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Review of SwissQuote CFD Brokers

4

4/5

452 User Reviews

Website Country Regulation Established Services
en.swissquote.com SWITZERLAND SQN 1996 Trading & Banking

SwissQuote is recommended for investors who want to utilize a balanced portfolio from investment products. They are a leading Swiss online broker and they have their own banking background. This company provides quality customer service. They have a wide array of different investment products such as online trading opportunities for corporate bonds. They also provide you with investment ideas based on different investment beams. They are not the cheapest provider and if you are trading a low-volume you will have very high minimum fees. It is also genuinely a Swiss service so your and balance will be shown in Swiss currency. If you want to trade for exits only available through a separate platform and their regular trading platform can be somewhat complicated in terms of the search functionality and usability.


Trading platform

SwissQuote trading platform

The trading platform is a web-based platform. It has a decent design and it is not bad but it certainly is not great either. It is nice to utilize the beam investing menu where you get different trade ideas collected under different themes. One theme might be shale gas and other might be biotech. The product classification is easily understandable. They have a great collection of various methods for trading commodities in a single location. The downside to the trading platform is that the web platform really does need practice in order for you to understand it all. When you first start were going to spend a lot of time figuring out how to log out of your account and how to find things like your account balance. Another downside here is that there is no downloadable platform except for different Forex trading. Any other trading means you have to do it with the lead. This can be great for people who prefer web-based trading but in the downside for those who like to download their platform and work off-line. In addition to this one of the downside is that given the fact that it is a Swiss company, the Swiss market are the defaults. This can be navigated to another market but, again, it is going to take you some time getting to know how it all works. One of the biggest issues with their trading platform is that you cannot trade using the mobile app. The mobile application they have is for information only.

Zürich is the closest office if you want to visit them in person with some customer service issues. So, for anyone who is not located close by Zürich, you have to use the call center. Thankfully the call center does provide relevant and poignant answers to any questions you might have. They are available in fluent English, German, Italian, and French. So far all of their customer service representatives are kind and polite and provide very competent responses.


Commissions and cost

They have a transparent fee structure with no hidden or surprise charges. There is a zero dollar account fee and they will not charge you inactivity fees. You are only charged a fee if your account has been dormant and you are no longer using it at all. The prices for buying and selling are made range. The downside is that they do have high minimum fees here if you have a low trading volume. And the exotic market prices are going to be higher. Additionally, outgoing payments are charged. One thing that is good to know is that according to the European Union and the Swiss Treaty for taxation, certain savings income paid to any European Union member state can be taxed in one of two ways. You can choose to have the company make a deduction on your income right at the source. This takes care of all the issues for you and you don’t have to deal with anything, assuming you are a member of the European Union. The other option is voluntary declaration whereby the company provides all of your information to the Swiss tax authorities and then forwarded to your countries tax authorities and it’s up to you to handle the rest.

The educational information they provide is mixed in terms of the language. The news you get might be in French or English, or even German. They have no analysis for commodities or currencies. They also provide no fundamental or technical alerts. However, they do have the investment themes section and analyst stock recommendations which are quite simple to understand.


Product portfolio

Cash money

 

Their portfolio includes major stock markets across the US, the United Kingdom, and Germany, Hong Kong, and Japan. They also have EFT’s, Forex, bonds, futures, and options.

Pros:

  • This company offers broad access to different investment products.
  • They provide ideas based on different investment proposals.
  • They do have helpful customer service not only in English but in French and German.
  • They have a straightforward English account opening process and they have very helpful customer service, again, if you need it.
  • They are very clear about their terms and conditions and provide good information on investor data protection.
  • They have simple account activation using SMS password verification.

Cons:

  • They have costly minimum fees.
  • You can trade on the Forex market using a separate platform.
  • You can only fund with an eye and wire transfer.
  • There is no digital identification so you will need to provide post notarized copies of your permanent address and your ID.
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