Swissquote is one of the well-known Forex brokers in the world. The firm is owned by Swissquote Group. It is known for providing Forex, commodities, index, and CFD trading services to traders located within the European Union. The firm is licensed and regulated by Financial Conduct Authority (FCA) of the U.K. Being licensed by FCA makes it one of the best reliable FX firms in the world. The firm enables traders to use MT4 and MT5 platforms to trade. However, it seems like there aren’t many special advantages that the firm can give its clients. It is worth noting that Swissquote is the Global Partner of Manchester United Football Club. In our Swissquote review, we are going to look into the features that make this firm stand out.
Accounts and basic features
There are three different types of accounts, namely; Standard, Prime, and Premium. All the accounts allow traders to trade in CFDs, Gold, and Silver. Traders can also use MT4 or MT5 platforms. When it comes to leverage for Forex, traders enjoy 1:100. All types of accounts here allow scalping and expert advisers are also allowed. With the rise of popularity of cryptocurrency, traders can now look forward to enjoying Swissquote Bitcoin trading. The minimum initial deposit for the Standard account is $1,000. This makes it one of the most hard-to-reach firms for retail traders. The maximum allowed size of this account is $25,000. The Premium account requires a minimum deposit of $25,000 while that of the Prime account is $100,000.
The products offered and the fees
In our Swissquote bank review, we will see that there is no asset, currency pair or even a CFD that a trader cannot trade in. It is good to note, though, that Swissquote spreads for commodity CFDs, most currency pairs, and indexes are below average. You will also notice that there are no single stock CFDs. Overall, Swissquote is not the best of the best because it doesn’t offer a wide variety of tradable assets plus the below-average spreads means the profits a trader makes are reduced.
As for the fees charged by the firm, they are also above average. Transferring and withdrawing of funds is expensive than it is with most FX brokers out there. In addition to this, if an account remains dormant for a year, a fee is charged. However, traders who manage to maintain minimum volume requirement can enjoy getting lower trading costs.
Other unique features
As noted above, Swissquote doesn’t have extraordinary features but the functionality of MT4 and MT5 makes it a good platform for traders. Swissquote scam complaints are hard to find as the firm has invested in a good and competent support team. The support team can be reached between 8:00 am and 6:00 pm UK time from Monday to Friday. In addition to this, the broker affords its clients Daily Expert Reports, Autochartist, Mobile Trading and Expert Advisers. Whether you are using a desktop or a mobile device, you are guaranteed to enjoy trading at Swissquote.