Go to Swissquote Crypto
  • Trade or hold cryptocurrencies
  • Trusted brand
  • Demo account available

Swissquote Review – Are They Safe or a Scam?

Our Swissquote Review 2024

Swissquote is one of the most trusted names in retail trading and in the following Swissquote review we aim to find out whether it has maintained its famously high standards when it comes to cryptocurrency trading.

If you haven’t heard of Swissquote, then you should know that not only is it one of the world’s leading trading platforms, but it is also a traditional bank – meaning it is inevitably subject to some pretty strict regulation. But if you want to find out more about Swissquote crypto trading, then you’ve come to the right place.

Swissquote Highlights
  • Trade or hold cryptocurrencies
  • Trusted brand
  • Demo account available
Go to Swissquote

Offers and New Customer Experience - Take advantage of the welcome bonus

Our Swissquote review was instantly struck by just how comprehensive the website is. It is instantly apparent that this is not one of the smaller operators in the space and you’ll find there is plenty of information available on the numerous different asset classes available to trade – including plenty of details regarding cryptocurrency.

Despite having a fairly expansive web presence, you’re never more than one click away from opening a Swissquote account. All you need to do is click on the orange ‘Open Your Account’ button in the top right-hand corner of the page and you’ll be taken to the start of the sign-up process.

First, you choose your account type. Once this is done, you’ll then be required to enter a few details. As we’ve noted, Swissquote is a highly trusted brand so it should come as little surprise that you’ll need to provide documents to verify your account. This may seem like an inconvenience but it should at least put your mind at ease that there are no Swissquote scams going on.

Our Swissquote review was unable to find details of any sign-up offers, but in reality these are more common with smaller brokers and establishments like Swissquote rarely offer things like bonuses or rewards. However, if this is something that you are interested in, you might want to take a look at our SimpleFX review.

Usability - a simple, informative website

Our Swissquote review was impressed by how much information the website is able to convey, whilst still keeping things user-friendly and easy to navigate. The website has a simplistic yet eye-catching theme with links to the popular trading markets in the main window. Even those completely new to the world of trading will have no trouble finding what they are looking for.

If you are looking at trading crypto with Swissquote, then you’ll find a section of the website entirely dedicated to the market, explaining the services offered as well as some background information on the different tokens available. There is also plenty of news regarding the markets, so you can stay informed directly via the Swissquote website.

Our Swissquote review browsed through some of the main pages and found the website extremely simple to navigate,  including the finer details of the company, its pricing structure and its terms and conditions – all of which are listed in the footer.

Accounts - what sort of trader are you?

When you set up your Swissquote account the first step is to decide which account type you’d like. The answer to this will depend on exactly what you want to trade and how you want to trade it. To help you consider this decision, our Swissquote review will outline the three account types.

The ‘Hands-on’ account is the standard account for trading stocks, ETFs, funds and cryptocurrencies. An important distinction needs to be made here. SwissFX allows its users to actually trade cryptocurrencies – that is, to buy and sell the underlying asset. Whereas many other platforms that offer crypto trading, really mean they offer the facility to trade crypto CFD pairs. If you’re looking to actually own different cryptos, perhaps to hold them over the long term, then the hands-on account is the right choice for you.

The ‘Hands-off’ account, as the name suggests, is for traders who are looking to set up automated portfolios, where AI will make trades on your behalf, based on pre-set strategies. This may sound like a simple option, but caution is advised – make sure you understand what AI can and can’t do before considering this account type.

The ‘Straight Forward’ account is aimed towards traders who are looking to trade forex and CFDs. These are available on bonds, indices, forex pairs and precious metal. As far as our Swissquote review could tell, cryptocurrency CFDs are not currently available on the platform.

Trading Platforms - three tried and tested options

Our Swissquote review was impressed with the options available when it comes to trading platforms. Whether you’re a seasoned professional or a novice trader, you’ll find you can choose the right platform and customise it to suit your individual preferences.

First up, there’s the Swissquote etrading platform, which runs through your browser. It doesn’t quite have the visual appeal of some web-based platforms on the market, but it arguably has more functionality – not to mention myriad options for customisation. Most beginner traders will find this platform the easiest to get to grips with but that isn’t to say it doesn’t put plenty of pro-level trading tools at your fingertips.

More experienced traders may however prefer to download MetaTrader 4 – the gold standard for trading and used by professionals for trading numerous asset classes. Whilst the interface is starting to look a little dated, MT4 provides some of the most sophisticated trading tools and charting options you are ever likely to need. Just be advised that you will need to download the required software and set it up on your PC or laptop first.

Those who prefer trading on the go are also well catered for thanks to the Swissquote mobile app, which can be downloaded for either Android or IOS devices. Once it’s up and running, the app operates in a similar way to the web platform, only with a more simplified interface and fewer options for charting. All in all though, it functions well and looks good on both mobile and tablet.

Our Swissquote review did feel that the trading platforms on offer could do with a visual update, but ultimately they all offer plenty of tools and charting options to suit traders of all experience levels.

Trading Payments - expect to pay for top-level service

Our Swissquote review found that the platform allows users to fund their accounts with numerous base currencies, but options for payment methods are limited when compared to other platforms. However, this is due to the fact that the company puts security before anything else, as such it does not support any e-payment options and you can only fund your Swissquote account from a bank account in your own name.

Swissquote levies no charges for deposits made by bank transfers, however for credit and debit card transfers, fees between 2.2% and 2.5% are charged, depending on the currency you deposit with and your country of residence.

When it comes to withdrawing from your Swissquote account, you’ll need to send funds to the same payment method you used to deposit and can expect to wait 3 – 5 business days for funds to clear. Our Swissquote review was also a little disappointed to find that GBP withdrawals carry a £10 fee.

Users should also note that Swissquote charges a maintenance fee on trading accounts. This equates to €15 a month, but the fee will be waived provided you open at least one trade position within that month.

Customer Service - Swissquote service goes above and beyond

Trading can be a complex business – especially for novice traders. As such, our experts here at Crypto Parrot believe a platform’s customer service provision can really be a make-or-break factor for those seeking a new brokerage platform.

Fortunately, Swissquote has one of the best customer support teams we’ve seen. You can get in touch via several means. Of course, all the usual channels are open. These include web chat, email and help is available in Arabic, Chinese, Czech, English, French, German, Italian, Spanish and Russian.

The Swissquote experience and rating is boosted by the fact that the platform offers telephone support – as well as the rare option to make an appointment in person. Of course, you’d need to travel to Switzerland or Luxembourg to do so, but it is a service that most crypto trading platforms are simply not willing to provide.

Our team found response times via telephone, email and web chat were extremely fast and the customer service agents were knowledgeable and courteous at all times. The customer care phone line is open from 0800 to 2200 CET and as far as we could tell the live chat was manned during the same hours.

Of course, it’s a little disappointing that help isn’t on hand 24/7 – especially as the crypto market runs around the clock – but Swissquote has definitely done well with its customer service provision.

Regulation and Deposit Insurance - trade with a trusted name

So far so good, but is Swissquote safe? If you’ve read this far it’s probably already obvious that Swissquote is backed by some pretty serious regulatory credentials – after all, not only is it a world-renowned online trading platform, but it is also a traditional banking institution as well.

CySEC - Cyprus Securities and Exchange Commission

As we have noted, Swissquote Bank Europe has full bank status and is regulated by the CSSF under the oversight of the European Central Bank. However, Swissquote Ltd is the subsidiary that provides trading services to the UK. It has offices based in London and is fully regulated by the Financial Conduct Authority.

You can open an account via either platform, however the main website notes that the global trading platform is not regulated by the FCA.

Swissquote also ticks all the right boxes when it comes to keeping your funds, account and data secure. The website uses the latest two-factor authentication and the platform offers all the usual security protocols you’d expect – most notably, segregated client funds and negative balance protection.

So is Swissquote reliable? Swissquote is one of the most highly regulated brokers you are likely to find, licenced by numerous bodies around the world. The UK operation is licenced by the FCA, meaning you can rest assured that everything is above board.

Additional Features - What else does Swissquote offer?

Swissquote offers a pretty complete trading experience but that’s not all – our Swissquote review was also impressed to find the main website also has extensive learning materials available through its Education Centre. These include free coursebooks, videos, interactive training tools and downloads, covering just about every aspect of trading.

If you’re new to the world of trading, you’ll find you can use the site to gain an overview of the different asset classes, as well as how to read charts and open/close positions. Of course, many will have a blog or news feed, but we have found few that can match Swissquote for the detail and range of their educational materials.

Swissquote Crypto

Swissquote Cryptocurrency

It seems everyone is talking about cryptocurrency lately and even those new to trading are probably aware that some of the top coins on the market have experienced some major price volatility – and whilst that volatility means increased risk, it also means increased opportunities.

Our Swissquote review found that the platform offers a very comprehensive crypto trading platform – giving users the chance to actually own the underlying currency rather than trade derivatives. However, if CFDs are your preferred trading instrument, you might want to take a look at our CMC Markets review.

Trading Costs

Swissquote offers a refreshingly simple pricing structure when it comes to trading cryptocurrencies. However, the native currency of the platform is the Swiss Franc, so prices need to be converted into GBP if you are operating in the UK – and users should be aware this may incur fees with their own bank.

According to the website, all crypto transactions are charged at the same rate. For transactions of CHF25 – 10,000 you can expect to pay a 1% commission fee. For transactions of CHF10,001 – 50,000 its 0.75% and those of CHF50,001 – 500,000 will incur a fee of 0.5%.

In addition to the trading fees,  Swissquote also charges a quarterly inactivity fee, starting at 0.1875% or €100 (whichever is higher). This rate kicks in after 24 months of your account remaining unused and the rate increases after 36 months, then again at 48 months.

If you want to compare trading costs with another platform, why not check out our Plus500 review?

Trading Conditions

One thing that really makes Swissquote stand out from the crowd is the fact that it offers trading in cryptocurrencies themselves, as opposed to derivatives. This means you’ll actually own the underlying asset, so you can hold onto your tokens for as long as you wish. However, users should be aware that you will need a dedicated cryptocurrency wallet in which to store your tokens.

Summary and Conclusion

Swissquote has put together an excellent crypto trading platform that is secure and reliable. The trading fees are a little on the high side, all things considered, but our experts here at Crypto Parrot believe this is one of the best platforms on the market and is particularly suitable for novice traders.

Swissquote Highlights
  • Trade or hold cryptocurrencies
  • Trusted brand
  • Demo account available
Go to Swissquote

Swissquote review FAQ

✅Is Swissquote safe to use?

The best way to ascertain how safe a platform is is by checking out its regulatory credentials. Fortunately, we’ve done this for you so by reading our Swissquote review, you can find out for yourself just how reliable the platform is.

❓How do I open a Swissquote account?

If you want to open an account with Swissquote then the first step is to take a look at our review to find out what account types are available and what the platform has to offer. We’ll then be able to let you know what steps you need to take to get up and running with the platform.

☝🏻 What is Swissquote?

You may have already heard of Swissquote, as it has a very well established reputation in Europe and has existed as a banking institution for decades. However, the firm has diversified and now offers a range of financial services – including the trading of forex, CFDs and cryptocurrencies.

Conclusion to our Swissquote review

It’s to be expected that such a well respected name in the world of finance has put together a solid trading platform offering exposure to numerous cryptocurrencies, as well as plenty of other financial instruments.

Swissquote offers multiple trading platforms to suit different levels of investor and the platform’s customer service and contact options are second to none. As we’ve noted, there are also plenty of educational materials, so if you are relatively new to the world of trading then Swissquote could be the perfect platform for you to get to grips with the markets.

Most Swissquote reviews agree that it is one of the most respected names in the industry. If we had to note a downside, it would be the relatively high withdrawal and account maintenance fees. If you’d like to compare these with other platforms, then you can check out our PrimeXBT review. However, we think you’ll find it tough to find a better broker than Swissquote.

Swissquote Crypto
Go to Swissquote Crypto
  • Trade or hold cryptocurrencies
  • Trusted brand
  • Demo account available
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