Best FOREX Brokers in Switzerland 2024

Switzerland, known for its neutrality, cheese, and chocolate, boasts some of the most reputable FOREX brokers worldwide, reflecting its status as a hub for financial services. The Swiss market welcomes compliant FOREX trading platforms keen on serving its discerning traders.

For investors, this abundance of choices brings both opportunities and challenges. Navigating through the many platforms can be daunting. At Arincen, we recognize the need to simplify this process.

Our mission is to streamline the world of trading. To live up to this, we've compiled a comprehensive ranking of the best FOREX brokers currently operating in Switzerland. We'll share our review methodology because our goal is to empower traders like you with the knowledge you need to navigate the complexities of the trading landscape confidently.

Best FOREX brokers in Switzerland in 2024

Top Tips for Choosing the Best FOREX Brokers in Switzerland

There are lots of high-quality FOREX brokers working in Switzerland. As always, you must protect your interests by working with a broker who has a strong track record of sound management and financial success. To make the right choice, you must carry out detailed research. Here are some of the most important factors to take into consideration when choosing a broker:

•   The broker must be regulated by a top-tier regulator, this could be a local broker or an international broker

•   The broker must have a competitive fee schedule

•   The broker must offer a wide array of financial assets to trade

•   The broker must have a responsive customer service team

•   The broker should have a detailed research and educational offering

Best FOREX brokers in Switzerland in 2024

With so many choices out there, it can be a hard job to choose the right broker. In this case, we've done the work for you. Here is a summary of each broker according to specific criteria, along with their pros and cons

•  ICM - Capital 91.10: Best Deposit and Withdrawal Broker

• Tradeview - 90.00: Trusted broker that offers meager trading costs and comprehensive financial literacy materials for its clients.

•   XTB - 85.55: Best Customer Service Broker

•   IG - 85.45: Best Regulations Broker plus Convenient Platform

•   Saxo Bank - 80.09: Excellent Private Trading Platform

•   CMC Markets - 80.07: More than 9,000 Assets

•   ThinkMarkets - 80.05: Aimed at the Audience of Traders

What is FOREX and Why Do We Need a Broker to Trade?

Where else in the world can you find retail traders, hedge funds, international banks, and sovereign funds trading side by side? The FOREX market, of course! In the world of currency trading, the FOREX market serves as a decentralized hub where global currencies change hands. Transactions take place electronically over the counter (OTC), facilitated through computer networks connecting traders around the globe. TheFOREX market operates 24 hours a day and five days a week (Monday to Friday), except for international holidays. The FOREX market is the largest financial market in the world. The best FOREX brokers in Switzerland play a key role in this marketplace by enabling clients to buy and sell through a trading platform. Most trading platforms are accessible in web and mobile format.

How to Open a Trading Account to Start Trading FOREX?

Opening a FOREX trading account is easy. Once you have chosen your preferred broker, you must start by filling out an application form as part of the “open account” process. Normally, you will be asked to provide documents to support your application. These could include your national identity document and proof of address. This is part of standard Know Your Customer (KYC) regulations.

Once your account has been approved, you will be able to fund your account by making the first deposit. After your account is funded, you can start to trade.

How Much Do Beginners Need to Start to Trade?

The amount needed for retail traders to start trading FOREX online can vary significantly, depending on several factors, including the broker's minimum deposit requirements, the trading strategy employed, and your risk tolerance. Some brokers offer accounts with minimal initial deposits, sometimes as low as $1 or even less. You should know that starting with a very small amount can limit your ability to effectively manage risk and execute trades due to the potential for higher transaction costs relative to the account size.

Generally, a recommended minimum deposit for retail traders to start trading FOREX online ranges from $100 to $500. You really don’t need much to get started. Some of the best FOREX brokers for beginners allow you to start small and grow from there. Of course, you need to capitalize your account with at least some money that will allow you to place trades. The amount is really up to you. However, it is recommended that you start by placing small trades to get to grips with the practice of trading as well as your broker’s website before you move on to placing trades with more money.

How to Start Learning about FOREX Trading

A trading website like en.Arincen.com is a great place to start. We have a large list of curated articles that can give you all the information you need on common FOREX trading terms, like pips, spreads, leverage, and support and resistance. We have also taken the time to prepare detailed articles on such important topics as FOREX trading strategies. Additionally, once on our website, you will find helpful video courses that cover the basics of FOREX trading. With this range of knowledge, you will be well on your way to trading success.

Remember also that your broker will normally have developed a detailed education and research repository themselves. That is also a good place to bolster your FOREX knowledge, with the extra benefit that your broker’s information will be slanted toward their own platform and resources, which makes it doubly useful.

Can You Trade Without Prior Experience?

It's entirely possible to trade FOREX without prior experience, but it's important to approach it cautiously and with a commitment to learning. Many online brokers and websites like ours offer educational resources and beginner-friendly platforms that can help newcomers get started. Here are a few evergreen tips for newbies interested in trading FOREX online:

Education: Take advantage of the vast array of educational resources available online.

Demo Trading: Practice trading in a risk-free environment.

Start Small: Begin with a small amount of capital that you can afford to lose.

Risk Management: Implement proper risk management techniques.

Continuous Learning: Stay updated on market developments and refine your trading strategies.

While it's possible to start trading FOREX online without prior experience, it's important to approach it with patience, discipline, and a willingness to learn from both successes and failures. Fortunately, the Arincen network was created for those who don’t yet have enough experience to trade on their own.

This is because you can follow the experts on our network and apply their signals and strategies in your trading account with ease, and you can review the statistics of the experts and review their history to ensure they are good for trading the assets you want. For example, if you prefer to trade only in gold or any other group of assets, you can review the best gold experts and traders in the network

How Do I Choose the Best FOREX Broker in Switzerland?

Switzerland boasts a small yet robust economy that is highly developed, market-oriented, and heavily reliant on international trade. Despite its modest size, with a population of around eight million people, Switzerland maintains a diverse economic landscape, with key industries including banking and finance, pharmaceuticals, manufacturing, and tourism.

Renowned for its precision engineering and high-quality products, Switzerland's manufacturing sector plays a significant role in its economy. The country is particularly famous for its watchmaking industry, producing some of the world's most prestigious timepieces. Additionally, Switzerland is a major player in the pharmaceutical industry, with several multinational companies headquartered in the country.

In recent years, Switzerland has emerged as a leading hub for innovation and technology. The country's strong focus on research and development has fostered a thriving tech sector, with a particular emphasis on areas such as fintech, biotech, and clean energy.

Switzerland's financial system is overseen by various regulatory bodies. The Swiss National Bank (SNB) serves as the country's central bank and is responsible for formulating and implementing monetary policy. The Swiss Financial Market Supervisory Authority (FINMA) acts as the primary regulatory agency overseeing financial markets and institutions, including FOREX brokers. This regulator is what’s known as a “tier-one” regulator for its prestige and quality reputation.

Additionally, the Swiss Banking Ombudsman provides an independent platform for resolving disputes between consumers and financial service providers, ensuring transparency and fairness in the financial sector.

FOREX Regulations in Switzerland

FINMA serves as the primary financial regulatory agency in the country. FINMA's mandate is to ensure the fairness, transparency, and integrity of Switzerland's financial markets, ultimately safeguarding the interests of consumers.

FOREX brokers operating in Switzerland are required to be registered and licensed by FINMA. They must adhere to stringent regulatory standards concerning minimum capitalization, consumer protection, and disclosure requirements. FINMA actively monitors the conduct of FOREX brokers and has the authority to enforce regulations and take disciplinary action against any violations.

Understanding the role of regulatory bodies in the FOREX market is crucial for traders. These entities serve a dual purpose:

·  Supervising and regulating the operations within the FOREX market to maintain market integrity.

·  Safeguarding investors and their assets by implementing stringent regulatory frameworks.

It is crucial for FOREX firms to obtain proper licensing from regulatory authorities like FINMA. You should exercise caution and avoid dealing with firms that operate without the necessary regulatory approvals, as this could pose significant risks to your investments.

Leverage

Leverage allows you to trade with the broker’s money, meaning you can place larger orders than you would have been able to with your own funds. This is a great way to get access to a larger share of the pie, but it also means you can lose money easily.

Depending on the regulatory framework within which your broker operates, you'll encounter varying leverage rules. Several key regulators have introduced specific guidelines to safeguard retail traders.

Let's look at some of these leverage rules set by major regulators:

FINMA in Switzerland:

The maximum leverage allowed for retail FOREX trading is typically capped at 30:1 for major currency pairs. However, Swiss brokers must also strictly adhere to robust capital and risk management requirements, ensuring that they do not offer excessively high leverage that could endanger their financial stability or their clients' funds. 

Australian Securities and Investments Commission (ASIC) in Australia:

30:1 for major currency pairs

20:1 for non-major currency pairs, gold, and major stock market indices

10:1 for commodities other than gold and minor stock market indices

5:1 for equities (stocks) and other underlying assets. 

Financial Conduct Authority (FCA) in the UK:

30:1 for major currency pairs

20:1 for non-major currency pairs, gold, and major indices

10:1 for commodities (excluding gold) and non-major equity indices

5:1 for individual equities and other reference values

Stop Out

In the world of trading, "stop out" is a term with which you should be familiar. It's the point where your broker automatically closes some or all of your active positions to prevent your account from diving into negative territory. The stop-out level is usually defined as a percentage, representing the margin level at which your broker starts shutting down your open trades.

Let's break down the percentages:

Stop out of 0%:

Your broker won't close any of your positions, even if your margin level reaches rock bottom. This is because some brokers allow you to end up in the red, which means you might owe them money if your trades keep losing.

Stop out of 50%:

Once your equity dwindles to half of your used margin, the stop-out alarm goes off. Your broker steps in and starts closing your trades, beginning with those least profitable. This continues until your margin level bounces back above the stop-out level.

Stop out of 100%:

When your margin level hits 100%, your broker takes the drastic step of automatically closing all your open positions. In some setups where the broker separates margin-call and stop-out levels, the margin call happens at 100% and the stop-out at 50%. If your margin level plunges to 50%, your trading platform springs into action with a stop-out, closing your trade at the market price.

Keep in mind that the specific percentage and the order in which positions are closed can vary from broker to broker. So, it's crucial for traders to know their broker's stop-out policy. It's worth noting that while stop-out measures are designed to shield traders from going into the red, they can also result in substantial losses, especially in volatile markets where positions are swiftly closed automatically, especially if the market suddenly reverses post-stop out. That's why you should always employ protective strategies like setting stop-loss orders and avoiding excessive leverage.

Commissions and Fees in Switzerland

Trading fees can be tricky to track, so it's important to compare them with industry standards. Here are some fees of which to be aware:

Spreads:

There are two main kinds of spread, one is fixed and the other is variable. A first step in FOREX trading is identifying the spread differential, defined as the difference between the bid (sell) price and the ask (buy) price of a currency pair. While most FOREX currency pairs are traded without commission, the spread is one “cost” that applies to any trade that you place. This is, indeed, the biggest source of profit for the FOREX company.

The spread refers to the difference between two prices, such as the bid/ask rate in a currency exchange rate. An example of a good spread is 1.4 pips for the EUR/USD (the narrower the better, this means that a spread of 1.4 pips is better than a spread of 2 pips). You can learn more about this concept in this article.

Commission:

This is the service charge that brokers require for carrying out transactions on behalf of their clients. As for commissions, FOREX trading companies can be placed into three categories. The first offers fixed spreads, while the second tenders variable spreads, with a third category of companies offering low-cost spreads that come with a (relatively high) fixed commission.

Rollover fees: When you leave a trade open overnight, the broker normally charges a rollover fee for the facility of holding your trade open for that period. This is because they assume the risk of the market changing adversely.

Withdrawal and deposit fees:

Some platforms might charge fees for depositing or withdrawing funds. Pay attention to this. It's important to know these and any associated limits or conditions.

Subscription or inactivity fees:

Certain platforms have monthly charges or fees for inactive accounts. Ensure you're aware of these potential costs.

Tradable Assets and Instruments

Retail trading offers a diverse range of financial instruments, each with its own set of opportunities and challenges. Here are the most common tradable assets and instruments:

FOREX

With the largest trading volume globally, the FOREX market allows traders to speculate on the future movements of currency prices, trading pairs like EUR/USD, GBP/JPY, and many more.

Commodities

Whether it's precious metals like gold and silver, or energy commodities like oil and natural gas, commodities trading offers a chance to profit from the tangible assets that drive global economies.

Equities or Stocks

These represent ownership in a company and constitute one of the most popular avenues for retail traders, given their potential for substantial returns and the thrill of being a part of the corporate world.

Indices

These are baskets of stocks representing a particular market or sector, like the S&P 500 or the Nasdaq, giving traders exposure to broader market movements.

Cryptocurrencies

Digital coins like Bitcoin, Ethereum, and countless altcoins offer both high rewards and volatility.

Payments, Deposits, and Withdrawals in Switzerland

Typically, navigating payment deposits and withdrawals in Switzerland is a seamless and hassle-free process. With its sophisticated financial infrastructure and advanced banking system, residents usually find transactions, including withdrawals from brokerage accounts, quite straightforward.

Nevertheless, the ease of withdrawing funds from your brokerage account in Switzerland depends upon various factors. It's imperative to opt for a broker regulated by a reputable authority such as FINMA, whether it operates within Switzerland or another jurisdiction in the EU. Regulated brokers often maintain transparent withdrawal procedures, safeguarding the interests of both the broker and the client.

Most brokerage firms provide a range of withdrawal options, spanning bank wire transfers, credit/debit card transactions, and even online payment systems. However, the efficiency of these methods can vary, with wire transfers to Swiss banks typically requiring several business days for processing.

FOREX Trading Customer Service

In the world of FOREX trading, timing is key, making the choice of a broker with good customer service an important one. Why do you need good customer service? Here are some common reasons:

• Expedited resolution of concerns

• Access to detailed educational resources

• Guidance and support during periods of market volatility

• Powerful account security

• Tailored advisory services (although not every broker offers this)

• Technical assistance whenever you need it

Choosing a brokerage firm that offers comprehensive customer support ensures a smoother trading experience, giving you confidence and peace of mind, especially amidst the dynamic landscape of the foreign-exchange market.

Ask Other Traders on Our Network

Arincen has gone to extensive lengths to create an enabling environment of networks, where traders of all backgrounds can take part in a vibrant trading space. After all, Arincen’s goal is to simplify the world of trading. Our website provides an unrivaled slate of tools, like our market-leading signals, rolling news, and a thriving community where traders of all levels of experience can learn and profit from each other.

Technical Aspects of the Broker’s Website

When it comes to sharing sensitive personal information online, such as a credit card, cyber security is paramount. You should, therefore, always watch for SSL certification and two-factor authentication (especially when registering with a new site). Always remember to use a strong password.

What Trading Platforms, Tools, and Features Should a Broker Offer?

When choosing a trading platform, you should consider a range of features that cater to both novice and seasoned traders. Here are some elements to keep in mind:

Platform accessibility: A top-notch trading platform should offer flexibility in terms of access, whether it's web-based or a downloadable application.

Risk-management tools: Trading inherently comes with risks, and a high-quality platform should provide instruments that allow traders to set stop-losses, take-profits, and other crucial order types.

Technical analysis tools: The platform should have robust technical indicators to help traders make informed decisions.

Customization and user interface: Traders should be able to customize the platform according to their preferences, allowing them to set up their trading environment precisely how they want. We find that the products from the MetaTrader suite, especially MT4, offers excellent features for this purpose.

Performance and reliability: Beginner traders especially need a platform that operates seamlessly with minimal downtimes or glitches. This ensures a smooth trading journey, allowing them to focus on market movements rather than technical hiccups.

Learning and educational resources: The best brokers will offer platforms that are not only intuitive but also come with tutorials, guides, and responsive customer support to assist traders in navigating any challenges they might face.

To choose the perfect trading platform, here’s some solid advice:

•   Determine your trading style and needs.

•   Research different platforms and compare their features.

•   Test the platforms with a demo account to see which one suits you best.

•   Choose a platform that offers the features you need and is user-friendly.

•   Ensure that the platform is reliable and has a good reputation in the industry.

Remember that the trading platform you choose can have a significant impact on your trading success, so it's important to choose wisely.

Which Switzerland FOREX Broker Has the Best Platform?

Many FOREX traders around the world have become used to MetaTrader’s strong and dependable MT4 platform, which is well-liked with good cause. To learn more about this important platform, visit our explainer article. However, if you are interested in trying something new that pushes the boundaries of what we accept as possible with a trading platform, you may consider a proprietary platform. In this case, we would encourage you to try Saxo Bank for its advanced trading features and high-performance tools with extensive market analysis.

Which Switzerland FOREX Broker Charges the Lowest Fees?

Our research shows that ICM Capital offers the lowest fees for entry-level and elite traders alike.

Which is the Best Switzerland FOREX Broker for the Most CFDs?

For brokers that deal in the most CFDs, look no further than CMC Markets and IG, both of which offer extensive CFD selections.

Which Switzerland FOREX Broker Offers the Most Assets?

According to Arincen’s research, the FOREX brokers that offer the widest and most comprehensive range of financial assets are CMC Markets and IG.

Which is the Best Switzerland FOREX Broker for Professionals?

Professional traders are mostly clear about their requirements. They normally won’t settle for a sub-standard platform or experience. Professional traders are also searching for a platform that features in-depth market analysis that comes with advanced indicators that help them make better decisions. In this case, you should look to brokers that use MT4, an industry stalwart that offers all of the above.

FOREX Trading Scams and How to Avoid Them

FINMA has issued many warnings regarding retail online trading scams in the past. In 2017, the regulator alerted the public to a company called Stern Options, falsely purporting to be headquartered in Switzerland and targeting Swiss residents to invest in binary options.

Also, in 2018, the FINMA cautioned against a FOREX trading platform known as Global Trading Club. This platform claimed to offer lucrative returns through FOREX trading and cryptocurrency investments. However, investigations revealed that the platform was operating without the required registration in Switzerland. 

Instances such as these, along with the FINMA's ongoing efforts to provide general guidance to the public on avoiding investment scams, demonstrates the extent of the robust protection measures for the average investor in the country. Regardless of this, you are still encouraged to exercise due diligence in your investment decisions to safeguard against potential risks.

Who Is Arincen and What Do We Do?

Put simply, Arincen is a social networking platform that brings together traders and experts to exchange expertise and ideas. Together, we evaluate the best FOREX companies in the world while offering a comprehensive suite of services and tools, all in one place, either via a computer or a mobile app. The platform is so rich that you can create your own private portfolio of traders and experts you like and, at the same time, follow their recommendations and investment sentiments.        

Further, thanks to Arincen, users can keep an eye on market-price developments, as well as the latest news. Users can also benefit from the network’s educational courses on offer, to say nothing of exciting webinars – all done in a modern and fast-paced work environment. Get all that you need in one place. Our motto: We Meet to Simplify the Trading World.

Conclusion

The core takeaway from this article is that you simply cannot ignore the importance of selecting a reputable and compliant online FOREX brokerage firm. It's crucial to thoroughly scrutinize potential brokers based on criteria such as platform reliability, asset diversity, and customer support offerings. Additionally, you must prioritize brokers with robust liquidity, as well as a comprehensive suite of educational and research materials.

It's worth noting that many FOREX traders lose money. However, by opting for a top-tier online trading platform tailored to your requirements, you significantly enhance your prospects of achieving success in your trading career. You can do this with many of the Best FOREX brokers in Switzerland.

Arincen’s Review Methodology

The team at Arincen collected more than 120 pieces of data covering more than 100 licensed FOREX companies. Data collection was done in three ways:

1. Companies’ websites.

2. Other websites that have ranked FOREX companies.

3. A survey questionnaire (referred to here as Survey “1”) was sent to the companies invited to participate in the exercise. We have identified 13 criteria for our assessment, each containing several aspects and carrying its own relative weight. These include licensing, deposits and withdrawals, number of assets, etc.   

Afterward we validated the data by:

1. Registering with FOREX companies as a secret shopper and/or as Arincen.

2. Survey number “2,” in which we asked these companies’ customers for important feedback and experience.

The next step saw us evaluate and rank each company, relying on the demanding work of 15 Arincen employees. We were careful in ensuring the most accurate assessment possible, including considering different languages, as well as the various mobile-app operating systems, e.g., Apple, Samsung, etc.

To add credibility to our research project, we sent a final and third survey (referred to here as Survey “3”) to enable participating FOREX companies to evaluate our own research and whether it accurately reflects the realities on the ground. We were fortunate enough to receive a mark of 9.9 out of 10! We have kept to a minimum the margin of error, which stood at a measly 1%. To learn more about how we came up with the evaluation,please click here.