Swissquote Review 2017
Swissquote Bank Ltd formerly known as MIG Bank. MIG Bank was specializes in providing online forex and financial trading services. In 2003 Swissquote bank acquired MIG Bank and become the undisputed Swiss leader in online trading and financial services. Swissquote Bank was founded in 1996 in Switzerland. Its parent company, Swissquote Group Holding SA, has been listed on the SIX Swiss Exchange under the ticker symbol “SQN” since 2000.
Swissquote ranks among the top 10 online Forex brokers in the world, with over 200,000 private investors and institutional clients that trade a wide range of currencies, commodities and indices.
Swissquote Bank is licensed and regulated by FINMA, a Swiss Financial Market Supervisory Authority. Head office located in Chemin de la Créteaux 33. 1196 Gland, SWITZERLAND.
Swissquote Bank has a European subsidiary which is known as Swissquote Bank Europe. This subsidiary is London-based and has a license to offer forex brokerage services from the Financial Conduct Authority (FCA).
Types of Trading Platforms provided by Swissquote
Swissquote Bank offers 3 different types of online trading platforms to meet their client’s needs. Which are;
- Advanced Trader
- MetaTrader 4
- MetaTrader 5
Swissquote’s award winning trading software created in-house to meet the demands of new and professional traders. It provides all the powerful tools traders need in a user-friendly interface.
- Advanced order types
- Easily switch between Desktop, Web and Mobile versions
- Robust charting and analytical tools
Trade on the most popular trading platform on the market seamlessly integrated with Swissquote’s deep liquidity and fast trade execution.
- Automated trading with Expert Advisors (EAs)
- Strategy back testing
- One click trading from charts
The latest generation of MetaTrader software. It keeps the same visual identity as MetaTrader 4, thus easing the transition for experienced traders looking for more comprehensive technology.
- Copy trade signals from Metaquotes social community
- More inbuilt tools: charts, timeframes, & indicators
- Position consolidation (FIFO)
To open a live trading account at Swissquote, you will need to make a minimum deposit of $1000. Currently, Swissquote offer 3 different types of trading accounts for their traders and investors:
- Standard Trading Account ($1K to $25K deposit)
- Premium Trading Account (25K to 100K deposit)
- Prime Trading Account (Over 100K)
Standard account designed for those traders who wants to start with minimum deposit and enjoy maximum features and benefits. To be eligible you must sign-up and deposit minimum $1000.
Standard Account Features
Min. Deposit ($) 1000
Minimum Order Size (lots) 0.01
Spread Type Floating
Expert Advisors Allowed
Digits After the Dot (EURUSD) 5
Stop Out Level (%) 100%
Trading Instrument FX 63
Minimum Spread on EURUSD 1.4 Pips
If you want to trade in premium account just because it has lower spread than standard account then you must think twice before you invest. Why am I saying this? Let me tell you……
Actually, there is not much difference between standard account and the premium account. You have make a deposit of minimum $25000 just to enjoy 1.2 spread on EURUSD pair. It makes sense isn’t it.
Just for 0.2 pips less you have to deposit minimum 25k….. hahhhhh.. I am not stupid to do that. Do not know about you….
Now let see what features do they have for this premium account.
Premium Account Features
Trading platforms Advanced Trader, МТ4 iPhone, МТ4 Android, МТ4 Windows Mobile, WebTrader, MetaTrader 4 (MT4), MetaTrader 5 (MT5)
Trading Instruments 1:100 — Forex
Gold and Silver CFD
Min. Deposit ($) 25000
Minimum Order Size (lots) 1
Spread Type Floating
Expert Advisors Allowed
Digits After the Dot (EURUSD) 5
Stop Out Level (%) 100
Number of Trading Instrument FX 63
Minimum Spread on EURUSD (pips) 1.2
Do you want to deposit minimum $100K+ to start trading with Swiss quote?
If yes, then you are good to go with premium account. As a premium account holder, you will be enjoying much low spread than other two accounts. Which is: EURUSD 1.0 pips, GBPUSD 1.1pips, USDJPY 1.3 pips.
Remember one thing spreads are floating by the way.
Commission & Spreads
Swissquote pays commission for standard and premium account. But there is no payable commission for prime account.
You will get $10 commissions round turn per 1 lot as a standard account holder and $5 for premium account holder.
Deposit and Withdrawals
To make a deposit you can choose any method from the given list below.
- China UnionPay,
- Credit Card,
- Wire Transfer
There is no limit on withdrawal but depending on your account type there are some limits on deposit. They do not charge any fees on deposit or withdrawal fund.
Swissquote allows only bank wire transfer to withdrawal your fund. Usually it takes 24 hours to 72 hours to be available into your bank account.
The Swissquote forex trading platform was established in 2003 under the name Advanced Currency Markets (ACM). ACM – Advanced Currency Markets reputation was really worse than any other forex broker. They were reputed as a scam broker in the forex industries. Later 2010 ACM was acquired by Swissquote and things got changed. Currently, the Swissquote brand has achieved respectability into this forex trading business with their platform, product and quality service. Swissquote platform is regulated by FINMA – the Swiss Financial Market Supervisory Authority. Also, they are regulated by the Dubai Financial Services Authority (DFSA) and the UK’s Financial Conduct Authority -FCA.
There trusted regulatory status helped them to achieve trustworthiness among online trading communities.
Yet, we should know that, regulatory was not the only factor for Swiss quote in gaining reputation and trustworthiness. In fact, under the new management, Swissquote has improved dramatically the level of the services that purifies them.
For traders, they have included more platforms. Additionally, their inhouse designed cutting edge platform called Advanced Trader is more user-friendly for traders.
Another area which Swissquote has improved tremendously on is their customer support services. Today, their website is available in several other major languages apart from English to ensure that non-English speaking traders are able to trade the markets without having to grapple with language difficulties. In addition, help is always within reach with the availability of the support staff on a 24/5 basis. Communication with the support staff is also enhanced through the availability of several methods of communication. Support centers are established in London, Malta, Hong Kong and Dubai in order to provide a more personalized level of support.
With all the changes that Swissquote has made during the last few years, it is not surprising to find that their clientele base today has grown to more than 200,000 accounts. In fact, today Swissquote is ranked as one of the top 10 online forex brokers in the world.
After hanging their management, they have improved their customer support more preciously and effectively. Their customer support includes:
- Multilingual phone support
- Support 24/5
- Email support
- Live chat support
- You can request for call back
- Choices of Trading Platforms
- Competitive Spreads
- Experienced Broker with wealth of experiences behind them
- Reputable International Broker
- Secured and Trusted Broker
- Wide Range of Products
- Does not accept U.S traders
- Lack of Promotional Offers
- Market Maker Broker
- High Minimum Deposit Requirement
As part of an international banking group, there is no question about the reputation and reliability of Swissquote as forex broker. Regulated by the Swiss’s FINMA and the Emirates Securities and Commodities Authority in Dubai, Swissquote today is trusted by more than 200,000 traders from all over the world. The platforms and product range are extensive and are appreciated by traders of all experience levels. If you are looking for a forex broker with a solid reputation and an assurance that your money will be safe with them then Swissquote is the broker for you.