Swissquote review 2020

Swissquote is the largest player in the financial and brokerage services market in Switzerland. Swissquote Group has access to SQN (Swiss Stock Exchange), which attracted several million visitors and over 30,000 regular users. The availability of offices in several major cities of the world, including Hong Kong and London, is considered an additional factor of attractiveness.

The financial portal has been fully functional with all types of valuable assets on the Swiss Exchange for more than 20 years, but as with any broker you can find positive and negative qualities. When choosing a forex broker it is worth comparing all the advantages and disadvantages and making the right choice. It is worth noting that the portal has several unique features that may not please customers.

Swissquote : spreads and commissions?

The spreads collected depend on the package provided to the customer. The bigger the deposit made on the account, the better the package and therefore the smaller the spreads.

Common package options:

• standard with 1000 USD deposits has a minimum rate of 1.7;
• premium (from 10000 USD) – 1.4;
• prime (50000 USD) – 1.1
• individual. It is provided for regular customers with an increased deposit.

The spread has no fixed value and is considered floating. In case of an individual package, the spread can reach bets of 0.6. It is recommended when working with Swissquote to check the current information on currency pairs and other assets.

Withdrawals are made through Swissquote bank. The financial platform indicates a commission-free withdrawal. But there are some pitfalls:

• popup from a credit card costs the client a loss of 2.2-2.7% of the amount;
• All third-party expenses, e.g. the commission of the recipient’s third-party bank, are deducted from the amount sent;
charged payments and special transfers may have their own commission rates.

It turns out that the spread at the financial platform is floating, and no commission is charged only for standard conclusions.

What can you trade with Swissquote?

First of all, it is considered that trading is carried out through the Swiss Exchange. Swissquote Group will provide the possibility of financial transactions through several options;

• currency (more than 70 pairs);
• bonds;
• precious metals,
• fund indices (more than 10 relating to the main indices);
• Raw materials (more than 20 items).

It turns out that a broker through the exchange has access to all areas of financial trading.

A full set of instruments, including analytical ones, is provided for working with investments. Trading has a standard form and depends on the selected category of investments.

Currency trading is more common, but professional investors use investments in precious metals and raw materials for long-term investments.

Global experience with Swissquote

The history of the broker began in 1996, but it was fully introduced and gained access to all markets in 2000. Many years of experience allowed Swissquote to attract clients due to reliability and security of assets by the bank, which is a part of Swissquote Group. The working process has several nuances.

Available platforms and applications

You can use various platforms or applications. Among them:

• MT4 is a classic type of program, characterized by ease of use and multifunctionality. Among the features stand out a full range of indicators and helping programs, as well as the ability to embed additional tools. The menu allows you to open any type of asset, and is located at the top of the panel;
• MT5 is an improved version of the previous version. Among the obtained features are customization of the chart by individual strategy, 80 main indicators and more than 1000 possible ones. There are also 44 additional tools attached to the program, which provide short-term or long-term market analysis;
• Advanced Trader is an application from the company itself. It is used for fast trading taking into account news and market dynamics.

Similar standard programs can be used if necessary, but in most cases they are inferior in their functionality.

Performance of transactions

The minimum lot level is 0.1. This is advantageous for risky transactions or lack of experience.

Deals are closed automatically or manually depending on the strategy set up for fast trading.

If the strategy is right and you have experience, there is an opportunity for gain. The funds are deducted from the company’s service fees.

Customer Support

If there are any problems or questions, the client can contact the broker by regular mail or e-mail, as well as by phone number. Another way is to contact support from your personal account.

An important point is the availability of several language versions of the platform, including the Russified one, which is more convenient compared to some foreign brokers.

Support is available 24 hours a day, but this does not apply to telephone calls.

As the feedback for Swissquote shows, there are no problems with client support even in difficult situations.

How to open an account with Swissquote?

You must register on the portal and confirm your personal data beforehand. After that the client can activate his demo account within the first 30 days.

The main trading account is selected on the basis of the selected package, i.e. the balance is replenished for the required amount and the package is activated. Then it is possible to trade. The whole procedure is standard and not complicated. The only thing that will be different from the competitors’ policy will be binding the account to the company’s bank, as all withdrawals are made through it.

Available bonuses

Swissquote Group does not hold special promotions to support its customers, including during registration, except for the referral program and marketing policy. For the user who referred the referral, the additional revenue will be up to $800, but only if all requirements are met.

Another promotion is the availability of training, which provides professional advice and assistance in trading.

Special attention should be paid to promotions, which are held only for persons with an individual package, that is, having a very large deposit. For them, spreads are often reduced and preferential conditions are provided.

Conclusion

The site has many positive qualities, but do not forget about the existence of disadvantages. An example are limited lists of countries with access to trade and monotonous withdrawal through the banking system.

A good reputation is earned by the broker due to its reliability. But all processes here are strictly regulated, which together with high deposit and leverage of 1/100 means professional orientation. The financial platform will be a good place for specialists who understand all aspects, but for ordinary beginners or experienced traders you can find more attractive options.