SWISS QUOTE Review

MIN. DEPOSIT No
Up to 100:1
Up to €100 BONUS
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SWISS QUOTE
Up to €100
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Overview

Company Information Swissquote Bank offers online trading services and acts as a legitimate Forex brokerage. The bank was founded in 2000 and is owned by Swissquote Group Holding SA. Their… more

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Details

Broker SWISS QUOTE
Website URL http://en.swissquote.eu/fx/
Headquarters London, United Kingdom
Support Number +44 (0) 20 7186 2600
Support Email info@swissquote.co.uk
Support Types Phone, Live Chat, E-mail
Languages English, French, Italian, German, Spanish, Czech
Minimum 1st Deposit No
Minimum Trade Amount 0.1 lots
Maximum Trade Amount 1 lot
Bonus Up to €100
Payout Up to 100:1
Free Demo Account Yes
Regulated Yes
Regulation Financial Conduct Authority (FCA)
Deposit Methods Bank Wire, Visa, MasterCard
Withdrawal Methods Bank Wire, Visa, MasterCard
Types of Assets Forex, Commodities, Stock Indices, Bonds
Account Currency GBP, EUR, USD
US Traders Allowed No
Mobile Trading Yes
Tablet Trading Yes

Full Review

Company Information

Swissquote Bank offers online trading services and acts as a legitimate Forex brokerage. The bank was founded in 2000 and is owned by Swissquote Group Holding SA. Their online brokerage services were launched in 2013. At that time the bank merged with MIG Bank (which specialized in Forex trading). The company has offices in London, Dubai, Zurich, Bern, Hong Kong, and Malta. Their headquarters are located in Gland, Switzerland. As a certified bank institution you can expect that this brokerage is fully certified. Swissquote is regulated by FINMA in Switzerland, FCA in the UK and FSA in Malta. The brokerage currently has more than 200 000 clients from all over the world. It also employs more than 500 people in their offices in different countries. The company tries to extend its popularity and have been an official partner of the Manchester United FC since 26th January 2015. The bank has also established a partnership with PostFinance.

Trading Information

Currently, Swissquote offers five different account types. The first one is the “Explorer” account which is the one with lowest minimum deposit ($1000). The minimum trade size for this account is 0.1, and the maximum leverage is 1:500. Next is the “Standard” account. To be eligible for this account you have to make a deposit between $10,001 and $49,999. The trade size is the same as the “Explorer” account (0.1 lots) and leverage is set to 1:200. The “Advance” account option require a first deposit of $50,000 to $99,999. It has a maximum leverage of 1:100. The “Advance Plus” requires a $100,000 – $249,999 deposit and has a maximum leverage of 1:100. And finally, the “Prime” account is for traders who deposit more than $250 000. It has a maximum leverage of 1:50. All account types allow scalping and hedging. Spreads are fixed and can go as low as 1.3 pips for EUR/USD. The number of currency pairs offered is 92. Expert advisors are available as well as pending orders and one-click trading. Trading via API is also supported. Trading instruments are Forex, Indices, Gold&Silver, Stocks and CFD’s.

Trading Platforms

It’s not a surprise that the trading platform offered y Swissquote are the Metatrader4 and Metatrader5. But there is also an Advanced Trader platform which might be useful for experienced traders. Let’s start with the MT4. Everyone who knows even a little about Forex trading will be familiar with this platform. It has been around for over a decade and has still the main platform for numerous brokerages. It’s easy to use and understand and offers a lot of customizations. The flexibility of the MT4 has been proven throughout the years, and the versatile platform has earned the top one spot in the world. The MT5 is a natural successor of the MT4 which offers a bit more features and some upgraded graphics. While it is the newer version of the famous platform, it’s still not that popular among traders. The people from Swissquote have made the effort to provide an MT4 web-based platform to all their clients. This is great because you don’t need to install anything on your device (you can just use it with a browser and internet connection). The Advanced Trader platform offers many features and customization options. It works great with all modern mobile devices and also offers a browser-based platform. You can try out for free and see if it suits your trading needs.

Security and Customer Services

As you can expect from any bank institution, Swissquote offers excellent security. The website has a secure SSL encryption that protects personal data. The website is translated in 6 of the major European languages (English, German, Czech, Spanish, Italian and German). There are plenty of contact methods available at their website. The FX Trading desk is open from Sunday 23:00 to Friday 23:00 CET. The customer care team is available from 8:00 to 18:00 UK time Monday to Friday. To contact them you can use a request callback option, email, live chat or their web form. Alternatively, you can go directly to one of their offices. There are a lot of educational materials about trading on their websites. You can go from understanding the basics to the more complicated stuff. There is also a lot of helpful information about their trading platforms. This can greatly improve the chance of every beginner to make a successful trading career.

Deposits and Withdraws

To deposit funds at your Swissquote account, you can use one of two methods. The first one is bank wire, and it’s just the same as transferring money between bank accounts. The second is with a credit card, but only VISA and Mastercard are allowed. There is a total of 9 currencies supported. There are deposit fees, but they are different depending on which bank you choose to make the transfer. Swissquote only works with AA rating banks. Deposit processing times can go from a week to 10 business days. To withdraw money from your account, you must first make a withdrawal request. This request will be approved or denied within two business days. The withdrawal processing times usually take from 3 to 4 business days. Swissquote doesn’t charge any fees for standard withdrawals. However, the bank you use may charge additional withdrawing fees for the transaction. As with any bank institution, you can expect that all funds will be handled with care, and there will be no lost funds whatsoever.

Deposit Bonus and Loyalty Programs

Currently, there are no deposit bonuses or any loyalty programs. There aren’t any indications that Swissquote will implement such promotions shortly.

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