Swissquote Review
(quick note. This article originally appeared on adamfayed.com. To read the full article, including reviews on other banking providers, please click here — https://adamfayed.com/international-banking-and-investment-platform-reviews-lloyds-international-saxo-bank-others/)
Swiss Quote is different to some of the firms below. Even though they are a banking group, they specialize in relatively low-cost trading and investments.
Giving access to stocks, commodities, robo-advisory and many other areas, they are still regulated from Switzerland and Malta in the case of Swissquote Financial Services Malta Limited.
The range of services on offer also include:
- An investment platform
- FX
- Credit Solutions
Swiss Quote is a trading platform, more than a traditional bank. Even though it was started in Switzerland, they have an arm in the UK, and the UAE.
The positives are
- The costs are reasonable
- The app is good in terms of technology
- Well regulated from Switzerland
The negatives are
- They don’t provide advice if you are looking for an advisor
- Even though the costs are reasonable, they aren’t always super-low. For example, making trades can cost up to $50 each time. Funds cost 0.50% per year. Custody fees are charged at 0.375% every 3 months. Considering that many advisors have an all-in cost of 1%, this isn’t overly cheap
- A Switzerland withholding tax can apply — up to 35%.
- Switzerland has lost a lot of its appeal as a banking-hub in the last 10 years.
