Swissquote Review 2021- An Affordable Swiss Broker
Swissquote is a Swiss company providing online stock trading services. It was founded in 1999 and is headquartered in Zurich. The company has a solid reputation, however, it is not for people who are looking for a beginner broker because it has a high minimum deposit requirement of 10,000 and minimum trade amount of 1,000.
Swissquote is one of the most famous online trading companies. Their services are targeted at a broad audience. The company offers trading in European, American, Asian and some other stocks and commodities. The company has a very convenient website and a very user-friendly interface that allows you to quickly and easily place orders on it. Moreover, Swissquote’s website has a very interesting design, which can amaze both beginners and professionals.
(Disclosure: some of the links below may be affiliate links).
In Switzerland, many people find it more convenient to have a Swiss broker than a foreign broker for their stock market investments. Swissquote is one of the best known Swiss brokers. Many investors use Swissquote. But is he really that good? That’s what I’m going to find out in this in-depth review. We explain what Swissquote is, what you can do with it, how much it costs and much more! At the end of this review, you will know if Swissquote is a good broker for you or not!
Swiss Quota
Swissquote logo 
Swissquote stockbroker is part of Swissquote Group Holding SA. It is a Swiss banking group that operates in many countries. Founded in 1996, stockbroker Swissquote is a very established company. At the time of writing, the company has 722 employees. Although the group itself provides services in many countries, this overview will focus on the services in Switzerland. This service is regulated by the Swiss Financial Market Supervisory Authority (FINMA). Swissquote has a banking licence and is listed on the stock exchange. This makes it very transparent as it has to disclose detailed financial reports. At the time of writing, Swissquote has over 400,000 users. It offers access to stocks, bonds, funds, contracts for difference (CFDs) and much more. You have access to 60 scholarships around the world. If you’re a simple passive investor like me, they have way more options than you’ll ever need. Let’s see what Swissquote has to offer as a stockbroker.
Swissquote account types
Swissquote offers four different types of accounts:
- Trade. It is this account that interests us in this report because it provides access to share trading.
- Forex. Account for currency traders.
- Robo-advisor. You can also use Swissquote as a robo-advisor.
- Crypto assets. A dedicated account where you can trade many cryptocurrencies.
In this overview we focus only on the type of trading account. As a passive investor in the stock market, this is the only account you need.
Swissquote fees
In the long run, you need to reduce your costs. Investment costs make a big difference. Swissquote trading account commissions must therefore be taken into account. You pay 0.025% for keeping money in your account. This fee is charged quarterly, with a minimum of 15 CHF. Fortunately, the maximum amount is 50 CHF per quarter. The maximum contribution you pay is therefore CHF 200 per year. Compared to Swiss brokers, these rates are reasonable. But it’s still not that little. This storage fee is the only fee you pay in addition to the trading commissions. There are no additional maintenance or inactivity costs to the account. This is because transaction costs are different for each exchange you use. Let’s start with exchange-traded funds (ETFs), as they are the best tool for passive investors in Switzerland. At most brokers, ETFs are charged the same transaction fees as stocks because they are traded in the same way. In the case of Swissquote, however, there is a slight difference. For some ETFs, the ETF Leaders, you pay a fixed commission of CHF 9 per transaction on the Swiss exchange. If the ETF is priced in U.S. dollars, you pay $9 (and the same logic for pounds and euros). In the ETF guides you will find many good ETFs from Vanguard, iShares, UBS, etc. So if you buy your ETF on the Swiss exchange, you can settle for a flat rate. For ETFs on other exchanges, the costs are the same as for stocks. With each exchange, you pay a commission that depends on the amount of the transaction. The charges are the same for buy and sell transactions. For example, here are the prices on the Swiss stock exchange (SWX):
- 0 – 500 : 9 CHF
- 500.01 – 2000 : 20 CHF
- 2000.01 – 10’000 : 30 CHF
- 10’000.01 – 15’000 : 55 CHF
- 15’000.01 – 25’000 : 80 CHF
- 25’000.01 – 50’000 : 135 CHF
- From 50,000.01 : 190 CHF
And here are the prices for the US exchanges (NYSE or Nasdaq):
- 0 – 500 : 9 USD
- 500.01 – 2000 : USD 25
- 2000.01 – 10’000 : 30 USD
- 10’000.01 – 15’000 : USD 55
- 15’000.01 – 25’000 : USD 80
- 25’000.01 – 50’000 : USD 135
- From 50,000.01 : 190 USD
These costs are certainly not cheap, especially for small businesses. For example, if you buy shares worth 1000 CHF, you pay a commission of 2%! This is a huge fee that you should definitely pay attention to. But if you buy for CHF 10,000, you will pay 0.3% commission. It’s still a big burden, but it’s within tolerance. And if you compare Swissquote with other Swiss brokers, these costs are indeed very low. We must also take into account the cost of currency conversion. At Swissquote you pay a 0.95% conversion fee when you convert CHF into another major currency, such as EUR and USD. The cost may change if you use other, more exotic currencies. Again, this is a significant cost. You have to be careful with that painting. You must pay this commission every time you buy or sell an ETF denominated in euros or US dollars. Over time, this can add up very quickly and become a significant amount of money lost tocommissions. The last tax we will look at is the Swiss stamp duty. Since Swissquote is a Swiss stockbroker, you must pay this commission for each stock exchange transaction. This commission is 0.075% for Swiss shares and 0.15% for foreign shares. These costs are the same for all Swiss brokers. Overall, Swissquote is not a cheap company. Some of the fees are quite high, such as exchange fees and transaction fees for small transactions. However, when compared to other Swiss brokers, these rates are quite favorable. Most Swiss brokers are even more expensive. Swissquote is even one of the cheapest Swiss brokersfor trading on the Swiss stock exchange . The only place he doesn’t shine is in foreign exchange.
Opening Swissquote account
Let’s see what you need to do to open an account with Swissquote. You can open an account at Swissquote entirely online. However, you may have to wait for a service representative to do the video identification, which may take some time (more than 10 minutes waiting time) depending on when you call. Other than that, the procedure for opening an account is very simple. You must provide your personal information and answer questions about your financial knowledge. These are the same questions any broker will ask – no surprise here. There is no minimum amount to open an account. This way you can start trading with very little money. This is good, but beware of the minimum storage cost of 60 CHF per year, if you invest very little money, it can get expensive. All in all, it should be fairly easy to open an account with Swissquote.
Trading with Swissquote
Swissquote offers different stock trading options:
- The web interface can be used directly and has all the necessary functions.
- Mobile application on iOS and Android.
- A desktop application, but primarily designed for foreign exchange transactions.
In general, there are many opportunities for everyone. The web interface should work for most people. Moreover, many will appreciate mobile apps that allow you to do everything you need. The only downside is that the web interface can be a bit complicated to use due to all the features cobbled together. But once you find some features you really need, you can use them. If you want to get an idea of the platform, here is a short video from Swissquote about their eTrading platform:
.
.
Is it safe?
If you are going to invest a large sum of money with a broker, you need to make sure that it is safe. Swissquote is supervised in Switzerland by FINMA. Other industries are also regulated in other countries. Since Swissquote has been in existence since 1996 and has been profitable for several years, the risk of bankruptcy is low. But it’s still important to know what happens if your broker goes bankrupt. Since Swissquote has a banking licence, your money is protected by Esisuisse up to CHF 100.00. Your securities must be fully collateralized as they must be held in a bank account in your name. This is a good level of protection. In terms of technical security, you can choose the second factor of authentication (2FA) for your account. I recommend everyone to do this to increase the security of your account. I am not aware of any security problems at Swissquote. This is a good sign. Overall, investing in Swissquote is therefore safe. As far as investing in general is concerned, remember that there is a risk of loss on every platform.
Swissquote reputation
Before using a broker to invest in the stock market, you should know their reputation. I always use TrustPilot as a source of advice. So let’s take a look at the SQ reviews from TrustPilot. On average, users rate SQ with 3.2 stars. This is not a good result. Let’s see what people have to say about this broker. First, we need to look at the people who are complaining about the realtor. We can divide the complaints into several categories:
- It takes a very long time to open an account. Several people had to wait several days to open their accounts.
- Very high cost. That’s true, but people should pay attention to that before they open their account.
- Bad customer service. Many people have had problems with customer service.
- Poor platform for investment. Some investors are not happy with the options the platform offers, especially when it comes to cryptocurrencies.
Overall, I’m a little concerned about the reviews regarding customer service and opening an account. The other complaints don’t bother me because they seem to come from people who didn’t do the necessary research before opening an account with Swissquote. And we should not forget that most comments on the internet come from angry people. Negative comments should therefore be taken with a grain of salt, even if they contain a grain of truth. The good thing is that most of the reviews (36%) are five stars. This is a good sign. In general, the reviews are positive:
- Easy trading with the platform
- Very stable platform and company
It is interesting to note that the positive reviews are mostly about the platform itself and its ease of use. The good thing is that many people find that the platform is easy to use. Overall, I would say that the opinions of Swissquote users are good, but not excellent.
Swissquote Pros
Let’s recap the benefits of Swissquote:
- Advantageous in comparison to other Swiss brokers
- Relatively quick opening of the account
- A very wide range of investments
- Many years of experience
- A reputable company
- Good security
- Easy to use
Swissquote Cons
Let’s take a look at Swissquote’s shortcomings:
- High exchange fees
- High costs compared to foreign brokers
- It may take some time to identify the video
Swissquote vs. Interactive Brokers
The best broker for Swiss investors Interactive brokers Interactive Brokers is an excellent stockbroker with extremely low commissions! Trade in US securities for as little as $0.5! Note that I am not using Swiss quotation marks. Why? Simply because once you start looking at foreign brokers, you will discover that there are much better alternatives. In my case, I invest at Interactive Brokers. So we can compare the two platforms. Both brokers are very well established and regulated. Protection is good on both sides, with a slight advantage for Interactive Brokers, which is protected by the US SIPC. It is at the rate level that things start to look very different. Let’s start with the guardian fees. Swissquote charges an annual custody fee of CHF 200 per large portfolio. If you have a large portfolio in IB, you pay 0 CHF for storage! With the IB you can save 200 Swiss francs a year. If you have a small IB portfolio (less than CHF 100,000), you pay CHF 120 per year, but this CHF 120 can be deducted from your trading commissions. In this way, the IB will always be cheaper in terms of storage costs. For transactions on the Swiss exchanges, Interactive Brokers is slightly cheaper than Swissquote, but not by much. The IB shines in the US stock market. For example, if I buy $10,000 worth of Microsoft shares, I’ll pay about $0.40 per IB (yes, 40 cents!). At Swissquote it’s $30. In this example, IB is 75 times cheaper than Swissquote! Since IB is a foreign broker, you also do not pay Swiss stamp duty. This means that with IB you save 0.075% on each Swiss transaction and 0.15% on each foreign transaction. Finally, exchanging currency at IB costs about $2, while at Swissquote it is 0.95%. So if you don’t convert below $200, IB is much better for converting money. All in all, all these benefits are too good for me not to use Interactive Brokers.
Output
Overall, Swissquote is a good, established and affordable Swiss stockbroker. They provide access to numerous stock exchanges and investment vehicles. And they are very good compared to other Swiss brokers. So if you are looking for a good Swiss broker, Swissquote is a good candidate. So, would I recommend Swissquote to Swiss investors? Not really. Compared to foreign brokers, Swissquote is incredibly expensive. This is why I always recommend Interactive Brokers as the best broker for Swiss investors. But if you are only interested in Swiss brokers, then yes, I recommend Swissquote as a good broker. If you are specifically interested in Swiss brokers, I have compared the best brokers. This should make your choice easier, but you should be aware of the cost differences between Swiss and foreign brokers. What about you? What do you think of Swissquote? Get our best strategies and tips delivered straight to your inbox. Get free advice on your finances to help you become financially independent!The Swissquote broker is a Swiss company that offers its trading services in the form of online trading accounts. The company has recently introduced a new service called the Swissquote Global Trading Account. This is a new type of a trading account that has been specially designed for professional traders. The Swissquote trading accounts are based on MetaTrader 4 platform.. Read more about swissquote review reddit and let us know what you think.
Frequently Asked Questions
Is swissquote a good trading platform?
Swissquote is a Swiss online bank based in Geneva, Switzerland. It offers online trading with investing in stocks, commodities, and forex. Swissquote is one of the few banks, if not the only bank, that offers online trading services to its customers. Swissquote has a broad range of investment products, with many financial instruments available for trade. Swissquote is a company that is regulated by the Swiss Financial Market Supervisory Authority (FINMA). Swissquote is a well-known online trading platform that has been around for quite some time. It offers their clients a wide range of investment opportunities. (The platform is known for its low fees, interesting promotions, and top-notch customer service.) To find out if Swissquote is right for your, here is a detailed review of this brokerage firm.
Which is the best trading platform in Switzerland?
Trading platforms are the digital front-ends that connect you to the financial markets. In order to trade shares or indices, you need a platform that can handle the volume of trading you need to do. Some platforms are tailored to the needs of individual investors, as they are cheaper and offer fewer trading tools, while others are aimed at professional traders, who have a greater need for speed and flexibility. In Switzerland, the two platforms that offer the best mix of cost-effectiveness and functionality are Swissquote and Swissmarkets, although there are some smaller players on the market. Finance has been a very important aspect of human life for centuries. The basic need of trade was the driving force behind the growth of finance and it still is. Today, you need the best trading platform for your trading needs. Swissquote is one of the best platforms in Switzerland.
What is the minimum deposit for swissquote?
Swissquote is one of the forerunners of the online trading community. Reviewers and experts tend to agree that this is one of the most legitimate brokers out there, and it’s no wonder: it’s a Swiss company, and the Swiss government has extremely high standards for financial regulation. The minimum deposit is 100 CHF, the standard minimum for this type of broker. (It should be noted, however, that if you’re just starting out and know you’re only going to be able to invest a small amount, you might want to consider brokers that have lower minimums. You’ll learn more about them in our broker reviews .) Swissquote is one of the most popular Swiss online trading broker. It was founded in 1999 and has been providing innovative trading solutions to private investors and Swiss expats since then. Despite its immense popularity, there are still a few things that most people don’t know about Swissquote. Here are a few of them:
Related Tags:
swissquote vs saxo bankswissquote feesswissquote review trustpilotswissquote review redditswissquote switzerlandswissquote reddit,People also search for,Feedback,Privacy settings,How Search works,Swissquote,Interactive Brokers LLC,eToro,Saxo Bank,See more,swissquote vs saxo bank,swissquote fees,swissquote review trustpilot,swissquote review reddit,swissquote switzerland,swissquote reddit,swissquote expat account review,swissquote uk
