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SwissQuote.ch Review Visit site

Updated: Sep 25, 2018
3.415 · 10 REVIEWS
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SwissQuote acquired MigBank.com

Other websites of this company include SwissQuote.com,SwissQuote.eu.

The default language is German but English is available in the language button at the upper right corner.

SwissQuote is a forex broker. Swiss Quote offers the Mobile and Desktop trading currency platforms. SwissQuote.ch offers currency pairs, bitcoin, gold, silver,indices and commodities for your personal investment and trading options.

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3.415 · 10 REVIEWS
Forex Peace Army
DO YOU RECOMMEND THIS COMPANY?

Let other traders know if this service is worth checking or should be avoided.

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Michael,
Slovakia, Slovakia,
May 30, 2018,
Guest

Stay away from this low quality market maker!

Here is my short experience with this broker and it will be short experience, because I am moving my funds back to the other broker I've used since 2011 or 12, without any problems. So here is my experience with Swissquote:

1. Account opening - pain in the ass. Too complicated and long process. First you have to either speak with them on cam chat, or send them your documents by mail. Then pain in the ass starts by trying to actually log in to your account. Their chat shuts down when you swith pages on their website, so the support cannot navigate you throughout this process. I spent 1 hour on the phone with their support before I was finaly able to login to my newly opened account. All this takes days.

2. Funding - they (or their payment vendors) charge high fees, like 2% just for deposit. Only free option is bank wire transfer. You also pay for withdrawals $20 for each withdrawal. So you lost money (and time) with this broker before you even made your first trade.

3. Spreads - Terrible. Double the standard spreads of other popular brokers on all instruments at all times.

4. Live chat support - terrible. The guy there doesn't know much, plus their policy on not helping people over the chat is also terrible. They can't help you with almost anything over the chat. Typical response you get is- send email to support@swissquote.ch and they will be able to help you. Even when you are asking about very basic stuff, like informations about their products. And when you send email, you will wait 3-4 days for response. In my case their response to my email with very specific basic questions about their product was (after 4 days on Thursday) can I contact you on Monday on the phone to discuss your specific needs? I didn't respond to that email, but nobody called on Monday, so my query is unresolved, probably forever, because I will not bother to contact them again.

5. Additional account opening - terrible, bacause you have to wait couple days. What is automatic 3 clicks process with other brokers (once your main account is approved), here it takes 3 days. They actually must approve your additional account.

5. Closing my profitable trade. This made me write this review, because it pissed me off today morning, when I found my profitable position closed. It was closed with profit, but I didn't close it, my TP didn't close it and I didn't plan to close it so early. If they let this position run, my profit (and their loss) would be doubled by now. It's absolutely unacceptable that broker interferes with your profitable positions like this.

There are also other details, that I don't like about this broker, like not being able to open smaller positions on commodity cfd's. So you can choose either to not trade those instruments, or trade, but with overleveraged positions. In MT5 charts, they give you only couple of days of data on futures cfd's. Plus some other details about their website, complicated system and interface, that I don't want to go into detail here.

Bottom line is this - if you are looking for a good retail forex broker, this is definitely not the one in 2018. Do yourself a favour and
500pipsaweek,
Athens, Greece,
Apr 12, 2018,
Registered user

Probably one of the best and safest brokers in Europe at a retail level

spread on EUR/USD is a standard 2pip its almost fixed except day change and some other instances. They are one of only two brokers i trust because they are actually a bank, as far as i know they offer institutional level accounts from a specific amount and beyond, max leverage up to 400:1 but it drops to 100:1 to amounts more than 20k. I can't recommend them enough honestly spreads might be a little wide but you get your bank account in Switzerland and although it has limitations and you can't receive third-party deposits i still think its a huge deal maybe not if you are a scalper but if you ever dreamed of making millions in forex i guess you should be looking for a similar solution as safety should be above all.
Vntrader,
Vietnam, Viet Nam,
Dec 2, 2017,
Guest

Fair broker?

Yesterday I visited some fx forums to see more reviews on Swissquote. Unlike my complaint, some other experienced traders seem to appreciate Swissquote's trading service, such as this link: https://www.forexfactory.com/showthread.php?t=603038. OK. If so, I can find some way to continue using Swissquote's service, such as trading hourly charts with them while trading minute charts with other brokers who offer better spreads. I will give Swissquote 3 stars later if they improve their spreads in standard trading account.

Nov 21, 2017 - 1 Star Today I opened my mt4 with Swissquote again to see if they improved their spreads. But nothing's changed. The spread on eurusd in my a/c is still terribly wide, running from 2.8 to 3.2 all day. I note that Swissquote recently changed the info on spreads on their site. Min. spread on eurusd in standard a/c was changed from 1.4 to 1.7. It's not true again as I have never seen such min. spreads over the last 3 years! I also work with other brokers so I know what it should be. With serious brokers, if they say their spreads start at 1 pip (min. spread) for instance, then you should see this min. spread accounts for at least 10% of every trading day time, and the average spread around 1.4. ActivTrades is an example of the best broker by spread so far. They state on their site their min. spread on eurusd is 0.5 (no commissions) and this spread actually accounts for about 50% of the whole trading day on their mt4, and their average spread is just 0.6. That's why I keep complaining about Swissquote's spreads.

Aug 11, 2017 - 1 Star Swissquote's spreads are going from bad to worse in my a/c. Recently I opened my mt4 with them and noted that the spread on eurusd was even wider than before, running from 2.8 to 3.2 in turns all day no matter in Asia or Europe or US session. I tried to trade a mini lot and my a/c recorded a loss of $3.2 right after executing. I also noted the chart was freezed a bit at the opening and closing but I am not sure. I will feedback more later.


May 6, 2017 - 1 Star Swissquote is dishonest about their spreads, at least with me up to now. I am a small trader and have a trading a/c with them for a few years now. Previously I didn't trade often so I didn't care much about spreads. Recently, I trade more and note that their spreads are much wider than stated. For instance, they state on their website that their target spread on EURUSD is 1.4 pip for standard a/c, but on my real a/c it is 2.8 almost all the times. I complained with them by email attached with screenshot but they didn't reply or correct their spreads. Apparently they think little of small traders although in their emails to clients they always call them 'Valued Customers'. Now that I trade regularly with my new broker and consider my a/c with them as a 'standby'. If they still don't improve their spreads in the future I will close my a/c.
Matt Hendshaw,
Manchester, United Kingdom,
Oct 28, 2017,
Guest

Top quality broker

Dont know what all complaining about spreads. I have a prime account and eurusd is like 1.4 no commission.
Yes there is cheaper but this is a premium swiss broker and that comes a slightly higher costs. Unless your scalping its immaterial a 0.5 pip difference.
Brillant relationship managers....online banking.....good service.
Wouldnt change them for anyone.
If you want a serious broker with serious regulation and the best safety of funds this is the spot.
John,
Indonesia,
Dec 10, 2016,
Guest

Untrusted, unhonnorable scam broker.

I was one of MIG existing customer.
At first, I confidence to trade forex with them, because my trading account is fully sharia (free swap), even for long trade open position. It's match with trading profile, so I can trade/open position without worry getting involve with any interest.
The old MIG management always honour this free swap facility as their promises to me. I made a few of profitable trading with MIG.

But, +-1 year after MIG become Swissquote, this free swap facility is suddenly removed from my account. Without any previous notice before & when I'm still having a few open (lost) trading positions.
They refused to restore free swap facility on my trading account.

For sharia trader, pls be aware with their (sharia/free swap) commitment.
Untrusted, unhonnorable scam broker.
A trading condition can be changed anytime as they want to, without previous notice before.
I've lost a lot of money with this broker.
JS,
Kuala Lumpur, Malaysia,
Oct 30, 2016,
Guest

Our Views

Me and all my other business partners started with them quite a while ago. Opening an account was a breeze. Compliance Department took no more than three days to approve our respective applications. Wiring of funds took around twenty one hours and withdrawal of funds took a little more than double the time mentioned. Internal transfers was done within minutes. Relationship managers were extremely helpful at all times. Multi-terminal platform and multi-account manager platform extremely stable. No software issues whatsoever. Seriously, they're quite good and all of us are staying on with them.
Tommes,
Vienna, Austria,
Jun 30, 2016,
Guest

Again silence between Swissquote and TTC ! - why ? They need compliance for USA TAX from us (no relations we have to USA).

Right after a couple of mails they assist in a German document. What happen is, that there are short cuts we never hear before or have a clue from. Our tax advisor denied to help in case he is no finance law specialist. So what ! We are unable to come back with money - no answer from Swissquote. We not knowing if all we show is right for them or not.

So we wait and work with our other brokers - better us to see 30 % extra tax back holding to USA. Or standing in a negativ listing from Swiss banks.

O Gott give them an speaker we are able to understand" not all here are layers or tax advisors - or can pay for PWC - KPMG - Deloitte "

Tom from TTC

Tom,
Vienna, Austria,
May 4, 2016,
Guest

Normal a very good and honest broker - we work years with them.
Sometimes me and follower more than 240 K.

Right now they delay withdrawal in case they not accept electronic sign - they accept more than 10 times before. It is possiple to ruin a good partnership with ignorant compliance needs far from the truth of a workable basic need!

Yes if we need a kindergarten- they are next to be my maid!

You can trust them platform works but the humanity is on a level you must be millionaire to be accept from them and feel respect. Kneel down and you are there favorite - in this Im sure!

Cheers Tommes
Michal,
Amsterdam, Netherlands,
Apr 3, 2012,
Guest

I seriously doubt that they would solve their software problems anytime soon. Just a week ago I was contacted by a headhunter that Swissquote is looking for a software principal engineer. As my CV has a perfect match with what they need I was thinking that they would at least interview me. Well... no, their direct feedback was that I'm too senior for the position and they want somebody junior :-) Very strange for a company with software issues... BTW I'm 47.
Thomas,
Zurich,
Jun 19, 2011,
Guest

I was client there for about 10 years. If you like to loose money because of Softwareproblems they always have, you're right there. As they started with forex it even came more worse. The FX-book they call as their platform has many errors, and they can't solve it. Swissquote should test and wait, and then bring something. For Shares or options, they are ok, but as readable in their Forum, a lot of people have problems with them. EURUSD Spread: 4 Pips! They should wake up ....