What We Tested
- Account type: Standard Trading Account ($5,000 starting balance for test)
- Platform: Advanced Web Platform and MT4
- Trading period: 4 months, Focus on FX and Securities
- Assets tested: Forex Majors, European Stocks, ETFs
- Withdrawal tests: 2 successful (Bank Wire only)
- Support tests: 4 inquiries via phone and chat
Testing focused on the security and execution of the Forex/CFD vertical, while acknowledging the high commission structure on the securities side.
Regulation & Safety
Swissquote is regulated as a bank in Switzerland, providing one of the safest regulatory environments globally:
- FINMA (Switzerland) Banking License – Highest Tier-1 regulation, ensures protection up to CHF 100,000 via Swiss Depositor Protection Scheme.
- FCA (UK) – Tier-1 regulation for UK operations.
- DFSA (Dubai) – Local oversight in the Middle East.
Spreads & Execution
| Pair/Asset | Typical Spread (Standard) | Commission | Notes |
|---|---|---|---|
| EUR/USD (FX) | 1.7 pips | $0 | Wider than average (commission-free) |
| GBP/USD (FX) | 2.4 pips | $0 | High cost for FX trading |
| US Stocks | N/A | Min $9.00/trade | Volume discounts apply |
| XAU/USD (Gold) | 25 pips | $0 | Wide spread for commodities |
Forex trading is commission-free with spreads built into the markup. Stock/Securities trading uses a fixed commission structure.
Execution Model and Quality
- Execution Model: NDD/Market Maker Hybrid (Bank)
- Fill Reliability: Extremely high. Optimized for multi-asset trading stability.
- Slippage: Minimal. Execution is predictable.
Execution quality prioritizes safety and stability across thousands of instruments, typical of a banking institution. It is not optimized for ultra-low latency FX scalping.
Banking Security (The Ultimate Trust Level)
Swissquote's greatest asset is its full banking license from FINMA, placing its security far above standard brokers:
- FINMA Oversight: Subject to the strictest financial laws in the world (Swiss banking law).
- Compensation: Client funds are protected up to CHF 100,000 under the Swiss Depositor Protection Scheme.
- Financial Strength: Maintains higher capital adequacy ratios than non-bank brokerages.
For traders with large capital amounts (>$50,000), a FINMA-regulated bank offers a level of security and long-term stability that a typical CySEC/ASIC broker cannot match.
Account Types & Fees
Standard Trading Account
- Min deposit: $1,000 (recommended, low min applies to some regions)
- Spreads: From 1.7 pips (Forex)
- Commission: $0 on Forex/CFD
- Best for: Multi-asset traders seeking maximum security.
Prime Account
- Min deposit: $25,000
- Spreads: Discounted
- Commission: Discounted
- Best for: Active traders with large capital.
Other Fees
- Deposit fees: $0 (all methods)
- Withdrawal fees: $0 (first withdrawal/month often free; subsequent fees apply to wire transfers).
- Inactivity fee: Varies (up to €50/quarter for low activity in non-EU/UK entities).
- Custody Fee: Annual custody fees apply to non-traded assets in certain jurisdictions.
Deposits & Withdrawals (Tested)
Funding is highly secure, but outgoing fees can apply depending on location:
| Method | Amount | Processing Time | Fees | Notes |
|---|---|---|---|---|
| Bank Wire | $5,000 | 2-4 business days | $0 - $50 | Fees common for international transfers. |
| Credit Card | $500 | 1 business day | $0 | Limited deposit capacity applies. |
Platforms & Tools
- Proprietary Advanced Platform: Custom-built web and mobile platform for multi-asset management, featuring advanced charting and analysis.
- MetaTrader 4 (MT4): Full support for Forex/CFD trading and EAs.
- Tools: Access to comprehensive market research and daily analysis from Saxo Bank's banking analysts.
- Crypto Wallet: Integrated crypto trading and custody solution.
Our Take: The proprietary platform is excellent for multi-asset securities trading, which is Swissquote's strength. MT4 support ensures basic compatibility for EAs.
Customer Support (Tested)
Swissquote offers professional, multilingual support:
- Live Chat/Email: 24/5 support, professional and highly knowledgeable.
- Phone Support: Dedicated global lines (high quality, reliable).
- Quality: Customer service is institutional-grade, capable of handling complex banking, tax, and multi-asset inquiries efficiently.
Support is exceptional, reflecting its status as a bank focusing on high-value clients.
PROS
- Regulated as a Swiss Bank (FINMA) — highest security and protection (up to CHF 100,000).
- Access to vast asset classes (3M+ products, stocks, bonds, options, FX).
- Proprietary platform is excellent for multi-asset portfolio management.
- Tier-1 regulation (FCA) ensures reliability.
- MT4 support allows basic EA trading.
CONS
- High stock/securities commissions and fees (e.g., $15+ per trade).
- Wide Forex spreads (avg 1.7 pips EUR/USD) for commission-free trading.
- Custody fees and withdrawal fees may apply.
- No MT5 support.
- High complexity and cost structure for beginners/small accounts.
Who Should Use Swissquote?
- Great fit: High-net-worth investors and multi-asset traders who prioritize maximum security (Swiss Bank), stock/securities trading, and are willing to pay higher fees for safety and asset range.
- Good fit: Traders who need to consolidate complex multi-asset portfolios into one highly secure account.
- Not ideal: Pure Forex traders, scalpers, EAs, or beginners with capital under $10,000, due to high fees and wide spreads on FX.
Final Verdict
Swissquote’s status as a FINMA-regulated Swiss Bank is its defining feature, guaranteeing maximum security and institutional-grade stability. This broker is a custodian of wealth, not just a CFD platform.
Its strength lies in multi-asset trading, offering access to millions of securities and powerful proprietary platforms. The Forex spreads are wide (1.7 pips EUR/USD), reflecting its status as a bank, not a discount ECN broker.
The high commission structure for stocks and potential fees for low-activity accounts mean that small or purely high-frequency traders will find the cost structure unfavorable.