Swissquote Review

Екілік опциялар брокерлерінің рейтингі 2020:
Contents

Swissquote Review 2020

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Summary

Recommended for affluent investors who value safety and are OK with higher fees

Swissquote is a Swiss investment bank established in 1996. It has two main trading arms: a Swiss unit for trading stocks, funds, options and futures and a company in the UK for CFDs and forex.

Formally, Swissquote Bank Ltd is based in Switzerland and is regulated by the Swiss Financial Market Supervisory Authority (FINMA), the country’s financial regulator.

The other entity, Swissquote Ltd, is UK-based and offers CFDs and forex. It is regulated by the Financial Conduct Authority (FCA), the UK’s financial authority.

Swissquote is considered safe because Swissquote Bank Ltd has a banking license, it is listed on the Swiss stock exchange, discloses detailed financials regularly and it has a long track record.

For clarity, in this review we focus on the Swiss entity, but also discuss services of the UK arm, especially in the case of CFD and forex trading. To make it clear which company we are talking about, we will refer to the Swiss entity as «Swissquote (CH)» and to the UK-based entity as «Swissquote Forex (UK)«.

Екілік опциялар брокерлерінің рейтингі 2020:

Swissquote pros and cons

Swissquote offers access to many markets, including many international ones. There is also no inactivity fee. As a listed Swiss broker with a banking background, Swissquote scores high on safety.

Swissquote has high fees. Its selection of multiple trading platforms is a bit overwhelming, and some of its research tools are not free.

Pros Cons
• Access to many markets and products • High trading fees
• No inactivity fee • Confusing trading platform selection
• Rock-solid background • Some research tools are not free
Swissquote main features and highlights
��️ Country of regulation Switzerland, UK, UAE, Hong Kong, Singapore
�� Trading fees class High
�� Inactivity fee charged No
�� Withdrawal fee amount $10
�� Minimum deposit $0
�� Time to open an account 1 day
�� Deposit with credit card Available
�� Depositing with electronic wallet Not available
�� Number of base currencies supported 15
�� Demo account provided Yes
��️ Products offered Stock, ETF, Forex, Fund, Bond, Options, Futures, CFD, Crypto, Themes trading

Gergely Korpos

Author of this review

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

Swissquote review
Fees

Swissquote doesn’t charge an inactivity fee and you can trade an impressive selection of funds for favorable fees. On the other hand, trading fees are generally high, including for stocks and ETFs, and there is a fee for withdrawing your money.

Pros Cons
• Low forex fees • High trading fees
• Low fund fees • High stock and ETF fees
• No inactivity fee • High bond fees
Swissquote fees snapshot
Assets Fee level Fee terms
US stock High Flat commission depending on the trade value: ranges between $15 and $190
EURUSD Low The fees are built into spread, 1.3 pips is the average spread cost.
Mutual fund Low $9 per trade
Inactivity fee Low No inactivity fee charged

We ranked Swissquote’s fee levels as low, average or high based on how they compare to those of all reviewed brokers.

To get things rolling, let’s go over some lingo related to broker fees. What you need to keep an eye on are trading fees and non-trading fees.

  • Trading fees occur when you trade. These can be commissions, spreads, financing rates and conversion fees.
  • Non-trading fees include charges not directly related to trading, like withdrawal fees or inactivity fees.

In the sections below, you will find the most relevant fees of Swissquote for each asset class. For example, in the case of stock investments the most important fees are commissions.

We also compared Swissquote’s fees with those of two similar brokers we selected, Saxo Bank and Degiro. This selection is based on objective factors such as products offered, client profile, fee structure, etc. See a more detailed rundown of Swissquote alternatives.

To have a clear overview of Swissquote, let’s start with the trading fees.

Swissquote trading fees

Swissquote’s trading fees are high. We recommend Swissquote if you want high-quality service and are willing to pay a higher price for it. If you prefer lower costs, there are discount brokers out there that are likely better options for you.

Swissquote’s fee calculation is transparent. As a default, the pricing structure is volume-based, which means the higher the volume, the less fees you pay. You can, however, change the pricing structure to a fixed-rate plan, where you can pre-purchase a set amount of trades for a flat price. In this review, we calculated using the volume-based fee structure.

Stock fees and ETF fees

Swissquote has high stock and ETF commissions. Prices are far higher than the average fees of some competitor brokers in the same league and significantly higher than discount brokers’ commissions.

Swissquote stock and ETF commission of a $2,000 trade

Swissquote Saxo Bank Degiro
US stock $25.0 $10.0 $0.6
UK stock $30.0 $9.6 $2.4
German stock $27.5 $11.0 $5.4

The stock trading fee calculation is volume-based and transparent. Let’s have a quick overview of trading fee terms for the available stock exchanges:

Swissquote stock and ETF fees on major markets

Transaction value ($) Trading fee on Swiss stock/ETF Trading fee on US stock/ETF Trading fee on UK, German, Scandinavian, and Canadian stock/ETF
0 – 500 9 15 25
500 – 2,000 20 25 25
2,000 – 10,000 30 30 30
10,000 – 15,000 55 55 55
15,000 – 25,000 80 80 80
25,000 – 50,000 135 135 135
more than 50,000 190 190 190
Swissquote stock and ETF fees on minor markets

Market Commission (% of trade value) Minimum traded amount
Asia and Pacific
Australia 0.55 AUD 120
China 0.60 CHF 200
1.00 CHF 500
Japan 0.50 CHF 75
1.00 CHF 300
Singapore 0.60 CHF 150
Sri Lanka 1.00 CHF 400
United Arab Emirates 0.75 CHF 150
Europe
Bulgaria 1.50 CHF 350
1.00 CHF 200
1.00 CHF 250
Ireland 0.85 CHF 250
Luxembourg 0.35 €150
Spain 0.35 €65
Other markets
1.00 CHF 200
South Africa 0.55 €80
USA OTC 0.50 $50

If you prefer stock trading on margin or short sale, you should check Swissquote’s financing rates.

Financing rates or margin rate is charged when you trade on margin or short a stock. This basically means that you borrow money or stocks from your broker to trade, for which you have to pay interest. This is the financing rate and it can be a significant proportion of your trading costs.

Swissquote financing rates are average but higher than at the competitors in our comparison. The financing rates vary based on the base currency of your margin account.

Swissquote annual financing rates for stocks, futures and options

Swissquote Saxo Bank Degiro
USD margin rate 4.7% 3.1%
GBP margin rate 4.0% 1.9%
EUR margin rate 3.0% 0.8%

These margin rates apply for futures and options as well.

Forex fees

Swissquote’s forex fees are low.

To have a clear picture of forex fees, we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

Swissquote forex benchmark fee of a $20,000 30:1 long position held for one week

Swissquote Saxo Bank Degiro
EURUSD benchmark fee $15.8 $15.5
GBPUSD benchmark fee $12.5 $12.8
AUDUSD benchmark fee $14.4 $13.7
EURCHF benchmark fee $4.3 $4.6
EURGBP benchmark fee $10.6 $10.2

Both Swissquote Forex (UK) and Swissquote (CH) have spread on trading.

Fund fees

Swissquote’s fund fees are low. Mutual fund fees differ depending on the mutual fund providers.

We calculated the fees for the most popular mutual fund providers, such as BlackRock and Fidelity.

Swissquote commission for a $2,000 fund purchase

Swissquote Saxo Bank Degiro
Mutual fund $9.0 $0.0 $10.3

Swissquote charges $9 per trade for ‘Premium’ funds, i.e. funds issued by prominent fund providers like BlackRock.

For other mutual funds, fees vary. For example, you can trade some Swiss funds for free.

Bond fees

Swissquote has generally high bond fees.

Swissquote commission of a $10,000 government bond trade

Swissquote Saxo Bank Degiro
US Treasury bond $75.0 $88.0
EU government bond $55.0 $88.0 $10.5

Swissquote charges a minimum fee as well as a percentage fee, which is quite high.

Swissquote bond fees

70 $ / CAD / AUD or

Others: CHF 90 or equivalent value

Options fees

Swissquote options fees are high.

Trading fee Minimum trading fee
All major OTC bond markets 0.3%
Swissquote stock index options commission of 10 contracts

Swissquote Saxo Bank Degiro
US stock index options $19.9 $40.0 $5.0
German stock index options $11.0 $44.0 $9.9

Swissquote options fees are volume-based, i.e. based on the number of contracts.

Swissquote options fees for stock index options

Trading fee per contract Minimum
EUREX €1 €5
CME E-mini NASDAQ and S&P500 $1.99 $5

Futures fees

Swissquote’s futures fees are high.

Swissquote stock index futures commission of 10 contracts

Swissquote Saxo Bank Degiro
US stock index futures $19.9 $40.0 $5.0
German stock index futures $11.0 $44.0 $8.3

The fee formula for index futures is the same as for index options, e.g. €1 per contract with a €5 minimum commission.

CFD fees

Swissquote has low CFD trading fees.

To have a clear understanding of CFD fees, we calculated a CFD benchmark fee for the selected products. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

Swissquote CFD benchmark fees for a $2,000 long position held for one week

Swissquote Saxo Bank Degiro
S&P 500 index CFD fee $1.2 $2.2
Europe 50 index CFD fee $1.7 $2.1

CFD trading fees are built into spreads. We calculated with 20:1 leverage for stock index CFDs and 5:1 leverage for single stock CFDs.

You can find the full fee table for CFDs on the Swissquote website.

Crypto fees

Swissquote provides CFDs on five cryptocurrencies. There is a bid-ask spread, plus a commission:

  • 1% for trade volume up to CHF 10,000
  • 0.75% for trade volume between CHF 10,000 and 50,000
  • 0.5% above CHF 50,000

Robo-advisor

Swissquote provides a robo-advisory service. Fees vary depending on the amount of money you invest.

This fee is high – just to give a benchmark, ETFMatic, a European robo-advisor, charges around 0.6% annually.

Swissquote robo-advisor fees

Money invested, in CHF Total annual fee of the portfolio
10,000 – 200,000 1.25%
200,001 – 350,000 1.10%
350,001+ 0.95%

Non-trading fees

Swissquote has average non-trading fees.

There is no inactivity fee and account fee. Depositing money is also free via bank transfer, but credit/debit card transfers are charged with a 2.2-2.5% fee. Swissquote (CH) charges a withdrawal fee, whereas Swissquote Forex (UK) does not.

There is also a high custody fee, which is charged after the securities you hold. The fee is 0.025% quarterly, with a CHF 15 minimum and CHF 50 maximum.

Swissquote non-trading fees

Swissquote Saxo Bank Degiro
Account fee No No No
Inactivity fee No Yes No
Deposit fee $0 $0 $0
Withdrawal fee $10 $0 $0

Swissquote review
Account opening

Swissquote offers a fully digital account opening, although we encountered some technical difficulties during the identification process. There is no minimum deposit for trading accounts, but a high minimum for forex and robo-advisory accounts.

Pros Cons
• Fully digital • Technical difficulties
• No minimum deposit for trading account • Forex and robo-advisor accounts have high minimum

Can you open an account?

Swissquote is a global stockbroker. Swissquote Forex (UK) serves residents from around 150 countries, while Swissquote (CH) serves some 120 countries. This includes all European and most major non-European countries, e.g. Australia, Hong Kong, etc.

You can’t open an account at Swissquote Forex (UK) if you are from the US or Japan, and there are some smaller countries where the services of Swissquote (CH) are not available.

What is the minimum deposit at Swissquote?

There is no minimum deposit for trading accounts at Swissquote (CH). Forex accounts require between $1,000 and $50,000 minimum depending on the forex account you choose, while robo-advisory accounts require a minimum of CHF 10,000.

At Swissquote Forex (UK), there are different account types with different minimum deposit requirements:

  • Premium account – €1,000 minimum
  • Prime account – €5,000 minimum
  • Elite account – €10,000 minimum

Account types

Swissquote (CH) offers three account types that differ in the required minimum deposit, the products you can trade with and the available trading platforms:

Swissquote (CH) account types

Minimum deposit Tradable products Available trading platforms
Trading account No minimum Equities, ETFs, Funds, Bonds, Futures, Options, Forex and CFDs eTrading
Forex account* $1,000-50,000 Forex and CFDs Advanced Trader, MetaTrader 4, MetaTrader 5
Robo-advisory account CHF 10,000 Robo-advisor invests in funds Robo-advisor’s platform

*Within the forex account, you can choose from four different accounts, which differ in pricing and minimum deposit.

  • Standard – $1,000 minimum deposit, spreads from 1.7 pip, but no commission
  • Premium – $10,000 minimum deposit, spreads from 1.4 pip, but no commission
  • Prime – $50,000 minimum deposit, spreads from 1.1 pip, but no commission
  • Professional – custom spreads, for applying you have to talk with Swissquote

It’s also interesting, that leverage can be 1:100 for certain products, which is higher than the ESMA-regulated leverage levels.

At the London-based Swissquote Ltd you can open three account types, which differ in their pricing structure, minimum deposit, and maximum leverage:

Swissquote (UK) account types

Minimum deposit Spreads Commission Maximum leverage
Premium account €1,000 From 1.3 pips No commission as per ESMA-regulation
Prime account €5,000 From 0.6 pips No commission as per ESMA-regulation
Elite account €10,000 From 0.0 pips €2.5 per lot per trade as per ESMA-regulation
Professional* €10,000 From 0.0 pips €2.5 per lot per trade 1:400

*For qualifying to the professional account, you have to satisfy these three criteria:

  • Trade with derivatives, like CFD or forex, in significant size, and on average 10 times per quarter in the last four quarters
  • Have a portfolio of at least €500,000.
  • You had to work in the financial sector for at least one year.

How to open your account

Video identification is available both for the Swiss and UK entities, but we encountered some technical difficulties in both cases and the waiting times (more than 5 minutes) for the operators were inconvenient.

Swissquote review
Deposit and withdrawal

Depositing at Swissquote is quick with credit/debit card and can be done in several base currencies. On the negative side, you can only withdraw money via bank transfer.

Pros Cons
• Quick deposit and withdrawal – within 3 days • Credit/Debit card withdrawal not available
• Several account base currencies for forex account

Account base currencies

There are three available account base currencies for the stock, ETF, mutual fund, bond, options, and futures trading are CHF, EUR, and USD.

If you open a forex and CFD account, you can choose from 15 base currencies: GBP, EUR, CHF, AUD, JPY, PLN, CZK, HUF, USD, CAD, TRY, SEK, NOK, SGD, XGD . This selection is between Degiro and Saxo.

Base currencies at Swissquote (UK) vs similar brokers

Swissquote Saxo Bank Degiro
Number of base currencies 15 19 9

Why does this matter? For two reasons. If you fund your trading account in the same currency as your bank account or you trade assets in the same currency as your trading account base currency, you don’t have to pay a conversion fee.

A convenient way to save on currency conversion fees is by opening a multi-currency bank account at a digital bank. Revolut or Transferwise both offer bank accounts in several currencies with great currency exchange rates as well as free or cheap international bank transfers. Opening an account only takes a few minutes on your phone.

Deposit fees and options

Swissquote (CH) charges no deposit fees for bank transfers. For credit and debit card transfers deposit fees are somewhere between 2.2% and 2.5%, depending on your residency.

Swissquote Forex (UK) does not charge a fee for depositing funds.

Swissquote deposit options

Swissquote Saxo Bank Degiro
Bank transfer Yes Yes Yes
Credit/Debit card Yes Yes No
Electronic wallets No No Yes

A bank transfer can take several business days, while payment with a credit/debit card is nearly instant. It took 1 hour for us when we tested it.

You can only deposit money from accounts that are in your name.

Swissquote withdrawal fees and options

Swissquote withdrawal fees depend on where you trade, which country you transfer to and the currency of the transaction. Withdrawals at Swissquote Forex (UK) are free of charge, while Swissquote (CH) charges €2 for euro withdrawals and $10 for US dollar withdrawals.

Swissquote withdrawal fees

Currency Withdrawal within Switzerland, Liechtenstein or the SEPA* countries Withdrawal outside Switzerland, Liechtenstein or the SEPA* countries
CHF 2 2
EUR 2 10
USD NA 10
GBP NA 10
For the full list, visit Swissquote’s website

*SEPA or Single Euro Payment Area countries include all EU and EFTA countries.

Both the UK and the Swiss entity’s clients can only use bank transfers for withdrawal.

Swissquote withdrawal fees and options

Swissquote Saxo Bank Degiro
Bank Transfer Yes Yes Yes
Credit/Debit card No No No
Electronic wallets No No No
Withdrawal fee $10 $0 $0

How long does it take to withdraw money from Swissquote? Swissquote says that it will send your withdrawal on the same day. We tested it and it took 1 day. You can only withdraw money to accounts in your name.

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Swissquote review
Web trading platform

The Swissquote (CH) eTrading platform has a lot of functions, so many that sometimes it can get complicated. Customizability is good and a there is a clear overview of trading fees, but you may run into some bugs.

Pros Cons
• Clear fee report • Account login and search function bugs
• Good customizability (for charts, workspace) • Easy to get lost among functions
• Available in several languages
Swissquote platforms to choose from
Trading platform Score Available
Web 4.2 / 5 stars Yes
Mobile 4.7 / 5 stars Yes
Desktop No

Swissquote provides several trading platforms, and it can be difficult to decide which one to choose.

If you are trading stocks, the eTrading platform is the one for you.

If you are trading with forex you can choose MetaTrader 4, MetaTrader 5 or Swissquote’s own platform, Advanced Trader.

Swissquote trading platforms

Trading platform Tradable products Swissquote entity
eTrading Equities, ETFs, Funds, Bonds, Futures, Options Switzerland
Forex and CFDs Switzerland, UK

In this review, we concentrate on Swissquote’s eTrading platform.

Swissquote’s trading platform is available in English, German, French and Italian. However, you may easily encounter instances when one subsection of a page suddenly changes to German, or that your news flow contains a mix of English, German, French and sometimes Italian news.

Look and feel

Swissquote’s eTrading web platform design is average and functional. It feels clean but a bit outdated; functions are clear, while navigating among sections could be a bit better.

In some cases the platform is too Swiss-focused. For example, the Swiss stock market is at the top of the menu, above US and Europe. It can also be difficult to find how to go back to the previous menu. In many cases, you log out from the platform when you navigate between sections and need to log in again. This was quite annoying.

The platform can be customized to your preferences.

Login and security

The default at Swissquote is a simple login, but you can set a more secure authentication with a physical code card or through mobile authentication. Read more about Swissquote’s 2-step identification here.

Search functions

The search function is good. Depending on the asset categories, you can set plenty of advanced filter parameters, such as rating, sector, risk, analyst recommendation, market cap, etc.

On the other hand, the search results are not always satisfactory. Swiss assets are always overrepresented in the results and many times not the most important assets are at the top of the list. We also encountered timeouts several times while waiting for search results.

Placing orders

The order panel is simple, with only four order types:

The order term can only be set by date. In case of some exchanges (e.g. SIX, the Swiss exchange) you get some additional order types and terms.

To get a better understanding of these terms, read this overview of order types.

Alerts and notifications

You can set up price alerts and make a watchlist. With news alerts you can have a custom alert box filled with news of your choice. You get notifications when your trades are executed. In addition to the alert section in the trading platform, you can opt in for email notifications as well.

Portfolio and fee reports

It is simple to check your portfolio. Trading fees are easy to see on the order panel before submission, but it is relatively hard to get a clear report on all the fees you paid. For example, you need to wait 30 minutes to have your asset statement compiled.

Swissquote review
Mobile trading platform

Swissquote’s eTrading has a user-friendly and well-designed mobile trading platform. The search function is simple, although sometimes the results are weighted a bit strangely, like on the web platform.

Pros Cons
• User-friendly • No advanced search filters
• Good search function
• Price alerts

Swissquote provides mobile trading platforms for all of its web trading platforms:

  • eTrading
  • MetaTrader 4
  • MetaTrader 5
  • Advanced Trader

These are all available both for iOS and Android. In this review, we tested eTrading on iOS.

The platform is available in English, French, German and Italian, but the app language depends on your phone’s language setting.

Look and feel

The Swissquote mobile trading platform looks modern and easy to use, but sometimes you have to go deep to find all the functionalities. We liked that if you rotate your phone horizontally, you can see a more detailed view of some lists and charts.

Login and security

Swissquote provides only a one-step login, but if you turn on Level 3 security, it prompts you to submit a separate secure PIN.

After logging in, you can set biometric authentication, which is a convenient feature.

Search functions

The search function is quite simple and lacks the advanced filters available on the web platform. You can only set asset type classes. The results are sometimes overweighted toward Swiss assets, similarly to the eTrading web platform.

Placing orders

You can use the following order types:

The only order time limit you can use is Good ’til Date (GTD).

In case of some exchanges (e.g. SIX) you get some additional order types and terms.

Alerts and notifications

You can set price, news and order confirmation alerts and notifications on the mobile platform.

Swissquote review
Desktop trading platform

There is no dedicated desktop trading platform for trading stocks, ETFs, bonds or mutual funds. Forex accounts have three trading platforms: Advanced Trader, MetaTrader 4 and MetaTrader 5.

Swissquote review
Markets and products

At Swissquote (CH) you have access to many markets and trade with a lot of different product types. At Swissquote Forex (UK) you can trade only forex and some CFDs.

Swissquote asset classes
Swissquote Saxo Bank Degiro
Stock Yes Yes Yes
ETF Yes Yes Yes
Forex Yes Yes No
Fund Yes Yes Yes
Bond Yes Yes Yes
Options Yes Yes Yes
Futures Yes Yes Yes
CFD Yes Yes Yes
Crypto Yes Yes Yes

Swissquote (CH) offers a lot of different products, with almost everything available, from stocks to options. Swissquote also has a wide selection of available markets and an exceptionally broad range of mutual funds. The selection of bonds, options and futures is OK.

Stocks and ETFs

Swissquote offers access to 60 stock exchanges worldwide. This is a really wide selection of markets, better than Saxo’s or Degiro’s although not as high as Interactive Broker’s 78 . Swissquote also offers US penny stocks.

You can trade with a decent number of ETFs, though not as many as its main competitors offer.

Swissquote stock and ETF selection

Swissquote Saxo Bank Degiro
Stock markets (#) 60 36 30
ETFs (#) 1,500 3,100 5,400

Forex

Swissquote Forex (UK) provides 78 currency pairs. This is a high number, although not as high as at Saxo Bank.

Swissquote forex selection

Swissquote Saxo Bank Degiro
Currency pairs (#) 78 182

Funds

There is a very wide range of funds availabe at Swissquote, with around 13,000 mutual funds from some 340 fund service providers.

Swissquote mutual fund selection

Swissquote Saxo Bank Degiro
Fund providers (#) 340 17 68

Bonds

Swissquote’s selection of bonds is great too. It is wider than Saxo’s or Degiro’s, but smaller than Interactive Broker’s.

Swissquote bond selection

Swissquote Saxo Bank Degiro
Bonds (#) 55,000 38,000 870

Options

The number of available options markets is OK, but less than what is offered by Saxo or Degiro.

Swissquote options selection

Swissquote Saxo Bank Degiro
Options markets (#) 6 23 13

Futures

Swissquote provides access to a few futures markets.

Swissquote futures selection

Swissquote Saxo Bank Degiro
Futures markets (#) 6 23 15

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% 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.

Swissquote offers CFDs through its UK entity. Besides forex, you can trade CFDs on stock indices, commodities and bonds. Individual stock and ETF CFDs are not available.

Swissquote CFD selection

Swissquote Saxo Bank Degiro
Stock index CFDs (#) 26 29
Stock CFDs (#) 8,800 900
ETF CFDs (#) 675
Commodity CFDs (#) 17 19
Bond CFDs (#) 3 5

Cryptos

Swissquote offers 5 cryptos as CFDs. These are not leveraged CFDs though, you can only trade them without leverage.

In addition to cryptos as CFDs, you can theoretically buy Bitcoin and Ether ETNs on the Swedish Nasdaq. However, we could not find the products’ ISIN number on Swissquote’s platform, even though «Scandinavian markets» are available.

Swissquote crypto selection

Swissquote Saxo Bank Degiro
Cryptos (#) 5 2 4

Themes Trading

Swissquote has an excellent special product, called themes trading. These trading ideas are based on a common theme, which can be quite interesting. A few examples:

  • African Consumer
  • Cannabis
  • China’s Dragons
  • BioTech Revolution
  • Robotics & AI

The underlying portfolio and the past performance of these products are well documented. We really liked this themes trading service.

Robo-advisor

Swissquote provides a robo-advisory service. It’s suitable for you if you don’t want to manage your investments on your own or simply need to gain some confidence in investing.

However, the minimum investment amount starts from CHF 10,000 and fees range between 0.95% and 1.25%. This fee is quite high in comparison with other robo-advisors.

Swissquote review
Research

Swissquote offers a good interactive chart and lots of news from various sources in different languages, although the mix of languages can be confusing. Some research services are only for a fee, which is a huge drawback as the free ones are mostly basic.

Pros Cons
• Good interactive chart • Limited fundamental data
• Trading ideas • News flow in 3 languages at the same time
• Quality news flow • Recommendations are not structured

Swissquote’s free research services are OK, but not the best in class. It also provides some more advanced subscription-based research, but the fees are not competitive. In this review, as with other brokers, we concentrate only on the free services.

Swissquote research is available in English, German and French. Some reports are also available in Italian, Spanish, Czech, Russian, Arabic and Chinese.

Recommendations

There are some reports and news commentaries. These are ad-hoc and you cannot search for a specific asset or market. The recommendations may include a target price and can be based on either fundamental or technical analysis. There are also rankings for stocks, which are a synthesis of analyst recommendations.

Fundamental data

You can access a limited amount of fundamental data for free. You can see historical earnings per share (EPS) and company calendars.

Trading ideas

Swissquote provides trading ideas based on a common theme. This is called Themes Trading and you can either cherry-pick assets from the thematic portfolios or trade them as a structured product.

Charting

Swissquote has a good charting tool. It’s easy to use, complex, but not overcomplicated. You have 18 technical indicators, which is not a lot compared to other brokers. You can save the chart on the charting tool, which is a handy feature.

News feed

It’s worth signing up for Swissquote’s newsletters, as their quality is good, content is useful, and you can choose the topics that interest you.

The news flow is in a mix of languages both on the website and in eTrader. It’s confusing to see German, English, French and Italian news at the same time if you don’t speak all of these languages (thumbs up if you do!). You can set a filter, but it will not be saved, so you need to do it every time. There is no economic calendar, at least we didn’t find one.

Other research tools you will enjoy

There is ‘Pulse’, which is a Facebook wall-like tool for traders. The discussion was mostly in French when we checked.

For professional traders, Swissquote provides an API, called FIX API. This API allows you to be directly connected with Swissquote’s liquidity providers, which can make your trades cheaper and faster.

Swissquote review
Customer service

Swissquote has phone, email and live chat support. When tested, the live chat operator could not answer more complex pricing-related questions.

Pros Cons
• Phone support • No 24/7 support
• Live chat • Live chat answers are not always satisfactory
• Fast response time

You can contact Swissquote customer service via:

Response times were short on the phone (1-2 minutes) and by email (1 day), and average on live chat. The relevancy of the answers was good most of the time, but on live chat it we did not always get satisfactory information.

Customer service is available in multiple languages: Arabic, Chinese, Czech, English, French, German, Italian, Spanish and Russian. Most likely some other major languages are available as well, but not minor ones like Hungarian. It can get a bit confusing whether you are speaking with the Swiss or the UK office, and they cannot provide information on the other entity.

It would be great to have 24/7 availability. They are available from 11 pm Sunday to 11 pm Friday.

Swissquote review
Education

Swissquote provides easy-to understand and professional educational videos, ebooks, webinars and tutorials.

Pros Cons
• Demo account None
• Trading platform tutorial
• Educational videos

There are a lot of good-quality educational tools available, such as:

  • Tutorial videos for the platforms
  • Forex learning center with educational videos, ebooks
  • Webinars and seminars

Swissquote review
Safety

Swissquote is considered safe on multiple levels: it’s regulated by top-tier authorities, listed on the Swiss exchange, discloses its financial statements and has a banking license.

Pros Cons
• Majority of clients belong to a top-tier financial authority None
• Banking background
• Listed on stock exchange

Is Swissquote regulated?

Yes, Swissquote is a Switzerland -based broker established in 1996, serving clients from all over the globe and it’s regulated by top-tier financial authorities.

The main entities (CH, UK) are regulated by:

  • Swiss Financial Market Supervisory Authority (FINMA)
  • Financial Conduct Authority (FCA)

Other Swissquote entities are regulated by:

  • Dubai Financial Services Authority (DFSA)
  • Hong Kong Securities and Futures Commission (SFC)
  • Monetary Authority of Singapore (MAS)

Is Swissquote safe?

To be certain, we highly advise that you check two facts:

  • how you are protected if something goes wrong
  • what the background of the broker is

How you are protected

Since Swissquote operates multiple legal entities, investor protection depends on which one you are a client of.

  • Swissquote Bank Ltd is based in Switzerland and regulated by FINMA, the Swiss financial regulator. If you are a client here, you get CHF 100,000 investor protection per account.
  • Swissquote Ltd is based in the UK and regulated by the FCA, the UK’s financial authority. Clients are covered by £85,000 in investor protection per account.

Swissquote also has other subsidiaries for residents in the Middle East and Asia.

Swissquote investor protection

Country of client Protection amount Regulator Legal entity
120 countries CHF 100,000 Swiss Financial Market Supervisory Authority (FINMA) Swissquote Bank Ltd
150 countries £85,000 Financial Conduct Authority (FCA) Swissquote Ltd
For residents in the Middle East CHF 100,000* Dubai Financial Services Authority (DFSA) Swissquote MEA Ltd
China and the region No protection Hong Kong Securities and Futures Commission (SFC) Swissquote Asia Ltd
Singapore No protection Monetary Authority of Singapore (MAS) Swissquote Pte Ltd

*Middle-Eastern residents’ assets are held in Switzerland. This means that clients at Swissquote MEA Ltd are under FINMA’s protection as well.

Also, in 2020, Swissquote acquired Internaxx. It has no significant impact on the service Internaxx provides, e.g. clients opening an account at Internaxx will use Internaxx’s platforms and fees. However, it has a significant impact on the safety and background of Internaxx as Swissquote has strong financials, listed on a stock exchange, and has banking background, which means additional safety for Internaxx as well.

Swissquote provides negative balance protection for forex spot and CFD trading, but only for retail clients from the European Union. Professional and non-EU clients are not covered with any negative balance protection.

Background

Swissquote (CH) was established in 1996, while Swissquote (UK), the forex division was established in 2008. The longer track record a broker has, the more proof we have that it has successfully survived previous financial crises. In Swissquote’s case this means 23 years, which indicates a solid performance.

Swissquote has a banking license, and as such, it is subject to tougher regulations than brokers.

Swissquote is listed on the stock exchange, which is a big plus for safety as Swissquote releases financial statements regularly and transparently.

Having a banking license, being listed on a stock exchange, providing financial statements, and being regulated by top-tier authorities are all great signs for Swissquote’s safety.

Swissquote Review

For traders who require a multi-asset solution and are willing to pay a premium to have their brokerage account held with a Swiss bank, Swissquote is worth a consideration. Otherwise, Swissquote’s UK-based offering provides a better all-round deal.

Top Takeaways for 2020

After spending five months testing 30 of the best forex brokers for our 4th Annual Review, here are our top findings on Swissquote:

  • Founded in 1996, Swissquote is publicly-traded (SIX: SQN) and regulated in four tier-1 jurisdictions, making it a safe broker (low-risk) for forex and CFDs trading. As a forex broker that also operates two banks, Swissquote takes our top award for best banking services.
  • While Swissquote’s Advanced Trader platform suite is user-friendly, its underlying platform technology needs an upgrade from flash to HTML5. Fortunately, Swissquote offers the full MetaTrader platform suite, which also comes with better pricing.
  • Swissquote offers full support for the underlying trading of crypto-assets like Bitcoin and Ethereum, making it one of our top picks for cryptocurrency trading.

Special Offer:

  • Exclusive market analysis, Trading signals, Fast Execution Try a demo now

Overall Summary

Feature Swissquote
Overall 4 Stars
Trust Score 99
Offering of Investments 4.5 Stars
Commissions & Fees 3.5 Stars
Platform & Tools 4 Stars
Research 4 Stars
Mobile Trading 4 Stars
Customer Service 4 Stars
Education 4 Stars

Is Swissquote Safe?

Swissquote is considered low-risk, with an overall Trust Score of 99 out of 99. Swissquote is a publicly traded company, operates a regulated bank, and is authorised by four tier-1 regulators (high trust), one tier-2 regulator (average trust), and no tier-3 regulators (low trust). Swissquote is authorised by the following tier-1 regulators: Securities Futures Commission (SFC), Monetary Authority of Sinagpore (MAS), Swiss Financial Market Supervisory Authority (FINMA), and the Financial Conduct Authority (FCA). Learn more about Trust Score.

Feature Swissquote
Year Founded 1996
Publicly Traded (Listed) Yes
Bank Yes
Tier-1 Licenses 4
Tier-2 Licenses 1
Tier-3 Licenses 0
Trust Score 99

Offering of Investments

Swissquote was the first bank in the world to add the trading of underlying cryptocurrencies (non-CFDs), including bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Ripple. Swissquote clients can trade ten cryptocurrency pairs from within the Trading account, and with support for withdrawing to external crypto wallets.

It is worth noting that crypto is segmented away in the Trading account offering, along with a vast selection of tradeable markets, yet doesn’t support forex trading. In comparison, the Forex account offering provides a limited range of just 130 tradeable symbols, but supports forex trading. Combining these offerings into one account would be a nice boost for Swissquote’s customer experience.

The following table summarizes the different investment products available to Swissquote clients.

Feature Swissquote
Forex: Spot Trading Yes
Currency Pairs (Total Forex pairs) 78
CFDs – Total Offered 52
Social Trading / Copy-Trading Yes
Cryptocurrency traded as actual Yes
Cryptocurrency traded as CFD No

Commissions & Fees

The commissions and spreads from Swissquote’s UK entity, Swissquote Ltd, differ slightly from its Switzerland entity, Swissquote Bank Ltd. Between the two, UK based accounts provide a better deal with the trade-off being a smaller product offering.

UK entity: At Swissquote’s UK entity, if you are an active trader and deposit at least $10,000, the Elite account is available. It comes with a commission of 5 EUR (2.5 per side) per Round-Turn (RT) trade, in addition to low prevailing spreads. This pricing is comparable to other multi-asset brokers that have active trading offerings.

Account comparison: A Standard, Premium, and Prime (Elite in the UK) account are offered at both Swissquote’s UK and Swiss entity. However, the spreads and required minimum deposits are lower in the UK for the same account compared to the Swiss entity, except for the standard account (Premium in the UK), which is accessible with a $1,000 deposit. The most competitive commission-free account for retail traders at Swissquote appears to be the firm’s UK Premium account, which requires a $5k deposit with spreads as low as 0.6 pips.

Execution method: It’s worth noting that Swissquote’s UK entity executes trades on an agency basis (matched-principal). In contrast, the Swiss entity uses a hybrid of both dealing-desk and agency execution when it comes to its forex/CFD offering. No matter how you slice the data, regardless if you are a high deposit active trader or casual mini account trader, Swissquote’s Swiss entity is more expensive. That said, the one drawback to the UK account offering is a more limited offering of tradeable instruments.

Feature Swissquote
Minimum Initial Deposit $1000.00
Average Spread EUR/USD – Standard N/A
All-in Cost EUR/USD – Active N/A
Active Trader or VIP Discounts Yes

Platforms & Tools

Despite touting its proprietary platform suite, Advanced Trader (desktop and web versions), the Swissquote trading experience fails to impress and compete with industry leaders such as IG and CMC Markets. Thankfully, the full MetaTrader suite (MT4 desktop, MT4 web, and MT5) is available as an alternative.

Advanced Trader web: The web-based version of Advanced Trader requires flash, making it unsupported in most major browsers and is in desperate need of an upgrade to HTML 5. During our tests, even after enabling flash, certain features such as charts would not load, even after price data was updating.

Advanced Trader desktop: Looking at the desktop version of Advanced Trader, charts are cleanly designed and come with 49 indicators (17 overlays and 32 studies) alongside 16 drawing tools and integrated chart patterns. While the platform is Java-based, I found certain platform features were not very responsive and didn’t load quickly. Resizing various modules was not as smooth as I would have liked, leaving room for improvement in the user experience in the Advanced Trader platform.

Research

While Swissquote provides a mostly industry standard offering (streaming news headlines, economic calendar, blog commentary), the broker goes above and beyond in quality, helping to differentiate itself from competitors.

Tailored products and content: Swissquote’s quantitative research team helps structure some of its products, such as the exchange-traded certificate for crypto. The group provides analysis and market commentary and publishes a bi-monthly magazine which I found to be of high-quality.

Third-party tools: Swissquote provides traders access to Trading Central, and AutoChartist, which are both popular providers of automated chart pattern analysis and trading signals.

Mobile Trading

Swissquote’s Advanced Trader mobile app is easy to use and cleanly designed. However it lacks in features and overall just meets the industry standard. For traders who prefer not to use Swissquote’s mobile app, MetaTrader is available.

Research: In the Advanced Trader mobile app, research is limited to headlines streaming from the Dow Jones Newswire.

Charts: Shifting to the charting module in the Advanced Trader app, while there are six chart types and various time frames to choose, the charts do not auto-rotate when the phone is in landscape mode, which is disappointing. Also, there are no indicators or drawing tools, and no ability to zoom into chart data (only scroll), which limits the usability of the charts.

Educational content: I was glad to see that instructional videos are available in the Advanced Trader app. Adding market analysis videos would be even better as research is otherwise light in the app as noted above.

Customer Service

To score Customer Service, ForexBrokers.com partnered with customer experience research group Customerwise to conduct phone tests from locations throughout the UK. For our 2020 Review, 330 customer service tests were conducted over six weeks.

Results

  • Average Connection Time: th (22 brokers)

Final Thoughts

All in all, while Swissquote is a trusted, global brand, its Swiss-based forex and CFDs offering is a mixed bag. The best all-around forex trader experience comes through the firm’s UK entity, using the MetaTrader platform.

About Swissquote

Founded in 1996, Swissquote (SIX: SQN) became publicly-listed in 2000 on the SIX Swiss stock exchange and has since grown to be an established banking group with nearly 340,000 client accounts across its subsidiaries that are regulated in Europe and Asia.

With its headquarters in Switzerland, Swissquote Bank offers traders access to over two and a half million products, including shares, ETFs, funds, bonds, warrants, futures, forex, options, and other securities. In addition, Swissquote offers comprehensive wealth management and advisory services. Read more on Wikipedia about Swissquote.

Swissquote Trading Features

Feature Swissquote
Virtual Trading (Demo) Yes
Proprietary Platform Yes
Desktop Platform (Windows) Yes
Web Platform Yes
Social Trading / Copy-Trading Yes
MetaTrader 4 (MT4) Yes
MetaTrader 5 (MT5) Yes
cTrader No
Charting – Indicators / Studies (Total) 51
Charting – Drawing Tools (Total) 31
Charting – Trade From Chart Yes
Watchlists – Total Fields 7
Order Type – Trailing Stop Yes

Swissquote Research Features

Feature Swissquote
Daily Market Commentary Yes
Forex News (Top-Tier Sources) Yes
Weekly Webinars Yes
AutoChartist Yes
Trading Central (Recognia) Yes
Delkos Research No
Social Sentiment – Currency Pairs No
Economic Calendar Yes

Swissquote Mobile App Features

Feature Swissquote
Android App Yes
Apple iOS App Yes
Trading – Forex Yes
Trading – CFDs Yes
Alerts – Basic Fields Yes
Watch List Yes
Watch List Syncing No
Charting – Indicators / Studies 30
Charting – Draw Trend Lines Yes
Charting – Trend Lines Moveable No
Charting – Multiple Time Frames Yes
Charting – Drawings Autosave No
Forex Calendar No

2020 Review Methodology

For our 2020 Forex Broker Review we assessed, rated, and ranked 30 international forex brokers over a five month time period. Each broker was graded on 105 different variables and, in total, over 50,000 words of research were produced.

While encouraged, broker participation was optional. Each broker had the opportunity to complete an in-depth data profile and provide executive time (live in person or over the web) for an annual update meeting.

All data submitted by brokers is hand-checked for accuracy. Ultimately, our rigorous data validation process yields an error rate of less than 1% each year, providing site visitors quality data they can trust. Learn more about how we test.

Forex Risk Disclaimer

«There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses.» Learn more.

Swissquote Review

Swissquote Ltd is the London-based subsidiary of Swissquote Bank

Investopedia is committed to rigorous editorial standards to provide our readers with the best advice and recommendations. We may receive compensation when you click on links to products we reviewed. Learn more about our methodology and review process.

  • Account Minimum: $1,000
  • Fees: Minimum spreads of 1.7 pips for EUR/USD
  • Best for: Competitive fees plus customer support

Swissquote Group Holding has been in business since 1996 and as of 2020 has over 25 billion Swiss Francs in client assets under management. Swissquote Ltd is the London-based subsidiary of Swissquote Bank and is regulated by the UK Financial Conduct Authority. Being UK based brings Swissquote’s superior liquidity and execution on forex, commodities, indices and bonds to traders based in the European Union.

Three trading platforms available

Advanced desktop and mobile app are easy to set up

Daily reports available in multiple languages

Mobile charts have no technical indicators

Desktop watchlists have limited customization

Research limited to three products

Trust

Swissquote Ltd is regulated in the UK by the FCA (Financial Conduct Authority) and does not seem to have any outstanding complaints. Traders can also take comfort from the fact that the broker participates in the Financial Services Compensation Scheme (FSCS) which means clients may be entitled to pay out if Swissquote is insolvent, up to a limit of £50,000.

Swissquote works to ensure client data is protected and has an encrypted site but does not seem to offer any two-factor authentication at the current time.

Swissquote’s pricing structure is easily found on products available to trade and the spreads charged. The broker also provides examples of how trading costs work, as well as an explanation of the costs of keeping a trade open overnight. The one disadvantage, however, is the complexity of the costs in general. A trader would likely need to learn from experience to be able to fully understand all the trading and operational costs involved in running a position.

Desktop Experience

Swissquote offers three different ways to access its trading platform in a desktop environment. The one beginning traders are likely to use most is called Advanced Trader, which is easy to download and install from the website. The other desktop software options are MetaTrader 4 and 5 (MT4 and MT5). This software is designed for more advanced traders and has more technically advanced features such as trading strategies, back-testing and many technical indicators.

One advantage to Advanced Trader is its simplicity of design. The platform has a standard view with some of the most popular products located in the upper left of the screen. Different colors allow the trader to easily distinguish between prices for buying and selling. A watchlist is available on the right-hand side, but its customization is limited to a pre-set configuration of cross-currency pairs. Finally, clients can keep track of their running orders in the window at the bottom that gives details about profit and loss.

Advanced Trader also allows traders to set conditional orders, such as limit orders, and manage risks with stop-loss orders. It is also possible to open a 30-day demo account with a balance of USD $100,000 to get a feel for how the trading environment looks, feels and operates using real time market data and prices.

Special Features

Swissquote has few special features provided by other brokers such as automated trading or social trading. One feature they do offer, however, is AutoChartist, which is an early algorithmic identification of chart patterns using Fibonacci Patterns and Horizontal Levels. The feature also allows for advanced risk management by instantly calculating a client’s real capital exposure and sets risk-adjusted position sizes. The feature also allows some limited back testing to see how ideas would have performed using real market data.

Swissquote gives traders the ability to place stop-loss orders. Unlike other brokers, however, these do not seem to be guaranteed. A guaranteed stop-loss usually requires a small fee, but the client is guaranteed to get the price indicated. A non-guaranteed stop loss order means that the broker will make a best effort to get as close to the indicated price as possible in the market, but if there are gaps or slippage, the client bears this cost.

In June, the European Securities and Markets Authority (ESMA) announced its decision to implement a range of measures intended to harmonize EU-wide regulation. One of the main features of the new regulation is negative balance protection that limits client losses. Negative balance protection means that a retail client can never lose more than the total sum invested for trading Contract for Differences (CFDs). There can be no residual loss or obligation to provide additional funds beyond those in the retail client’s trading account. Since this is a policy implemented by the regulator, however, there is no specific advantage to Swissquote clients compared to using other brokers. They are all subject to the same rule.

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