One of the world’s leading reliable and trusted banking system has always been considered to be Swiss banking system. With that perception traders consider Swill Forex brokers to be the most reputable and most wanted of them all. In action, however, the truth is not as pink as it seemed. Swiss brokers are not any more advanced or in particular linked to Swiss banking system. In reality, some brokerages just called themselves “Swiss-based” to gain more reliability, without lifting a finger.
Before any fx brokers can operate in Switzerland, they must become authorised by the Swiss Financial Market Supervisory Authority (FINMA), which is the national regulatory authority.
Then came 2010 with changes in Swiss authorities and undoubtedly weak forex control. New rules were imposed on Forex trading and only licensed Bank has the right to provide currency exchange services. This is now Swiss financial stability and trust was restored in the eyes of traders worldwide.
Swiss Forex brokers list for 2023:
| Broker Reviews | Rating | Demo | Leverage | Swiss based | Platforms | Min Deposit | Payments |
| Dukascopy | 4 | yes | 1:500 | swiss | Dukascopy | 250 | Wire, Bank Guarantee, Standby letter of Credit Segregated Accounts |
| Swissmarkets | 0 | yes | 1:500 | swiss | Metatrader 4, Webtrader | 200 | credit cards, wire transfer, neteller, skrill, iDEAL, giropay |
Switzerland is a world known country for its excellent Bank system that became a symbol of financial stability and wealth. Owing to its highly reliable and trusted reputation in finance, global traders are often influenced to invest with Forex Brokers in Switzerland. Indeed, Switzerland Brokers providing fair and transparent trading conditions with unparalleled quality of service, however, the offerings are not so many or widely presented. That happened due to the local regulatory requirement that requires a significant base capital to start, as well as a very sharp set of procedures that are truly hard to obtain.
What to look for when choosing Swiss forex broker?
- A good reputation
- Will accept you as a client
- Well regulated
- Requires a minimum deposit you can afford
- Offers all currency pairs and assets you wish to trade in
- Allows a sufficient leverage ratio for your preferred trading strategy
- Makes prices with competitive dealing spreads
- Provides negative balance protection
- Has minimal order slippage
- Segregates client accounts from its own
- Has intuitive deposit and withdrawal procedures
Is forex trading legal in Switzerland?
Trading forex (currencies) in Switzerland is popular among residents. Before any fx brokers can operate in Switzerland, they must become authorised by the Swiss Financial Market Supervisory Authority (FINMA), which is the national regulatory authority.
The Swiss national currency is the Swiss franc (CHF), which is divided into 100 smaller denominations. Since Switzerland is a multilingual country, this 1/100 of a franc denomination is known as a rappen in German, a centime in French, a centesimo in Italian and a rap in Romansh.
According to the Bank for International Settlements (BIS), the Swiss franc was the seventh most-traded currency in 2016, making up around 4.8 percent of overall forex market turnover that year. The CHF also ranked eighth among the world’s most popular reserve currencies, amounting to roughly 0.15% of total central bank reserves in the third quarter of 2018, according to the International Monetary Fund (IMF).
With respect to Swiss financial sector regulation, the Swiss Financial Market Supervisory Authority (FINMA) supervises the financial system in Switzerland that includes online forex brokers. The regulator oversees financial institutions and aims to protect investors by making sure that Switzerland’s financial markets function well. Financial institutions need to be authorized by FINMA before commencing operation.
We’ve listed the best trading sites that would let you as a Swiss trader, trade Indices, Forex, Stocks, ETFs, Binary Options, CDFs, and some cryptocurrencies like Ethereum and Bitcoin.
These brokers also support payment options that will allow you as a Swiss trader to make your deposit and quick withdrawal of your profit. They provide the lowest fees and support cTrader, MT4, and MT5 trading platforms.
What’s so special about Swiss bank accounts?
The main benefits of Swiss bank accounts include the low levels of financial risk and high levels of privacy they offer. Furthermore, Swiss law requires that banks have high capital requirements and strong depositor protection, which practically ensures that any deposits will be safe from financial crisis and conflict.
Swiss FX companies attract both professional and part-time traders from all over the world. And here are the reasons why you should consider a company based in Swiss Confederation:
- You are from Switzerland yourself.
- You are based in the USA, but would like to trade with a non-US broker legally. Registered Swiss banks can offer that.
- You seek a better protection of your private banking information.
- You believe that Swiss regulation is superior to other jurisdictions.
HERE’S HOW WE CHOOSE THE BEST BROKER FOR YOU!
Regulated – Before any Swiss trader signs up to a new broker, the trader needs to check if the broker is regulated. A Regulated broker is one that follows the strict rules of the forex regulators to prevent scamming small investors like you and i.
Major regulators in the industry include DFSA, SCB, CySEC, FCA, FSB, MiFID, ASIC, IFSC, BaFin, and many others. Before creating our list of the best brokers for Swiss’s, we had to make sure they were all regulated and trusted brokers.
Offers Demo Account – A Demo trading account is a virtual account made by a broker for new traders who want to test the brokers’ platform before depositing real money. This feature is essential for beginners who are still new to forex trading and won’t like to lose their investment while learning how to trade.
Asset Coverage – Assets are financial instruments available for us to trade on. They range from commodities like gold and silver to cryptocurrencies, stocks, CFDs, ETFs, indices and currency pairs. Most brokers offer all asset types, while some offer a selected range asset type.
Offers Mobile Trading – Every Swiss forex trader needs to have access to the inter-bank market irrespective of which device they own. This is why brokers make available mobile apps for android and ios, desktop, and web apps for traders. This makes trading seamless and less stressful.
Easy Deposit/Withdrawal – As a Swiss forex trader, you need to choose a broker that supports the payment option that works in Switzerland. Also, the payment option needs to provide the lowest fees and fast in processing payments. For Swiss’s, Skrill, Neteller, Master Card, Visa Card, and WebMoney are the best payment options.
Effective Customer Service – Before signing up to a broker, you need to first visit the brokers’ website and ask as many questions as possible. This helps you gain confidence in the platform and helps you resolve any issues that might come up during trading.
Conclusion
There are thousands of Forex brokers around the world, and Switzerland residents can register and trade with each of them. Many Forex brokers may appear similar but there are understated differences that make each broker uniquely suitable for a different type of trader.
