Swissquote Review

Review

Swissquote was established in 1996 and has become the undisputed Swiss leader in online trading and financial services. Swissquote ranks among the top 10 online Forex brokers in the world, with over 200,000 private investors and institutional clients that trade a wide range of currencies, commodities and indices.

Swissquote Bank Ltd is a recognized public bank regulated by the Swiss Financial Market Supervisory Authority (FINMA) and is a member of the Swiss Bankers Association, with offices in multiple locations in Switzerland as well as in Dubai, London, Malta and Hong Kong, serving customers in over 120 countries.

Accounts

There are three accounts at Swissquote. The Standard account can be opened with a deposit with any amount of; the Premium account with $25,000 and the Prime account can be opened by anyone with at least $100,000 to start. The spreads differ according to product traded as do the margin rates. The minimum trade for Forex is $1,000.

Unlike many brokers, Swissquote caps leverage at 100:1. However, it offers traders the options of reducing or increasing their leverage with a simple request.

Account Holders are authorized to trade mini-step lots. Step Lot trading begins at 0.1 lot and permits increments of 0.1, 0.11, 0.12 etc. They can also trade mini-lots. The minimum amount is point 0.1 lot (10,000 of the base currency).

A demo account is available. However, all demo accounts automatically expire after 30 days and it is not possible to extend this period.

One of the things I liked about Swissquote was their account form tab which opens to a list of all the possible forms needed for an account holder.

Features

Swissquote offers flexible transaction sizes throughout all of their trading platforms and provides a clear table with all the necessary information. In addition, traders can call the trading desk to place orders during all market hours including transaction sizes greater than those stated in the table.

Swissquote offers spot Gold and silver trading against the US dollar. The pairs are represented on the trading platform similar to currency pairs: Gold - XAU/USD Silver - XAG/USD. Spot Gold/Silver trading is available to Swissquote clients during liquid hours, from 0730 - 2230 CET, Monday-Friday. The standard dealing amount is 1 ounce for Gold and Silver.

Swap rates are clearly outlined which is a nice feature not always offered by Forex brokers.

Swissquote just introduced a new feature, the Swissquote Sqore which is the first free portal to bring institutional quality trade ideas to the retail market. This is a revolutionary trade idea generator that is packed with innovative features, geared to traders looking to raises the stakes by accessing advanced investment algorithms which were previously only available to institutions, while remaining simple and transparent.

Education

Swissquote's learning center provides the fundamental knowledge every trader should have and gears its educational material to traders of all levels of trading experience.

Textual explanations on a number of topics are available including basic Forex information such as Advantages of Forex Trading, Origins of Forex Exchanges, Market Participants and more.

In addition, discussions on more complex issues such as Profit and Loss Calculations, Margin trading and Speculation are provided.

I was surprised that these lessons were not offered in video form as they are with most other brokers.

There are also discussions on basic topics such as Forex technical vs Forex fundamental analysis, Forex technical indicators including Relative Strength Index (RSI), Stochastic Oscillator, Moving Average Convergence Divergence (MACD), Number theory, Waves, Gaps, Trends and Chart formations.

Market Analysis

Swissquote is an execution specialist, and although they don’t currently offer managed accounts or trading signals to their clients, their chief market analyst - Mr. Peter Rosenstreich is regularly on CNBC and offers a generalized view of the global markets and how they may affect the currency markets.

In addition, they offer a daily newsletter and snapshot three times a day as well as their weekly market outlook, daily technical report and daily market brief all of which are important for successful trading.

A full glossary of financial terms and an economic calendar are also provided.

Bonuses/Promotions

I did not see any bonuses or promotions from Swissquotes when doing this review.

However, much was made about Swissquote Bank being the official forex and online financial trading partner of Manchester United. The multi-year partnership began in January 2015 and Swissquote offering to share its services and know-how with one of the most popular and successful football teams in the world.

Deposits/Withdrawals

Funds can be deposited into an account via bank transfer, credit cards and China UnionPay.

There is no minimum amount for withdrawing funds. Swissquote recommends that traders check out the fees charged by other banks involved in the withdrawal process to see if it makes sense to request a withdrawal.

Customer Support

Swissquote maintains a 24 hour trading operation available by telephone or throughout all of their trading platforms whenever the markets are open starting from 23:00 CET Sunday to 23:00 CET Friday. A complete listing of the various trading hours is provided.

They also offer a callback request form and Chat support.

The Swissquote website is available in English, Arabic, Chinese, French, German, Italian, Russian and Spanish.

Conclusion

I enjoyed doing this Swissquote review. The website is alive with interesting options and is easy to navigate. There are choices of platforms and accounts and many features are accompanied by clear explanations and charts.

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Features

One of the most important features at Swissquote is the fact that it is a Swiss regulated which gives it an immediate sense of trustworthiness. Add to that its years of experience in the financial industry and you get a broker that can looked to with full confidence. There are other features that help this broker stand out including illustrative charts that accompany many topics discussed on the site. There are several trading platforms to choose from and that is always an attractive addition to the lineup.

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Platforms

Swissquotes offers its traders a choice of several different platforms.

Advanced Trader

Swissquote’s proprietary suite is specifically designed to meet the needs of all clients and allow them to take full advantage of our online forex, commodities and indices offering. Traders using this platform can switch easily between the Desktop, Web or Mobile versions, place a wide range of orders directly on the interbank market and benefit from exclusive live market commentary from FX Insider.

Advanced Trader

A demo account can be opened from either the desktop or the web version.

The Mobile version of the Advanced Trader platform offers computer-based software in an intuitive interface optimized for mobile phones and tablets. The apps can be obtained from Google Play and App Store.

To make the trader’s life easier, a trailer is provided that explains briefly the main features of Advanced Trader Mobile 3.1 on iPhone and iPad apps.

MetaTrader 4

With MetaTrader 4, you can develop, back test and implement trading strategies for fully automatic trading. There are no restrictions on Expert Advisors (EAs), and Swissquote offers integrated liquidity, direct access to MetaTrader trading signals and hedging capability. The platform is available in over 30 languages.

MetaTrader 5

The new MetaTrader 5 provides traders access to over 82 various tools including graphic objects and technical indicators that allow traders to analyze the markets. The platform uses the latest technology available from MetaQuotes Software and offers integrated one-click trading, advanced reporting, advanced EA capability, a choice of 21 timeframes and the ability to open up to 100 charts at a time.

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User Reviews

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