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    Swissquote Review From a Traders Perspective

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    SWISSQUOTE

    In a nutshell

    Swissquote is a trustworthy and well-regulated online broker, operating with two units. Its Swiss unit offers, among others, stock, features, funds and options while the London-based unit is specialized in Forex and CFDs trading.

    Both units are regulated by respective state regulators and considered safe and reliable.

    The pricing and fee structure are different depending on the unit. In this review, we are mostly focused on the UK’s division.

    Generally speaking, however, Swissquote spreads on trades are wider in comparison to the competition.

    Traders don’t have to pay for inactivity, account or deposit. There is a $10 withdrawal fee though.

    The broker has an average amount of financial assets. Swissquote (CH) excels in the diversity of bonds, funds and features while UK’s broker offers forex and CFDs trading.

    Good:

    • Easy set-up 
    • Daily multilingual reports
    • Competitive fee structure
    • Perfect for traders who value trust

    Bad:

    • Limited customization 
    • Limited number of assets
    • Wider trading spreads
    Overall score: 9/10

    Swissquote Review and Insights

    Swissquote online brokerage platform is part of the Swissquote Group Holding, a banking group specialized in the provision of online financial and trading services.

    The group has been founded in 1996, is publicly traded and regulated in four tier-1 jurisdictions, making it a safe broker (low-risk) for forex and CFDs trading. As of 2018 the company had over 25 billion Swiss Francs in client assets under management.

    The UK-based online platform is operated by Swissquote Ltd (subsidiary of Swissquote Bank) and is regulated by the UK Financial Conduct Authority.

    Swissquote has been the first bank in the world to add the trading of underlying cryptocurrencies (non-CFDs), including bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Ripple.

    Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% of retail investor accounts lose money when trading CFDs with Swissquote. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

    Swissquote is generally considered suitable for all levels of investors:

    Beginners (8/10)
    • easy-to-use platform
    • extensive tutorials
    • demo mode
    • high trading fees 
    • confusing trading platform selection
    Mid-level traders  (8,5/10)
    • a rich catalogue of financial instruments
    • technical analysis tools
    • advanced educational material
    • trading with options, features
    • wide spreads on some instruments
    Advanced traders (9/10)
    • technical analysis tools
    • highly regulated
    • listed parent company 
    • trading with options
    • wide spreads on some  spreads

    Costs

    You PAY:

    • Spreads on the trades
    • Withdrawals ($10)

    You Don't PAY:

    • Inactivity
    • Deposits
    • Using the platform
    • Custody fee

    1. Fees and Spreads  

    Spreads are generally wider in comparison to competition, but non-trading fees are very favourable.

    Good

    Bad

    • low forex and fund fees
    • relatively wide spreads
    • high stock and ETF fees

    Swissquote’s fee structure is relatively competitive. There are three levels of minimum spreads that are dependent on the size of your account: Standard, Premium and Prime.

    While the minimum and maximum transaction sizes and margin requirements are largely the same across all account types, the spread difference between Standard and Prime accounts can reach as much as 0.6 pips.

    The broker has a very clear and detailed pricing structure that is full explained on their website.

    Generally speaking, Swissquote's trading spreads are high which is also a result of a very high-quality they offer.

    The pricing structure is volume-based, which means the higher the volume, the less fees you pay. You can also change the pricing structure to a fixed-rate plan, where you can pre-purchase a set amount of trades for a flat rate.

    Be careful, however, that the commissions and spreads from Swissquote’s UK entity, Swissquote Ltd, differ slightly from its Switzerland entity, Swissquote Bank Ltd. Between the two, UK based accounts offer a better deal with the trade-off being a smaller product offering.

    Non-trading fees

    When it comes to non-trading fees, Swissquote has no inactivity fee and account fee. Depositing money is also free via bank transfer, but credit/debit card transfers are charged with a 2.2-2.5% fee.

    Note, that Swissquote (CH) charges a withdrawal fee (2 EUR per withdrawal), whereas Swissquote Forex (UK) does not.

    Account fee

    NO

    Inactivity fee

    NO

    Withdrawal fee

    $10 per withdrawal

    2. Withdrawals and Deposits

    Deposits are free while each withdrawal costs $10.

    Good

    Bad

    • credit/Debit card deposits and withdrawal 
    • free deposit 
    • quick deposit and withdrawal
    • withdrawal fee

    If you open a forex and CFD account, you can choose from 15 base currencies: GBP, EUR, CHF, AUD, JPY, PLN, CZK, HUF, USD, CAD, TRY, SEK, NOK, SGD, XGD.

    Swissquote offers two ways to fund your account: wire transfer or credit card deposits.

    Deposits

    Credit card

    They accept Mastercard and Visa credit cards with no transaction fees for UK clients who choose to fund their accounts instantly using this method.

    Swissquote (CH), on the other hand, charges credit and debit card transfers deposit fees. They are somewhere between 2.2% and 2.5%, depending on your residency.

    Bank transfer

    You can wire funds directly from your bank account using our Wire Transfer payment method.

    Swissquote Ltd (UK) does not charge transaction fees for depositing. The depository bank may charge a transaction fee. Generally, you have the option of this fee being deducted directly from the total amount to be transferred or charged to you directly.

    Withdrawals

    Withdrawals at Swissquote Forex (UK) are free of charge, while Swissquote (CH) charges €2 for euro withdrawals and $10 for US dollar withdrawals.

    swissquote platform

    3. Account opening

    The process is simple and easy; traders have variety of different accounts to choose from.

    Good

    Bad

    • demo account
    • fast account opening
    • professional trader account
    • no minimum deposit for trading account
    • None

    The opening process in our case has been very straightforward and fast. Swissquote also has a demo account which is free.  If you want to start with real trading, you have to first verify your account. The video identification is available both for the Swiss and UK entities.

    Swissquote offers three types of private accounts:

    • Trading account features more than 3 million financial instruments in assets such as equities, ETFs, bonds, funds, options, crypto

    • Robo-advisory allows traders to create ideal portfolio with Swissquote's automated asset manager in your preferred sectors or securities

    • Forex account allows you can trade with more than 130 currency pairs and CFDs on three different platforms MT4, MT5 and Advanced Trader

    Within the forex account, you can choose from four different accounts, which differ in pricing and minimum deposit:

    Swissquote

    Note, that these conditions apply for a UK-based account.

    Professional Clients are assumed to understand the risks involved with leverage and margin trading and to have sufficient experience and knowledge to protect themselves. They also might have to waive certain client protections and can therefore incur losses that substantially exceed their initial investment.

    To qualify as a Professional Client, you need to meet at least two of the following criteria:

    • You have traded derivatives (CFDs, Forex, Spreadbets of Futures) of a significant size on an average frequency of 10 times per quarter over the last four quarters.

    • You own a portfolio of cash and investments worth EUR 500,000 or more.

    • You have worked for at least one year in the financial sector in a professional position that requires knowledge of derivatives trading.

    4. Markets and products

    The product catalogue is  competitive; Swissquote offers a wide selection of assets to trade with.

    Good

    Bad

    • options
    • bonds
    • a lot of ETFs to choose from
    • limited number of currency pairs and CFDs

    Swissquote was actually the first bank in the world to add the trading of underlying cryptocurrencies (non-CFDs), including bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Ripple.

    Other than that, Swissquote has a competitive investment offering in comparison to other operators in the market. They offer forex currency pairs, CFD commodities, CFD pairs, CFD stock indices and also bonds, options and features which is a nice addition that not anyone has.

    Commodity CFD pairs include popular items like oil and gold. Unlike other brokers, Swissquote also allows trading in Emerging Currency Pairs, also known as Exotic Currency Pairs that include currencies from emerging markets.

    The following table summarizes the different investment products available to Swissquote clients in comparison to some other brokers. 

    Enter your text here...

    Swissquote

    eToro

    Plus500

    IQ Option

    Stock CFDs

    60

    1300

    1800

    168

    Forex

    78

    47

    50

    49

    Indices CFDs

    26

    13

    30

    -

    ETF CFDs

    1500

    145

    80

    24

    Commodities

    17

    14

    25

    4

    Crypto

    5

    16

    12

    12

    Bond

    55,000

    -

    -

    -

    Option

    6

    -

    -

    -

    Feature

    6

    -

    -

    -

    Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% of retail investor accounts lose money when trading CFDs with Swissquote. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

    Learn more about CFDs from our dedicated series:

    Themes trading

    Swissquote also has an excellent special product, called themes trading. These trading ideas are based on a common theme, which can be quite interesting. A few examples:

    • African Consumer
    • Cannabis
    • China's Dragons
    • BioTech Revolution
    • Robotics & AI

    5. Trading platform

    One of the highlights; Swissquote offers trading platforms for every type of traders.

    Good

    Bad

    • easy-to-use
    • technical tools
    • good customizability
    • available in several languages
    • limited clarity

    The trading platform can be accessed using three different desktop apps.

    • Advanced Trader is primarily designed for novice traders

    • MetaTrader 4 is one of the most popular platforms for currencies & CFDs

    • MetaTrader 5 for pro traders with extensive charting and unrestricted automation

    The majority of traders will probably use Advanced Trader because of its simple design. Though lacking in customizability, the standard view in Advanced Trader provides the ability to distinguish between prices easily, watchlists, cross-currency pairs, running orders, and profit/loss data.

    A slightly more advanced feature offered by Advanced Trader is the ability to set conditional orders. Such orders, such as limit orders, allow clients to manage the risks of trading.

    Another beneficial feature of Advanced Trader is the ability to open a demo account with a starting balance of $100,000. While this demo account only lasts for 30 days, it allows novice and experienced traders an opportunity to familiarize themselves with the platform in a risk-free environment.

    Swissquote's web platform design is functional but average.  t feels clean but a bit outdated; functions are clear, while navigating among sections could be a bit better.

    Mobile experience

    The mobile trading apps, available both on Android and iOS, are easy to download but provide only basic security settings. The iOS app allows for an extra layer of security through its TouchID or FaceID features.

    Both mobile apps connect to the Dow Jones newswire to provide up-to-date information for clients. Each news topic is clearly labelled in the main screen where traders are provided other real-time data for their trading.

    The apps are also easy to use. To add or remove a pair in a mobile watchlist, tap on the upper left of the screen. Conditional orders are also quickly started within the app and include order types such as stop, trailing stop, limit, and OCO.

    You can set price, news and order confirmation alerts and notifications on the mobile platform.

    The search function is also quite simple and lacks the advanced filters available on the web platform. You can only set asset type classes. The results are sometimes overweighted toward Swiss assets.

    6. Education 

    Swissquotes provides easy-to understand and professional educational videos, ebooks, webinars and tutorials.

    Good

    Bad

    • demo accounts
    • educational videos
    • none

    Swissquote offers educational videos, eBooks and webinars that teach you the strategies and best practices applied by successful traders.

    You can, for instance, learn all the fundamentals to grasp the inner working of the Forex market or understand the advantages and costs of CFDs and how to interpret charts and analyse price data.

     The educational section is rich and very-well structured, but only available in English.

    7. Research

    Swissquote offers a good interactive chart and lots of news from various sources in different languages, although the mix of languages can be confusing.

    Swissquote provides both technical and fundamental analysis in its analyst reports sent out through its free email subscription. Both the desktop and mobile software provide real-time news and macroeconomic data through its basic calendar.

    Their charting tool is average. It's easy to use, complex, but not overcomplicated. You have 18 technical indicators, which is not a lot compared to other brokers. You can save the chart on the charting tool, which is a handy feature.

    Their quantitative research team helps structure some of its products, such as the exchange-traded certificate for crypto. The group provides analysis and market commentary.

    Swissquote also provides traders access to Trading Central, and AutoChartist, which are both popular providers of automated chart pattern analysis and trading signals.

    8. Customer service

    Fast and reliable customer service. 

    Good

    Bad

    • phone support in multiple languages
    • responsive live chat
    • No 24/7 support

    You can contact Swissquote customer service via live chat, phone and email

    Customer service is available in multiple languages: Arabic, Chinese, Czech, English, French, German, Italian, Spanish and Russian.

    All in all, Swissquote customer is a bit above average compared to other brokers. The trading desk is open 24 hours a day from Sunday 23:00 to Friday 23:00 CET.

    Live phone support is also available with the numbers of the trading desk and support both published on the website. Swissquote also uses social media for client communication and has both Facebook and Twitter accounts.

    9. Safety

    Swissquote is well-regulated and has to abide to the rules of a particular country.

    Swissquote Bank Ltd holds a banking licence issued by its supervisory authority the Swiss Federal Financial Market Supervisory Authority (FINMA) and is a member of the Swiss Bankers Association. Its mother company, Swissquote Group Holding Ltd, is listed on the SIX Swiss Exchange (symbol: SQN).

    Swissquote Ltd (UK) is authorised and regulated by the Financial Conduct Authority (FCA). Beyond that, since Swissquote is a part of the FSCS (Financial Services Compensation Scheme), most clients will receive a payout of up to £50,000 if they were to declare bankruptcy.

    The company also has offices in Malta, Dubai, Hong Kong, and Singapore. 

    Swissquote Final Verdict

    Swissquote is a safe to say that it is a reliable and trustworthy company. 

    The broker is also is easy to use and intuitive. Both the web-based platform as well as the app offer very good user experience. They are straightforward and uncomplicated to work with.

    We would also like to point out the diversity of assets - Swissquote (CH) offers assets such as bonds, features and options. 

    We found wider spreads one of the biggest drawbacks of the broker. The non-trading fees, on the other hand, are very competitive. 

    All in all, we do recommend Swissquote for all kinds of traders - more or less experienced.

    Methodology

    The mission of Business24-7 is to provide comprehensive, unbiased ratings and reviews of online providers. User experience, the mobile experience, customer service, costs and fees, security, the quality of trade executions, the products available on their platforms are all part of our six-month evaluation of a providers’s platform. The rating scale was based on thousands of data points that have been weighted into the scoring system.

    Providers were also required to fill out a multi-point survey regarding every aspect of their platform. In-person demonstrations and evaluations were provided by the majority of the online providers we reviewed.

    Stefan Grasic, along with our team of industry experts, conducted our reviews and developed this testing methodology for ranking what form is used in online investing.

    Business24-7 maintains high editorial standards and provides the best advice and recommendations. The products and companies that we review may compensate us when you click on the links on this website. Click below to find out more about our review process and methodology.