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Swissquote Bank broker review – reviews of the platform and lack of withdrawal of money
Swissquote Bank is a Swiss leader in online banking, offering a wide range of financial services including trading in shares, cryptocurrencies, Forex and CFDs. This project is focused on providing innovative and reliable financial solutions for both private and corporate clients. On Russian-language forums and monitoring, the organization is subject to severe criticism due to systematic problems with cashout. The office refuses to pay money to clients.
|Year of foundation
- Support for MT4 and MT5 trading platforms
- Fake license
- Lack of legal registration
- High spreads and hidden commissions
Advanced Trader, MetaTrader 4, MetaTrader 5
|Types of trading accounts
Standard, Premium, Prime
USD, EUR, GBP, CHF
From 1.1 pips (floating)
Stocks, funds, cryptocurrencies, options, bonds and futures
|Trade execution type
Financial regulation and broker licenses Swissquote Bank
The firm is purportedly regulated by the Swiss Financial Market Supervisory Authority (FINMA), which underscores its reliability and high performance standards. A scanned copy of the document is not presented on the site Swissquote Bank official website contains information only about the fact of receiving the certificate.
A check of open registers did not confirm the existence of a financial regulation license. Fraudsters made this up to simply convince gullible newcomers of honesty and transparency of cooperation.
Scammers claim the following benefits:
- the office has a presence on three continents, which indicates its global reach and international recognition;
- customer service is provided in several languages, which ensures accessibility and convenience for traders from different countries;
- protection of the client’s rights thanks to activities in a proven jurisdiction, but we have already found out that the FINMA license is a cheap trick.
The advantages are very dubious and streamlined. With their help, scammers try to confuse a potential client. The disadvantages are more obvious and obvious. You can’t turn a blind eye to them:
- management anonymity;
- illegal activity in the Russian Federation – no license from the Central Bank;
- questions regarding legal registration;
- lack of compensation fund;
- Sharaga continues to work in Russia without SRO status, thereby violating the law.
Bank Swissquote has succeeded more as a financial and credit institution with favorable products for Swiss residents. As for brokerage activities, in this area the company is inferior to industry leaders in all respects.
Terms of trading with broker Swissquote Bank
The administration of the office promises to provide access to a variety of trading platforms, including Advanced Trader, MetaTrader 4 and MetaTrader 5, which provide effective algorithmic trading without restrictions. The listed terminals are ideal for both beginners and experienced traders, offering advanced tools and indicators, as well as a fully customizable interface.
However, investors have questions about the accuracy of quotes, systematic failures, and slippage. The culprits of the listed problems are not the platform developers, but the broker, since the office independently manages quotes and software. The scammers refused to cooperate with liquidity providers.
Sharaga offers additional investment offerings: trading stocks, ETFs, funds, bonds, options and futures, as well as trading cryptocurrencies.
Key trading parameters:
- minimum deposit – $1000;
- maximum leverage – 1:100;
- Islamic accounts are not supported;
- spreads – 1.1-1.9 points.
The conditions for trading with a broker can hardly be called profitable. The company has seriously raised the minimum entry threshold, making cooperation unavailable for novice investors with small starting capital. The leverage is too high, and it also violates the norms and standards of European regulators.
Spreads are significantly higher when compared to real regulated brokers. Taken together, these aspects make trading on the site unprofitableSwissquote Bank personal account It’s better not to open here, because the investor will pay with his capital.
Swissquote Bank broker exposed
Despite its status as a Swiss company and promises of complete security for customers, the counterparty faces a number of serious accusations and dissatisfaction from its users. The company is supposedly regulated and offers competitive trading conditions, but its rating is rather modest. This is due to the fact that the experts recognized the company’s lies. The scammer does not have any licenses.
One of the main complaints from clients is the high spread size, which significantly reduces potential profits. In addition, clients point out problems with withdrawal of funds, because this is a critical drawback for any broker. Some users also accuse the company of using deceptive business practices, comparing the company to kitchen brokers who manipulate prices and trading conditions in their favor.
The registration procedure also raises questions as it requires sending personal documents to the sharaga office, which creates inconvenience and raises concerns about privacy. Investors have reported cases where the company blocks accounts without explanation, leaving traders without access to their funds and trading operations.
The support team has also been criticized for being slow to respond to customer queries, making it more difficult to resolve problems. Finally, the authenticity of the declared documents has not been confirmed, which increases the risks of cooperation withSwissquote Bank investing in this platform is a big mistake.
The legend about the Swiss origin of the company is a cheap enticement for beginners. Traders should not be fooled by fairy tales. The office operates on the principle of a forex kitchen, and it is run by scammers. Therefore, you should not count on stable profit payments.
Swissquote Bank makes many promises that it subsequently fails to fulfill, which is clearly visible from traders’ reviews. The main problem of the organization is solvency. The company’s employees constantly come up with all sorts of excuses why they cannot cash out. The platform was initially designed only to accept funds, so withdrawals do not work. It’s impossible to make money here.
Analysis of reviews of Swissquote Bank
The project has big problems with its reputation, which is due to negative comments about its activitiesSwissquote Bank reviews practicing traders are primarily devoted to high non-trading risks.
Katyukha expresses dissatisfaction with the conditions of working with the company. Her comment points to concerns about the security of the funds invested and the potential for them to be misappropriated by the sharaga. Traders lack trust in the broker.
Andrey shares his experience of working withSwissquote Bank, comparing it with Russian brokers. He claims that the office administration froze his account and ignored calls to the support service, which led to the loss of funds. Sharaga has very real problems with transparency and customer service.
Archie talks about his six months of trading experience, mentioning significant losses and the impossibility of returning the remaining funds. Failure to respond to queries and ignoring customer calls by customer service is a serious violation of customer service standards.
Another trader criticizes the counterparty for high spreads, poor trade execution and accuses the company of using deceptive practices, comparing it to a kitchen. He also points out the marketing ploy of the company using the word bank in its name despite lacking the characteristics of a traditional bank, which misleads customers about the nature and services of the company.
Overall, from these reviews, it can be concluded that customers are facing a number of serious issues, including potential fraud, poor customer service, withdrawal issues, high spreads, and misleading marketing scams.Swissquote Bank review complaints once again confirmed the danger of cooperation with the office.
CompanySwissquote Bank is not subject to the requirements of financial regulators in all jurisdictions. This makes cooperation with a broker excessively risky. If you have already made a deposit and are now experiencing difficulties with cashout, write to our managers, they will help make a chargeback. The procedure for forced cancellation of a transaction is the only way to recover financial losses.
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