Swissquote Bank Review
With its roots going as far back as 1996, Swissquote Bank is an online financial services provider that is part of the Swissquote Group. The brokerage head office is located at Chemin de la Crétaux 33, 1196 Gland, Switzerland. However, Swissquote Bank also maintains several branches in major cities such as Bern, Dubai, Malta, London, Hong Kong and Zurich. Recognized as one of Switzerland’s best online brokers, Swissquote Bank has continued to innovate over the years to provide their clients with more services. One recent expansion of their product offering is the provision of online mortgages in collaboration with major financial institutions in Europe. Swissquote Bank has always aimed to be different from other players in the industry and they aim to continue doing so to provide the best level of services to their clients through the adoption of newer technology and changing market trends.
Swissquote Bank Video Review
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Swissquote Bank Regulations
As a financial services provider based in Switzerland, Swissquote Bank is regulated by the Financial Market Supervisory Authority (FINMA). It is also a member of the Swiss Bankers Association. A powerful regulatory body in an economy dominated by the banking industry, FINMA apart from granting financial services providers the license to operate, it is also responsible for the supervision of the financial industry in Switzerland. It also provides for sanctions against companies that are not in compliance with the requisite laws. In other words, clients of Swissquote can rely on FINMA to ensure that their legal interest as a consumer is protected.
Swissquote Bank Reliability
As a well as an established financial services provider, there is no doubt about the reliability of Swissquote Bank. In 2010 Swissquote, although legally a bank, was named as the Best Online Broker in Switzerland. Today, their website boasts of more than 2 million visits monthly. Not surprisingly, the broker has regularly been quoted by major financial news outlets such as CNBC, Bloomberg, The Wall Street Journal, Reuters and Financial Times as a reliable source of financial news.
Swissquote Bank Trading Platforms
To cater to their diverse client base, Swissquote Bank has provided its clients with a choice of 3 main trading platforms, the Advanced Trader, the MetaTrader 4 and the MetaTrader 5.
The Advanced Trader
The Advanced Trader is an award-winning trading platform that has been developed in-house to meet the needs of Swissquote Bank’s unique trading environment. It comes integrated with 27 major technical indicators such as the RSI, Stochastic and MACD. It also provides 17 different types of technical indicators which traders can overlay onto their trading charts. It supports real-time news feeds from Bloomberg and Swissquote. It also supports multiple market order types. But what is most powerful about the Advanced Trader is its automatic pattern detection ability. This feature help traders save precious time analyzing the markets and enable them to make the most of the trading opportunities that pop up by detecting 17 of the most popular chart patterns.
MetaTrader 4 and MetaTrader 5 Platforms
The MT4
In addition to the Advanced Trader, Swissquote Bank has also provided its clients with the popular MetaTrader platforms. The MetaTrader 4 is the most widely adopted trading platform for the online trading industry and is highly regarded by brokers and traders alike. It comes with many advanced features and numerous trading tools to enhance the trading abilities of traders. Apart from the comprehensive charting package and range of technical indicators incorporated into the platform, the MT4 platform also supports automated trading through the use of scripts called Expert Advisors.
The MT5
The MT5 platform is an updated version of the already powerful MT4 platform. In addition to all the features that are found on the MT4 platform, the MT5 platform also allows you to create your own technical indicators and customize your charts with 21 different timeframes. Apart from supporting automated trading, the MT5 also allows you to do copy trading.
Sophisticated Trading Tools
To further support their traders, Swissquote Bank has also provided extra advanced trading tools for free to them. This includes the sophisticated Autochartist market scanner and FIX API. “FIX” or Financial Information eXchange is a protocol used by traders to have better connectivity with the market participants. With the Swissquote Ban FIX API, you will be able to plug in your MetaTrader platforms to the interbank market to gain better control of your trades.
Swissquote Bank Mobile Trading
To accommodate traders who are constantly on the move, Swissquote Bank has also made available mobile trading apps which they can download from Google PlayStore and Apple App Store. These mobile apps are provided free of charge and will enable traders to trade the markets directly from their smartphones or mobile devices. In addition, they can also monitor the status of their trading accounts and keep track of all the developments in the financial markets while on the move.
Swissquote Bank Trade Types/Instruments
At Swissquote Bank, you have access to more than 2 million different types of financial instruments. These instruments cover different asset classes such as indices, warrants, futures, options, forex, commodities, investment funds, stocks, ETF/ETP, bonds, and cryptocurrencies. All these different instruments can be traded in the CFDs markets or in the spot market.
Swissquote Bank Account Types
As for the types of trading account that are available at Swissquote Bank, they comprise of the Standard account, the Premium account, and the Prime account. The standard does not have any minimum deposit requirement and can be opened with any amount. However, the Premium account requires a minimum deposit of $25,000 whereas the Prime account requires a minimum deposit of $100,000. A free 30-day demo account is also available to those who wish to try out the trading platforms first before committing to opening a live trading account at Swissquote Bank.
Swissquote Bank Commissions & Spreads
At Swissquote Bank, there are no commission charges payable upon executed trades. Instead, traders have to pay a small spread on the trades that they make. The spreads are competitive but differ according to the type of trading account that the trader is trading from. The following table below shows the typical spreads that a standard account can expect to receive from Swissquote Bank.
Instrument
Spreads (in pips)
EUR/USD
1.7 pips
GBP/USD
2.0 pips
USD/CHF
1.8 pips
USD/JPY
1.6 pips
EUR/GBP
1.7 pips
USD/CAD
2.3 pips
EUR/CHF
2.3 pips
XAU/USD
28.1 pips
OIL/USD
5.o pips
SP500
85 pips
Swissquote Bank Deposits & Withdrawals Options
As for the depositing and withdrawals of funds at Swissquote Bank, the broker currently has provided 4 main types of payment options. They include Bank deposits, Bank wire transfer, credit cards and China UnionPay.
Swissquote Bank Bonus & Promotions
At present, Swissquote Bank does not have any kind of bonuses or promotional offers.
Swissquote Bank Customer Support
The customer support service at Swissquote Bank is available from 9.00am to 6.00pm CET from Monday to Friday. You can contact the support team through live chat, fax or the telephone. You can also request a call-back by leaving a message on the contact form provided on the website. As a further convenience to its traders, the Swissquote Bank‘s website is translated into 9 different languages.
Pros
Multiple choices of trading account
No minimum deposit requirement
Reputable and regulated broker
Wide range of trading instruments
Cons
Confusing website navigation
Limited support hours
Swissquote Bank Q&A
Is Swissquote Bank regulated?
Yes, Swissquote Bank is regulated by FINMA, the Swiss Financial Market Supervisory Authority.
Where is Swissquote Bank based?
Swissquote Bank is based in Switzerland. Their head office is located in the city of Gland.
How does Swissquote Bank make money?
Swissquote Bank makes its money by charging traders a small spread on the trades that they made.
How to deposit in Swissquote Bank account?
You can fund your trading account at Swissquote Bank through bank wire transfer, credit cards, China UnionPay and direct bank deposits.
How to withdraw money from Swissquote Bank?
Withdrawals at Swissquote Bank can be done through bank wire transfer or by credit cards.
How to open an account with Swissquote Bank?
To open an account at Swissquote Bank, you will need to first fill up the registration form and then submit it with all the necessary documentation.
Is Swissquote Bank reliable?
Yes, Swissquote Bank is a reliable broker that is well known within the financial trading industry.
Does Swissquote Bank use MetaTrader?
Yes, SwissQuotae Bank uses both the MetaTrader 4 and MetaTrader 5 trading platforms.
What is Swissquote Bank’s leverage?
The leverage at Swissquote Bank by default is capped at 1:100.
Is Swissquote Bank a scam?
No, Swissquote Bank is not a scam. It has been in business since 1996.
How safe is Swissquote Bank?
Swissquote Bank is a safe broker. It is regulated by a leading financial regulatory body and is technically a bank as well.
Conclusion
With its standing as a bona fide Swiss bank, Swissquote Bank is able to gain the trust and confidence of the online trading community. The broker has also one of the widest selections of instruments for you to trade with. In addition, they also offer a good range of trading tools for you to enhance your market analysis. Finally, by not requiring a minimum deposit on their standard account, the broker has made it very easy for anyone to open a trading account with them.
