Swiss Markets Forex Broker Review
Last Updated: October, 2019.
The Swiss Markets brand was established in 2016 and it makes up the trading division of the BDSwiss Holding PLC group that was founded in 2012. Swiss Markets is incorporated and registered in Cyprus with incorporation number HE300153, and the broker is regulated by CySec (the Cyprus Securities and Exchange Commission) under license number 199/13.
Swiss Markets is a forex and CFD broker that offers an STP or Straight Through Processing service and remains committed to providing a secure, transparent and reliable trading environment for its clients.
** Swiss Markets does NOT accept clients from the USA. **
Unique Features of Trading with Swiss Markets
Swiss Markets makes an extensive list of assets available to its clients for trading. These include 18 major pairs, 19 minor pairs and 40 exotic pairs in the forex market; major precious metals like gold, silver, platinum, palladium and copper; energy products that include U.S. oil, Brent crude and natural gas; and soft commodities like cocoa, orange juice, coffee, cotton, and sugar. The broker also provides CFD pricing in 23 of high volume stock indexes that include the S&P 500, the Nikkei 225 and the FTSE 100.
An unusual feature for online forex brokers is that Swiss Markets charges as much as an $11.00 commission per trade for all forex currency pairs, with the exact amount dependent on what type of account the client trades in.
That fact is balanced by the broker’s very tight STP dealing spreads that average between a very narrow 0.2 of a pip for EUR/USD to 2.4 pips for the GBP/NZD currency pair that has the widest dealing spread within the major crosses. Dealing spreads are not fixed but can vary substantially depending on liquidity.
Swiss Markets lets its clients deal in amounts as small as 0.01 of a lot to a maximum of 50 lots per currency trade, in addition to being able to enjoy a leverage ratio as high as 500 to 1 in the Classic account, or up to 200 to 1 in the other live account types.
Swiss Markets centers its trading platform experience on the ever-popular MetaTrader4 or MT4 that remains the market standard for forex traders and is available as a free download from the broker. In addition to its desktop and web-based versions, MT4 also has a mobile trading platform that runs on all Android and iOS mobile devices.
The beauty of MetaTrader is that it permits a wide variety of technical analysis to be performed on real time data, as well as providing account monitoring, custom indicators and trading automation capabilities. MT4 even allows a trader to backtest strategies over historical data.
Putting STP trading access and pricing together with the powerful MT4 platform makes Swiss Markets state of the art when it comes to pricing, analysis and execution.
Deposits and Withdrawals
The minimum initial deposit required by Swiss Markets for a live trading account is $200, although some account types have higher requirements. After the initial deposit, there is no further minimum deposit requirement. The maximum leverage is 500 to 1 in the Classic account, but only 200 to 1 in the other live accounts.
Swiss Markets allows deposits to be made at no charge using various payment options that include: credit cards like Visa, MasterCard and Maestro; electronic payment services like postepay, giropay, Neteller, SOFORT, eps, Przelewy24, Skrill (formerly Moneybookers); and by Swift Bank Wire Transfer. Deposits are typically credited immediately to the account other than for wire transfers can take from one to four days to complete. Traders then use the broker’s Client Portal to make further deposits.
Withdrawals require appropriate documentation to be submitted and verified, and withdrawals can only be made to the account that the original deposit originated from. Withdrawals can be made to Visa, Mastercard, Skrill, Neteller, etc…, and using a Swift Bank Wire Transfer. No charge is made for withdrawals that usually take 24 hours to complete.
Swiss Markets’ customer service largely consists of direct telephone numbers in the UK, Switzerland, Poland, Germany, the Czech and Slovak Federative Republic, Spain, Hungary and Russia. While they do not specify their support hours, several email contact addresses are available on their website’s “Contact Us” page.
The broker’s live chat function does not presently seem to be functioning properly, and a query was met with a request to leave a message and email address. A response was eventually received several hours later by email.
Furthermore, while the broker claims to offers advanced educational resources in the “About Us” section of its website, no such material was found by searching for it as of this writing.
Swiss Markets is fully owned by BDSwiss Holdings PLC that backs up its broking activities. Furthermore, as an investment firm registered in Cyprus, Swiss Markets is subject to extensive and stringent EU regulations over its financial activities and must comply with the MiFID or Markets in Financial Instruments European Directive. The broker also must segregate client account funds from its own.
In addition, Swiss Markets provides the extra safety net of Negative Balance Protection to its trading clients that assures them their account balance will never go below zero, irrespective of market conditions when trades are closed out.
Swiss Markets provides access to demo account trading for new potential clients and those looking to practice or test out a trading system.
In addition, the broker offers four live STP account types. These include a Classic STP account with only a $200 minimum deposit required, as well as a RAW STP SWISS 11 account, a RAW STP SWISS 8 account and a RAW STP SWISS 5 account that each differ by the amount of initial deposit needed to open them with and have differing commissions charged per trade.
Swiss Markets provides mobile trading via MT4 that is compatible with both Android and iOS mobile devices.
Although Swiss Markets is a relatively new online broker, they are regulated by CySEC and offer a potent combination of STP trading and MetaTrader4 that will strongly appeal to more advanced and high volume traders looking for the best possible dealing spreads and execution speed in a wide variety of interesting asset classes.
One possible issue active traders may have with Swiss Markets is that fact that the broker charges a commission on each trade. This can become problematic for high transaction frequency strategies like those used by some scalpers.
Furthermore, since virtually no training material or live chat feature currently seems to be available from the Swiss Markets website, this broker may not suit novice traders who need more training options and consistent live chat support from their trading partner.