Review sections
Investor Protection & Regulations
“Investor protection is provided by regulation of the activities of Swissquote Bank as well as the provision of secure authentication protocols on the Swissquote Bank website.”
Swissquote Bank is a regulated entity. Regulation of Swissquote Bank is provided by the Financial Market Supervisory Authority (FINMA). Details can be found here.
Swissquote also provides segregation of clients’ funds, ensuring their insulation from broker-related financial activities. This provides a further layer of security for traders.
Swissquote Bank also provides a trader insurance scheme, which sets aside 100,000 CHF for payments to traders if the broker is held liable for loss of trading funds or other incidences of losses to traders that are ascribed to misdemeanor on the part of Swissquotes Bank.
Negative balance protection is guaranteed, and traders are also given security tools to operate with. These tools include the use of secondary login for authentication of certain transactions, as well as a Mobile Level 3 authentication process, which can be regarded as a tertiary level of security. With Mobile Level 3, one-time passcodes can be sent to the phone, or they can be sent physically via La Poste. The passcodes are used to match the passcode which appears on the screen just prior to activation, similar to one of the methods used by Google to verify logins.
Tradable Products
“On the Swissquote Bank platforms, traders can trade 78 currency pairs, 12 metal pairs, 28 stock indices, commodities, bonds, and more than 90,000 derivative assets. Five cryptocurrencies have recently been added to the trading mix.”
Here is a list of some of the popular assets available for trading on the platforms.
| Instrument Class |
Number of Instruments |
| Currencies |
80 |
| Indices |
26 |
| Commodities |
11 |
| Bonds |
3 |
Account Opening
“Choose from the demo account (for virtual trading) as well as four real money accounts on Swissquote Bank. Swissquote Bank offers the options of opening a forex account, a trading account and an automated portfolio management account.”
When it comes to trading with Swissquote Bank, traders have to make three choices. There are choices to:
Trade forex with Swissquote Bank using a specialized forex account.
Open an account for a managed trading portfolio.
Create your own portfolio through a Robo Advisory account.
Select the option you want by either choosing to try out the demo, or by opening a real money account.
Forex Trading
You can choose from 4 real money account types, and also make use of the demo account provided by Swissquote Bank.
Swissquote Bank offers EU trade conditions (leverage cap of 1:30) for its EU accounts. International accounts have a leverage cap of 1:100. The Premium, Prime and Professional accounts feature for EU and international clients. The Standard account is for international clients only, while EU clients get an Elite account as well.
Standard Account: Spreads start from 7 pips and account opening is set at $1000, which suffices for trading with a leverage of 1:100.
Premium Account: International clients get this account from $10,000, while EU traders can open this account with as low as €1,000. Spreads start from 1.4 pips and attract zero commission.
Prime Account: $50,000 is the minimum account deposit for international clients, while EU clients can open the account with €5,000. Spreads start 0.6 pips (EU clients) and 1.1 pips for the international clients.
Professional Account: This is a professional account which comes with 0 pips and ECN trading conditions. Commissions are charged at $2.5 per side on each Standard Lot. Minimum deposit is pegged at €10,000, with a leverage cap of 1:400. This is not suited for retail traders, and those who open this account must show proof of professional status before the account is approved.
Elite Account: Exclusive to EU clients, the leverage is pegged at 1:30. This can be called the retail equivalent of the Professional account.
Demo Account: A demo account on Swissquote demo is provided for the MT4, MT5 and Advanced Trader platforms. It can be used for practice, strategy formulation and familiarization with the trading engine. It lasts only 30 days and comes with $100,000 in virtual funds. Open a demo account by clicking the “Try a demo” button on the top right corner of the website. See snapshot below.
The real account opening form consists of four steps. Fill the form to open a real account. For a demo account, only a one-page form is required. When the account is opened, it is time to download the desired trading platform via a link from the website. The download and installation process is the same for all platforms. The image below is for the MT4 platform.
Complete the form in 4 stages and receive your unique login details. You can use the same login details for the Robo Advisory wealth management service.
E-Trading Account
The e-trading account from Swissquote Bank provides access to 3 million tradable products, including 90,000 derivatives. If you are looking for an expanded trading base, this is the product for you. It comes with a free trading credit of 100 CHF and comes with its own unique platform suite.
Robo Advisory
This is a mix of trading and portfolio management. The Robo Advisory service from Swissquote Bank allows for a more robust system of asset selection and investment decision-making. The service provides qualified clients with an algorithm that is capable of analysing thousands of assets. It also combines assets to spread the risk to the portfolio, and can readily readjust the portfolio according to the client’s tastes.
The algorithm can also be programmed to strictly adhere to the risk profile of the client’s account. You can actually simulate performance of the algorithm on the chosen assets before actually applying it with real money.
Swissquote Bank does not accept clients from USA and many other countries with weak anti-money laundering laws.
Deposit & Withdrawals Options
“As a bank, Swissquote Bank tends to promote bank-based transaction methods such as the international and domestic bank wire, and online/postal transactions.”
Swissquote Bank offers free deposits and withdrawals in multiple currencies: USD, GBP, EUR, CHF, AUD, JPY, HUF, PLN and CZK. It is not possible to conduct third-party transactions as all deposits must bear the account holder’s name as the recipient (withdrawals) or sender (deposits).
Payment options available on Swissquotes include:
Bank wire: This is the preferred method of transaction on Swissquotes Bank and supports both domestic and international transfers.
eBanking: Domestic ESR banking transactions are also possible on Swissquotes. This utilizes e-banking or postal platforms to effect transactions.
E-wallet options are not available. Bank-based transactions are very safe, therefore there has been no reported case of funds getting lost in transit or of non-fulfillment of withdrawal requests.
Web & Desktop Trading Platforms
“Each of the three trading categories on Swissquote Bank comes with its own trading platforms. Use the Advanced trader, MT4 and the MT5 for forex, or other advanced platforms for the e-trading suite.”
The following trading platforms are provided by Swissquote for forex trading:
Advanced Trader: This proprietary trading platform from Swissquote comes with powerful tools for charting and analysis. It has a customizable interface as shown below. Here, the trader has arranged the platform interface so as to see price quotes, the latest news feeds and charts for quick and immediate action when an opportunity presents itself.
Armed with 27 indicators, chart pattern detection tools and news feeds from Bloomberg news and Swissquote TV, this is a complete platform for today’s retail trader who wishes to trade the news and trade off the charts. It comes as a web-based platform and a downloadable desktop client.
The chart pattern detector is one of the star features of the Advanced Trader.
The platform enables the trader to go beyond the simplified order types on the MT4/MT5 and engage the market with more complex order types such as the Order Cancels the Other (OCO).
MT4 Trading Platform: This is the most popular trading platform among forex traders all over the world. It is equipped with tools for technical analysis, customizations, signal alerts and trade automation. Swissquote provides the downloadable version and the online, web trader version of the MT4.
The desktop client is specifically built for Windows platforms and can accommodate some add-ons such as the Autochartist tool. You can also use expert advisors, perform strategy testing, optimization, as well as programming of robots and indicators using the MQL interface. This interface can be accessed using the F4 button.
The MT4 also has a browser-based software which requires a URL and login details to access. It lacks some of the features of the downloadable client. Here is what you get with the MT4 Web Trader.
- Works with Windows, MacOS, Linux computers.
- Light version which allows rudimentary technical analysis but lacks capacity for EA use.
- One-Click trading compatible.
- Access to 30 indicators and 24 graphical objects, as well as 9 time-frames that extend from M1 to MN.
- Access to real-time quotes and live news feeds.
MT5 Trading Platform: This is the newer version of the popular MT4 from the same MetaQuotes Software. It is designed to replace the MT4. It has all the features of the MT4 and even expands on them. It is suited for a wider selection of instruments, it has more order types, more indicators, charts and other tools for automation and customization. It can trade automatically through the use of trading robots and trading signals.
The Swissquote MT5 comes as a WebTrader and a downloadable desktop application.
E-Trading Platforms:
The e-Trading suite comes with unique platforms that are exclusive to the Swissquote Bank brand. These platforms include the e-trading multi-asset platform, the Swiss DOTS derivative trading platform, Themes Trading platform and the mobile derivative trading platform.
The Swiss DOTS platform is exclusive to Swissquotes Bank and is used to trade more than 90,000 derivative products, which include 51,000 Warrants, 26,000 Knock-out Warrants, 500 Factor Certificates and 12,500 Mini-Futures.
Swiss DOTS essentially provides access to the Over-the-Counter (OTC) derivatives market. You can trade from 8am to 10pm Monday to Friday, using various features. Use the Trend Radar to monitor assets and discover top performers. Workspace can be customized.
The e-Trading platform is a web-based platform designed for the trading of the e-trading product suite on Swissquote Bank. It is a multi-asset platform which provides tools such as a Trend Radar to detect the hottest assets for the day.
Mobile Trading Platforms
“Swissquote Bank has mobile apps for the Advanced trader, the MT4, MT5 and the e-trading platforms. These are all downloadable from the App and Google Play stores.”
The Advanced Trader mobile app presents a pleasant graphics interface which enables 1-click trading of all major forex and CFD assets.
- Downloadable from the iOS and Android stores, the mobile app presents the following features:
- Advanced order management.
- Real time price quotes which are constantly updated without delays in price feeds.
- Advanced charting tools.
- Live news feeds from the Dow Jones newswires service.
- Educational lessons via video streams.
The MT4/MT5 mobile apps are generic apps from MetaQuotes, which are customized for the various brokers that offer this platform. They feature price quotation in real-time, order management, display of open and closed positions, news feeds from the Dow Jones Newswires service as well as various charting and technical tools for analysis.
The e-Trading platform also has its own mobile apps for iPhones and Android devices. This Trading VR app provides access to the following features:
Direct market access to the world’s top stock exchanges and the listed stocks.
A live news feed which brings in the latest financial news, real-time.
Access to the trader’s Swissquote Bank account, price quotes and a dynamic charting interface.
The Robo Advisory service also has a mobile app which is found on both stores.
Swissquote Bank’s Robo-Advisory mobile app provides quick access to Robo-Advisor account features such as being able to view current performance and status, viewing absolute returns, and CVaR. You can select your level of risk, switch from one strategy to another, and reallocate the securities in your basket by weight. Easy viewing is guaranteed by the use of a solid graphics interface.
Trading Features
“Swissquote gives free access to the Autochartist pattern detection tool, . The provided ‘MetaTrader Master Edition’ extends the MT4 with 12 tools and 15 indicators. The Robo-advisor is an asset portfolio management robot provided by Swissquote.”
The following are some of the trading features provided by Swissquote broker:
Swissquote Bank provides its retail clients with the chart pattern detection tool known as Autochartist. This tool comes free of charge to those who use the MT4 and MT5 platforms. It comes as a custom indicator which is first downloaded to the Data Folder of the MT4 or MT5 platform, then attached to the charts when the platforms are restarted.
The Correlation Matrix is a tool which measures the correlation coefficient between various currency pairs. Using this information, the trader can detect currency pairs that are positively or negatively correlated, as well as currency pairs that are not correlated.
These correlations can be measured over a day, a week, a month or even a year. The Correlation Matrix also comes as a custom indicator which can be added to the charts from the Data Folder of the MT4/MT5.
Various other features are available and these include:
- Correlation trader: this tool shows a trader what correlations to trade and which to avoid.
- Sentiment Trader: this tool shows market sentiment for every asset listed on the MT4/MT5 platform.
- Session map
- Stealth orders
- Mini-terminal
Commissions & Spreads
“Swissquote Bank generates its income solely from the spreads on all its traded assets. Commissions are not charged on trades. Spreads are competitive and start from as low as 1.2 pips for those trading with 50k accounts.”
Swissquote Bank offers commission-free trading on its forex and CFD products. Charges are in the form of the bid-ask price differences known as the spread. The table below presents the spreads on some of the popular forex and CFD assets on Swissquote Bank’s platforms.
|
Symbol
|
Minimum spread |
| Standard |
Premium |
Prime |
| min. 1k USD |
min. 10k USD |
min. 50k USD |
| EURUSD |
|
1.7 |
1.4 |
| USDJPY |
1.6 |
1.4 |
1.2 |
| GBPUSD |
2 |
1.7 |
1.4 |
| USDCHF |
2 |
1.8 |
1.6 |
| EURCHF |
2.4 |
2.2 |
1.9 |
| EURGBP |
1.7 |
1.5 |
1.2 |
| USDCAD |
2.7 |
2.4 |
2.2 |
| AUDUSD |
1.6 |
1.4 |
1.2 |
| NZDUSD |
2.3 |
2.2 |
1.8 |
| USDCNH |
16.4 |
14.4 |
10.2 |
| USDMXN |
39.2 |
29.2 |
19.2 |
| USDRUB |
130.5 |
90.5 |
50.5 |
| XAUUSD |
28.6 |
25.9 |
23.1 |
| OILUSD |
5.2 |
4.2 |
3.6 |
| #SP500 |
85 |
55 |
35 |
| #NAS100 |
145 |
115 |
95 |
| #DJ30 |
300 |
270 |
250 |
| #DE30 |
180 |
150 |
130 |
Bonus & Promotions
“No bonuses or promotions are provided by Swissquote Bank.”
Swissquote Bank does not provide bonuses of any kind to its clients. This is in keeping with the new ESMA regulations as well as existing regulations in Switzerland which prohibit the issuance of incentive bonuses within the EU.
Customer Support
“Available in 10 languages, the customer support channels are available 24/5 for traders and prospects to make inquiries or get problems solved. The customer support desk is reachable via phone, live chat, email and social media.”
The Swissquote Forex and CFD trading desk in London is open from 11pm on Sunday to 11pm on Friday. The following support channels are available:
- Live Chat: This feature has an icon on the bottom right corner of every page on the Swissquote website. Live chat is available from 2am to 5pm GMT; Monday to Friday for all languages (except Arabic). Live chat in Arabic runs from 6am to 4pm, Sunday to Thursday.
- Email: : You can reach Swissquote Bank using various email channels:fx@swissquote.com;
- forex.support@swissquote.ch; bank@swissquote.com (institutional traders); roboadvisory@swissquote.com
- Phone: Traders in the EU countries can reach Swissquote Bank using various country-specific numbers. Swissquote Bank headquarters in Switzerland can be reached on: +41 44 825 87 77, +41 22 999 94 11 (customer care), +41 44 825 88 55 (Robo Advisory)
- Online contact form (customer care).
- Social Media: Swissquote Bank is reachable on Facebook and Twitter.
- Facebook.com/Swissquote.uk
- Twitter.com/Swissquote_uk
The customer support reps answer questions in a timely and courteous manner, providing responses in less than 40 seconds on Live Chat, although my question about their Thematic Trading product was not answered to my satisfaction. Email requests are usually responded in the same business day.
Research
“Swissquote provides various tools for market research such as a daily market brief and technical reports. An action analysis brief is also provided to institutional clients.”
Tools for market research on Swissquote Bank’s platform include the following:
A daily technical report is compiled by the in-house analysts with Swissquote Bank. The technical report is available for download in several languages.
The daily market brief provides insight into occurrences in the market as it affects various assets, with predictions of possible price action provided by experts.
The morning news is the general market news which is regularly updated and provided every morning on the Swissquote website. This is also available as a newsletter that is sent out by email to subscribers every day.
Swissquote provides an Economic Calendar, showing the schedule of economic and political events that have a major impact on the world’s currencies.
Trader Education
“Swissquote has a robust trader education suite, featuring the ‘learning centre’ on the Swissquote Bank website. Trader education is provided in the form of videos, webinars, a forex eBook and training guides. Offline seminars are also part of the mix.”
The Swissquote website has a learning centre. It has a forex eBook, tutorial videos and webinars.
Videos: 23 training videos provide education on various topics. Videos include an introduction video for the forex market, CFDs, technical and fundamental analysis and risk management.
Forex eBook: Traders can access a forex trading ebook, downloadable as a PDF document. This is a resource for beginners, as it shows them the basic steps to start trading in the forex market.
User guides: Swissquote provides guides for its clients on how to use the various trading platforms as well as make use of other functionalities within those platforms. These are also in PDF format and can be downloaded from the learning centre.
Webinars: Webinars are held every Tuesday by an in-house Swissquote expert. Pre-registration links are sent to those who have subscribed to receive newsletters or other notifications from Swissquote Bank.
Trading Experience
“Swissquote is a broker that has features that will suit all categories of traders.”
Swissquote has products and features for beginners, intermediate traders and advanced traders. Starting from the account types, it can clearly be seen that each account is structured for a special kind of user. You have accounts for beginners, and there are Professional accounts for advanced traders. The trading platforms available also range from the MT4 which is great for beginners, and proceeds to more advanced platforms such as the Advanced Trader (great for mid-level traders) and the Swiss DOTS platform that is built for advanced derivative trading.
Whatever your trading style or level of expertise, Swissquote Bank can cater for you.
FAQ
Here are some of the “Frequently Asked Questions” about Swissquote Bank:
Where is Swissquote Bank based?
Swissquote Bank is based in Gland, Switzerland.
How does Swissquote make money?
Swissquote makes money from spreads charged on regular accounts, and from the commissions on the Professional accounts.
How do I deposit funds into my Swissquote Bank account?
Acceptable payment options include the bank transfer methods, eBanking, Renminbi transfers and card deposit options using MasterCard and VISA.
What is the min. deposit for Swissquote?
The minimum deposit is $1,000, though this will also depend on the kind of account the trader wants to operate.
What is the maximum leverage in Swissquote?
Maximum leverage is 1:400 for professional accounts. However, retail accounts have a leverage cap of 1:30.
How do I open an account with Swissquote?
Click the “Open your account” button found on the top right hand side of the website.
Does Swissquote Bank provide the MetaTrader platforms?
Yes, traders have access to the desktop, web-based and mobile versions of the MT4 and MT5.
Conclusion
“Swissquote is an online Swiss bank and financial brokerage firm which has a long history behind it. This is a brokerage which has products and features for every kind of trader, making it a highly inclusive platform. Trader education is robust and great attention is paid to getting beginners to hit the ground running.”
The only snag with Swissquote Bank is the restrictions that are placed on the brokerage by the Swiss laws, which means that country restrictions on who can trade with the broker are quite extensive. However, those who can open accounts with Swissquote Bank will have no cause to regret their actions.
Doing business with Swissquote Bank will offer the following advantages:
- Trading with a broker that brings the world-renowned Swiss banking model to the mix.
- Well regulated broker.
- An astounding array of trading products for all categories of traders.
- Sophisticated trading platforms that deliver some of the best executions in the market.
- A multilingual customer support desk which runs 24/5.
- Robust trader education and trade tools.
