The former is located in Switzerland. It is used for stock, funds, options, and futures trading. The other branch is located in Luxembourg – and you can use it to trade CFDs and forex.
We have provided a thorough review of the firm below, so keep reading.
Is Swissquote Available in the UK?
Swissquote LUX allows clients from 150 different countries to register, while Swissquote CH serves clients from 120 countries. Any individual from most parts of the world can sign up. This includes the United Kingdom.
Swissquote Review – Good or Bad UK Broker?
We’ve discussed everything you need to know about the online broker.
Assets and Markets Available
The group’s Swiss branch trades many different kinds of stocks. You’ll be able to trade:
- ETF
- Crypto
- Fund
- Bond
- Stock
- Options
- Futures
Stocks and ETFs
The broker allows you to access 60 different kinds of stock exchanges. Compared to its rival Saxo Bank, there is a wider selection of markets. A bonus is that you can trade US penny stocks too.
The number of ETFs that the firm offers is decent. However, the number isn’t that high when compared to rivals. Swissquote offers 1,400 ETFs, while Saxo Bank offers 3,100 and TradeStation Global offers over 10,000 of them.
Forex
You can trade 80 different currency pairs through Swissquote LUX. This is not the same as Saxo Bank and TradeStation Global, however, which allows you to trade 182 and 105 respectively.
Cryptos
You’ll be able to trade 12 different cryptos as CFDs. You may be wondering if they’re leveraged CFDs or not. The answer is no.
The cryptos you’ll get are:
- 0x
- Augur
- Bitcoin
- Bitcoin Cash
- Chainlink
- EOS
- Ether
- Ethereum Classic
- Litecoin
- Ripple
- Stellar
- Tezos
The selection is just as good as Saxo and TradeStation. Both offer 4 cryptocurrencies together.
CFDs
You’ll only able to trade CFDs through Swissquote LUX. It offers CFDs through forex, indices, bonds, and commodities. Individual stock and ETF CFDs are not available.
The selection consists of 26 stock index CFDs, 12 commodity CFDs and 3 bond CFDs.
Bonds
The firm’s selection of bonds is good. It is much wider than Saxo Bank’s but not as big as TradeStation’s.
You’ll be getting 53,400 bonds, while Saxo only offers 40,000 bonds and TradeStation offers 60,000 of them.
Trading Platform
You’ll have access to several different trading platforms. At times, it can be difficult to decide which one to choose. If you’re going to trade stocks, eTrading would be best.
MetaTrader 4, MetaTrader 5, and the custom platform, Advanced Trader, can be used to trade forex.
From this selection, eTrading is by far the most popular. It comes in multiple languages:
- Arabic
- Chinese
- English
- French
- German
- Italian
- Russian
- Simplified Chinese
- Spanish
Let’s talk more about eTrading below.
Design
The site is not complicated to use. However, one of our complaints is that it is a bit too Swiss-focused. For example, you’ll find the Swiss stock market featured above the European and US ones.
However, you can customize the platform to your preferences.
Search Functions
You can set filters to find assets as well. This could include rating, risk, sector, market cap, and analyst recommendation.
As mentioned, eTrading is a little too Swiss-focused. Swiss assets often appear at the top of search results. You will also be hit with timeouts when waiting for search results.
Notifications
You can create a custom alert box to receive any news of your choice. You can also make a watchlist for price alerts. You’ll be able to get notifications when trades are completed too.
Instead of getting notifications only on the Swissquote site, you can get them sent to you via email.
Portfolios
Checking your portfolio won’t be a problem. However, it’s not easy to get a report on all the fees you have been paid. You will have to wait for around 30 minutes till your asset statement is compiled.
Login
The default login process is quite simple. You can set up a 2-step identification process through mobile authentication or a special physical code.
Orders
There will be 5 order types:
- Limit
- Market
- Stop
- Stop limit
- OCO (One-cancels-the-other)
Mobile Trading
Swissquote has an app on iOS and Android devices. The mobile trading platforms available are eTrading, MetaTrader 4, MetaTrader 5, and Advanced Trader.
The app can be used in English, German, Italian, and French.
We’ll be discussing how you can conduct eTrading on the broker’s mobile app.
Design
eTrading is easier to do on your phone than on the computer. The layout looks very modern too. If you rotate your phone horizontally, you’ll get a more detailed view of charts and lists.
Login
The app has a one-step login by default. You can enable level-3 security to set a separate pin for your account.
You can also set up a biometric authentication if you want. You won’t be able to log in without your fingerprint, retina scan, or voice.
Search Function
The search function is simple. There are no advanced filters like those found on the web version, which is a drawback. Just like on the web version, search results focus too much on Swiss assets.
Orders
The order types available are:
- Market
- Limit
- Stop
- Stop limit
Swissquote doesn’t have social trading like eToro does.
Notifications
You can set notifications and alerts for various aspects, including price, news, and order confirmation.
Deposits and Withdrawals
Swissquote CH offers an impressive number of account-based currency pairs. The number of currency pairs that Swissquote LUX offers is average in comparison. When you trade with your local currency, you wouldn’t have to pay hefty conversion fees.
Swissquote CH offers the following pairs:
- EUR, USD, GBP, CHF, JPY, AUD, CAD, NZD, PLN, SEK, DKK, NOK, HUF, TRY, ZAR, SGD, MXN, HKD, THB, ILS, AED
Meanwhile, the pairs Swissquote LUX provides are:
- GBP, EUR, USD, CHF, AUD, JPY, PLN, CZK, HUF
An easy way to avoid the conversion fees is by creating a multi-currency bank account. You can open one in a digital bank, and it will only take you a couple of minutes.
If you compare the base currency pairs the broker offers with rivals, you will see that it’s on par. Swissquote provides 21 different pairs, while Saxo Bank offers 26 and TradeStation Global offers 22 of them.
Deposits
The group’s Swiss branch doesn’t charge deposit fees for bank transfers. However, you’ll be charged between 2.2%- 2.5% for deposits via credit and debit cards. The exact percentage depends on where you live.
Meanwhile, the Luxembourg branch doesn’t charge any fees for deposits.
You won’t be able to make deposits through e-wallets. Know that TradeStation Global and Saxo Bank won’t let you do this either.
If you want to fund your account through a bank transfer, it might take several business days for the money to show up in your account. The longest time it will take for the money sent via debit or credit card to show up would be an hour.
Do you need to make a minimum deposit? You won’t if you’re going to be using Swissquote CH. However, if you’re going to make a forex account (through Swissquote Lux), a minimum deposit between $1,000 – $50,000 would be required.
Withdrawals
The broker’s withdrawal fees depend on which of its entities you use, as well as where you live. Swissquote LUX doesn’t charge any withdrawal fees. However, Swissquote CH will charge you €2 if you’re withdrawing in euros, and $10 if you’re withdrawing in USD.
Both these entities only allow you to make withdrawals via a bank account in your name. At times, the cash can take several business days to be transferred. However, it will most likely reach you in a business day, which is not too bad.
Is My Money Safe with Swissquote?
Yes, your money will be safe. The firm has been around for some time, and it’s regulated by some of the most top-tier financial bodies. The two main entities that regulate it are the Swiss Financial Market Supervisory Authority (FINMA) and Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF).
Some of the other bodies that regulate it are:
- Financial Conduct Authority (FCA)
- Dubai Financial Services Authority (DFSA)
- Hong Kong Securities and Futures Commission (SFC)
- Monetary Authority of Singapore (MAS)
- Malta Financial Services Authority (MFSA)
If you want to know whether a broker is safe or not, look into its background, as well as what protection will be offered if something were to go wrong. With these two points in mind, Swissquote is ideal. It is reliable and heavily regulated.
You’re probably wondering if you can get investor protection or not. The investor protection you get depends on which of the firm’s entities you are a client of.
- Swissquote Bank LTD – it is based in Switzerland and regulated by FINMA. The investor protection you’ll get is CHF 100,000 per account.
- Swissquote Bank Europe – it is based in Luxembourg and is regulated by the CSSF. You’ll be getting investor protection of up to €20,000 for securities, and €100,000 for cash per account.
- Swissquote MEA LTD – This is regulated by the Dubai Financial Services Authority. It’s specifically aimed at clients from the Middle East. You’ll get investment protection of CHF 100,000 for cash.
The group’s subsidiaries for Singapore and China don’t provide any investor protection, however.
Swissquote offers retail clients negative balance protection if they’re from the EU and trade CFD or Forex. Negative balance protection ensures that you don’t lose more cash than what’s in your trading account.
Overall, your money will be safe as Swissquote is a licensed bank, and it is publicly listed, so it’s no small-fry.
Is Swissquote a Good Broker?
You don’t need to be an expert to know that Swissquote is an excellent broker. For one, you’ll be able to trade a range of assets here. Users from all over the world are welcome too.
The site is very safe to work with, and you’ll be in goods. This is what you want when working with any broker, as you might be depositing thousands into your trading account and you need to know that your money will be well-protected.
Swissquote is regulated by many financial bodies, and it’s a registered bank. As a result, you have nothing to worry about. The fact that it is a broker that has been around for a while and has a great reputation makes it safer to work with.
If you have any problem you’ll be able to get help by contacting their customer service. You can contact the firm’s team through phone, email, or live chat. They provide great advice and solutions, and the support team is helpful.
You can get customer support in many languages as well. They include: Arabic, Chinese, Czech, English, French, German, Italian, Spanish and Russian. We have a small complaint, however. We would have preferred if languages like Romanian or Hungarian were available too.
The customer support team does not work 24/7. They’ll be available from 8 am to 10 PM CET from Monday to Friday.
You’ll be able to refine your craft, as there are several guides and tutorials on how to improve your trading. There are tutorials and guides on how you can use MetaTrader 4, 5, eTrading, and Advanced Trader too. You’ll be able to make a demo account to practice what you’ve learned. It will be funded with virtual money for you to practice and create strategies.
There are also webinars in multiple languages to help you broaden your knowledge.
Final Thoughts
Swissquote has two main entities. They are Swissquote Bank LTD (CH) and Swissquote LTD (LUX). Depending on which you choose, the assets you’ll be able to trade would differ. Overall, the broker is highly secure, so you don’t have to worry about your money. It also offers many resource guides to improve your craft. If you have any problems, they have a helpful support team to guide you.
