Swissquote Review – A Trusted Name in Trading
A global bank and trusted multi-asset broker, Swissquote provides traders with access to more than two million products, from CFDs to forex, wealth advisory services, exchange-traded securities, underlying cryptocurrencies and plenty more. Originally founded in 1996, it wasn’t until 2000 that Swissquote became publicly listed on the SIX Swiss stock exchange. Since then, it has experienced considerable growth as it has become a leading brokerage in the market and has subsidiaries regulated in the United Kingdom, Malta, Hong Kong and the United Arab Emirates. Apart from that, it also has a Swiss banking license that was granted by FINMA in Switzerland.
Not only is Swissquote a multi-asset broker, it also provides investors with wealth advisory services. Due to the vast array of services, it maintains approximately 300 client accounts across its subsidiaries that are regulated in Asia and Europe. Last year, Swissquote became the first bank in the world that added trading of underlying cryptocurrencies, which means not CFDs. It started with Bitcoin and then also expanded to include Litecoin, Bitcoin Cash, Ripple and Ethereum in December, 2017. Swissquote Bank has its headquarters in Switzerland and it provides traders with the opportunity of trading more than two million products.
The wide array of products include warrants, bonds, derivatives, funds, futures, ETFs, options, shares and numerous other securities like forex, which are offered across its SwissquoteFOX, Advanced Trader, eForex, FXBook, MetaTrader 4 and MetaTrader 5 platforms. One of the most crucial factors that traders consider when choosing a broker is if they can be trusted or not. The good news is that Swissquote is not just a publicly traded company, but is regulated by a number of organizations in different countries. This means that it is subject to strict laws and regulations and can be relied upon when you wish to use it for trading.
When you choose to use Swissquote for your trading needs, you will have the opportunity of trading a total of 78 currency pairs, over 50 CFDs, a number of cryptocurrencies in actual as well as US and international Exchange Traded Securities. The spreads and commission charged by Swissquote Ltd, which is the UK entity, are quite different from Swissquote Bank Ltd., their Switzerland entity. In the UK, traders can enjoy a commission free offering whereas in Switzerland, they can find multi-pip spreads in non-commission accounts. Active traders who are using the UK entity will have a round-turn commission of 0.65 pips when they surpass 1,000 lots or 10 million units.
The pricing is quite similar to the other multi-asset brokers that can be found in the market. The UK entity is a tad more competitive as compared to the Switzerland entity. Beginners may find the Switzerland entity of Swissquote to be somewhat expensive. Moving onto customer support, Swissquote has provided traders with multiple options in this regard because it wants them to resolve their problems as quickly as possible. Traders can choose from phone, email and live support options. The phone number is the fastest option, but others are also quite responsive and can help you in getting the assistance you need.
Stay With The Times
At Swissquote, traders have the option of streaming news headlines and there is also a blog commentary from analysts as well as an economic calendar forecast. While these are regarded as industry standards, the depth and quality offered on Swissquote set it apart from the others. You can get a daily market commentary, get forex news from top-tier sources, client webinars, forecasts and also take advantage of social trading or copy trading. Using Swissquote also provides traders with access to its in-house platforms, which include the Swissquote Advanced Trader (web and desktop versions.
You can also make use of third party trading platforms such as the renowned MetaTrader 4, MetaTrader 5, FXBook and SwissquoteFOX. The Advanced Trader platform offers a clean and organized layout and comes off like a traditional forex platform as all the space has been used quite efficiently. The charting window is also an impressive one and is definitely not cluttered. In fact, the user-friendliness and design of the charts are definitely worth noting. The platform doesn’t just offer advanced settings, but also comes with some unique features like enabling candlestick patterns to emerge automatically or creating an indicator or alert.
While managing to live up to its name, the Advanced Trader platform was not very complex, as compared to others. The availability of other platforms has allowed Swissquote to appeal to all client segments. Another huge benefit of Swissquote is that it has a mobile offering for both Android and iOS devices and their availability can depend on the type of account you choose to open. The app is designed cleanly and is also user-friendly, which means you will not have to deal with a very big learning curve. Another perk for beginners is that they have the option of opening a demo account on Swissquote.
You can start virtual trading in order to get some experience before you actually invest your money. As far as the actual accounts are concerned, there are several options at your disposal when you decide to sign up at Swissquote. However, you should bear in mind that the types of accounts that can be opened can depend on what entity you are using to sign up i.e. the UK entity or the Switzerland one. Both are equally solid and require you to verify your identity in order to trade easily.
The account opening process is not very complicated and can be completed in just a few steps. In the case of adding and withdrawing funds, bank transfer option is available, but credit cards can only work in the UK. There is no deposit fee charged anywhere and the process is also incredibly fast, no matter what method you use. In the case of withdrawal, the charges depend on the country where the transfer is being made.
Thus, even though trading online can involve a high degree of security risk, using a reliable broker such as Swissquote can make things very smooth.