Swissquote Bank Forex Broker provides real users with * positive reviews, 1 neutral reviews and * exposure review!
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I easily made a deposit but am now unable to withdraw, this is so sad and unbelievable because I have put in a significant amount of cash. This is my story... I was involved in a trading fraud and I understood that it was a fraud too late. Don't give them your money. There are so many good companies out there.
In the realm of online trading, Swissquote Bank has established itself as a reputable player, offering a comprehensive suite of financial services since its inception in 1996. This review delves into the strengths and weaknesses of Swissquote, highlighting essential features such as its regulatory standing, trading platforms, and user experience. Notably, Swissquote's robust regulatory framework and extensive range of tradable assets make it an attractive option for both novice and experienced traders.
Note: It is crucial to consider that Swissquote operates through various entities across different jurisdictions, which may impact trading conditions, fees, and available services. This review aims for fairness and accuracy by utilizing a broad array of sources.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 7.5 |
| Tools and Resources | 8.0 |
| Customer Service and Support | 7.0 |
| Trading Setup (Experience) | 8.5 |
| Trustworthiness | 9.0 |
| User Experience | 8.0 |
How We Rated the Broker: Our ratings are based on a comprehensive analysis of user reviews, expert opinions, and factual data from various sources.
Founded in 1996, Swissquote Bank Ltd is a Swiss-based financial services provider that offers a wide range of trading options, including forex, CFDs, stocks, ETFs, and cryptocurrencies. The broker operates on multiple platforms, including the popular MetaTrader 4 and 5, as well as its proprietary Advanced Trader platform. Swissquote is regulated by several tier-1 authorities, including the Swiss Financial Market Supervisory Authority (FINMA) and the UK's Financial Conduct Authority (FCA), which ensures a high level of security and trust for its clients.
Regulated Geographic Areas:
Swissquote operates globally, with regulatory oversight from various authorities, including FINMA (Switzerland), FCA (UK), DFSA (Dubai), SFC (Hong Kong), and MFSA (Malta). This wide-ranging regulatory framework provides traders with a sense of security and assurance.
Deposit/Withdrawal Currencies/Cryptocurrencies:
Swissquote supports multiple currencies for deposits and withdrawals, including USD, EUR, GBP, CHF, and JPY. While the broker does not charge deposit fees, withdrawal fees can apply, particularly for credit card transactions, which may incur a fee of up to 1.9%. The broker also offers a selection of cryptocurrencies for trading, adding to its appeal for digital asset enthusiasts.
Minimum Deposit:
The minimum deposit requirement at Swissquote is set at $1,000 for standard accounts, which is relatively high compared to many competitors. This may deter some novice traders, but it aligns with the broker's focus on serious investors.
Bonuses/Promotions:
Swissquote does not offer traditional bonuses or promotions due to regulatory restrictions. However, it has a referral program where existing clients can earn bonuses by referring friends, which can be an attractive incentive for current users.
Tradable Asset Classes:
Swissquote provides access to an extensive range of tradable instruments, including over 400 forex pairs, various commodities, indices, stocks, and cryptocurrencies. This diverse offering allows traders to implement a wide array of trading strategies, catering to different investment styles and preferences.
Costs (Spreads, Fees, Commissions):
Swissquote's trading costs are generally higher than the industry average, with spreads starting at 1.7 pips for standard accounts. The broker operates on a commission-free model for most instruments, although fees for share CFDs can be significant. Furthermore, an inactivity fee of 10 units of the base currency applies after six months of inactivity, which may be a drawback for occasional traders.
Leverage:
Swissquote offers leverage up to 1:100 for retail clients, with lower limits set by regulatory authorities in different regions. This leverage level is relatively conservative compared to some competitors, reflecting the broker's commitment to responsible trading practices.
Allowed Trading Platforms:
Traders can choose between the widely-used MetaTrader 4 and 5 platforms, as well as Swissquote's proprietary Advanced Trader platform. Each platform offers a suite of tools for technical analysis, automated trading, and mobile trading capabilities, ensuring that users have access to the resources they need for effective trading.
Restricted Regions:
Swissquote does not accept clients from certain countries, including the United States, Canada, and several others. This limitation may affect potential clients in these regions seeking to open an account.
Available Customer Service Languages:
Swissquote provides multilingual customer support in several languages, including English, French, German, Italian, Spanish, Russian, Arabic, and Chinese. This extensive language support is beneficial for its diverse client base.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 7.5 |
| Tools and Resources | 8.0 |
| Customer Service and Support | 7.0 |
| Trading Setup (Experience) | 8.5 |
| Trustworthiness | 9.0 |
| User Experience | 8.0 |
Account Conditions:
Swissquote's account conditions are generally favorable for serious investors, but the high minimum deposit may be a barrier for new traders. Users appreciate the diverse account types, including options for Islamic accounts.
Tools and Resources:
The broker excels in offering robust educational resources, including webinars, eBooks, and market analysis tools. The integration of Autochartist into its platforms enhances the trading experience significantly.
Customer Service and Support:
While Swissquote provides multiple channels for customer support, including live chat and phone support, some users have reported long wait times and issues with service efficiency.
Trading Setup (Experience):
Users frequently highlight the ease of use of the trading platforms, particularly the Advanced Trader platform, which offers advanced analytical tools and a user-friendly interface.
Trustworthiness:
Swissquote is highly regarded for its regulatory compliance and security measures, earning a trust score of 9.0. The broker's strong financial background and history contribute to its reputation as a reliable trading partner.
User Experience:
Overall, the user experience at Swissquote is positive, with a well-designed interface and a wide range of functionalities that cater to both novice and experienced traders.
In conclusion, Swissquote Bank stands out as a reputable broker with a solid regulatory framework and a diverse range of trading options. While its higher costs and minimum deposit requirements may deter some traders, the extensive asset offerings and robust educational resources make it an appealing choice for serious investors. The Swissquote Bank review indicates that it is a strong contender in the competitive landscape of online trading.
