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8/10
Overall Rating

Swissquote

Swissquote is a global multi-asset broker and bank offering traders access to over two million products, from Forex to CFDs, exchange-traded securities, wealth advisory services, underlying cryptocurrencies, and more. The company was established in 1996 as an online provider of financial services that is part of Swissquote Group Holding Ltd. After been publicly listed on the SIX Swiss Stock Exchange in the year 2000, it has grown to become a leading brokerage in the world with regulated subsidiaries in major cities in the United Kingdom, United Arab Emirates, Malta, Bern, Zurich, as well as Hong Kong.Swissquote Bank SA holds a banking license and is regulated by FINMA, the Swiss Financial Market Supervisory Authority. Is Swissquote a reliable Forex broker or is it a scam broker? Find out more with AtoZ Markets Forex broker review of Swissquote.

Overview

Company
9/10
Trust
8/10
Trading Platform
7/10
Account Types
8/10
Cryptocurrency
6/10
Costs
7/10
Customer Support
10/10
Regulation
10/10

Based on our readers-first policy, putting their safety as a priority in our business line, we, as AtoZ Markets, scrutinize not only the broad headline with which a brokerage platform identifies itself, but even the smallest details about it.

This comes from our belief in values in the first place, and the must-have truth and transparency in what we publish on our website, en route of keeping the trust our readers put in us, which of course has contributed much to our name and stands behind its continuous ascendance.

For the above mentioned, we stand on our toes checking all the ins and outs in a broker’s business history, biography and reputation, when it comes to presenting our audience with an overview about a brokerage firm. In this review, we host Swissquote.

Company

9/10

With its brokerage head office situated at Chemin de la Crétaux 33, 1196 Gland, Switzerland, Swissquote, which currently boasts of having more than 300,000 private and institutional clients, holds a license by the Swiss financial regulator, the Financial Market Supervisory Authority (FINMA). It has also been licensed and regulated by the UK financial regulator, the Financial Conduct Authority (FCA), to offer CFDs and Forex trade and this is one of the reasons for it becoming a highly respected and reliable Forex broker.

PROS
Regulated and licensed by FINMA and FCA.
Listed on SIX stock exchange.
High level of account protection.
Responsive customer support.
CONS
US traders not allowed
No Islamic accounts available currently

Trust

8/10

Trading Platform

7/10

In order to cater to the needs of their diverse client base, Swissquote Bank offers its clients three trading platforms, the MetaTrader 4 (MT4) and the MetaTrader 5 (MT5), including its own in-house platform, the Advanced Trader. The popular MetaTrader platforms, the MT4, and MT5, which is widely adopted by the online trading industry, brokers, and traders alike, comes with several advanced features and trading tools to enhance their trading abilities. While advanced charting and a range of technical indicators are incorporated into the platforms, the MT4 also supports trade automation through the use of scripts called Expert Advisors (EA). Moreover, while the MT5 allows you to do copy trading, it also has another interesting feature, the MetaQuotes Language 5 which allows faster and easier use of custom indicators and EAs. In addition to the aforementioned platforms, Swissquote Bank provides its clients with the desktop, mobile, or web-based Advanced Trader platform. This award-winning trading platform comes with 27 major technical indicators such as the RSI, MACD, and Stochastic. But what makes it so unique is its ability to automatically detect popular chart patterns. This powerful feature help traders save time when analyzing the markets and enable them to make wise use of the trading opportunities that pop up.

Account Types

8/10

Swissquote Bank offers three types of trading accounts which comprise of the Standard account, the Premium account, and the Prime account. The major differences between these accounts are that the standard account can be opened with any amount as it does not have any requirement for a minimum deposit. However, while the Premium account requires a minimum deposit of $25,000, the Prime account needs a minimum deposit of $100,000. Meanwhile, there is a free 30-day demo account available for people who wish to try them out for before committing themselves to a live trading account.

Cryptocurrency

6/10

Starting in 2017, Swissquote Bank became the first online brokerage firm in the world to launch trading of underlying cryptocurrencies (non-CFD). Starting with Bitcoin first in December of the same year, it later expanded quickly to also offer Ripple, Ethereum, Bitcoin Cash, and Litecoin; thus establishing itself as a trusted brand and a leader in the industry.

Costs

7/10

Customer Support

10/10

Recognized as one of the finest online brokers, Swissquote Bank provides customer support service that is available from 8.00 am to 6.00 pm, Monday to Friday. While you can contact their representatives via live chat, fax or the telephone, their knowledgeable and polite support team can quickly provide relevant answers to all of your questions in different languages like English, German, French, and some other major languages.

Regulation

10/10

Swissquote Bank Ltd is regulated and licensed by top-tier financial regulatory agencies. Being among the few holding a bank license from FINMA, Swissquote has met with the complex requirement of having at least a capital of CHF 20 million. Apart from this, the regulator requires all brokers to safeguard the deposits of all investors to a maximum of CHF 100,000. Hence, if you are their client, you'll get the investor's protection per account. For Swissquote to be authorized and regulated by FINMA, it means that they can be sanctioned if they are not in compliance with the requisite laws. Swissquote is also authorized and regulated by FCA, which means that the brokerage firm holds fast to high security, ethical and transparency standards. Before obtaining a license from the FCA, a broker is mandated to prove their financial stability by maintaining at least £730,000 net tangible assets and also make sure that traders’ funds are kept safe in a segregated bank account. All of these guarantee the safety of clients' funds as well as give traders confidence in investing in Swissquote.

Conclusion

Over the years, Swissquote has continued to innovate to provide their clients with more satisfying banking services all of which has certainly gone a long way to backing up its reliability. Based on this, Swissquote was awarded as the Best Online Broker in Switzerland in 2010. As a well established online forex broker, with all the necessary licenses and regulations by reputable authorities, you can trade with complete peace of mind knowing that your funds are in good hands. In conclusion, by not requiring a minimum deposit on their standard account, Swissquote has made it very easy for customers to open a trading account with them.

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