Swissquote Bank Ltd specializes in providing online forex and financial trading services. Its parent company, Swissquote Group Holding SA, has been listed on the SIX Swiss Exchange under the ticker symbol “SQN” since 2000. The Swissquote trading platform is one of a handful of forex brokers that operates out of Switzerland and because they are a licensed and regulated Swiss bank, the platform is highly trusted among traders in the online forex trading community. Hence, it is not surprising to find that this broker is currently serving more than 200,000 institutional and private clients.
Swissquote Reliability – Is Swissquote a scam?
The Swissquote forex trading platform was formerly established in 2002 under the name Advanced Currency Markets (ACM). Over the years that they were operational, they developed an unsavory reputation for being a scammy broker. It wasn’t until ACM was sold to the Swissquote group in 2010 that things started to change for the better. Today, the Swissquote brand has injected an air of respectability into this forex trading platform. For starters, the platform comes under the regulatory oversight of the Swiss Financial Market Supervisory Authority (FINMA). In addition, they are also regulated in Dubai by the Dubai Financial Services Authority (DFSA) and the UK’s Financial Conduct Authority.
There is no doubt that the regulatory status of Swissquote has helped it to gain a level of credibility among the online trading community. Nevertheless, it should be remembered that this is not the only factor which has helped to boost Swissquote’s reputation. In fact under the new management, Swissquote has improved dramatically the level of the services that it renders. For starters, they added more trading platforms to give traders a wider selection. Most notably is the addition of the cutting edge proprietary trading platform called Advanced Trader. This user friendly trading platform let traders switch seamlessly from trading on their desktop or the web to their mobile devices. To cater to traders who are more familiar with the platforms developed by Metaquotes Software Ltd, Swissquote has also provided the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms for their benefits.
Another area which Swissquote has improved tremendously on is their customer support services. Today, their website is available in several other major languages apart from English to ensure that non-English speaking traders are able to trade the markets without having to grapple with language difficulties. In addition, help is always within reach with the availability of the support staff on a 24/5 basis. Communication with the support staff is also enhanced through the availability of several methods of communication. Support centers are established in London, Malta, Hong Kong and Dubai in order to provide a more personalized level of support.
With all the changes that Swissquote has made during the last few years, it is not surprising to find that their clientele base today has grown to more than 200,000 accounts. In fact today, Swissquote is ranked as one of the top 10 online forex brokers in the world.
The mainstay of the trading platform provided by Swissquote to their clients is their proprietary Advanced Trader. The platform was designed to operate seamlessly as a desktop application, web application or Mobile Trader hence allowing traders to take advantages of any trading opportunities that present themselves to the traders.
In addition to the Advanced Trader trading platform, Swissquote also offer their clients the choice of two other platforms developed by Metaquote Software Ltd namely the MetaTrader 4 (MT4) and the MetaTrader 5 (MT5). The MT4 is regarded as the industry standard trading platform with comprehensive trading features that helps to enhance the trading ability of traders. The MT5 trading platform represents an upgrade off the MT4 with numerous new features integrated into the trading platform. With all these different trading platforms, traders switching from other brokers need not worry about the trading platforms that they will work with at Swissquote.
To open a live trading account at Swissquote, you will need to make a minimum deposit of $1000. Currently, Swissquote offer 3 different types of trading accounts:
Standard Trading Account ($1K to $25K deposit)
Premium Trading Account (25K to 100K deposit)
Prime Trading Account (Over 100K)
Commission & Spreads
No commissions are payable at Swissquote but traders do have to pay a widened spread on the assets which they are trading in. The spreads which are offered by Swissquote are variable and extremely competitive as well. For example, for frequently traded pairs like the EUR/USD, the minimum spread starts from 1.8 pips for the standard trading account, 1.6 pips for the premium trading account and 1.3 pips for the prime trading account. Even exotic currency pairs like the HKD/JPY, the minimum spreads can be as low as 0.6 pips for the prime trading account.
For the benefit of their non-English speaking clients, Swissquote has also made their website available in Arabic, Chinese (Simplified & Traditional), French, German, Italian, Russian and Spanish. As for the customer support services, they are channeled through email, live chat or the telephone. Swissquote’s traders can also request a callback from the broker if they prefer to save on their telephone call charges.
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As part of an international banking group, there is no question about the reputation and reliability of Swissquote as forex broker. Regulated by the Swiss’s FINMA and the Emirates Securities and Commodities Authority in Dubai, Swissquote today is trusted by more than 200,000 traders from all over the world. The platforms and product range are extensive and are appreciated by traders of all experience levels. If you are looking for a forex broker with a solid reputation and an assurance that your money will be safe with them then Swissquote is the broker for you.