Swissquote Review and Tutorial 2020
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|Swissquote Facts & Figures|
Swissquote is an FCA-regulated FX & CFD broker offering 160+ trading products.
|Instruments||Forex, CFDs, indices, commodities|
|Min. Trade||0.01 lots|
|Regulated By||FCA, FINMA|
|Leveraged CFDs are available in several financial markets.|
Trade with leverage on a suite of online currencies.
Swissquote Ltd is an online provider of forex and CFD trading. The broker offers MT4, MT5 and its proprietary trading platform, as well as market research and webinars. This website review looks at everything from the registration process and login to fees and leverage. Find out whether to open a Swissquote account today.
Based in London, Swissquote Ltd is a subsidiary of Swissquote Bank and has been authorised and regulated by the Financial Conduct Authority (FCA) in the United Kingdom since 2012. The broker provides over 160 forex and CFD instruments on award-winning platforms to over 360,000 clients worldwide. The company is also the official partner of the Manchester United Football Club.
Swissquote Group Holding Ltd is Switzerland’s leading provider of financial services and has been listed on the SIX Swiss Exchange since 2000. The group has offices scattered around Europe, Asia, and the UAE, and currently employs over 700 people.
Swissquote’s in-house platform, Advanced Trader, comes with a fully customisable interface and allows trading in synthetic CFDs among other instruments. The platform’s smart features are designed for automatic pattern detection, making it the ideal tool for traders who are new to chart pattern analysis. The brokers also offers a robo advisory service that receives positive customer reviews.
Traders can also access 27 indicators, 17 overlays, 8 different timeframes, and complex order types including Order Cancels Other (OCO) and If Done. Hedging capabilities are also available upon request. The platform is available as a desktop or web terminal, once you have opened an account.
Traders of any level can enjoy automated etrading capabilities as well as complimentary plugins with the award-winning MT4 platform. Clients can choose from thousands of Expert Advisors or copy trades from hundreds of successful traders. Strategy back-testing is also possible.
MT4’s extensive charting suite also includes 30 built-in indicators, 24 analytical objects, 9 timeframes, and a range of order types. MT4 is available for download or can be accessed straight from any internet browser.
The next generation MetaTrader platform, MT5, offers a greater selection of tools and flexibility for the experienced trader. As with MT4, traders get unrestricted automated trading capabilities and access to plugins. In addition, MT5 users enjoy 80 built-in indicators, 44 analytical objects, and highly customisable charts with 21 timeframes. Clients can enjoy full mobility with access to the platform via desktop or web browser.
Swissquote provides 160+ forex and CFD instruments, including over 75 major, minor and emerging currency pairs, over 25 stock indices including the FTSE 100 and CAC 40, a selection of commodities and precious metals, plus 3 bonds.
The company’s Swiss investment arm also offers gold ETFs, as well as themes trading, stocks, cryptocurrencies, options, funds, and futures.
Spreads & Commission
Swissquote offers commission-free trading, starting from 0.6 pips. Popular pairs such as the EUR/USD are around 1.3 pips with the starter account, however. Both the S&P 500 and XAUUSD (gold) start from around 0.25 points.
Whilst Premium and Prime account holders can trade commission-free, Elite and Professional traders will be subject to a 2.5 Euro commission, per side per lot traded.
Other fees include an inactivity fee of 10 account currency units per month after 6 months of inactivity, plus overnight swap charges which are detailed on the website.
You can access leverage up to 1:30 for forex, 1:20 for precious metals and index CFDs, 1:10 for commodity CFDs, and 1:5 for bonds. Leverage allows you to use borrowed funds to increase your position. It’s highly recommended that you use lower leverage until you are confident in your strategy.
Swissquote’s Advanced Trader platform is available for download on iOS and Android smartphones and supports 8 languages. Traders can swiftly transition between mobile and desktop versions of the platform, with access to real-time streaming quotes, sophisticated charting tools, and complex order types. The app generally receives positive customer ratings online.
Both the MT4 and MT5 platforms are also available as mobile apps, meaning that traders who prefer automated trading strategies can enjoy all the same algorithmic capabilities and technical analysis tools whilst away from their PC. Traders also benefit from the community chat feature, mobile push notifications, and financial news.
Funding is available in 9 different currencies via prepaid debit and credit cards or wire transfer. There are no deposit or withdrawal fees on the broker’s side but they do require a 1,000 EUR (or equivalent) minimum deposit.
For deposits via wire transfer, the broker lists the relevant SWIFT codes and bank details within the Support section. Withdrawals must be made from within the ePortal.
Processing times are instant for credit cards and 1 – 3 working days for wire transfer.
A free demo account is available with all three platforms, offering access to over 130 financial instruments with no obligation or risk. Traders receive up to 100,000 USD of virtual money to practice their trading strategies. Demo accounts are available for 30 days.
Bonuses & Promo Codes
As per regulatory restrictions, Swissquote does not offer any bonus deals or promotions.
Regulation & Licensing
Swissquote Ltd is authorised and regulated in the United Kingdom by the Financial Conduct Authority (FCA), under reference number 562170. Swissquote provides negative balance protection as well as deposit protection up to 85,00 GBP in case of insolvency. There are also other companies within the Swiwwquote group, offering a suite of financial services to retail and institutional clients from offices based in Malta, Luxembourg Zürich, Dubai, Hong Kong, Indonesia and South Africa.
As per FCA rules, all client money is held in segregate accounts at one or more approved banks. Swissquote Group Holding Ltd must also provide annual reports relating to Corporate Governance and financial audits. As a Tier-1 institution, traders should be confident this broker is safe and trustworthy.
Note US citizens or persons are not able to open an online account with Swissquote.
Swissquote offers a good quality research section containing daily reports and live analysis on market insights. There is also an education centre with a handful of ebooks, courses, webinars, a magazine and free demos, covering the basics on how to trade, as well as advanced trading techniques.
The broker also provides the Autochartist and Trading Central plugins free of charge to all clients, giving traders access to automated trading alerts and enhanced technical analysis.
Overall, the research and tools provided are fairly impressive but the education section is a little limited compared to other brokers.
Traders can choose from 4 live accounts at Swissquote: Premium, Prime, Elite, and Professional.
Traders should note that the minimum deposit with the starter account (Premium) is 1,000 in the chosen currency, which is considerably higher than other competitors like eToro and Degiro.
Apart from minimum deposits, spreads and commissions, the other account features in the Premium, Prime and Elite accounts are identical. The minimum transaction size for forex and CFD forwards is 0.01 lots. The maintenance margin is 100% and the stop out level is 50%.
If you take Swissquote vs Dukascopy, Saxo Bank, Interactive Brokers, ZuluTrade and PostFinance, the broker offers several advantages:
- MetaTrader 4 and MetaTrader 5
- Global brand with strong track record
- Ebanking & cryptocurrency Bitcoin exchange services
To improve the service, Swissquote could address the following areas:
- High minimum deposit
- Limited funding options
For most currency pairs, trading hours are 00:00 – 24:00 CET, Monday to Thursday, and 00:00 – 22:55 CET on Fridays. Sunday times vary and are detailed on the website. For precious metals and some commodities, trading runs from 00:05 – 22:55 CET, Monday to Friday. All other assets vary and details can be found in the downloadable product guide on the website.
You can contact Swissquote’s customer support team Monday to Friday, between 08:00 – 18:00 (UK time) via:
- Email – email@example.com
- Live chat – logo in the bottom corner of the website
- Telephone hotline helpline number – +44 20 7186 2600 (European toll-free numbers listed on website)
- Headquarters office address – Boston House, 63-64 New Broad Street, London, EC2M 1JJ, United Kingdom
The support team can provide information on a range of topics, from forgotten passwords to using APIs and platform journals.
Swissquote’s Advanced Trader and MetaTrader platforms are all securely encrypted with SSL technology. Traders can also enable other layers of security, such as Two-Factor Authentication (2FA) and Touch ID.
Swissquote offers regulated forex and CFD trading on the Advanced Trader and MetaTrader platforms. There is a good range of assets to choose from and pricing is fairly reasonable. However, the high minimum deposit requirement for the starter account and limited funding options might turn away some beginners.
Swissquote accepts traders from Australia, Thailand, Canada, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders can not use Swissquote from United States.
Is Swissquote a market maker?
Yes, Swissquote creates liquidity in the market and is therefore a market maker.
Does Swissquote offer any no deposit bonus deals or promo codes?
Due to regulatory restrictions, Swissquote does not offer any bonus deals or promotional codes.
Is Swissquote a bank?
Swissquote Ltd is a trading arm of Swissquote Bank, an investment bank which has been providing online banking, savings and expats accounts, etrading services, robo-advisory, and other services since 2000.
Where is Swissquote based?
The Swissquote Group is headquartered in Gland, Switzerland and has additional offices in Zurich, Bern, London, Luxembourg, Malta, Dubai, Singapore, and Hong Kong.
Does Swissquote accept US citizens?
No, Swissquote does not accept clients from the United States.
Is Swissquote a good trading platform?
Swissquote is a well-regarded online FX and CFD provider offering automated trading services, rich market analysis and competitive accounts.
|Swissquote is an FCA-regulated FX & CFD broker offering 160+ trading products.|