Swissquote Bank General Information
Swissquote Bank, a major European bank with its roots in Switzerland, has been making waves in the world of online forex brokerage and financial services since its inception in 2000. This institution offers a comprehensive range of trading services catering to both private traders and institutional investors. It's worth noting that Swissquote is not your typical Swiss bank; it has a unique history that sets it apart. Founded initially as Marvel Communications SA in 1990, Swissquote's origins lie in the world of financial software and web applications. The company launched its first financial platform, swissquote.ch, in 1996, offering free access to real-time prices for all securities traded on the Swiss stock exchange. In 2000, Swissquote shares (SQN) were floated on the SIX Swiss Exchange, marking a significant milestone in its journey.
Swissquote Bank provides a diverse and dynamic range of trading instruments, including forex, stocks, energies, and commodities. The broker stands out for its competitive commissions and fees, making it an attractive choice for cost-conscious traders. While the platform excels in many aspects, some traders have noted minor nuances with fund withdrawals, although these issues are typically resolved promptly.
Welcome to Swissquote: Where Innovation Meets Banking
At Swissquote, we've rewritten the rules of banking to make trading smarter and more cost-effective. Join our dynamic and welcoming team as we embark on a journey to challenge the code!
- Unlock the Door to Opportunity. Founded by two visionary engineers, our bank is a melting pot of talent, bringing together software developers, legal experts, sales professionals, and banking specialists. Together, we're on a mission to democratize trading opportunities, making them accessible to all.
- A Bank Where You Belong. Forget about dress codes and rigid structures. At Swissquote, you have the freedom to be yourself. Come as you are, and let your passion for what you do shine through. We believe that a comfortable and welcoming environment fosters creativity and innovation.
- Redefining the Future: Join Us. We thrive on innovation and embrace challenges. Our team actively participates in internal hackathons and engages with students through events like Lauzhack, a prestigious European hackathon hosted at EPFL. At Swissquote, you'll be at the forefront of redefining the future of banking.
Come aboard and be part of a team that's changing the game. Swissquote: Where innovation meets banking, and possibilities are limitless.
The broker offers multiple account types with varying minimum deposit requirements, catering to traders with different needs and preferences. Additionally, Swissquote's clients can access professional development courses, with the specific offerings varying depending on the chosen account type. The broker's top-tier VIP Platinum account provides exceptional benefits for high-net-worth individuals. Swissquote's trading platforms are user-friendly and equipped with advanced tools. Traders can choose from MetaTrader 4, WebTrader, and Advanced Trader, with mobile versions available for on-the-go trading. The broker offers a substantial selection of currency pairs and precious metals for trading. However, it's essential to note that Swissquote does not provide trading on ECN accounts, and its services are unavailable to U.S. citizens.
Customer support is accessible through multiple channels, including email, phone, and live chat. The support team is dedicated and responsive, ensuring that clients receive assistance when needed. Swissquote places a strong emphasis on safety and regulatory compliance, holding licenses from FINMA, DFSA, MFSA, and MiFID. This regulatory framework adds an extra layer of trust and reliability for traders worldwide.
Swissquote's journey has been marked by innovation and expansion. Over the years, it has acquired other financial institutions, expanded its offerings, and ventured into various sectors of the financial market. The acquisition of Advanced Currency Markets AG (ACM) in 2010 propelled Swissquote into the world's top ten online currency trading service providers. It also established Swissquote Ltd in London, extending its Forex services to the European Union. Swissquote's commitment to democratizing banking is evident through its history and innovations. The acquisition of MIG Bank in 2013 solidified its position as a leader in online trading, while initiatives like ePrivate Banking provided clients with easy-to-use tools for portfolio management. The bank's partnership with Manchester United further expanded its global reach.
Swissquote continues to push boundaries with its commitment to digital banking. In 2017, it became the first bank to offer trading in five cryptocurrencies, providing a secure and straightforward platform for customers to engage in cryptocurrency trading. The acquisition of Internaxx Bank S.A. in 2018 further strengthened its presence in European markets. Swissquote's innovative spirit extends to multicurrency credit cards and the opportunity to participate in initial coin offerings (ICOs).
Swissquote Bank's journey from its inception to its current standing as a prominent financial institution reflects its commitment to transparency, innovation, and client empowerment. It remains dedicated to facilitating and democratizing the world of finance for its diverse clientele.
Swissquote Bank SA: Balancing Reliability and Accessibility
Swissquote Bank SA stands as a moderate-risk broker with a TU Overall Score of 6.78 out of 10. In our evaluation of the company's trading opportunities and the feedback from Swissquote Bank SA clients, we recommend prospective users to conduct a thorough analysis of the broker's pros and cons before opening an account. Client reviews have indicated that not all users are entirely satisfied with the company's services.
Swissquote Bank SA currently ranks 46 among 349 companies featured in the TU Ranking. Our ranking system is based on a meticulous evaluation of over 100 criteria and a practical account opening test.
A Broker for Seasoned Investors
Swissquote is primarily geared toward large investors. The company holds a reputable license from FINMA, the Swiss Financial Markets Authority, ensuring the reliable protection of client funds and interests in case of disputes. However, for the everyday trader, Swissquote may present some less attractive working conditions. Swissquote comes into its own for those looking to invest substantial amounts, typically starting from $1 million.
If you fall into this category, feel free to reach out to us via email, and we'll provide tailored guidance to ensure a swift and secure process. However, for regular traders, Swissquote lags behind its competitors in various aspects.
A Long-Standing Presence in Forex
Swissquote has been a part of the Forex market since 1996 and operates under the regulatory oversight of FINMA. The company holds membership in the Swiss Bankers Association and maintains a global presence with offices in financial hubs like Zurich, London, Dubai, and Hong Kong. While moderately popular among traders, Swissquote falls short in customer service and various other categories compared to top-tier brokers.
The broker's performance is reflected in its Forex broker ratings. Swissquote emphasizes reliability but offers less competitive indicators important to traders, such as minimum deposit requirements, trading conditions, deposit policies, and withdrawal rules. The quality of Swissquote Bank's customer support is satisfactory but trails behind leading brokers.
Account Currency & Minimum Deposit:
- Account Currency: EUR, USD, JPY, GBP, CHF, CAD, AUD, TRY, PLN, SEK, NOK, SGD, XGD, HUF, CZK
- Minimum Deposit: From $1,000
Trading Features:
- Leverage: Up to 1:400
- Spread: From 1.1 pips
- Instruments: Currencies, CFDs, precious metals, stock indices, bonds, commodities, cryptocurrencies
- Margin Call / Stop Out: 100/30%
Pros of Trading with Swissquote Bank SA:
- Authorization from a respected regulator
- A broad range of financial services
- A diverse selection of deposit currencies
Cons of Swissquote Bank SA:
- A website that is not very informative and tends to be slow
- High spreads and commissions
- High minimum deposit requirements
- Limited multilingual support in live chat
- Few promotions, bonuses, contests, or special offers
- A complex registration procedure that mandates verification.
Swissquote Bank SA appeals to seasoned investors seeking a reliable platform, but for those in search of more accessible and competitive trading conditions, other brokers may offer a better fit.
24/5 Trading
I opted for Swissquote primarily due to its strong reputation and regulatory authority in the industry. I conducted thorough research and read reviews online, assuring myself of the broker's trustworthiness. However, my initial experience when funding my account was quite overwhelming. I was bombarded with 150 questions and requests for various documents, which felt excessive. I have also encountered several drawbacks during my time with Swissquote. Firstly, the commissions were notably high, which ate into my potential profits. Additionally, I often experienced frustrating delays in receiving responses to my inquiries or requests for advice, which hindered my trading experience. On the bright side, I had no issues with the withdrawal process, which was smooth and efficient. One significant positive aspect of Swissquote is its licensing from the reliable regulatory authority FINMA, providing a sense of security for traders. However, considering the challenges I've faced, I am contemplating the possibility of exploring other brokerage options that may better suit my trading needs and preferences.