In order to attract more customers and get a more significant part of the market share, online trading brokers try to beat their competition by spending billions on advertising and offering glamorous innovative features. Although this may be a good strategy, with so many people looking to get into the trading world, all that is needed is a reputable brokerage firm that helps them learn the basics and advance in the trading world.
With our Swissquote Review for 2024, we aim to present all key aspects of this trusted beginner-friendly platform, including its supported assets, trading tools, and other essential features. To give an overall rating, we will also determine Swissquote’s pros and cons and compare their services with other leading companies in the industry.
What is an Online Trading Broker?
Trading dates back hundreds of years before the internet, and if one wanted to invest in an asset, one would need to make a phone call and even send a letter way back. Luckily with the evolution of technology, investors can use trading platforms, which make the investment process much more straightforward.
By registering an account for a brokerage company, traders can pick from thousands of digital assets like stocks, ETFs, and even cryptocurrencies which they can trade in a couple of simple clicks. Furthermore, people no longer need to read the newspaper for the latest news on their investments. We now have access to numerous resources, analytic tools, indicators, and even trading tools that automate the process.
Key Features of Trading Brokers
Picking the broker that will guide you throughout your investment journey if you are a beginner or one that suits all your trading needs if you are an advanced trader is crucial. Certain factors are so important that they can make the difference between success and failure in the market. Fortunately, some companies offer both professional and beginner-friendly trading services. To follow the highest quality standards, these firms often have the following key features in place:
Availability of Tradable Assets – Having access to a variety of assets to trade is crucial for portfolio diversification, which is a proven risk management strategy.
Tools & Instruments – Easy-to-use and results-orientated trading tools and instruments can make or break a deal. Recently, many companies have chosen trading platforms like MetaTrader4 (MT4) and MetaTrader5 (MT5), which are among the best on the market.
Research & Analysis – Research & Analysis tools and resources generally help traders make more informed decisions and get valuable insights on market conditions.
Regulatory Compliance & Security – A broker’s reputation can be determined by its security and compliance standards, so people can trade without having to worry about the safety of their financial and personal data.
Overview of the Top 5 Online Brokers – Swissquote Comparison
| AvaTrade | eToro | Binance | Saxo Bank | Swissquote | |
| Brokerage Fees | No commission fees | No brokerfee | Standard 0.1% fee | Commissions start from 0.05% | No fees; there is a charge of 0.85 |
| Types of Accounts Offered | Standard(Retail)ProfessionalIslamic | PersonalProfessionalCorporate Islamic | StandardCorporateCustodialInstitutional | Saxo (Standard)JointCorporateProfessional | StandardPremiumPrimeProfessionalIslamic |
| Supported Assets | CFDsStocks CommoditiesCryptoIndices Options | StocksCommoditiesCryptoIndicesCurrenciesETFs | Crypto | StocksETFsFeaturesBondsMutual FundsCrypto | CFDsForexCrypto and Crypto-asset products |
| Overall Ratings | 4.8★ | 4.1★ | 4.4★ | 4.8★ | 4.5★ |
In-Depth Review of Swissquote for 2024
Much can be said about the globally regulated multi-asset bank and online broker Swissquote, as the company started its business in 1990. Swissquote bank Europe has its headquarters in Switzerland, and besides offering over 3 million tradable products, including cryptocurrencies, CFDs, and Forex, the company also provides trusted banking services. Swissquote’s user-friendly website is easy to navigate. In the menu bar, you can find everything, including available instruments, education and support center, and account types, with just one click away.
Swissquote Account Types
Swissquote online broker offers six accounts, including swap-free and demo accounts. There are four types of live trading accounts and three out of these options can be used to trade Forex without having to pay any commission fees. All the accounts allow trades to be leveraged by up to 100 times, with the professional version offering more perks. In the section below, you can learn about each Swissquote account type and decide which one fits your trading needs the best:
Standard Account – The best account for beginner and intermediate traders offers forex trading with a spread from 1.7 pips and stocks trading with $0,03/share. The standard version also gives access to all Swissquote Trading platforms; the minimum deposit to get started is $1000.
Premium Account – The most popular of the six accounts is the premium package, which requires a Swissquote minimum deposit of $10 000. This is a bang for your buck, as forex spreads start from 1.4 pips, $0,02/share on stocks, and of course, no commission fees.
Prime Account – More advanced traders performing daily trading or are long-term investors on the market will find the prime option extremely beneficial. The minimum deposit is $50 000, the spreads start from 0.9 pips, and the price per share is just $0,01.
Professional Account – For professional clients, the spreads and minimum deposits required will depend on their trading volume, with the advantage of bespoke stock prices. The more you trade, the better your trading conditions will be.
Islmic Account – Muslim clients also have the option to open an Islamic swap-free account. These accounts are similar to standard trading accounts, except that no rollover fees are charged on positions held overnight.
Demo Account – If you are getting into the trading market, then the free demo account will be your best choice. You will learn the trading basics and practice in a risk-free market environment. The Swissquote demo account is just like the standard account, but you will get the opportunity to test the platform’s services without having to risk real funds.
How to register for a Swissquote (standard) account– A Step-by-step guide for Beginners:
Opening an account with Swissquote may take up to 24 hours; however, the account creation process is very straightforward, and you will save even more time if you follow the steps we have prepared below:
Step 1: Fill in the Personal Information, Client Profile, and Financial Information Forms
To begin with, visit Swissquote’s website and pick an account type you would like to open. After you have made your choice, click on the “Open your account” button in the top right corner of the website. You will then need to fill out several forms with your details, Swissquote login details, and financial information, which should take at most 10 minutes.
Step 2: Make a Swisquote Minimum Deposit of at least $1000
After you verify your account through SMS or Email, you should wait up to 24 hours for an agent to perform KYC and finish the verification process. Once that is done, you will get access to the client portal using your Swissquote login information and thus make your first deposit with various options to fund your account. Remember that an account’s minimum deposit starts from $1000.
Step 3: Choose a Platform and Start Trading
Once your account is set up and ready, you will need to choose a trading platform for your trading needs, including Swissquote MT4, MT5, and its proprietary platforms. The only thing left is to start trading by choosing from over 3 million instruments.
Swissquote Supported Assets and Investment Options
The European broker supports over 3 million products to pick from, which people can trade with the help of Swissquote MT4, MT5, and its proprietary platforms. You will enjoy low-cost, commission-free trading with tight spreads, and if you are a professional trader, you will even get customized spreads based on your trading volume.
For your trading needs, Swissquote trading platform offers Stocks, ETFs, Funds, Bonds, Options & Futures, Derivatives, and even Structured Products. You get access to various assets and markets, and the Swiss bank guarantees that all trading will be done safely.
With over 30 of the most popular Cryptocurrencies, traders can speculate and invest in this highly competitive and volatile industry. Swissquote has the highest security standards in place and also gives 24/7 access to the crypto market.
The Forex market is the largest financial market in the world, and the Swiss online broker offers over 400 Forex and CFD instruments. This is an excellent addition for all experience levels of traders who are looking to trade Forex pairs and CFDs.
Tools and Trading Platforms Offered by Swissquote
Swissquote’s accounts can be connected with the MetaTrader trading platforms and the broker’s proprietary trading application, and all are available on desktop, mobile, and as a web trader interface. MetaTrader 4 and 5 are currently ranked as the leading trading platforms in the world today. These platforms are renowned for their advanced analysis tools, thousands of technical indicators, customizable charts, expert advisors, and algorithmic trading support. Swissquote’s proprietary trading platform is called “Advanced Trader,” which comes with over 50 built-in charting tools, over 80 technical indicators, advanced charting functions, and unique order types for better trade management.
Swissquote Research Resources
For those new to trading, a good idea to quickly boost your trading skills and knowledge is to open a demo account and head to Swissquote’s education center, which can be found on the website’s main page. There you will find more than 30 online courses and dozens of in-depth ebooks, which will help you with the basics of the trade. In the “Webinars” section of the center, you will have the opportunity to learn from the best finance professional in the field. With their advice, you will deepen your market knowledge and get valuable trading insights.
Swissquote Fees & Charges
Swissquote is a trusted and reliable broker, as the company is highly transparent with its services and charges. To get familiar with all the broker’s costs for every trading instrument, head to the “Trading” section on their website and click on “Pricing.” There you will also be able to download a free fee schedule. The table below will provide you with a detailed breakdown of Swisquote’s fees:
| New Account Fee | $1000 Minimum Deposit |
| Deposit & Withdrawal Fee | 0% for Clients Residing outside SEPA Countries1,9% for Clients Residing in SEPA Countries |
| Inactivity Fee | This Broker Does not Charge Inactivity Fees |
| Administration Fee | No Administration Fee After 12 Months of Inactivity |
Swissquote – Mobile App
The Swissquote trading platform mobile app can be downloaded from any mobile device free from the Apple Centre or Google Play store. The user-friendly application is excellent for beginners but also offers plenty of advanced features, and you will get access to overall any component of the desktop version. You can also connect the mobile app to your Smart TV or Apple watch. You have an additional layer of account security and risk protection with Swissquote’s level 3 mobile application function. Yet, a mandatory safety measure you must take is keeping your account information private from others. The European broker also offers a mobile application that can even link to Tesla vehicles to ensure that you always take advantage of every trading opportunity.
Customer Support Team Of Swissquote
The Support hub section of Swissquote is an education center, as it offers information and resources for each service on the company’s website. If you still have questions after going through the resources and the convenient FAQ section, you can always contact the customer support team via phone or email. You will be able to find all the contact information for every region and get in touch with a Swissquote agent from their customer support team, which is available 24/7.
Swissquote Trading Platform Review Summary
To summarize the findings from our Swissquote review for 2024, the online broker offers high-quality services, a variety of tradable assets, and innovative trading platforms, including Swissquote MT4. The platform’s account types, fees, and charges system show that the company has something to offer every trader. If you are still trying to decide whether Swissquite online broker is the best for you, looking at its strong and weak sides may seal the deal.
Swissquote Review: Pros and Cons
Pros:
- Wide selection of tradable digital assets
- Guaranteed safety and security with the highest quality of standards followed
- Mobile trading supported with an innovative mobile application
- High level of transparency
- Great customer support team available 24/7
- Educational resources, webinars and tools useful for beginner and advanced traders
Cons:
- Minimum deposit of $1000 to get started
- The account verification process may take up to 24 hours
- Deposits & Withdrawals charge a fee for clients residing in SEPA countries
Swissquote Review – Our Conclusion
With our Swissquote Review, the company is one of the most trusted and regulated brokers globally, offering Swiss quality level of standards. They offer plenty of advanced trading tools and features for professional traders, along with customizable leverage levels and spreads that get better the more you trade. Swissquote is also an excellent option for beginners just looking for a broker they can trust, which provides educational resources and a demo account. With this in mind, the online trading platform Swissquote ranks as one of the first places of best brokers for 2024.
Fintech-Insight is dedicated to delivering unbiased and dependable insights into cryptocurrency, finance, trading, and stocks. However, we must clarify that we don't offer financial advice, and we strongly recommend users to perform their own research and due diligence.