Is Swissquote a Scam

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SwissQuote.ch (.com, .eu) Review Visit site

Other websites of this company include SwissQuote.com,SwissQuote.eu.

The default language is German but English and other languages are available in the language button at the upper right corner.

About SwissQuote.ch (.com, .eu)

SwissQuote is a forex broker. Swiss Quote offers the MT4 and MT5 forex trading top platform. SwissQuote.ch offers over 90 forex currency pairs, cfds, commodities, stocks, options, futures, gold, silver, oil, bitcoin and other cryptocurrencies for your personal investment and trading options.

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Broker Details

Minimum Trade Size: 0.01
Maximum Leverage: 100:1
Minimum to Open Live: $1,000
Established: 1996
Address: Swissquote Bank SA Ch. de la Crétaux 33 P.O. Box 319, Gland, 1196, Switzerland
Contact: [email protected], +41 44 825 88 88
Regional offices:
Regulators: SFC #, MFSA #, MAS #, FINMA #, DFSA #, FCA #
Prohibited countries: Unknown

Yes

Yes

Trading platforms: MT4, MT5
Web Trading:
Mobile Trading:
Currencies: (90+)
Cryptocurrencies: (10+) Bitcoin, Litecoin, Ethereum
CFD: (20+) Gold, Silver, Other Precious Metals, Stocks, Stock Indexes, Bonds, Oil, Other Commodities

Yes

Yes

Yes

EAs/Robots:
News Spike Trading:
MAM:
Deposit Methods: Bank Wire, VISA, MasterCard
Withdrawal Methods: Bank Wire, VISA, MasterCard

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Consumer Reviews

Service use: Other

Length of use: 0-3 Months

Service use: Live

Length of use: 0-3 Months

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My experience so far:
+ they are legit (regulated)
+ I was able to transfer and withdraw cash internationally at a fair price
+ Metatrader did’t have an outage for more than 20min (from my experience)
+ All of my orders are executed including pending and SL, TP
+ They don’t bombard me with calls to sell me into investing more
+ Accurate major pairs historical data
0 They have small lag but as I don’t use them for scalping this is no issue
0 You can store your crypto and buy stocks (if it is your thing)
– Subscription is incredibly bureaucratic (it took me 10 days)
– Costs are high (swaps (triple swap day is Wednesday. ), speads if you are with $1k account), but remain affordable if you know what you’re doing.
– Customer service is super slow and needs reminders (1 week)
– Live chat is useless unless you forgot your password
– Web browser is tricky to go through especially when you want important info such as spreads or account closure.
– Gap on commodities historical data

=4 stars because it works and can access your money but there is room for impovement

I hope this helps

Service use: Other

Swissquote is a joke.
If you Believe first impressions is important, and I was on a first date with Swissquote I would run out of the restaurant and never look back.

When I tried to open an account with this Rinky dinky operation , I had to do a video identification, which is fine, but at first it would not connect, then they were to busy.
When I finally got connected ( 2 days later) , I was interacting with someone that spoke English like a 2 year old.
After which I was email personal questions that I would never answer , I reply that I would not answer these ridiculous questions and that I was declining them, last part I think they did not like. I never heard from these wankers.

If this would have been the prelude of things to come I was happy to decline them.

They are a waste of space, not even worth the time to apply

Here is my short experience with this broker and it will be short experience, because I am moving my funds back to the other broker I’ve used since 2020 or 12, without any problems. So here is my experience with Swissquote:

1. Account opening – pain in the ass. Too complicated and long process. First you have to either speak with them on cam chat, or send them your documents by mail. Then pain in the ass starts by trying to actually log in to your account. Their chat shuts down when you swith pages on their website, so the support cannot navigate you throughout this process. I spent 1 hour on the phone with their support before I was finaly able to login to my newly opened account. All this takes days.

2. Funding – they (or their payment vendors) charge high fees, like 2% just for deposit. Only free option is bank wire transfer. You also pay for withdrawals $20 for each withdrawal. So you lost money (and time) with this broker before you even made your first trade.

3. Spreads – Terrible. Double the standard spreads of other popular brokers on all instruments at all times.

4. Live chat support – terrible. The guy there doesn’t know much, plus their policy on not helping people over the chat is also terrible. They can’t help you with almost anything over the chat. Typical response you get is- send email to [email protected] and they will be able to help you. Even when you are asking about very basic stuff, like informations about their products. And when you send email, you will wait 3-4 days for response. In my case their response to my email with very specific basic questions about their product was (after 4 days on Thursday) can I contact you on Monday on the phone to discuss your specific needs? I didn’t respond to that email, but nobody called on Monday, so my query is unresolved, probably forever, because I will not bother to contact them again.

5. Additional account opening – terrible, bacause you have to wait couple days. What is automatic 3 clicks process with other brokers (once your main account is approved), here it takes 3 days. They actually must approve your additional account.

5. Closing my profitable trade. This made me write this review, because it pissed me off today morning, when I found my profitable position closed. It was closed with profit, but I didn’t close it, my TP didn’t close it and I didn’t plan to close it so early. If they let this position run, my profit (and their loss) would be doubled by now. It’s absolutely unacceptable that broker interferes with your profitable positions like this.

There are also other details, that I don’t like about this broker, like not being able to open smaller positions on commodity cfd’s. So you can choose either to not trade those instruments, or trade, but with overleveraged positions. In MT5 charts, they give you only couple of days of data on futures cfd’s. Plus some other details about their website, complicated system and interface, that I don’t want to go into detail here.

Bottom line is this – if you are looking for a good retail forex broker, this is definitely not the one in 2020. Do yourself a favour and

Yesterday I visited some fx forums to see more reviews on Swissquote. Unlike my complaint, some other experienced traders seem to appreciate Swissquote’s trading service, such as this link: https://www.forexfactory.com/showthread.php?t=603038. OK. If so, I can find some way to continue using Swissquote’s service, such as trading hourly charts with them while trading minute charts with other brokers who offer better spreads. I will give Swissquote 3 stars later if they improve their spreads in standard trading account.

Nov 21, 2020 – 1 Star Today I opened my mt4 with Swissquote again to see if they improved their spreads. But nothing’s changed. The spread on eurusd in my a/c is still terribly wide, running from 2.8 to 3.2 all day. I note that Swissquote recently changed the info on spreads on their site. Min. spread on eurusd in standard a/c was changed from 1.4 to 1.7. It’s not true again as I have never seen such min. spreads over the last 3 years! I also work with other brokers so I know what it should be. With serious brokers, if they say their spreads start at 1 pip (min. spread) for instance, then you should see this min. spread accounts for at least 10% of every trading day time, and the average spread around 1.4. ActivTrades is an example of the best broker by spread so far. They state on their site their min. spread on eurusd is 0.5 (no commissions) and this spread actually accounts for about 50% of the whole trading day on their mt4, and their average spread is just 0.6. That’s why I keep complaining about Swissquote’s spreads.

Aug 11, 2020 – 1 Star Swissquote’s spreads are going from bad to worse in my a/c. Recently I opened my mt4 with them and noted that the spread on eurusd was even wider than before, running from 2.8 to 3.2 in turns all day no matter in Asia or Europe or US session. I tried to trade a mini lot and my a/c recorded a loss of $3.2 right after executing. I also noted the chart was freezed a bit at the opening and closing but I am not sure. I will feedback more later.

May 6, 2020 – 1 Star Swissquote is dishonest about their spreads, at least with me up to now. I am a small trader and have a trading a/c with them for a few years now. Previously I didn’t trade often so I didn’t care much about spreads. Recently, I trade more and note that their spreads are much wider than stated. For instance, they state on their website that their target spread on EURUSD is 1.4 pip for standard a/c, but on my real a/c it is 2.8 almost all the times. I complained with them by email attached with screenshot but they didn’t reply or correct their spreads. Apparently they think little of small traders although in their emails to clients they always call them ‘Valued Customers’. Now that I trade regularly with my new broker and consider my a/c with them as a ‘standby’. If they still don’t improve their spreads in the future I will close my a/c.

Is Swissquote a Scam?

Is Swissquote A Scam?

A man can never be too careful when it comes to online trading. Scams have been known to happen in this industry. Fortunately, they are not that common, primarily thanks to some pretty strict regulation and reliable security systems that brokers deploy. Still, you should always look for confirmation that the website you want to trade on is legit before you deposit your money there. This article is one such confirmation. In it, we will show you is Swissquote a scam or a broker that can be trusted, all through our own experience and publicly available data. We do this so that you don’t have to risk anything, so give us a minute of your time and gain valuable information.

Is Swissquote a Scam? | A financial institution

To show you is Swissquote a scam or not, allow us to present you with several interesting facts. First, the company has been operating in Switzerland for about 20 years now, and if any country has strict financial policies, it’s this one. Furthermore, shortly after the company’s launch, Swissquote became listed on the Switzerland’s main stock exchange. This happened in May 2000, whereas one year later they got their license. From then on, they have been supervised by FINMA, which means they have continuously displayed reliability and professionalism over the years. Yes, Swissquote is completely legit and you can be absolutely sure no financial fraud will never even be attempted by them. But we have more details to share with you in the next paragraph, so stick around.

Is Swissquote a Scam? | No withdrawal problems

We also have to mention that Swissquote has a Tier 1 Capital Ratio, which confirms that the whole company is financially stable. However, if you have read our Swissquote Review, you know that there are many other factors that have to be taken into consideration when examining a broker. Fortunately, they are all excellent. The trading platform is quick, smooth and 100% accurate all of the time, so you can count on relevant information to be delivered to you instantly. Both withdrawals and deposits work absolutely perfectly and we never had any money problems. The broker will always fulfil its part of the deal and, what is perhaps even more important, the money will always be transferred on time. Everything else also functions extremely well, so you are in for an excellent trading experience no matter how you look at things.

Is Swissquote a Scam? | Conclusion

Is Swissquote a scam? No, it is something completely opposite of that. This is a big and serious financial institution, fully regulated and constantly tested by Switzerland’s financial authorities. It has everything you would want from a broker and more. It is a full-fledged bank, after all. Therefore, if you’re serious about becoming a professional trader, this company is perfectly suited to provide you with everything you need. Open an account with them because here you will always have a huge financial institution right by your side.

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First-class customer service
_

Our experts are ready to assist you in more than 10 languages, and our Trading Desk is open whenever the markets are.

Successful relationships are based on trust
_

A recent study by Ipsos confirms the general client satisfaction with Swissquote (5.6 out of 7.0) and a high level of trustworthiness (6.2 out of 7.0)*

* Study carried out online by Ipsos from June 28th to July 13th 2020, among 1540 Swissquote clients.

The Forex analysis plateform ForexBrokers.com awarded Swissquote with a trust score of 91 out of 100, underlining our status as a trusted, global multi-asset broker and bank.

Trust is in the numbers
_

21.7%

core capital ratio

Swissquote Group Holding Ltd (SQN) has been listed on the SIX Swiss Exchange since May 2000. Ever since, our high reliability is also reflected in outstanding numbers every year.

360’000

clients worldwide

3 million

products

CHF 32.2 billion

client assets

More than just a broker

Need to brush up on your Forex knowledge? Our education section will get you up to speed in no time!

The world of Forex is fast-paced. Stay on top of the markets with our daily reports and live analysis.

Listed on the SIX Swiss Exchange (SQN), Swissquote Group Holding Ltd is the Swiss leading provider of online trading services.

United in Excellence

Swissquote is proud to be the Official Forex and Online Financial
Trading Partner of Manchester United.

How to become a client?
Account documentation
Keep up with the markets
Want to join our teams?
Want to refer clients?
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Contacting us is easy! Customer Care Switzerland, phone: 0848 25 88 88. From abroad, phone: +41 44 825 88 88

Trading foreign exchange, spot precious metals and any other product on the Forex platform involves significant risk of loss and may not be suitable for all investors. Prior to opening an account with Swissquote, consider your level of experience, investment objectives, assets, income and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not speculate, invest or hedge with capital you cannot afford to lose, that is borrowed or urgently needed or necessary for personal or family subsistence. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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