Home / Forex Brokers / Swissquote Broker Review

Swissquote Broker Review

By Jeffrey Cammack Created: Tuesday, May 7th, 2019 Updated: Wednesday, May 8th, 2019
Average Score

3/5

Min. Deposit $1000
Max. Leverage 400:1
Min. Spread 1.7 pips
Regulators FCA
Regulator Origin FCA
Broker Type Market Maker

Summary

Swissquote is a world-renowned and award-winning FCA-regulated STP broker. Swissquote is a broker that targets the experienced trader, or the serious beginner as the minimum deposits required are considerably higher than with other similar brokers; however, the trading conditions reflect what clients should expect from a professional brokerage.

Supporting both award-winning priority software, as well as the MetaTrader suite, and introducing premium analytical tools to clients for free, Swissquote is a broker for traders who want to take this seriously.

Reviews

Trust Rating
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Bonuses None
Beginner Friendly Standard
About our review process

Trading Conditions

Minimum deposit $1000
Base currencies CHF, EUR, USD
Number of FX Pairs 78
Hedging Allowed Yes
Scalping Yes
Swap-Free Accounts Yes

Average Spreads

EUR / USD 1.7
GBP / USD 2
USD / JPY 1.6

Company Details

Company name Swissquote Group Holding Ltd
Founded 1996
Website Visit site
Type Market Maker
Regulators FCA
Office locations Switzerland, UEA, Hong Kong

Deposit & Withdrawal Methods

Supported Platforms for Swissquote

Swissquote Broker Detailed Review

Is Swissquote Safe?

Conflict of interest can exist between a broker and the clients. However, Swissquote uses STP execution for trades, which is entirely free of conflict as trades are passed directly to the market without any dealing desk oversight.

Swissquote Ltd is regulated by the FCA in the UK (license: 562170) since 2012 and Swissquote Bank is regulated by FINMA (Switzerland). The FCA is a traditional regulator with strict processes that support regulated members.

Swissquote has the financial solidity of a Swiss bank, with the prices of a broker. There are only 4 brokers who have a bank backing them within EU and Switzerland, and none of them has the financial stability of Swissquote Bank.

Swissquote UK won an award as best brokerage firm overall in 2018, in 2015 and 2016 best settings for MetaTrader platforms.

Swissquote for Beginners

Swissquote, neither in the account types offered or the support they offer beginners, is considered a broker for learner traders. While education does exist to get a trader going, it is not as extensive as offered at other brokers, and no support is provided to find trading opportunities besides access to additional tools. Customer service hours are also limited to regular office hours instead of 24 hours service that is more common among similar brokers.

Education Material

The education section at Swissquote is broken down into two parts – the learning centre and webinars. While the videos in the learning centre are in English only, the webinars are available in multiple languages.

The learning centre is made up of 2-3 minute short videos in the following sections:

  • Introduction to Forex
  • Introduction to CFDs
  • Technical Analysis
  • Fundamental Analysis
  • Risk Management
  • MetaTrader
  • Advanced Trader

These videos are a very high-level introduction to Forex trading, and more reading should be done on each of these topics before trading. An 11-page ebook is downloadable as well to supplement the videos, but additional resources are needed to get a complete picture before investing money.

Webinars are available in English, French, German and Arabic, and topics cover items from a Weekly Market Update to the occasional educational question. Educational issues are coordinated between languages to ensure clients of all languages have the opportunity to learn the material.

Analysis Material

Swissquote is an execution-only broker. Execution-only means that they don’t offer any assistance to traders in finding trading opportunities. However, the Research section of the website issues market analysis and news on all subjects that affect the currency market – from fundamental to political and technical intelligence.

Customer Support

Customer support is available via phone, email and chat.

Toll-free numbers for some countries are available for phone contact, and the service centre is opening during office hours from 09.00 am to 06.00 pm UK time. Chat is open during office hours. The dealing desk is open during market hours.

Trading Conditions

Swissquote targets the experienced trader or the serious professional, as the entry-level accounts require significantly more as an initial deposit. All accounts operate on an STP execution model, meaning they are not market makers and do not have a dealing desk.

A client can trade in currency pairs, precious metals, stock indices, commodities and bonds. The maintenance margin on all accounts is 100%, and the stop-out level is 30%.

Account Types

Swissquote offers four different live account options in addition to a demo account. The minimum deposits on these accounts are higher than with other STP brokers, but these are usual deposit amounts for experienced and professional traders. There are three commission-free accounts.

The Standard account is the commission-free entry level account at Swissquote. An initial deposit of 1000 USD is required and spreads start from 1.7 pips, and standard leverage up to 1:100.

The Premium account is the next step up in the commission-free accounts, with a 10,000 USD minimum deposit that affords the trader spreads from 1.4 pips, and standard leverage up to 1:100.

The Prime account is the top of the range for commission-free trading. With a 50,000 USD minimum deposit, and standard leverage up to 1:100, spreads will get as tight as 1.1 pips.

The Professional account is a fully-customisable account option, where the minimum deposit is adjusted depending on the volume traded. Custom spreads and pricing can be discussed with your account manager. This account is targetted at professional traders looking to get the best trading conditions possible at a leading brokerage.

Swissquote Account Types

Spreads and Commissions

Depending on the account type, spreads can be as low as 1.1 pips on the commission-free accounts, while spreads will get tighter on the professional account which then blends tighter spreads in exchange for a commission charged on volume traded.

Deposit and Withdrawal Fees

Deposits and withdrawals are free of administrative charges. Deposits can be made via bank transfer, credit cards, and Skrill. Skrill can only be used for deposits.

All withdrawals require filling out a form and emailing it to the back office team.

Trading Platforms

Swissquote supports multiple trading platforms – Advanced Trader, a proprietary platform created by Swissquote, and MetaTrader 4 & 5 are seen as the industry standard CFD trading platforms.

Advanced Trader is a JavaScript platform compatible with both PC and Mac where no download is required. The platform supports conditioned orders, advanced charts analyse tools, FX Insider and an economic calendar; all included by default.

Significantly, the order inputs are by notional value rather than lots, mini, and micro lots which is a language popular between MetaTrader users. Advanced Trader allows FIX API connection, has hedging capabilities on request and does not support EAs (Expert Advisors).

Metatrader, on the other hand, allows both hedging and a no hedging mode, a plug and play solution for thousands of trading systems available on MQL, full access to a signal community and plugins able to align the basic version to the Advanced Platform. We list more of the advantages of MT4 here.

While the regular versions of MT4 and MT5 are available on both Mac and PC, the MetaTrader Extended Edition which makes MetaTrader a little more beginner friendly is only available for Windows PCs.

Trading Tools

Swissquote offers a small set of premium tools to traders free of charge. These tools help traders find trading opportunities by analysing the markets for patterns or by presenting additional data that can help traders draw trading conclusions.

Autochartist

Autochartist is a 3rd party tool that monitors market charts looking for patterns. It is particularly helpful for traders looking to trade specific pattern or currency pairs, as it will send alerts in real time making it possible to take advantage of the data immediately.

Autochartist is a powerful tool for traders who actively spend time looking for trading opportunities and technical traders who appreciate the assistance with finding patterns.

Swissquote Autochartist Example

FIX API

The Financial Information eXchange (FIX) protocol is a platform created to pass information between systems in trading, and Swissquote gives clients access to an API to pull information from this database. This data includes historical price quotes, as well as other trading information, which will allow traders to get real-time information from the markets to either assist directly in trading or as a part of algorithmic trading.

Evaluation Method

We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process that includes a detailed breakdown of the Swissquote offering. Central to that process is the evaluation of the reliability of the broker, the platform offering of the broker and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.

SwissQuote Risk Statement

Trading Forex is risky, and each broker is required to detail how risky the trading of Forex CFDs is to clients. Swissquote would like you to know that: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 80% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money

Overall

Swissquote is a leading STP broker in Forex & CFD trading. Targetting mainly the experienced trader and offering limited but mainstream MetaTrader platform choice, Swissquote has created a stable and fast trading solution. Premium tools are issued for no charge, and a wide range of CFDs are available to trade without commission, but with wider spreads than with their competitors. In contrast to other STP brokers, the minimum deposits required at Swissquote are substantially higher than with their competitors.

Compare Brokers

Swissquote Axitrader FxPro
Funding Mastercard, Visa, Bank Transfer Mastercard, Visa, UnionPay, Neteller, Skrill, Bank transfer Mastercard, Visa, Maestro, UnionPay, Neteller, Skrill, Bank Transfer
Regulated FCA FCA ASIC CySEC FSCA DFSA MAS
Broker Type Market Maker ECN Pure STP
Currency Pairs 78 80+ 70+
Minimum Spread 1.7 1.1 0.6
Minimum Deposit $1000 $500 $100
Max Leverage 400:1 400:1 500:1
Visit Website Visit Swissquote Visit Axitrader Visit FxPro
Expert Review Read review Read review Read review

Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Sign Up