SwissQuotes Bank Review

Full Review

About SwissQuote

SwissQuote Bank (formerly MIG Bank) is a forex brokerage with a market maker model which commenced operations out of its corporate headquarters in Lausanne, Switzerland in 2003. It is regulated by the Swiss Financial Market Supervisory Authority (FINMA), and it has subsidiary offices in Zurich, Malta, Bern and Dubai. MIG Bank officially changed its name to Swissquote Bank.

Swissquote Bank has a European subsidiary which is known as Swissquote Bank Europe. This subsidiary is London-based and has a license to offer forex brokerage services from the Financial Conduct Authority (FCA).

Special Offers and Bonuses

No bonuses are awarded on the Swissquote platform.

Types of Trading Accounts

There are 5 types of trading accounts to choose from on Swissquotes Bank:

a)    Explorer Account: The minimum deposit for this account type is any amount less than $10,000 (minimum deposit $1,000). The minimum trade size is 0.1 lots. Maximum leverage allowed is 1:500.

b)    Standard Account: The minimum deposit is any amount from $10,001 – $49,999, with a minimum trade size of 0.1 lots and maximum leverage of 1:200.

c)     Advanced Account: The minimum deposit for this account type is any amount from $50,000 – $99,999, with a minimum trade size of 0.1 lots and a maximum leverage of 1:100.

d)    Advanced Plus Account: The minimum deposit for the Advanced Plus account is $100,000 – $249,999, with a minimum trade size of 0.1 lots and maximum leverage of 1:100.

e)    Prime Account: The minimum deposit for this account type is $250,000, with a minimum trade size of 0.1 lots. Leverage size is a maximum of 1:50.

Those who trade with Swissquote Bank Europe only have a single account type, with a minimum deposit requirement of 2,000 Euros, on which traders can trade with a minimum of 0.01 lots. Maximum leverage is 400:1.

The maximum lot size for all trades irrespective of account type is 100 lots. As we can see, operating a forex account with a Swiss-based forex broker is not cheap. You must therefore be prepared for the venture financially before you jump in. It is also worth mentioning that Swissquote Bank now offers gold-denominated accounts.

Trading Platform Features

The platform solutions that are available for use on MIG Bank are listed below:

a)    MT4 Trading Station: Swissquote Bank provides its clients with the opportunity of utilizing the robust features of MetaTrader 4 through its MIG MT4 Trading Station. This platform comes with chart and indicator options, trailing stops, live news feeds, among other features.

b)    Web Platform: Swissquote Bank also has a web-based version of the MT4, accessible from any internet-connected computer with a URL.

c)     Mobile Applications: Swissquote now offers traders the opportunity to trade on mobile devices using a specialized trading platform.

d)    There is a multi-account manager which does exactly what is named as: a platform to manage multiple accounts.

e)    Swissquote has also designed its own proprietary trading platform known as Advanced Trader.

Commissions and Spreads

The spreads available for trading on the account types are as follows:

Charting Packages

Charts and charting tools are as found on the MT4 trading platform.

Education and Demo Accounts

Traders can get access to a free and unlimited MT4 demo account. In terms of forex education on Swissquote, the material available is suited for a more intermediate to advanced trader class. There are squawk boxes from CNBC and Phoenix TV (China), daily and weekly forex analysis as well as analysis by the Swissquote research team.

Customer Service

The customer service desk in the headquarters of Swissquote Bank can be contacted through the following means:

• Phone: +41 44 825 88 88
• Fax: +41 44 825 88 89
• Email: [email protected]
• Live Chat

For regional offices, customer service contact details are as follows:

London:

Phone: +44 207 186 2600

Fax: +44 207 186 2601

Email: [email protected]

Dubai:

Phone: +971 4 450 1700

Fax: +971 4 450 1701

Email: [email protected]

Deposit and Withdrawals

Deposits can only be made on MIG Bank through credit cards and bank wire transactions.

a)    Credit card: The only acceptable cards are those of VISA and MasterCard. The Swiss Bankers Travel debit card can be used to withdraw funds from a MIG Bank account. Transactions can be performed using the currency majors.

b)    Bank wire: Wire transfer instructions have to be obtained from the customer service desk. Details below.

Deposit Limits

The deposit limits are as stipulated for the various account types. Deposits via credit or debit cards will only be accepted by MIG Bank if the name on the account matches the name on the credit card.

Withdrawal Limits

There are no minimum or maximum withdrawal limits.

Conclusion

Swissquote Bank has found a way to appeal to its varied client base by forming subsidiary companies in Europe and more recently, in Asia, to adapt its service module to fit the yearnings of its clients in those areas. Traders can therefore select the subsidiary of choice which matches their trading needs and specifications.