of $1,000. The leverage is up to 1:100. There are no forex commissions. However, the spread starts from 1.7 pips.

Premium account

The premium account is the most famous and requires a minimum deposit of $10,000. The leverage is the same as the standard one with zero forex commissions. The spreads are 1.4 pips.

Prime account

As the name states, this account is for major traders and institutional managers. The minimum deposit is $50,000. Leverage remains the same as with the previous accounts, with no commissions for forex. At the same time, the starting spread is 1.1 pips.

Professional account

The Pro account is like a playground for a professional. Choose what sport you want to play, and it’s all set. You can have an account with individually specified deposits, minimum trade sizes, leverage, and customized spreads. Amazing, isn’t it?

Swissquote trading accounts

When I first learned about Swissquote, I was excited to open an account. I am sure you will be, too. Let’s see how you can open your desired account.

You can open an account with Swissquote by visiting its official website and selecting Login/Register. To open an account with Swissquote, you must complete the necessary identity verification, including video identification or submitting official national identification documents, like a bank statement, driver’s license, or utility bill.

Does Swissquote offer a demo account?

The various trading accounts that Swissquote operates only recently came to light. So, does this broker offer a demo account? Yes, novice traders can practice on a free demo trading account.

The demo account is perfect if you wish to learn how to trade without taking risks or losing money. Swissquote offers risk-free conditions for practicing FX trading.

Swissquote account setup

You just need to click on ‘try a demo. Leave the rest to the website; it will tell you what to do next. And then you are done. Good luck!

As you know, Swissquote is regulated by FINMA and other popular and reliable regulatory bodies worldwide, FCA, DFSA, and SFC.And as Swissquote has existed since 1996 and is a bank, the likelihood of it going bankrupt is low.

Even so, it’s crucial to understand what would happen if your broker filed for bankruptcy. Due to Swissquote’s banking license, Esisuisse will secure your funds up to 100,000 CHF.So, safety is where Swissquote shines.

That comforts me, and it should comfort you. It’s encouraging that I haven’t experienced any security concerns at Swissquote. Overall, it is safe to invest with Swissquote.

Swissquote Ltd is a Swissquote Group Holding Ltd division in Gland, Switzerland.  However, Swissquote has more offices around the world, namely:

• Bern
• Dubai
• Zurich
• Malta
• Hong Kong
• Singapore
• Luxembourg

Swissquote location

Who owns Swissquote?

Now that we know about the location, why don’t I answer this question for you? Let’s end this curiosity of yours and find out.

The CEO and founder of Swissquote is Marc Bürki. He, with his executive management team, runs the whole business.

The credit card option has been a big help for me. Because everybody has one, right? Anyhow, the deposit methods are:

• Bank transfer
• Credit cards
• Debit cards
• Skrill wallet.

There is no deposit fee. All you need to do is enter the necessary data and verify the information, and you’re ready to go! I’d say it couldn’t be any simpler.

How to withdraw funds from the Swissquote account

The withdrawal procedures are easy and practical. But can you use the same methods as those for a deposit or not? Let’s have a look at them and see how to withdraw funds. It’s pretty easy to learn. So, let’s go!

The platform only enables wire transfer withdrawals. Depending on your bank, the processing may take up to three days. They may ask you to use the customer e-portal. Swissquote does not charge currency conversion fees for withdrawals.

Swissquote deposits and withdrawals

The customer support service works from Monday to Friday. It offers you multilingual live chat support.  However, the client hotline is available around the clock from 11p.m Friday to 11p.m Sunday CET (Central European Time).

The international support hub is available from Monday to Friday, 8 a.m to 10 p.m CET. If you aren’t comfortable with that, try their email, fx@swissquote.com.

If that’s not your thing, try contacting them through social media.  You can reach them on social media through Facebook, Instagram, LinkedIn, YouTube, and Twitter.

Swissquote customer support

Well, to answer that question… Why not continue reading while I tell you? Swissquote does not charge any taxes on profits. But as a responsible citizen, you should pay your taxes.

Swissquote has been around for some time, and I wanted to try the broker. I read several positive reviews about its multiple account types and wanted to give it a go. I tried the prime account, and so far, so good.

The platforms are perfect and customer service is reliable too.  The only thing I’m concerned about is the high spreads. The spreads are higher than those of other brokers.  Besides that, I didn’t have any issues with this broker and have been operating the account since 2015. Let’s see what others are saying about Swissquote.

Is Swissquote a real bank?

Swissquote was founded in 1996 as a Swiss investment bank. The firm offers multiple assets and trading accounts to cater to retail traders and investors.

Can I transfer Bitcoin to Swissquote?

You can transfer cryptocurrencies to your Swissquote account from allowed exchanges like Coinbase, Kraken, Bittrex, and others.

Can I short on Swissquote?

Swissquote doesn’t allow shorting, to avoid any market manipulation. FINMA applies strict policies on short-selling and insider trading. Therefore, Swissquote doesn’t allow short-selling.

Final thoughts

There you go! Swissquote has a reputable history. The main components of its safety scoreboard are: it is Swiss, it is listed on a stock exchange, and it is a bank. Swissquote provides a wide selection of trading assets.

But nothing in life is free; Swissquote’s trading costs are very hefty. Feel free to test it out because you can trade a wide variety of products without inactivity fees. Want to check out another regulated forex broker, see OvalX.

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It is one of the best international brokers. Different types of assets, convenient and reliable platform, favorable trading conditions. Want to know more? Click here.