FAQ

Here you will find helpful answers to frequently asked questions. If you do not find what you need, please contact us.

GENERAL

Do you manage funds?

Swissquote provides an execution only online service. We do not offer a managed-account service.

Is Swissquote Ltd audited?

Yes, Swissquote employs the auditing services of PwC LLP, a world leader in audit, tax and advisory services, to perform audits throughout the year.

Is Swissquote Ltd regulated?

Yes, we are regulated and supervised by the Financial Conduct Authority (FCA).

What are Swissquote Ltd’s opening hours?

Sunday 23:00 CET (22:00 UK time) through Friday 23:00 CET (22:00 UK time).

ACCOUNT INFORMATION

Can my account be denominated in other currencies than US dollars?

Yes, you can choose to have your account denominated in USD, EUR or GBP.

Does Swissquote accept transfer funds from third parties?

No. Swissquote only accepts transfer funds from accounts that carry the same name as the client’s.

How much time is required before my transferred funds are deposited?

Swissquote handles all transactions the day they are received, however, transaction time also depends on the processing time required by the depository bank.

Do you charge fees or commissions when opening an account with Swissquote?

No, Swissquote does not charge any fees or commission. The client’s only cost is the spread.

Does Swissquote pay interest on the outstanding balance of my account?

No, your account does not earn interest. It is a trading account, not a bank account.

Is it possible to open more than one account?

Yes. You can open several sub accounts within your main account. To open a sub account, simply print and fill the Sub Account Request form and send it to us by fax or email.
It is possible to have your sub account denominated in a different currency.

Can I transfer funds from my trading account to the trading account of another client?

No, it is forbidden to transfer funds between different clients’ accounts and third parties.

I don't have a passport - can I open an account with another document?

Yes, any official piece of identification with photo and signature is acceptable.

Why do I need to provide you a notarized copy of my passport?

This is a control procedure required by the FCA Anti-Money Laundering laws to ensure that the person who wants to open an account is indeed who he or she claims to be.

How long does it take for Swissquote to set up the account from the date you receive the application?

Individual accounts are usually set up within 24 hours. Corporate accounts take approximately 3 business days.

Is Swissquote’s Online Application available in different languages?

At the moment the Online Application is available in English, French, German, Italian and Spanish, and will soon be available in Portuguese and Czech.

TRADING

Why are Rollover rates tripled on Wednesdays?

When placing a trade in the spot Forex market, the actual value date is two days forward. A deal done on Thursday is for value Monday. A deal done on Friday is for value Tuesday, and so on. On Wednesday the amount of Rollover is tripled in order to compensate for the following weekend (during which time Rollover is not charged because trading is stopped for the weekend).

Does Swissquote offer Rollover free accounts?

Yes. However, these accounts are monitored for negative Rollover position abuse. Any account solely placing negative Rollover positions will have this facility terminated.
Note: Rollover free accounts do not exist for TRY pairings.

What is the maximum I can trade online?

There is no maximum amount you can trade online, however there is a maximum number of lots you can trade online at streaming prices. It is possible to trade larger amounts, but you will need to request a quote and depending on the market conditions, the spread may increase. Clients can also trade larger amounts by phone.

How do you calculate profit and loss?

Follow this link for a short explanation on how profit and loss is calculated.

Why is it not possible to trade or to modify orders during the weekend?

Our Dealing Room is closed during the weekend and trading access is therefore blocked.

What do you mean by a 'No maintenance margin' policy?

Our no maintenance margin policy means that our clients can go below the margin requirements during the week without Swissquote closing their positions.
Throughout the week your positions can fluctuate without Swissquote taking action. We only require you to respect the margin requirements every evening between 22.30 - 23:00 CET (21.30 - 22:00 UK time).
This no maintenance margin policy means that we do not give margin calls and we do not automatically close your positions if you go below the margin requirements of your positions.
However, if you approach the level where the loss of your open positions approaches the balance of your account, you will be stopped out and your positions will be closed. The stop out will be executed when there is only around 30% equity of the required margin left in the account.
We believe that our no maintenance margin policy gives more flexibility to the clients, as they can decide for themselves when they want a position to be closed. Please be aware that although the no maintenance margin policy is how we tend to operate, we maintain the right to close out positions at any time when the equity in your account falls below the 100% margin requirement.

What is the maximum you increase your spreads in volatile markets?

It is impossible to give a fixed maximum as it entirely depends on the market. Spreads are usually higher during important news announcements or in volatile markets.

Does Swissquote allow scalping?

We do allow any trading strategy, including scalping.

Can I trade Mini-Step Lots with Swissquote?

Yes. Account Holders are authorised to trade mini-step lots. Step Lot trading begins at 0.1 lot and permits increments of 0.1, 0.11, 0.12 etc.

Can I trade mini-lots with Swissquote?

Yes. Account Holders are authorised to trade mini-lots. The minimum amount is point 0.1 lot (10,000 of the base currency).

TECHNOLOGY

I have downloaded MT4 but the platform says 'no connection'. How do I connect?

When you download the platform it is important that you open a demo account in the system. The system cannot connect if there is no account. If you did not fill the grey box that popped up when you installed the platform, just go to 'File' in the menu and choose 'Open an Account'. Fill the box that appears and remember to tick the box about newsletters. You should now receive an account with login and password and you will connect to the server - please accept the updates, when proposed.

Does the platform allow hedging?

You can open hedge positions (hold both long and short positions of the same pair) on the MT4 platform.

Does MT4 offer the trailing stop feature?

Yes. It is active on the demo platform, however, live accounts require a Trailing Stop Request. To activate the Trailing Stop on a position, go to 'Trade' in the 'Terminal' at the bottom of the platform, right-click and choose Trailing Stops. Please note that you have to be making a profit of minimum 15 points before you can activate it.
IMPORTANT – Your MT4 terminal must be on at all times for this feature to work or your account will be exposed to unlimited risk.

How is volume calculated on the charts?

The volume is the amount of incoming ticks. If the price is constantly changing, it is an indication of a large volume - the more changes, the more activity and the larger the volume.

Can I have the period of my demo account extended beyond the 30 days?

All demo accounts automatically expire after 30 days. Unfortunately, it is not possible to extend this period. Please be aware that all data regarding the demo account will be lost when the account expires. If you want to keep a copy of your trade history, we advise you to copy the account statement to your computer. To do that, go to Account History in the Terminal, right-click and choose 'Save as Report'.

WITHDRAWAL

How long does it take to process my withdrawal?

If your instructions contain all the required information, your withdrawal request will be processed by us within a maximum of 2 working days, although we do our best to process withdrawal requests within 1 working day.

What is “IBAN”?

“IBAN” stands for “International Bank Account Number” and serves as an ID of your bank account.
IBAN is mandatory for payments within European countries; we therefore strongly advise you to check with your bank if an IBAN is provided for your account, as this information will:
  1. speed up the settlement of your withdrawal,
  2. avoid additional bank fees being charged (no IBAN allows banks to charge extra fees)
  3. prevent your withdrawal from being returned to Swissquote (banks can refuse transfer without warning if no IBAN is provided).

What is “BIC”?

“BIC” stands for “Bank Identifier Code”, and uniquely identifies a bank within the SWIFT network, the largest network of bank-to-bank instructions used by about 10,000 financial institutions throughout the World.
Providing BIC ensures that your money arrives faster. We urge you to get this information from your bank.

Can I request a withdrawal in favour of another person than me?

No, Swissquote does not accept 3rd party payments. The account owner must be the final beneficiary of the withdrawal request.

Can I withdraw funds and leave my account balance under the minimum balance requirements?

Yes, it is possible to do so. However, we do not recommend this, as your open positions may be stopped-out due to a lack of free equity.

How often can I withdraw money?

You can withdraw money as often as you like. However, please consider the fact that fees charged by other banks involved in the transfer may occur. In order to minimise these fees we advise you to avoid frequent withdrawals, for example make a larger withdrawal instead of 3 smaller withdrawals.

Is there a minimum amount I am allowed to withdraw?

No, you can withdraw any amount you wish.
However, considering that fees will be charged by other banks involved in the withdrawal process, it makes sense to request a withdrawal for a sensible amount: our recommendation is not to request a withdrawal of any amount less than USD 100.00 (or equivalent).

Can I withdraw money if I have open positions?

Yes, you can. However, you will not be able to withdraw an amount higher than the free equity on your account.
Also, if you withdraw most of your free equity, please bear in mind that the risk of seeing your open positions being stopped-out increases, due to less margin available.

What are the costs involved?

Swissquote does not charge a fee for a standard withdrawals.
However, other banks involved in transfers will charge their fees and these fees will be deducted from the amount of the withdrawal.

How can I withdraw money out of my Swissquote account?

Please fill in the Funds Withdrawal Request form, sign it, date it (no post-dating, please) and send it to us no later than 3 days from the date on the form. Any withdrawal request received afterwards will be rejected, and you will have to send a new form. Please be aware that fund withdrawals can only be done by bank transfer to your bank account.

Can I withdraw my money whenever I want?

Yes. Just fax us your Fund Withdrawal Request form and Swissquote will wire the funds to your bank account.

COMPLAINTS

Contact Details

You can contact us at/by:

Compliance Department

Swissquote Ltd

Boston House

63-64 New Broad Street

EC2M 1JJ

London

Telephone: +44 (0) 207 186 2600

Email: complaints.uk@swissquote.eu

What do you do if you are not happy with the outcome?

If you are a retail client and you are still not happy with our final response you are able to refer your complaint to the Financial Ombudsman Service, within six months of receiving our final response.

You may also refer your complaint to the Financial Ombudsman Service if, after eight weeks of you making the complaint, we have written to you indicating that we are not in a position to make a final response.

We will tell you how to do this, if it applies to your complaint, in our response to you.

When is a Complaint Closed?

We will consider a complaint closed when either:

  • The complaint has been rejected and you have been informed of your rights of access to the FOS, or
  • The complaint has been upheld and you have acknowledged your acceptance of any redress or remedial action

How quickly will we deal with your complaint?

We will always try to resolve complaints as quickly as possible and you should receive an initial response within 48 hours.

However, some issues may take longer to investigate. We will always provide a response in a prompt manner and will keep you informed of any delays in the investigation process.

At the latest, within eight weeks of receiving the complaint, we will send you either:

  • A final response, or
  • A response which explains why we are not in a position to make a final response, and when we expect to be able to provide one.

Who will deal with your complaint?

In the first instance, your complaint will be handled by one of our trained representatives and you will be provided with our initial response.

If you are not happy with our initial response you can refer the matter to our Compliance Department by sending an email to complaints.uk@swissquote.eu, who will arrange for a further investigation to be carried out. Following this investigation you will be issued with our final response within the time frames specified below.

How will we deal with your complaint?

We will :

  • Record details of your complaint in our complaints recording system.
  • Thoroughly and independently investigate the relevant issues using all the information available to us
  • Correct any mistake we may have made, and
  • Let you know of the outcome

Swissquote Ltd will review complaints received from an Eligible Complainant, being:

  • A private individual
  • A business with a group annual turnover of £1m or less
  • A charity with annual income of £1m or less, or
  • A trustee of a trust with a net asset value of £1m or less
  • And

  • The Complainant is a or has been a customer of Swissquote Ltd
  • The Compliant arises out of matters relevant to being or having been a customer
  • Or

  • The Complaint arises out of actions or failure to act where the compliant is (or was) a potential customer of Swissquote Ltd.