2 Best Swiss Forex Brokers – In Depth Review and Updates 2023
Want to jump straight to the answer? The best forex broker for traders is Avatrade
The #1 Forex Trading Course is Asia Forex Mentor
The best Swiss forex brokers are a popular choice for those who are in need of a reliable cash infusion. Trading forex online is a convenient and frugal way to make money online right from the comfort of your own home.
Yes, there are plenty of forex brokers where you can earn money online, but the ones listed below are clean, fun-to-use, and reliable. From mobile apps to desktop platforms, there’s no shortage of ways to trade forex, but we’ve rounded up the best so you can weigh your options.
Most forex brokers in Switzerland on this list offer most, if not all, of the same features. The best Swiss forex broker is largely a matter of personal preference. That said; some brokers come with extras with varying levels of functionality. Let’s dive deeper.
Table of Contents
Best Swiss Forex Brokers
2 Best Swiss Forex Brokers
#1. Best Advanced for Non-US Traders: Avatrade
Avatrade is a winner for its easy-to-use trading platform that allows traders to exchange over 2300 trading instruments across multiple tradeable instruments. It is a trusted global brand best known for its flexible workstation. Even more appealing is its feature that allow for copy trading, is competitive for mobile traders, and is mostly in line with industry-standard pricing, features, and tools. The broker has made a name for itself for its commitment to empowering millions of people to learn and perfect their investing and trading skills.
Avatrade offers a proprietary platform to trade alongside familiar workstations such as MetaTrader, ZuluTrade, and DupliTrade. This level of variety and flexibility makes Avatrade a formidable player in this arena. The downside, Avatrade is not regulated by the Financial Conduct Authority, which means it shuts its doors to US-based traders. That means it is not subject to account protection and leverage restrictions mandates. Nevertheless, it’s a darling for non-US traders.
How does it work?
As little as 100 units of your base currency are enough to open an account. Such requirements paired with a simple onboarding process make Avatrade standout in a rich selection of brokers. The account creation process is no different to any other online profile. From the main page, select the “register now” button to create either a real or demo account. The demo account option is perfect for beginner traders who want to take the waters against real-time market data. On the other hand, the real account allows a user to take a stake on any instrument, but before that, Avatrade mandates new user to submit the following:
- Proof of ID
- Proof of Address
In some cases, mostly for European countries, user information must be verified before funding the trading account. Once everything is in order, you are ushered to AvaTradeAct, the broker’s dedicated trading platform. This workstation offers a broad variety of features and functions that cater for the manual and automated trading strategies of users. WebTrader is the default interface enabling trading via a browser. Overall, the trading platforms are user-friendly, intuitive, and welcome features to new traders. However, professionals can opt for MetaTrader 4 and the newer MetaTrader 5. Besides the suite of MetaTrader workstations, traders have the option of trading on AvatradeGO and Adaptions mobile apps.
Pros
- Social trading features
- Extensive educational resources
- Negative balance protection
- Full slate of forex pairs
Cons
- Not regulated by FCA
- Doesn’t accept US-based traders
Price
This broker boasts of charging zero commission, which means Avatrade gets revenue from spreads. Avatrade spreads are close to the industry standard, but slights above at one pip depend on the skill level of the traders. For professional traders, the spread drops by around 0.4 pip to 0.6 pips for EURUSD instead of 0.9 pips for entry-level traders. Still, the spread is a touch above the average.
Adding to this, Avatrade charges a $50 fee for three months of account inactivity. The fee for a year of account inactivity is $100. Besides these, there are no other charges. Withdrawal processing is completed at no extra cost to the user, as well as account closures.
#2. Best Overall Broker: Forex.com
Forex.com stands out for its innovative web platform, quality research, and strong educational content, which have established the broker as a trusted brand that delivers an excellent trading experience for forex traders across the globe. This broker offers millions of people access to a range of tradeable offerings in forex to provide trading opportunities to all types of trades. Forex.com allows US-based clients leveraged access to over 60 pairs with competitive spreads. Trading happens on a well-organized and navigable platform with support for multiple user interfaces, which is complemented by educational, analysis, and research tools that are on par with industry standards.
Founded in 2001, Forex.com is currently a subsidiary of StoneX Group Inc., a publicly-traded company. It is regulated by the Financial Conduct Authority, a highly regarded trading regulatory entity that has built a reputation of being strict in ensuring that market practices are fair for all. It is for novice investors seeking to gain a solid footing in the market. With a product suite that offers a variety, suitable spreads and a choice of trading platform, forex.com is ideal for new and undercapitalized users seeking to develop skills with limited financial ability. It delivers a great experience to traders of all experience levels.
How does it work?
The client portal is easy-to-use and intuitive but rather plain and lacking some basic features that more sophisticated forex brokers offer. Forex.com account creation process has gotten easier over the years. It is no different than opening an account with any other forex broker. You will need an email address and personal details to set up the account. Follow-up with necessary documents to verify your account, and you are cleared to fund your trading account. The interface is well-designed and easy to navigate. Clients can opt for a specialized, advanced trading platform such as MetaTrader 4 alongside the native portal.
Forex.com has a minimum initial deposit of at least 100 units of the selected base currency, which usually translates to $100. However, the broker recommends a deposit of at least 1000 units for flexibility and better risk management. There are several ways to fund your trading account including:
- Credit and debit card
- Skrill and Neteller
- Wire transfer
The trading portal offers charts, economic calendars, news, trade/order history, and positions. More features accommodate the active day trading professional alongside the occasional long-term trader. There is a wide selection of indicators and drawing tools to satisfy the avid technical analyst. The process of setting an order or trade is intuitive and can be done directly on the charts. The basic order types are attached to take profit and stop loss. However, the orders are only available on selected platforms.
Pros
- Regulated by FCA
- Account protection to UK/EU clients
- Rebates for high volume traders
- TradingView charts built-in
Cons
- No account protection to non-UK/EU clients
- Website maintenance below average
Price
Forex.com generates revenue from customer trade and commissions, both are at par with industry standards. The spreads vary depending on the account type, where the minimum spread for EURUSD pair is 1 pip on a standard account, 0.2 pips for commission account, and 0.1 for Direct Market Access (STP Pro).
Standard and commission account clients can also participate in the Active Trader Program, which requires at least $10000 deposited or trades accumulating to $25 million in volume per month. The pricing will also vary depending on the client’s country of residence, where US traders enjoy lower costs.
How we rank the Best Swiss Forex Brokers?
The goal is to help traders to make the best, informed decisions they can about how, when, where, and through whom to invest. To find the best forex broker, it is always best to rank based on a number of categories and variables, since every brokerage is created differently.
For starters, hands-on testing is the best way to represent how clients feel using these platforms. That exercise helps experts determine how one platform is different from the next. With individual traders in mind, it is also advisable to consider the different personas, such as the passive, active, casual, and day trader.
Testing each forex broker on these criteria, helps rank each platform based on the different needs of investors. Consider the overall workflow for placing an order with greater emphasis on the progresses from one to the next to find how users can customize their experiences throughout the multiple platforms.
How to choose the Best Swiss Forex Broker?
Before creating an account, take a moment to identify your needs. The key to understanding what you need is to identify your trading goals and skill level. If you are getting started with trading, prioritize brokers with greater emphasis on educational resources. For the experienced trader, high-level education and opinion-based resources, as well as a good selection of fundamental and technical data will do.
Next, determine your persona as a client. Again, this should take you back to your trading goals. Do you see yourself spending an hour or two a day executing trades, or would you like to turn this into a 9 to 5 grind? What kind of trades are you looking to execute? The answers to these questions will tell you to determine the ideal broker to meet your needs.
Finally, narrow down the list of brokers based on the basic services and features that you feel are ideal for you. For instance, shortlist brokers that are regulated and licensed to operate in your jurisdiction. Also, consider additional perks such as account protections, customer reviews, account types, commissions, and other fees, among others.
Conclusion: Best Swiss Forex Broker
Ask anyone, anywhere to name the best Swiss forex brokers right now and you can expect to hear the usual names. Is it Avatrade? Forex.com? But in reality, you can only have one.
Almost every professional trader has crowned Avatrade as the king of Swiss forex brokers, outselling any other platform from Switzerland, and all signs point to an even longer reign. The reason for this recommendation could well be versatility.
Where Forex.com doubled down on user-friendliness, Avatrade has maximized on functions: superior trade execution, low costs, and broader market access. Few brokers can offer that.
Best Swiss Forex Brokers FAQs
Is Forex trading legal in Switzerland?
Yes. Forex trading is a legal income-earner for many residents as long as all trading activities are conducted with a licensed broker. The Swiss Financial Market Supervisory Authority (FINMA) is the regulatory body responsible for issuing licenses to forex brokers. Its official website lists the licensed brokers allowed to offer these services.
What does a forex broker do?
A forex broker is an agency or individual that is responsible for connecting clients to the forex market. The foreign exchange market is traded in the interbank network, where banks trade with each other at various prices. A broker acts as a middleman, giving you access to this network allowing you to buy and sell currencies.
Do Forex traders make good money?
Yes. Many people are trading for a living. Trading forex requires the least amount of capital to start and given the fact that the market is open 24 hours a day during the week, gives traders a lot of opportunities to make a profit. However, the forex market can be extremely volatile, which means there are as many opportunities to lose money rapidly, as they are to make good money.
