In this Swissquote review you will find out if Swissquote is really one of the best brokers.
Swissquote Brokerage Review 2021
Swissquote is another online space for traders and investors. A well-thought-out interface of the website allows you to find a lot of information about the company. The platform has been translated into ten languages. Since 2000, the company's shares have been traded on the SIX, Swiss Exchange. Swissquote is headquartered in Gland and Switzerland. The company has offices in Malta, the UK, UAE, and Hong Kong. The market capitalization of Swissquote is CHF 500 million, and the assets are in the range of CHF 10 billion. The annual trading volume of Swissquote clients on Forex is 1 trillion CHF.
To start your work with Swissquote, you need to decide which markets you want to work in. Forex trading is carried out through a British company; all other financial markets are traded through a Swiss company. Registration is generally standard: enter personal data, email, mobile phone number, and country of residence. Be sure to provide copies of documents confirming identity and place of residence.
To confirm the address, submit a bank statement or utility bill for the last 3 months. If you open your account with a Swiss legal entity, you can verify your identity via video. This service is not available for the UK citizens.
Deposit and Withdrawal Conditions
Customers can deposit funds to their accounts using bank transfer and Visa/MasterCard credit cards. Withdrawals are only possible via bank transfer. Withdrawal fee is 10 dollars.
Trading Terms and Conditions
Swissquote offers access to a huge market with over two million financial products, including currencies, bonds, ETFs, funds, stocks, derivatives, futures, options, and other securities. Swissquote became the first bank in the world to add trading in basic cryptocurrencies (not CFDs), including Vitcoin, Bitcoin Cash, Ethereum, Litecoin, and Ripple. The minimum deposit amount for opening a trading account is $1000. The maximum leverage is 1:100.
The company offers its clients a choice of three trading platforms: MT4, MT5, and its own proprietary Advanced Trader. All platforms are mobile-friendly. Swissquote Ltd, regulated by the FCA in the UK, does not offer the Advanced Trader platform, leaving only the MT4 and MT5 platforms. We tested the MT4 platform from the UK branch. The work of the platform left a pleasant impression thanks to the very good order execution speed, spread from 0.2 pips, plus a fee of $7.
Security and Safety Measures
Swissquote Group Holding Ltd, through its subsidiaries, is regulated and licensed in various jurisdictions. Switzerland: Swissquote Bank SA is regulated by FINMA. United Kingdom: Swissquote has been operating through Swissquote Ltd, registered under the number FCA UK 562170 since 02/05/2012. UAE: In Dubai UAE Swissquote operates through Swissquote MEA Ltd with registration number 1228. Hong Kong: Company operates through Swissquote Asia Limited with license number AZV127. Malta: Swissquote Financial Services (Malta) Ltd. is regulated in Malta with license number MFSA C 57936. In accordance with FINMA requirements, all client deposits of Swiss regulated brokers are insured up to CHF 100,000.
Technical and Client Support
Customer support is available via phone, email, and online chat in English, German, and French. Access is available for both existing and potential customers, but customer support is limited to business hours on working days. Swissquote also uses social media to communicate with customers and has dedicated Facebook and Twitter accounts. We tested the customer service via live chat. It was fast and we got the appropriate answers to all our questions.
Swissquote Group Holding Ltd is an international banking group, so there is no doubt about its reputation and reliability. The company is regulated by reputable bodies. The broker provides a good selection of trading platforms and a huge selection of financial instruments, which is appreciated by traders with any level of experience. If you are looking for a Forex broker with a solid reputation and a guarantee of the safety of your funds and an open account with a Swiss bank, then you may consider Swissquote.