Swiss Markets is a popular online broker that offers a range of forex currency pairs and CFDs for traders to take advantage of.
The site has a solid reputation and is regulated by Cysec.
- About Exness
- Opening an Account
- How Long Does the Account Creation Process Take?
- Identity and Verification
- Can Swiss Markets Be Trusted?
- Research and Assistance
- Demo Accounts
- Desktop Experience
- Mobile Experience
- Investment Options
- Commissions and Fees
- Deposits & Withdrawals
- Customer Support
There’s a number of different account types offered, and a wide variety of payment methods ensure deposits and withdrawals are made simple.
In this Swiss Markets review, I’m going to be giving you an in-depth look at what the site has to offer, and what you can expect when trading there yourself.
Swiss Markets was established in 2016, making it a relatively new name in the online trading world.
Originally, the company was part of the BDSwiss Holding PLC group – a company that has been around since 2012. Today, however, it operates as its own entity.
Swiss Markets operates using the MetaTrader4 platform – something I’ll be covering later – and despite being a new brand, they’ve already managed to build a solid reputation for themselves, serving hundreds of thousands of clients from all over the world.back to menu ↑
Opening an Account
There are four different types of accounts available to open at Swiss Markets, and below, I’ll be giving you an overview of what these accounts are.
Actually setting up and opening an account takes just a couple of minutes, and Swiss Markets have done their best to make it as simple and straightforward as possible.
Classic STP: The Classic STP account comes with a minimum deposit of $200 and offers variable commissions, depending on which base currency you’ve chosen to use.
The spreads on the Classic STP account vary but can be as low as 0.9 pips if you’re trading EUR/USD.
The Classic STP account actually offers the lowest leverage of the four different accounts, and the absolute maximum is 500:1.
You can also place as many as 200 different positions per currency pair, but you’re limited to 50 lots for each order ticket you place.
RAW STP SWISS11: The RAW STP SWISS11 account requires you to deposit a minimum of $200.
It operates in a similar fashion to the Classic STP account, although you are charged commissions.
These can be as much as $11 per trade, but again, it all comes down to the base currency you choose to use.
The spreads are as low as zero, and the maximum leverage you’ll be able to get is 200:1.
RAW STP SWISS8: The RAW STP SWISS88 account is designed more for experienced traders and comes with a minimum deposit of at least $2,000. Some trades carry commissions, which can be as much as $8 per transaction.
This account type carries a leverage of up to 200:1, and the spreads can be as low as 0 pips.
The trade restrictions on the RAW STP SWISS8 account are the same as both the Classic STP and the RAW STP SWISS11 accounts.
RAW STP SWISS 5: This is Swiss Market’s premium account.
The minimum deposit for this account is a massive $10,000, so it’s designed more for highly experienced traders.
You’ll benefit from a leverage of up to 200:1 and the maximum commission per trade is capped at $5 per trade/transaction.
Again, spreads are as low as 0 pips when trading USD/EUR, and the account’s trading restrictions are the same as the other three accounts.
All four accounts are relatively easy to set up, and you’ll just need to enter some general information about yourself.
Depending on where you’re located in the world, you may also need to complete a short trading experience questionnaire.back to menu ↑
How Long Does the Account Creation Process Take?
Opening an account at Swiss Markets is quick – I was able to set my account up in around 7 minutes.
You will need to verify your email address and/or phone number, but other than this (and the ID verification process I’ll cover below) you’ll be able to get set up and running within a matter of minutes.
Identity and Verification
The minimum deposits at Exness vary, depending on the type of account you’re opening.
The Cent Account, for example, has a minimum deposit of just $1, meaning you don’t have to worry about breaking the bank.back to menu ↑
Identity and Verification
You will need to verify your identity at some point, as is the case at all reputable forex trading platforms.
As is commonplace, you’ll need to verify your name and proof of address.
Accepted documents include passport/driving license and utility, phone and council tax bills.
It can take around two working days for accounts to be verified.back to menu ↑
Can Swiss Markets Be Trusted?
When choosing an online broker, it’s incredibly important to find a site that’s got a good reputation.
Given that Swiss Markets have only been operating for a few years, they don’t have the decades-long reputation that some of their competitors have.
However, that doesn’t mean they’re not reputable.
They’re regulated by the Financial Services Commissions in Mauritius and they’re also governed by the Cypriot authorities.
This is good news, and it means that Swiss Markets have to adhere to stringent rules and regulations.
I was also happy to find that any monies you fund into your Swiss Markets account are automatically placed into a segregated bank account.
This protects your money in case of insolvency.
Plus, for added peace of mind, I can tell you that Swiss Markets only use tier-1 banks for their financial operations.back to menu ↑
Research and Assistance
Unfortunately, I found the lack of educational materials at Swiss Markets to be pretty disappointing.
They don’t appear to offer anything in the way of beginner resources.
When I review online brokers, I usually find that they’re keen to educate new traders.
I wasn’t able to find any guides, tutorials or walkthroughs at Swiss Markets though, and it appears as though they’re more geared towards advanced traders who already know the ins and outs of trading.
This is backed by their higher deposit limits too.
It’s clear they know their market, and they’re keen to tap into it.
However, they do offer a number of advanced trading tools, which give more experienced traders the ability to access up-to-date and relevant trading information.
I should also point out that the MetaTrader4 platform comes packed with tools and resources as well, including up-to-date news fees, charting abilities and more.
You can learn more about MetaTrader4 and some of the main features and tools associated with it in the “Desktop Experience” section of this review.back to menu ↑
Swiss Markets allow all new and existing traders to create a demo account.
This gives you the full functionality of MetaTrader4’s trading platform, without needing to risk any of your own money.
All you need to do is enter a few personal details, confirm that you’re aged 18 or above and confirm your email address and your demo account will be opened right away.
You can then continue trading on the demo account for as long as you like.
There are no time limits, as we’ve seen imposed by other trading platforms, which is a major benefit.back to menu ↑
Swiss Markets uses MetaTrader4’s trading platform – one of the best in the world, and arguably the industry leader when it comes to Forex trading.
MetaTrader4 is provided by a company called MetaQuotes, who have released a number of other trading products too, including MetaTrader5.
Below, I’m going to be taking a look at the most important features contained inside MetaTrader4.back to menu ↑
If you’ve ever traded Forex online before, there’s a pretty good chance you’ll have already used MetaTrader4.
It’s offered at virtually all online brokers, and for good reason – it’s versatile, secure, and reliable.
It also offers incredibly low latency, which means it’s incredibly fast and straightforward to place trades.
Lag/freezing is incredibly uncommon.
One of the main reasons I’m such a fan of using MetaTrader4 is the fact that it’s highly customizable by design.
For example, you can drag and drop various tabs around to make the platform more user-friendly, and you’ll be inundated with technical analysis indicators and charts.
These can be viewed simultaneously, and you’ll also find yourself able to draw trend lines. Extensive asset study tools are available too.
There’s also a level of automation built into MetaTrader4, although I should point out that it’s nowhere near as comprehensive as that offered in MetaTrader5.
Unfortunately, MetaTrader5 isn’t offered as a trading platform at Swiss Markets.
You can still set up some basic automation trading tools and bots though.
MetaTrader4 also offers some of the most competitive pricing structures in the industry.
It’s one of the world’s most powerful trading tools for good reason, and it’s well-suited to both new and experienced traders.back to menu ↑
Unfortunately, Swiss Markets haven’t yet developed their own proprietary app, and this, I feel, is something that all online brokers should be aiming for in today’s day and age.
I should point out that you can access Swiss Market’s trading platform through your mobile’s internet browser, although the trading experience isn’t as versatile as from the regular desktop site.
However, you are able to download the MetaTrader4 app and place trades through there.
The app is free to download and is available for all iOS and Android devices.
You’ll find it available in the various app stores – just search “MetaTrader4”.
I like that the MetaTrader4 app is just as customizable as the site’s desktop software, and this allows you to set alerts, draw trend lines and apply various technical indicators.
The alerts can be configured to be push indicators too, making sure that you’re able to follow the progress of your trades at all times.
Once you’ve downloaded the MetaTrader4 app, all you need to do is login using your Swiss Markets login details.
Your account will then take a couple of minutes to sync up, and once done you’ll be able to make trades, make deposits and withdrawals and do all the other functions you’d find yourself able to DO were you using Swiss market’s main desktop website.
MetaTrader4’s mobile app is fast, responsive and easy-to-use, and there’s also a handily-placed navigation menu making it very easy-to-navigate.back to menu ↑
Swiss Markets offers a substantial number of tradable investment options, with more than 214 different instruments available.
Forex currencies are their biggest offering, and you’ll find many major and minor pairs available.
Unfortunately, you won’t find any exotic pairs, which I do find to be a bit disappointing.
When it comes to CFDs, they don’t offer any commodities, but they do have metals, energies and agricultural CFDs available.
They also offer UK shares, although they don’t currently offer any US, German or Japanese share Indices.
This is something I feel the site would benefit from, especially as they’re currently trying to capture a wider global audience.
I was also happy to find that Swiss Markets have now added cryptocurrencies to their platform.
They offer all the main cryptos, including the likes of Bitcoin, Litecoin and Ethereum, and this should
allow them to capture a new user base, as it appeals to a brand-new type of trader.
You can view a full breakdown of the cryptocurrencies you can trade from their website.
The types of cryptos you can trade may also depend on the type of trading account you’ve chosen to open too.back to menu ↑
Commissions and Fees
Swiss Markets don’t offer the best fees and commissions, although they’re certainly not the worst in the industry either.
They do charge commissions on CFD instruments, although the exact amounts you pay depends on what type of trading account you open.
Below, you can view our detailed chart showing some of the various fees associated with different accounts at Swiss Markets.
Swiss Markets don’t publicly state whether or not they charge an inactivity fee.
I was unable to find information in their terms and conditions.
This likely means they don’t. However, I did notice that they charge a $10 fee per withdrawal, which I’m not a fan of.
I’m a firm believer that you should be able to access your money without having to pay for it.back to menu ↑
Deposits & Withdrawals
There are plenty of ways for you to make deposits and withdrawals at Swiss Markets, although the specific payment methods available to you can vary depending on which country you reside in.
You can make deposits using all major debit and credit cards, including VISA, MasterCard and Maestro.
American Express cards are not accepted. They also offer a couple of EWallets, including Skrill and Neteller.
Both of these allow for instant deposits and withdrawals.
EWallets are generally my recommended choice when it comes to funding online broker accounts. Be aware, however, that these EWallet providers may charge fees when it comes to withdrawing money back to your bank account.
Along with debit and credit cards and EWallets, Swiss Markets also allows you to make deposits using Postepay, Giropay, SOFORT, EPS, Przelewy24 and SWIFT bank wire transfer.
All deposits are free of charge and all funds are credited to your account instantly.
The exception to this is if you choose to deposit using SWIFT bank wire transfer.
In this case, you’ll need to wait for your funds to clear before they’re credited to your account, which can take one to four working days.
When it comes to withdrawals, Swiss Markets are relatively quick.
They aim to process all withdrawal requests within 24 hours of the request being made, although you should note that this does require your account to be fully verified.
If you haven’t yet completed the ID verification process, you’ll need to do so before you’re able to withdraw funds.
Funds can be withdrawn to a number of payment methods; you can withdraw to debit and credit cards, Skrill, Neteller and also by SWIFT bank wire transfer.
Where possible, I’d always advocate using an EWallet.
This is because those withdrawing using an EWallet will find the money in their account immediately after the payout request has been authorised.
If you choose to make a withdrawal using debit and credit cards, you’ll need to wait one to five working days for it to appear in your account.back to menu ↑
Swiss Markets offer customer support in a number of ways, all of which are designed to make the experience as easy and hassle-free as possible.
I should point out that customer support is offered in a number of different languages, including English, German, Swiss, Czech, Polish, Spanish, Hungarian and Russian.
In terms of getting in touch with the customer support team, Swiss Markets do operate a live chat facility.
However, from my experience it’s quite temperamental, and it doesn’t appear to always be working.
Whether this is due to technical problems, or because they simply don’t staff it 24 hours a day, 7 days a week, I’m not sure.
When you’re logged into your account, you’ll notice that on the main Support page there are different numbers for various countries.
Simply call the number of the language you’d like to talk in, and you’ll be connected with an operator in a couple of minutes.
I found the phone customer support team to be helpful and it’s clear they’re well-trained. However, they have a tendency of needing to “escalate” problems to internal teams which can be frustrating.
This can lead to longer waiting times, and isn’t ideal, especially when you’re in a position of needing immediate help and support.
You can also contact Swiss Markets’ customer support team via email.
There are a number of different email addresses listed on the site’s Support page, and you should choose the one that’s most relevant to your specific situation.
However, email response times aren’t particularly great – I found myself waiting 48 hours for a response.
I feel as though the customer support facilities at Swiss Markets could be a lot better.
They’ve built themselves a solid website, use state-of-the-art trading platforms and offer some competitive fees and commissions, but I really do feel like they’re let down by their lack of customer support.
They should also aim to sort out the live chat facility as a matter of urgency.
It’s simply not good enough for a company not to be running live chat in 2020.back to menu ↑
Swiss Markets is – on the whole – a decent online broker.
I really like how they utilize MetaTrader4’s trading platform, and this industry-leading piece of software allows you to make instant trades.
I also like how the online broker offers four different accounts, with varying minimum deposit limits, suiting a wide variety of traders.
However, I should point out that even the more basic accounts require a substantially larger deposit than many competitor trading platforms.
I feel that the site would benefit from a more comprehensive educational/resource facility too.
This doesn’t lend itself well to new traders who are looking to learn more about forex/CFD trading.
Therefore, if you’re going to trade at Swiss Markets, you’ll need to have some prior trading experience I feel. The customer support function also needs work.
On the whole, however, Swiss Markets is a good option for most traders, but I wouldn’t necessarily recommend it to those who are brand new to trading.
- Low spreads
- Diversity of trading tools
- Diversity of forex and CFD instruments
- Reliable forex broker
- Fast account opening
- Good for Pros
- Good for beginners
- Customer Support could be improved
- Slow withdrawals
Details: Swiss Markets Review
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