Swissquote Review
Established way back in 1996, today Swissquote is one of the most influential and biggest financial institutions in Switzerland. It is not just an average bank; Swissquote is also a popular broker of forex and CFD trading services. At first glance, you will come to realize that Swissquote has everything to offer to its customers, from quality to experience to reputation. It has a lot to offer to people who decide to use it for their trading needs. What exactly do they get when they opt to use Swissquote?
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Let’s take a look:
Account Types
The first thing you need to do on Swissquote in order to begin your trading journey is to select an account type. You will immediately notice that this broker doesn’t do things the same way as others do. This is due to the fact that the account types available on Swissquote are not limited by the amount you wish to deposit for trading. Instead, you will choose an account type, depending on what trading platform you wish to use. There are three options, which are Advanced Trader, MetaTrader 4 and MetaTrader 5. All features will be available readily and you don’t have to deposit higher amounts to access more features.
You can also sign up for a Swissquote Visa card, which is directly connected to your account and all transactions can be made through it. As far as account types are concerned, there are additional options at your disposal such as corporate and joint accounts. A swap-free account is also an option for Islamic customers. No account fees is charged by Swissquote Bank Ltd, which is a major plus.
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Deposit
Once you have made your accounts, you will need to add funds to it for doing any trading. You can opt for Swissquote deposits for adding funds to your account. These bank wire transfers are a simple process and allow you to manage your money efficiently and quickly. You also have the option of using your Visa or MasterCard for adding funds to your account and these are also reliable options. When you are using a credit card for deposits, it can be made in a variety of currencies, including EUR, USD, HUF, GBP, CHF, PLN and CZK. AUD and JPY are also accepted when bank wire transfers are made.
As far as deposit fee is concerned, the charges can vary as per the method because no fee is applicable in the case of bank wire transfers, but a 2% fee is charged when credit cards are being used. One of the most prominent features that you need to know is that there is no minimum deposit requirements on Swissquote, which means that you can deposit as much as you want. No bonuses are available, but the brokerage is known to introduce promotions every now and then and you should keep your eye out for promo codes.
Withdrawals
Obviously, there will come a time when you will want to withdraw the funds from your trading account. Like other brokerages, Swissquote doesn’t allow you to conduct any withdrawals unless you verify your account. You have to confirm your ID and address for this purpose. You can submit your valid government issued ID card or passport and a utility bill. Once this is done, traders have to fill a withdrawal form and withdraw as much money as they want because there are no limits applicable in this case either.
Bank wire transfers can be used for withdrawing money and this can take a day or two to process. A withdrawal fee is charged by Swissquote for every transaction, but the charges depend on the currency being used and whether or not the payment is being made to a SEPA zone.
Demo Account
Online trading is a very serious activity and it is not a good idea to go in blindly. No one wants to lose their hard earned money because they opened and closed trades randomly, hoping for the best. You should know as much about trading as possible before you actually invest your money and this is where the Swissquote demo account can be helpful. It is a free feature that gives traders the opportunity of testing two platforms; Meta Trader 4 and Meta Trader 5. It will aid you in checking out the tools available.
Trading Platforms
The first trading platform that you will come across on Swissquote is Advanced Trader and the brokerage has developed this one on their own. It is a very good option because it allows you to set up the interface as per your preference and there are also a ton of handy analytical tools that can be used. A wide array of orders is at your disposal and market news is also provided regularly. Advanced Trader also boasts a system that helps in detecting numerous platforms.
Meta Trader 4 and Meta Trader 5 are the other two choices and probably the most famous trading softwares currently. They also offer a variety of features like automated trading, analytical objects, creating your own indicators and more. Swissquote also offers mobile apps to traders and they come in a variety of versions like for iOS devices, Android Phones and Windows OS as well.
Contact and Support
Help and assistance can make a huge difference in the kind of experience a trader can have with a broker. Swissquote is aware of this fact due to which they have a dedicated support team that can help you in finding your way around the website. There are a number of contact methods that can be used for getting in touch with them such as emails, live chat, and phone calls. The staff is quite knowledgeable and you can count on getting quick and detailed answers. Apart from that, Swissquote also provides an extensive FAQ section and you can easily find what you are looking for there.
Suffice it to say, this broker offers a plethora of features to traders from all over the world and you can enjoy top-notch service with Swissquote.
