Anyone of you out there could be so kind and give me a much clear picture of it, or at least let me know if can be safe to go on and transfer money on this account (advantages and risks associated)? ...
Many thanks in anticipation.
I did the same and opened a Bank account in Swissquote, but it is not quite the way I was told, as my idea was to open a Current Account for transfering or managing money and NOT doing any on line trading or paying brokers whatsoever!...
Bumping this thread on Swissquote. I'm thinking of opening an account. For those of you with accounts already, when you do the passport certification process at a post office, are you required to show your permit also?
Thanks,
DavidSJC
NOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO O
I used to work for their online FX trading platform, owned and operated by Advanced Currency Markets. And now bought by Swiss Quote.
Let's just say you need to google "Advanced Currency Market" and "Geneva police raid ACM headquarters in Geneva" and "fraud"
enough said.
I can say a lot of things but prefer to communicate via IM.
this is the news I am referring to - police raid offices of ACM - ACM is owned by Swissquote.
Well why don't you tell us how the case was settled rather than just try and tarnish the reputation of one of the biggest (if not the biggest) online retail broker in Switzerland.
The FX platform doesn't interest me much as it's pure gambling! Who in their right mind would put any money down leveraged to the max and try and bet on the direction of noise! You might as well go to any casino and put your money on Black or Red you have a better chance at winning albeit not as much reward for your risk. So yes the FX part might be rigged and even if it's not it might seem like it's rigged but this wouldn't discourage me from having a business relationship with Swissquote.
I worked for ACM before they got bought. I suspected there were problems. There were many parameters for adjustment for every customer which were not explainable. I left.
But, who would want to buy such a company? They were unable to get their banking license for many reasons, of which I am aware of a few.
I have no contact with any of the people still working there. And, I have not been able to find any news articles on the case.
Also, a lot of people think that investing in stocks is also just pure gambling.
Fair enough, probably trading against their own customers which might be perfectly legal as long as it's done within certain limits. I saw some other comments elsewhere about unexpected spikes hitting client's SL limits etc and therefore locking in losses etc but again we are looking at two different companies and you can't really judget Swissquote based on your experience with ACM even if it still runs on the same platform.
I guess they bought them because of the customer base and the potential revenue and since they obtained a license for FX trading and ACM didn't. But this might bite Swissquote in the ass if it turns out they're doing some of the same shady stuff as ACM might / might not have been doing.
The theory to offering leveraged FX trading to retail customers is so simple and low risk that it's almost free money. Just have a massive number of clients betting on the direction, make a spread of 3 pips or so leverage it by 10-100 and feed it to the big banks which generates a massive premium. There is no need for any other games against the customers.
Might also be true depends on what you're doing. Spread betting = Gambling. If you use other metrics / strategies to pick stocks + diversify portfolio then it's a calculated risk but effectively still a gamble in a sense that it's not without downside risk. But right now the market is completely disconnected from fundamental theory that probably everything is a gamble.
From what I gathered, it was a fund in the Middle East, Kuwait, I think that was linked to ACM somehow and complained of fraud to the banking authorities.
I have also read of individual customers who found their trading parameters suddenly change when they were making a lot of money. This is illegal, btw and is considered fraud.
Also, ACM had a FX trading license but wanted a banking license so that customers could deposit more money.
Sir, Madam,
Taking into consideration that English Forum is a Swissbased website, we would like to be given the opportunity to reply in order tocorrect many of the comments made on here concerning our company SwissquoteBank SA and our affiliation with ACM Advanced Currency Markets SA .
Certain comments made by forum member " stevesim" seemto imply that Swissquote Bank works in an unethical manner where our Forexservices are concerned. We draw your attention to the fact that most of thesecomments are clearly wrong and we reject any violation of our duties. Some ofthese comments are based on past events dating back to April 2009 and arerelated to the then entity known as ACM. Furthermore, we would like toemphasize on the fact that in the case of anyalleged fraud carried out by ACM mentioned in thethread by the above member, Geneva’sprosecutor issued a decision to not continue the procedure and closed the casein 2011. TheProsecutor’sdecision was not appealed.
In 2010, and following ACM’s unsuccessful bid to receive abanking license from FINMA, Swissquote Bank acquired the broker. This was astrategic acquisition with the intent of adding further trading technologies toSwissquote Bank’s already existing and expanding Forex business.
Since our foundation, Swissquote Bank has taken pride tocontinuously improve the quality of service to our clients, the result is thatwe are now recognised as the leading provider of online financial services inSwitzerland.
Swissquote Bank holds a Banking and Securities dealerlicense and is supervised and regulated by the Swiss Financial MarketSupervisory Authority, FINMA. Swissquote Bank is also a member of the SwissBankers Association, and our Group is listed on the SIX Swiss Exchange (Symbol:SQN).
We hope the above clarifies the situation.
Best regards,
Swissquote Bank SA
I think Swissqoute are OK, I opened an account 4-5 years ago but never used it because I found out that they are a dealing desk and will take the other side of a trade against you forex trading that is). This is common in forex trading but not what I was looking for.
I would also advise against trading FOREX as it is a mugs game. Been there and lost a reasonable family sized car worth of money....
But don't blame Swissquote, there are many worse brokers out there I can assure you.
In respect of SwissQuote I repeat my recommendation of over one year ago.
I would like some proof of this decision of the Prosecutor.
And why was ACM not allowed to have a banking license?
Also a reasonably satisfied customer here - been using them for about 3-4 years for a small portfolio of stocks with no problems.
I am looking for an online broker to invest in european bonds traded at SWX or at German exchanges. Time to maturity under 3 years. For all other instruments I use Interactive Brokers, but for bonds I need something else, because IB is offering only US bonds.
Swiss Quotes is out of questions because it is too expensive. Does anyone uses another brokers for this purpose. Ideally non-swiss brokers.
I have no experience trading bonds, but check strateo.ch prices. The rates are quite easy to find on their site or via google.
I haven't seen any replies to this since the last post in 2013. Can anyone give me a recent opinion on SwissQuote?
I have had brokerage accounts with E*Trade and Ameritrade in the past, but never with a Swiss broker. I'm interested in trading stocks and ETFs on the American exchanges. Also interested in their multi-currency banking.
I think I saw somewhere that they have a 3rd Pillar pension product that invests in ETFs/funds. Does that still exist, and what's your opinion of it?
Any surprise fees/charges with SwissQuote (banking, brokerage or 3rd pillar)?
Expensive, not worth it. Foreign brokers like IB are far cheaper.
I use them for buying shares on the US, Swiss and UK stock-markets. Since I'm not interested in regular trading - rather building up a portfolio, I don't find them terribly expensive.
Their website is easy to use, and so far the service has been fine. The charges are transparent. Whenever I've phoned the help line, I've found the service entirely satisfactory.
I didn't choose IB as it would be more expensive for my needs than SwissQuote.
They charge custody fees which a lot of the online brokers don't. And also if you wish to transfer your positions somewhere else after a few years it will cost you around $50 per position if my memory serves me right.
You pay for the service, which is not bad I have to say. The fees are not the cheapest by any means but they are cheaper than buying stocks etc with your bank directly. (but that's very easy to beat)
As for multi currency banking, I don't think they offer any banking services as such, I mean they do mortgages which are not offered by them directly, and some saving / investment products but they don't offer a debit card / payment services (direct debit / standing orders) if that's what you're looking for.