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Swissquote is a leading cryptocurrency broker and a subsidiary of the Swiss investment bank of the same name – which means the platform is regulated by numerous authorities, including the FCA, making it one of the most secure and trusted exchanges on the market. Swissquote also offers a three-tier trading platform, making it suitable for both professional traders and those new to the cryptocurrency scene.
In the following Swissquote review, we look at what trading options the platform has to offer, as well as appraising its user interface and various other features. We will also take a look at the enhanced security protocols that have established Swissquote as one of the best crypto exchanges on the market.
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Swissquote offers three different trading platforms, each offering different features and functionality. More experienced traders will recognise the popular MetaTrader 4 and MetaTrader 5, software that is integrated into several major exchanges. However, Swissquote also offers it’s own in-house platform, the Advanced Trader platform. This is a multi-asset trading platform that gives users access to all of the financial instruments available on Swissquote.
The Advanced Trader platform can be customised to suit your individual preferences and give quick access to the tools and instruments you use the most. There are also Fast Trading features, which can easily be set up in the options menu. As the name suggests, Advanced Trader offers numerous professional trading tools, including different options for pattern detection and a myriad of order types.
All three trading platforms offer an intuitive user interface that can be used on both desktops and mobile devices, meaning Swissquote is also a rival for even the best mobile crypto trading apps. Whilst the sheer amount of options is likely to appear confusing to the beginner, more advanced traders will find the flexibility offered by different platforms to be a major advantage.
Next in our Swissquote exchange review, we look at the platform’s approach to processing payments, deposits and withdrawals.
One area in which Swissquote has faced criticism is the minimum deposits required. A standard account requires a $1,000 minimum initial deposit required. Premium accounts require upwards of $10,000. This alone makes Swissquote largely unsuitable for novice investors who are not looking to commit this amount of capital from the outset. There are different options available for the various Swissquote platforms and the UK-subsidiary offers additional payment options, including Visa, Mastercard and Skrill.
The platform offers withdrawal via wire transfer, which can take up to three days to clear, depending on your bank. There is also a flat fee of $10 for processing, which our Swissquote review found to be on the high side compared to competitors. However, Swissquote supports several currencies, including USD, EUR and GBP, which means you do not have to pay currency conversion fees when withdrawing.
Our Swissquote review found that the platform had a strong offering when it came to customer service. As the platform is part of a bricks-and-mortar bank, there are numerous options for getting in touch, including by post, telephone and email. However, the most efficient way is to use the Live Chat button in the bottom right corner of the website. This will connect you to the Swissquote support team in minutes. Support is available in English, German, Italian, or Spanish, reflecting Swissquotes global appeal. The only downside to the customer support service is that it is only available on business days – though the chat is manned 24 hours a day monday to friday.
Finally, our Swissquote review was also impressed with the platform’s comprehensive support page, which is effectively a FAQ that offers advice on everyday account questions and basic trading skills.
Security is where Swissquote really shines. As the platform is a subsidiary of an investment bank, it is subject to numerous regulation bodies in various jurisdictions – including the UK’s FCA – and there is a high degree of accountability and transparency required for this, which means Swissquote has left no stone unturned when it comes to keeping assets and data secure.
Our Swissquote review was particularly impressed by the platform’s own cryptocurrency custodial service, which uses some of the most cutting-edge hardware security modules available – in fact, the servers themselves are stored in a genuine military bunker! This service is a major step forward for crypto in general, as it means that a bona-fide banking institution is taking responsibility for the safeguarding of users’ cryptocurrency in a similar way it would fiat currency.
All of Swissquote’s platforms and websites are fully encrypted, utilise DDoS protection and offer two-factor authentication for added security.
Swissquote offers trading in a small but diverse selection of cryptocurrencies. At the time of writing, the coins that can be traded are the usual suspects: Bitcoin, Ethereum, Litecoin, Ripple and Bitcoin Cash, along with seven recently added tokens: Chainlink, Ethereum Classic, EOS, Stellar, Tezos, Augur and 0x. Our Swissquote review found this to be an interesting selection, as it allows users to trade on coins that have large potential for growth, as well as those that offer comparative stability.
When it comes to transferring crypto in and out of your account, Swissquote supports only Bitcoin and Ethereum. This is somewhat restrictive when compared with many dedicated cryptocurrency brokers and is less than ideal for traders who prefer to fund their accounts with other coins. However, Swissquote recently expanded its trading service to include more cryptos, so there is some speculation the Swissquote will review its options for depositing and withdrawing in the near future and the firm itself has pledged to expand its support in future updates.
Our Swissquote review noted that the platform offers a relatively competitive fee structure, especially thanks to its three tier system, which accommodates accounts of different sizes. Of course, this structure and the amount of other commodities on offer means Swissquote’s fee structure is somewhat extensive, but for the purpose of this Swissquote review, we have focused exclusively on crypto trading fees for European accounts.
When it comes to depositing, bank transfers into Swissquote accounts are free. However, there are transaction fees of between 1.7 and 2% for credit card transactions, depending on the provider. There are no fees for cryptocurrency deposits over the value of $500, however there is a flat fee of $10 for deposits under such value, as well as for withdrawals.
For trading, fees are given according to their value in Swiss Francs. Cryptocurrency transactions equivalent to between 5 – 10,000CHF incur a 1% charge. From 10,001 – 50,000CHF the fee is 0.75% and it drops to 0.5% for anything over 50,000CHF.
The Swissquote trading platform is backed by an investment bank of the same name and has three different kinds of accounts available. Whilst this is great for traders looking for versatility, it does make the issue of jurisdictions and limits slightly more complex, as not every account type is available in every domain.
In general though, Swissquote is available in over 120 countries, including all European countries and several others, including Australia, and Hong Kong. This makes the platform ideally suited to those who travel a lot or have business interests overseas – especially as the platform supports a huge range of fiat currencies.
However, some Swissquote account types are not permitted in the following countries: United States, Canada, Belgium, Algeria, France, Hong Kong, Iran, Iraq, Japan, North Korea, Nigeria, Luxembourg, Morocco, Malta, Singapore, Tunisia, Turkey, Syria, Uruguay, Czech Republic, Slovakia, Zimbabwe. Therefore, if you are operating from one of these jurisdictions you should check with the provider directly to see what options you have.
For this part of our Swissquote review, we will look at how to actually open an account with the platform and start making trades.
Register
First thing’s first, you will need to register an account. This is a slightly more comprehensive procedure than with many platforms, due to Swissquote being subject to numerous regulatory bodies. Initially, you will fill out the usual personal details, including name, date of birth and nationality. You also have to provide your legal address, which is something not all platforms request. Once this stage has been completed, you will then need to complete a thorough verification process, which includes both proof of address and proof of ID. There are several options for completing this process, including video conferencing, document upload and traditional post.
Deposit funds
Once you have opened an account, you will then be able to make a deposit. This can be done via the deposit interface and is simply a case of choosing the deposit method – either bank transfer, credit card or via your crypto wallet – then following the instructions on screen. Deposit times will vary according to the method you use.
Start trading
When it comes to trading, the exact options and layout will depend on which trading platform you opt for. Given that the Metatrader platforms are used in numerous other exchanges, our Swissquote review looked at the in-house platform in more depth. The trading screen is comprehensive and very intuitive. Novice users can also remove several widgets and only display those which are relevant. Crypto trading options displayed on the screen have a “Trade” button next to them, which will take you to a form where you choose whether to buy or sell and place any stop orders. You can also right-click on an asset to open the order window.
Users will see options across the top of the screen which give them access to their account summary, open orders and order history, as well as Swissquote’s extensive range of information and education sources. This is another plus point for our Swissquote review, especially for those who are using Swissquote for crypto but require further information before making transactions.
Making withdrawals from the platform is also easily done via the account management page. Simply click on the withdraw button and follow the relevant instructions. Users should be aware that, at the time of writing, the only cryptocurrencies that can be withdrawn from Swissquote are bitcoin and Ethereum.
Our Swissquote review also looked into what existing traders thought of the exchange and found it has a pretty strong reputation – which will be of little surprise given that it is part of a traditional financial institution. Aside from its stability, numerous customers have taken to review sites to laud Swissquote’s offering of three different trading platforms. The only negative points that we saw raised were the extensive amount of verification required as well as the somewhat high minimum deposit required to open an account.
Our Swissquote review found that the exchange is one of the most trusted on the market, with its various subsidiaries being regulated by bodies in Switzerland, the UK, Malta, Hong Kong, Dubai and Singapore. Whilst regulation is often synonymous with more verification protocols, we found these to be relatively straightforward to complete and well-worth it for the additional peace of mind offered by a trusted platform. Swissquote also offers some of the strongest security for crypto assets to be found anywhere in the world with its recently inaugurated custodian service and robust security protocols.
Being a bank with an established track record, Swissquote is one of the best platforms on the market for investors unfamiliar with the myriad of crypto trading brokers available. In this sense, Swissquote is a good choice for beginners. However, the comparatively high minimum deposit required to open an account will deter many casual investors and the stringent KYC protocols can be off-putting for those who prefer to retain as much anonymity as possible when buying and selling crypto.
Trading financial products carries a high risk to your capital, especially trading leverage products such as CFDs. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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