Swissquote Bank SA Philippines Review 2024 - TU expert opinion
Is the Forex market legit in Philippines?
Forex trading is legal in the Philippines, however there are certain difficulties. The operation of the Forex market in the Philippines is regulated by the Philippines Securities and Exchange Commission. Due to a complex law, there are few local brokers in the country. The Philippines Securities and Exchange Commission is generally hostile, which is why trading is problematic. However, the residents of the Philippines can use the services of international brokerage organizations. Therefore, it is worth considering the possibility of trading with international companies.
How to Trade Forex in the Philippines
For a safe start in the Forex market, you need to register on the website of an international brokerage company with a stable reputation, and a SEC license for providing financial services. Make sure you have a stable high-speed Internet connection on your device. After registering, pass verification and fund your account using your debit/credit card or another option. Next, you need to install a trading platform or download the broker’s mobile app if you plan to trade with your smartphone. As soon as your deposit is credited to your account, you can start trading any currency pairs your broker offers.
Detailed Review of Swissquote Bank SA in Philippines
Swissquote Bank SA is a good choice for traders from Philippines. The broker complies with all the requirements of the local regulator and offers attractive trading conditions for the clients.
Swissquote Bank is an international company focused on cooperation with large European traders. The main disadvantage of the broker is the lack of loyal trading conditions for novice traders. Swissquote aims to work with large investors. Swissquote Bank is trying to implement new technologies. The broker's average execution speed is 27 ms, which is a very good indicator. Swissquote offers a standard set of trading instruments that does not cover all possible trading directions, which is why traders cannot implement non-standard trading strategies. Swissquote provides traders with the opportunity to make money trading cryptocurrencies.
A few facts about Swissquote that will be of interest to clients choosing this broker:
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more than 320 thousand clients;
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more than 24 years on the market;
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15 deposit currencies;
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CHF 32.2 billion in company assets.
Advantages of Swissquote Bank SA for trading in Philippines
Traders Union analysts conducted a detailed analysis of Swissquote Bank SA for traders from Philippines. The experts outlined the key benefits of the company for the clients from this country. The advantages of the broker are as follows:
good selection of educational materials;
a moderate choice of trading instruments, including cryptocurrencies;
availability of an affiliate program;
free analytics;
own trading platform.
Analysis of the Main Features of Swissquote Bank SA in Philippines
Traders Union analysts analyzed the key features of Swissquote Bank SA for traders from Philippines. TU uses its own evaluation method, assessing each block separately. Based on the results of the assessment, an overall score is given.
Trading conditions for Swissquote Bank SA traders from Philippines
It is important to assess trading conditions before you decide to work with a specific company. Traders Union analysts have prepared a comparison of Swissquote Bank SA trading conditions for traders from Philippines. The experts analyzed minimum deposit, trading platforms, leverage and other important information that could impact a trader's choice of a broker.
💻 Trading platform: |
MetaTrader 4, MetaTrader 5, Advanced Trader
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---|---|
📊 Accounts: |
Standard, Premium, Professional, Prime
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💰 Account currency: |
EUR, USD, JPY, GBP, CHF, CAD, AUD, TRY, PLN, SEK, NOK, SGD, XGD, HUF, CZK
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💵 Replenishment / Withdrawal: |
eBanking, Visa, Mastercard
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🚀 Minimum deposit: |
From $1,000
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⚖️ Leverage: |
Up to 1:400
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💼 PAMM-accounts: |
Yes
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📈️ Min Order: |
0.01
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💱 Spread: |
From 1.1 p
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🔧 Instruments: |
Currencies, CFD, precious metals, stock indices, bonds, commodities, cryptocurrencies
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💹 Margin Call / Stop Out: |
100/30%
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🏛 Liquidity provider: |
17 liquidity providers including UBS Bank, Integral, Prime XM, OneZero, FxCubic, Gold-I and cTrader
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📱 Mobile trading: |
Yes
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➕ Affiliate program: |
Yes
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📋 Orders execution: |
Instant Execution, Market Execution, Spot, Market Best
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⭐ Trading features: |
A large selection of currency pairs; Including exotic and minor ones; Cryptocurrencies.
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🎁 Contests and bonuses: |
NO
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Swissquote Bank SA Commissions and Fees
Traders Union analysts analyzed commissions and fees charged by Swissquote Bank SA for traders from Philippines. Within the framework of the analysis, all types of trading and non-trading fees traders are charged with were evaluated.
Swissquote's commissions and trading conditions have been scrutinized by Traders Union analysts for explicit and implicit commissions. There are no hidden fees, but the fee charged for replenishing an account with Visa, Mastercard is 1.9% fees for residents of the SEPA Zone, 0% fees for all other clients. When replenishing the account by bank transfer, there is no company commission, and the client pays the bank commission himself. The commission for withdrawing money from the account starts from 2 euros, depending on the region from where funds are sent.
Account type | Spread (minimum value) | Withdrawal commission |
Standard | From $17 | Yes |
Premium | From $14 | Yes |
Professional | Individual | Yes |
Prime | From $11 | Yes |
Also, a comparative analysis of trading commissions in Swissquote Bank with the indicators of competitors was carried out. Based on this analysis, each broker was assigned a level according to the specified criterion - from low to high.
Expert Review of Swissquote Bank SA
Swissquote a/k/a Swissquote Bank is a Forex broker that has been operating in the financial markets since 1996. During this time, the company was able to earn a good reputation. But in the last few years, Swissquote has received more and more claims from its clients. This has led to a loss of its status as a broker. Swissquote Bank primarily targets large investors and ignores the needs of the average trader. This is evidenced by the lack of accounts for beginners and the large size of the deposit.
The main advantage of the Swissquote broker is its license. You can also note a fairly large selection of trading instruments. When working with Swissquote, traders can use a wide variety of currency pairs (including exotic ones), commodities, stock indices, cryptocurrencies, and a number of other popular assets. Another advantage of Swissquote can be stated with confidence is the presence of an affiliate program, which provides an opportunity for additional earnings, but it, again, is significantly inferior in terms of income generation compared to similar programs of other brokers.
Swissquote, like its numerous competitors, offers a range of standard trading platforms. You can choose from both classic terminals, MetaTrader 4 and 5, and the company's own Advanced Trader.
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FAQs
Is Swissquote Bank SA legal in Philippines?
Yes. Swissquote Bank SA operates legally in Philippines. The broker holds the necessary licenses.
Can you learn trading with Swissquote Bank SA? Does the broker offer courses for traders from Philippines?
Yes, Swissquote Bank SA offers good trading courses and a lot of educational information for clients from Philippines.
Can Swissquote Bank SA be trusted? Has the broker been operating in Philippines long?
Swissquote Bank SA has been operating in Philippines quite long and has a good reputation. Therefore, traders can work with Swissquote Bank SA.
Is Swissquote Bank SA suitable for novice traders from Philippines?
Yes. Swissquote Bank SA offers optimal trading conditions and good education for beginners from Philippines.
How efficient is Swissquote Bank SA customer support in Philippines?
Swissquote Bank SA offers a sufficient number of ways to contact customer support in Philippines, and also provides support in the state language.
Has Swissquote Bank SA had any incidents involving theft of funds of clients from Philippines?
No. Swissquote Bank SA provides reliable security of funds of clients from Philippines.
Will I be able to file a lawsuit in Philippines if Swissquote Bank SA violates my rights?
Yes. If Swissquote Bank SA violates your rights, you can file a complaint with the regulator of Philippines, and then with a court.
Can Swissquote Bank SA clients from Philippines use the broker’s mobile app?
Yes. The mobile app of Swissquote Bank SA is available for the clients from Philippines.
Does Swissquote Bank SA provide Philippines market analysis?
Analysis of Philippines is featured in the information provided by Swissquote Bank SA.
How can I withdraw funds from my account at Swissquote Bank SA in Philippines?
Swissquote Bank SA supports bank transfers and debit/credit cards of the banks operating in Philippines.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.
Mikhail’s motto: Learn something new and share your experience – never stop!
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
Olga’s motto: Do well and you’ll be well!