Swissquote Review 2023

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Swissquote is an online trading company that offers its UK investors the opportunity to trade on a variety of forex pairs and CFDs, such as stocks, indices, commodities and bonds. The broker offers a competitive range of trading platforms that includes the well-renowned MetaTrader 4 and 5 apps, alongside its in-house Advanced Trader platform.

This 2023 review will cover everything a UK trader should know about Swissquote, including its regulation status, supported markets, spreads, leverage and customer service reputation.

Swissquote is an advanced CFD and forex broker that offers low-cost trading and equity investing in more than 400 assets. While it is great for beginners to see the firm regulated by the FCA, the minimum deposit of £1,000 may put some less serious traders off.

Company History & Overview

Swissquote’s business forerunner, Marvel Communications SA, was set up in 1990 by Marc Burki and Paolo Buzzi as an online-focused financial software company. Marvel Communications SA eventually transformed into Swissquote in 1996, which gave users of the platform access to all the securities on the Swiss Stock Exchange at no cost.

The broker’s shares were first floated on the SIX Swiss Exchange in 2000. The site is now visited by over 2 million users each month, making it the largest Switzerland-based financial portal. With an ethos of “democratising banking”, the site holds, in its own words, “transparency, integrity, and unbiased information” as its core values.

Markets & Instruments

Swissquote clients gain access to over 400 different forex and CFD instruments, each of which can be accessed from a single trading platform of their choosing. This is not as large a range as some major competitors, though it still gives traders plenty of opportunity to explore different markets, currencies and diversification strategies.

• Forex: 72 major, minor and exotic pairs
• Commodities: 5 agricultural, 7 energy and 14 metal/forex pairs
• Indices: 26 index CFDs, from the FTSE 100 to global ESG rankings
• Stocks: 337 equities from the UK, Europe and the US
• Bonds: 3 bonds

On the downside, cryptocurrency is not available.

Platforms

Swissquote offers a strong range of trading platforms, with its members having the option of using the well-regarded MetaTrader 4 and 5 platforms, as well as the site’s own award-winning Advanced Trader platform.

Advanced Trader

Advanced Trader is accessible via a desktop program, web browser and mobile app, which can be downloaded from both the Apple App and Google Play stores.

The simple interface of Swissquote’s in-house platform offers users an accessible investing experience while maintaining technical functionality for more experienced traders to complete sophisticated multiple-order-type’ strategies. Key features include:

• 15 timeframes
• Chart overlays
• Built-in journal
• Nine order types
• One-click trading
• Automatic pattern detection
• Over 50 smart charting tools
• Synchronised multi-chart layout
• Widely customisable user interface
• Over 80 technical indicators for in-depth market analysis

MetaTrader 4

One of the most widely used platforms, the streamlined and fairly intuitive MetaTrader 4 (MT4) will likely be known to any trader with prior online investing experience. Much like Advanced Trader, MT4 is available on desktop, online and via a mobile app, which can be downloaded for free on iOS and Android.

Whilst it is primarily known for its use in forex trading, most CFDs can be traded on MT4, though stocks and synthetic CFDs are excluded. Key features include:

• Market news
• Six order types
• Nine timeframes
• Algorithmic trading
• 24 analytical objects
• Hedging capabilities
• Multi-account manager
• Over 30 technical indicators
• MQL4 indicator marketplace

MetaTrader 5

The most recent platform produced by MetaQuotes, the designers of MT4, MT5 boasts a much larger range of advanced analytical trading tools and indicators. However, some prefer the simpler, more accessible interface of MT4. Key features include:

• Copy trading
• 21 timeframes
• Nine order types
• One-click trading
• Algorithmic trading
• Strategy backtesting
• Multi-account manager
• Hedging & netting support
• MQL5 indicator marketplace
• Integrated economic calendar
• 80+ advanced technical indicators

Pricing & Charges

Swissquote charges a combination of spreads and commissions for users to speculate on its investment products. Premium and Prime account holders benefit from no commissions on forex, index, bond and commodity instruments, with spreads from 1.3 pips for Premium accounts and 0.6 pips for Prime accounts. Elite accounts, on the other hand, combine raw spreads (from 0.0 pips) with commission charges of £2.50 per lot per side.

Those looking to invest in stocks and equities will incur commission fees on all positions, with rates depending on their account type. Premium account holders are charged 0.15% of each position, for a minimum of £10 per position. Prime accounts incur 0.12% for a minimum of £12 and Elite accounts must pay 0.09% for a minimum of £9.

Overall, our experts found that Swissquote is competitive in terms of trading fees.

Mobile Apps

When we used the broker, we discovered that all the analysis and trading platforms offered by Swissquote can be accessed by a corresponding mobile app for investing and account management on the go. These can be useful to keep updated on open positions while not being able to access a desktop or laptop computer, enabling users to manage their accounts, just on a smaller screen with a more streamlined user interface.

However, MetaTrader mobile apps have less functionality than their desktop versions, so should not be relied upon for advanced technical analysis over the web or desktop platforms.

Payment Methods

UK clients have two deposit and withdrawal options. Supported payment methods are wire transfers and credit/debit card deposits. Both Visa and Mastercard payment cards are accepted with no transaction fees and the same goes for wire transfers. However, some banks may charge third-party transaction fees, so be careful.

The minimum initial deposit is £1,000, which is high for a broker that supports retail traders. Once an account has been opened and initially funded, there is no minimum deposit limit.

Account Types

Our experts found three account types available to UK users of Swissquote: Premium, Prime and Elite. The key differences between these accounts are given below:

How To Sign Up For A Live Account

1. Visit the Swissquote website using the Visit button in this review and click Open Your Account
2. Enter your personal details (name, address, email & phone number)
3. Enter additional client information (occupation, reason for application & tax residency details)
4. Enter financial information (base currency used, initial deposit, and declaration of the requisite knowledge and/or experience in trading
5. Pick the trading platform you would like to use (Advanced Trader, MT4 or MT5)
6. Review and submit your application
7. Verify your identity and address details
8. Deposit funds and get investing

Demo Account

Swissquote, like many other trading sites, offers prospective users a chance to try out its services without any initial deposit in the form of a demo account. This account type simulates the Swissquote experience, using virtual funds to provide a training scenario in which you can learn the ropes, develop strategies and trial new markets over 30 days.

Once the account has expired, you can apply for another, which is a bit of a pain.

How To Open A Demo Account

1. Visit the Swissquote website
2. Click the Try a Demo button on the header
3. Fill out the form with personal details or sign in with either Facebook or Google
4. Select the trading platform upon which you would like to practice

UK Regulation

Swissquote has been registered in the UK by the FCA since 2012 under the firm reference number 562170. Its company number is 07710095, and it is registered under the office address Boston House, 63-64 New Broad Street, London, EC2M 1JJ, UK.

Regulation by the FCA is a good sign that a business is trustworthy and legitimate, as it is a well-regarded financial authority that imposes rigid compliance protocols on the companies registered under it. It guarantees negative balance protection for all retail clients, limits leverage rates and ensures no predatory bonus promotions are offered. Moreover, UK residents receive the added protection of FCS compensation of up to £85k in case of business failure.

Leverage Rates

Due to its regulation by the FCA, Swissquote is only able to offer leverage rates of up to 1:30, so capped to protect unknowing investors from being encouraged to make overly risky trades. This is significantly less than competitors not regulated by the FCA or within the EU. For example, IC Markets offers leverage of up to 1:500 and FXTM boasts rates of up to 1:200.

The leverage limits on Swissquotes are 1:30 for forex CFDs and up to 1:20 for others, depending on the underlying asset.

Extra Tools & Features

While using Swissquote, our experts found it to offer a range of educational content for investors looking to learn new skills for trading on the stock market. These include online courses, such as the Master Forex course, eBooks and many PDFs on subjects from managing risk and reading charts, all available to be downloaded at no cost.

Clients can also join webinars on topics like a discussion on the national debt of western economies.

Trading Hours

The trading hours for Swissquote vary across its hundreds of instruments, so cannot be fully listed here. However, the earliest opening for the forex markets is 00:00 GMT, and the latest close is 22:58 GMT. For commodities, this is 00:02 GMT and 22:58 GMT and, for stock indices, this is 08:02 GMT and 22:55 GMT.

Customer Service

To contact customer support, Swissquote clients can call a helpline or use the live chat feature available on the broker’s website. With over 23 years of experience in the industry, the firm holds itself to a high standard of customer service, with 24/5 multilingual phone lines winning awards for customer satisfaction.

• Phone Number: +44 20 7186 2600

Client Security

Client security is important and the broker has taken several steps to make logging into its accounts as secure as possible. This is done via two-factor authentication (2FA) upon login, meaning that clients need a Level 3 Code, which can be sent either in the post or by text.

Swissquote also offers an extensive list of security tips to its clients, making sure they are as clued up as they can be on matters of digital security.

Should You Trade With Swissquote?

With its long history in banking, Swissquote is a solid candidate for any UK-based investor looking for a legit CFD and equity broker. The firm’s services are well organised and spreads are highly competitive, with Elite accounts accessing raw values. All offered trading platforms are well-regarded and provide accessibility, customisability and advanced functionality, suitable for investors of all experience levels.

While the minimum deposit is relatively high and its selection of instruments somewhat limited (no crypto), there are many advantages that prop up Swissquote as a good broker.

FAQ

Compare Swissquote with Other Brokers

These brokers are the most similar to Swissquote:

1. FP Markets - FP Markets is an ASIC- and CySEC-regulated broker that offers forex and CFD trading on a broad range of assets through the MT4, MT5 and IRESS platforms. With trading available through standard and raw spread accounts on thousands of international stocks, forex, indices, commodities, cryptocurrencies, bonds and ETFs, this broker has some of the most comprehensive market coverage available. FP Markets also offers a full range of additional features, including educational resources and access to powerful software such as Autochartist.
2. IG Index - IG is an award-winning broker that has an excellent reputation globally. The brand offers spread betting, CFD and forex trading across a comprehensive suite of markets. IG is also multi-regulated, provides a great trading app and has 50 years experience.
3. Pepperstone - Pepperstone is a leading online broker with over 400,000 clients in more than 175 countries. The top-rated brokerage offers excellent market access, industry-leading platforms in MT4, MT5, TradingView and cTrader, plus low fees with no hidden charges. Pepperstone is also heavily regulated with a high trust score, holding licenses with reputable bodies, including the FCA, ASIC, DFSA, and CySEC.

Swissquote Feature Comparison

Swissquote Compared With Similar Brokers

	Swissquote	FP Markets	IG Index	Pepperstone
Rating	4	4	4.4	4.8
Markets	Forex, Stocks, Commodities	Forex, Stocks, Commodities, Crypto	Forex, Stocks, Commodities	Forex, Stocks, Commodities, Crypto
Minimum Deposit	$1000	$100	$0	$0
Minimum Trade	0.01 Lots	0.01 Lots	0.01 Lots	0.01 Lots
Demo Account	Yes	Yes	Yes	Yes
Regulators	FCA, FINMA, DFSA, SFC	ASIC, CySEC, ESMA	FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA	FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB
Bonus	-	-	-	-
Education	No	Yes	Yes	Yes
Platforms	MT4, MT5	MT4, MT5, cTrader	MT4	MT4, MT5, cTrader
Leverage	1:30	1:30 (UK), 1:500 (Global)	1:30 (Retail), 1:222 (Pro)	1:30 (Retail), 1:500 (Pro)
Visit
Review	Swissquote Review	FP Markets Review	IG Index Review	Pepperstone Review

Trading Instruments Comparison

Comparison of Swissquote Trading Instruments

	Swissquote	FP Markets	IG Index	Pepperstone
CFD	Yes	Yes	Yes	Yes
Forex	Yes	Yes	Yes	Yes
Stocks	Yes	Yes	Yes	Yes
Crypto	No	Yes	No	Yes
Commodities	Yes	Yes	Yes	Yes
Oil	Yes	Yes	Yes	Yes
Gold	Yes	Yes	Yes	Yes
Copper	No	Yes	Yes	Yes
Silver	Yes	Yes	Yes	Yes
Corn	No	Yes	No	Yes
Futures	Yes	Yes	Yes	No
Options	Yes	No	Yes	No
ETFs	Yes	Yes	Yes	Yes
Bonds	Yes	Yes	Yes	No
Warrants	No	No	Yes	No
Spreadbetting	No	No	Yes	Yes
Volatility Index	No	Yes	Yes	Yes

Swissquote vs Other Brokers

Compare Swissquote with any other broker by selecting the other broker below.