Founded in 1996, Swissquote (SWX:SQN) became publicly listed in 2000 on the SIX Swiss stock exchange and has since grown to be a leading brokerage with subsidiaries regulated in Malta, the United Kingdom, United Arab Emirates, and Hong Kong. Swissquote also holds a Swiss banking license from FINMA in Switzerland.
In addition to its multi-asset brokerage offering, Swissquote offers a wealth of advisory services to investors and had over CHF 21 billion in custody at the end of June 30th 2017 (per its latest half-year report). Swissquote also maintains over 300,000 client accounts across its subsidiaries that are regulated in Europe and Asia.
In 2017, Swissquote became the first bank in the world to add trading of underlying cryptocurrencies(non-CFD), starting with Bitcoin and in December 2017 expanding to also offer Bitcoin Cash, Ethereum, Litecoin, and Ripple.
With its headquarters in Switzerland, Swissquote Bank offers traders access to over two million products, including bonds, warrants, ETFs, funds, shares, derivatives, futures, options and other securities including forex, across its eForex, SwissquoteFOX, FXBook, Advanced Trader, MetaTrader4 and MetaTrader5 platforms.
Trust Score
Trading with a forex broker traders can trust is crucial to success. Unfortunately, forex fraud and scams are common in the industry.
Here at ForexBrokers.com, we maintain the largest independent regulatory database available on the web. Using 28 different variables, we have created a proprietary 1-100 score (the higher the better) of overall trustworthiness, which we call the Trust Score. Here is our trust summary of Swissquote.
| Swissquote | |
|---|---|
| Trust Score | 91 |
| Year Founded | 1996 |
| Publicly-Traded Company (Listed) | Yes |
| Regulated in Major Hub | Yes |
| Regulated in Emerging Hub | Yes |
| Authorised in the European Union | Yes |
| CFTC Registered (USA) | No |
| FCA Regulated (UK) | Yes |
| IIROC Authorised (Canada) | No |
| FINMA Authorised (Switzerland) | Yes |
| ASIC Authorised (Australia) | No |
| SFC Authorised (Hong Kong) | Yes |
| MAS Authorised (Singapore) | No |
| FSA Authorised (Japan) | No |
| FMA Authorised (New Zealand) | No |
| CySEC Authorised (Cyprus) | No |
Offering of Investments
The following table summarizes the different investment products available to Swissquote clients.
| Swissquote | |
|---|---|
| Minimum Initial Deposit | €500.00 |
| Currency Pairs (Total Forex pairs) | 78 |
| CFDs - Total Offered | 50 |
| Exchange Traded Securities: US | Yes |
| Exchange Traded Securities: International | 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 significantly from its Switzerland entity, Swissquote Bank Ltd. A commission-free offering is provided in the UK, while multi-pip spreads in non-commission accounts are offered in Switzerland.
At Swissquote’s UK entity, active traders who surpass 1,000 lots (10 million units) in volume pay a a round-turn commission of 0.65 pips in addition to raw spreads from 0.0-0.3 pips on the EUR/USD, bringing the all-in cost to 0.95 pips. This pricing is comparable to other multi-asset brokers that have active trading offerings.
Unless you’re an active trader, even if you have more than $25k on deposit, forex spreads in the premium account are still high at Swissquote’s Swiss entity, compared to firms such as IG, CMC Markets and Saxo Bank. In addition, spreads are even higher for mini and standard account holders making Swissquote Bank a more expensive choice for beginners or those on a tighter trading budget. Meanwhile, Swissquote’s UK entity has more competitive pricing but a limited offering of investments in terms of markets you can trade.
Meanwhile, Swissquote’s UK entity has more competitive pricing, however, it provides a limited offering of investments.
| Swissquote | |
|---|---|
| Average Spread EUR/USD - Standard | N/A |
| All-in Cost EUR/USD - Active | N/A |
| Active Trader or Premium/VIP | Yes |
Customer Service
For our 2018 Forex Review, 129 customer service phone tests were conducted over three months. The data collected is institutional grade. On average, three questions were asked for each test. To score each test, the tests were divided into three separate groups and scores were given for the time taken to connect with each support representative and the ability of each representative to professionally (and thoroughly) answer each question. A Net Promoter Score was also given for the overall experience.
Results:
- Average Connection Time: <2-3 minutes
- Average Net Promoter Score: 6.5 / 10
- Average Professionalism Score: 5 / 10
- Overall Score: 6.5 / 10
- Ranking: 34th (43 brokers)
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