Author: Jessica Green
Financial Analyst
Jessica Green

Swissquote Review

Summary

There are some excellent reasons to choose Swissquote as your broker of choice. Not only do they offer all of the benefits you would expect from a Forex broker, but they also provide a high level of comfort and security that your money is in safe hands with £50,000 deposit protection and negative balance protection. They are licensed and regulated, backed by a company with a long history of trading. We have no trouble in recommending this broker.

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Risk Warning / Ad Disclosure

Risk Warning: The products offered by the companies listed on this website carry a high level of risk and can result in the loss of all your funds. You should never risk money that you cannot afford to lose.

Ad Disclosure: Some of the links that you will find on this website are advertisements for which we do receive financial gain from referring new customers.

Our Expert Rating
Accounts
9.4
Trades
9.8
Bonuses
9.6
Mobile
9.4
Banking
9.6
Features
9.4
Support
9.8

Introduction

Introduction

Operating and regulated in the UK by the Financial Conduct Authority (FCA), Swissquote Ltd is subsidiary of Swissquote Bank, a long-standing Forex broker that was established in Switzerland in 1996. The UK entity was established in 2013 to offer online Forex services across the EU and make it more accessible to all.

Offering more than 70 currency pairs from majors to emerging or exotic pairs across 15 main currencies, Forex trading is available on the popular MetaTrader 4 and MetaTrader 5 platforms. Accessible on both the desktop version and through the download of an app, the site is easy to navigate offering an intuitive experience to all.

Choosing a broker can be a time-consuming process as you weight up the pros and cons of each and discover who offers the best experience for you as a trader. We offer a fully comprehensive review so that you can see what Swissquote Ltd has to offer and if they are indeed the right choice for you.

In this review, you will learn:

  • The leverage and spreads offered by the broker
  • How easy it is to open a Forex trading account
  • What makes this broker a good choice for you
Swissquote Screenshot Swissquote Screenshot Swissquote Screenshot
Risk Warning / Ad Disclosure

Risk Warning: The products offered by the companies listed on this website carry a high level of risk and can result in the loss of all your funds. You should never risk money that you cannot afford to lose.

Ad Disclosure: Some of the links that you will find on this website are advertisements for which we do receive financial gain from referring new customers.

Account Types

9.4
Account Types

There are 3 different levels of trading account available, the main difference between the three being the deposits required to open them and the spreads available. Other than that, the benefits remain consistent across all options. There is a demo version for those that want to test the platform first before risking their own funds.

Premium Account

To open a Premium account requires a deposit of 1,000EUR. Spreads start from 1.3 pips and you pay zero commission as the cost is covered by the spreads. There is a maximum leverage of 1.30 for Forex trading and you can use Expert Advisors as long as you can download and manage it. Deposits are protected up to the value of £50,000 with a negative balance protection.

Prime Account

For a larger deposit of 5,000EUR, a Prime account offers much lower spreads starting at 0.8 pips and with zero commission. Other than that, the benefits are much the same as they are with the Premium with the same deposit and negative balance protection.

Elite Account

10,000EUR gets you an Elite account with spreads that start from an impressive 0 pips however there is a commission of 2.5EUR per side, per lot traded. Maintenance Margins of 100% and automatic Stop-Out Level of 50% are offered but this is no different to the Premium and Prime accounts.

Demo Account

For those who wish to try the platform before making a decision as to whether to make a deposit, the demo account is easy to open and free to all. Choose whether to use it on desktop or mobile and then start trading with virtual funds. This gives you the opportunity to practise trading and trying out various techniques and strategies before committing your own funds to your trades.

Supported Languages
English

Trade Features And Payouts

9.8
Trade Features And Payouts

One of the key factors to consider when choosing a broker are the trade features and payouts offered. Often these make the difference in your trading experience and the success of your trades. These features include the leverage, spreads and other trading tools and indeed the platforms available. The main things to consider can vary between brokers however many of them have lots of similarities.

Leverage

Leverage is competitive and pretty much standard at 1:30. This is consistent with many other Forex brokers and does not differ across the various offerings. For those who wish to increase their exposure it means that you can increase your trade value from £1,000 to £30,000 however, it is a lot of risk if the trade isn't successful and should be used carefully, especially if you are new to trading.

You must have a sufficient minimum balance in order to use leverage.

Spreads

The spreads on offer vary depending on your type of account that you have. With an Elite account, spreads start from 0 pips however you will pay a commission. With the lower level Premium and Prime the spreads start from 0.8 pips and 1.3 pips respectively but zero commissions are charged. Overall the spreads are very competitive and found to be lower than average in comparison to other brokers.

Stop Loss

Swissquote offers an automatic close when the margin level reaches the Stop-Out level. This occurs when the margin level falls below 30%. Of course, you can also set your own Buy Stop or Sell Stop orders to ensure that when your trades start to head in the wrong direction that you can prevent your losses by exiting the trade.

Platform Types

Trading is available on the most popular trading platform, MetaTrader 4 and the later version, MetaTrader 5 on both the desktop and mobile versions of the site. In addition to this you can add on complimentary plug-ins which can further enhance your experience. This includes Autochartist which is a powerful tool that scans the market and sends alerts.

There are a number of good reasons to choose Swissquote as your broker of choice.

Bonuses And Promotions

9.6
Bonuses And Promotions

As is common with many Forex brokers now, there are no welcome deposit bonuses for signing up to Swissquote. There is however a refer a friend scheme which will reward both you and your friend with CHF100 once the conditions of the referral have been met.

They are required to make a deposit before you receive your bonus.

Mobile Trading

9.4
Mobile Trading

Apps for the MetaTrader 4 and MetaTrader 5 platforms are available on both iOS and Android and are easy enough to use. The demo platform and the live site can both be accessed by using the app and the mobile version of the site and, while the screen on smaller phones can make the order entry a little tricky, it is sufficient for those who want to trade on the move.

There is limited functionality available and the customer analysis reports can't be accessed on mobile.

Expert Reviews

Deposits And Withdrawals

9.6
Deposits And Withdrawals

Depositing funds via bank transfer is free however you will pay a transaction fee of between 1.7 and 2% for credit card transactions, depending on which country you are based in. It can take 2-3 working days for your funds to be available via wire transfer however credit card deposits are instant.

Withdrawals are made only to those accounts in the same name of the Forex account holder. It should be noted that you cannot withdraw funds to a credit or debit card or e-wallet – they can only be made via bank transfer.

Special Features

9.4
Special Features

There are a lot of educational tools on offer to help you improve and enhance your Forex trading. These are provided in the form of webinars, seminars and there is also a learning centre that you can visit. They offer a high level of security with negative balance protection and protection of deposits up to the value of £50,000.

The stand out feature of the broker has to be Autochartist – the plug-in which enhances your trading by scanning the markets with its powerful search engine and providing you with a range of analytical data to improve your success.

Customer Support

9.8
Customer Support

Customer support is not 24/7 and sometimes it is not always accessible in all global market trading hours. It is available via live chat, telephone and email and in many different languages including English, German and French.

The support is quick and provides the answers to most relevant queries however live chat doesn't appear to answer the more technical questions. Many answers can be found in the comprehensive information provided by the website.

Here are the contact details for Swissquote:

  • Email - info@swissquote.co.uk
  • Phone - +44 20 7186 2600
  • Address - Swissquote, Boston House, 63-64 New Broad Street, London, EC2M 1JJ

Conclusion

9.6
Conclusion

There are a number of good reasons to choose Swissquote as your broker of choice. Not only do they offer all of the benefits you would expect from a Forex broker, they also offer a high level of comfort and security that your money is in safe hands with £50,000 deposit protection and negative balance protection.

Their site is easy to navigate and all of the information you need is easy to find, which in itself is a huge plus. They are licensed and regulated, backed by a company with a long history of trading and offer some great charting and analytical tools to improve your time trading.

It is easy to open an account and there are a great many pairs to choose from across 15 different currencies. We have no trouble in recommending this broker.

Risk Warning / Ad Disclosure

Risk Warning: The products offered by the companies listed on this website carry a high level of risk and can result in the loss of all your funds. You should never risk money that you cannot afford to lose.

Ad Disclosure: Some of the links that you will find on this website are advertisements for which we do receive financial gain from referring new customers.

Frequently Asked Questions

FAQ

Is Swissquote legit, will they scam me?

As a subsidiary of Swissquote Bank which was established in 1996, Swissquote is regulated by the FCA in the UK and offers balance protection of up to £50,000.

Do they have a decent mobile or tablet app?

Trading on either the MT4 or MT5 platforms is available on both desktop and as an app that can be downloaded on both mobile and tablet on iOS and Android.

What bonus do they offer for new traders?

There is no welcome bonus offered to new traders however there is a refer a friend bonus which is paid on receipt of the deposit from a friend.

Can I start trading on a free demo account?

Yes, the demo account can be used on either the desktop or by downloading the mobile app or even on the mobile version of the site.

What's the min. deposit and ideal trade amount?

The deposit required depends on the level of account opened and ranges from 1,000EUR to 10,000EUR. The ideal trade amount largely depends on the currency pairs you choose to trade.

Meet The Author
Jessica Green
Jessica Green
Financial Analyst

Jessica has written for us for 5 years and offers a unique perspective due to her having worked in the financial industry internationally. In fact, Jessica has worked in a staggering 8 countries including Germany, China and the USA. Learn more.

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