Compare Swiss Regulated Brokers

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Between 54-87% of retail CFD accounts lose money. Based on 69 brokers who display this data.

The Ultimate Guide to

Why Traders use Swiss Brokers

Swiss Forex brokers are required to be registered as a bank with the Swiss Financial Market Supervisory Authority (FINMA) – an independent regulatory authority who protect financial market operations and have sovereign powers over financial services providers in Switzerland. In order to achieve their regulatory status, Swiss brokers undergo a detailed registration process. This ensures that only the most financially and organisationally sound brokers are provided with a licence to trade Forex by FINMA. Once registered, Swiss brokers are given considerable flexibility around their Forex operations. They are still, however, subject to the stringent regulations of FINMA, and their practices are kept under thorough supervision.

Swiss brokers attract traders who require protection of their private banking information; Swiss banks are required by law to protect the confidentiality of their clients.

Pros and Cons of Trading Forex with a Swiss Broker

One benefit of trading with a Swiss broker is that under the Swiss Depositor Protection Scheme, all Swiss securities dealers and banks must have deposits protected by ‘esisuisse‘. This depositor protection scheme ensures that their clients’ funds, up to a maximum of 100,000 CHF (around 80,000 GBP), are protected in the event of the broker becoming insolvent. No more than 100,000 CHF is protected per depositor and this is paid in under one month following insolvency. This also applies to deposits made with foreign branches.

Privacy protection is also a major deciding factor for many traders, although Swiss banks can be required in certain circumstances to reveal account holder details, such as in relation to a criminal investigation when an order has been issued by a judge or prosecutor.

It should be taken into consideration that when trading with a Swiss broker, the Swiss national currency (CHF) is used on their platforms. As the CHF is one of the most traded currencies in the Forex market, traders will also be exposed to currency movements between the Swiss franc and their domicile currency.

Furthermore, traders who are choosing a Swiss broker will be faced with limited choice in comparison to those who are not restricted to a broker from a particular country.

Swiss brokers are also more suitable for traders with large capital sums to trade with. Small individual traders may find that they do not have sufficient capital to open a trading account with regulated Swiss brokers.

Popular Swiss Brokers

Some popular Swiss brokers are DukasCopy and Swissquote Bank Ltd. With Swissquote Bank, a minimum dealing amount of 1,000 CHF is required to trade Forex. A free demo account is available for a trader to test their services before opening a live account. It should be noted that in addition to the FINMA regulated Swiss Bank Account, Swissquote also have an FCA regulated brokerage based in London, which is subject to FCA regulations and offers deposit protection of up to £50,000.

Alternative to Using a Swiss Broker

If Swiss brokers are not suitable, for example, if a trader has insufficient funds to open a Swiss trading account, FCA regulated brokers could be considered as an alternative. Brokers who are regulated in the UK are also subject to strict regulations set by the Financial Conduct Authority (FCA). Furthermore, they are required by the Financial Services Compensation Scheme (FSCS) to protect up to £50,000 per person of client funds in the event that the broker becomes insolvent.

A selection of FCA regulated brokers include XM, FXCM and eToro.

Between 54-87% of retail CFD accounts lose money. Based on 69 brokers who display this data.