This FP markets vs Swissquote forex broker review found spreads with FP markets are lower starting from 0 pips and US 6.00 commission with their RAW Account which is superior to 1.1 pips and no commission with Swissquote.
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Our comprehensive comparison covers the 10 most crucial trading factors to help you make an informed decision.
Spreads
Looking at the average standard account spreads for the forex pairs, there are some noticeable differences between FP Markets, Swissquote, and the industry average.
| Forex Pair | FP Markets | Swissquote | Industry Average |
|---|---|---|---|
| EUR/USD | 1.1 | 1.3 | 1.2 |
| GBP/USD | 1.5 | 1.7 | 1.6 |
| AUD/USD | 1.2 | 1.4 | 1.3 |
| USD/JPY | 1.1 | 1.3 | 1.2 |
| USD/CAD | 1.4 | 1.6 | 1.5 |
| USD/CHF | 1.5 | 1.7 | 1.6 |
| EUR/GBP | 1.4 | 1.6 | 1.5 |
| EUR/JPY | 1.3 | 1.5 | 1.4 |
Standard Account Analysis Updated April 2024[1]April 2024 Published And Tested Data
FP Markets consistently offers lower spreads across all forex pairs, with the EUR/USD pair having a spread of 1.1, GBP/USD at 1.5, AUD/USD at 1.2, USD/JPY at 1.1, USD/CAD at 1.4, USD/CHF at 1.5, EUR/GBP at 1.4, and EUR/JPY at 1.3. This is significantly lower than Swissquote, which has spreads of 1.3, 1.7, 1.4, 1.3, 1.6, 1.7, 1.6, and 1.5 respectively for the same forex pairs.
The industry average spreads are slightly higher than FP Markets but lower than Swissquote, making FP Markets the more cost-effective option for traders. The industry averages for the forex pairs are 1.2, 1.6, 1.3, 1.2, 1.5, 1.6, 1.5, and 1.4 respectively.
In my opinion, FP Markets offers the best value for traders in terms of spreads. The lower the spread, the less a trader has to pay to open a position. This can significantly impact the profitability of a trader, especially for those who trade frequently. FP Markets’ lower spreads, compared to Swissquote and even the industry average, make it a more cost-effective choice for traders.
FP Markets ReviewVisit FP Markets
Here is the bar chart representing the average standard account spread by forex pair for FP Markets, Swissquote, and the Industry Average:
Commissions
In terms of commissions, FP Markets charges a commission on its Raw account, starting from $7 per lot round turn, while its Standard account is commission-free. Swissquote, on the other hand, does not charge any commission on its forex trades, regardless of the account type. This makes Swissquote a more cost-effective option for traders who prefer a commission-free trading environment.
However, it’s important to remember that while Swissquote does not charge a commission, its spreads are slightly wider compared to FP Markets. Therefore, the overall trading cost might be similar between the two brokers, depending on the trading volume and frequency.
| Broker | Spreads | Commissions |
|---|---|---|
| FP Markets | From 0.0 pips | From $7 per lot (Raw account) |
| Swissquote | Slightly wider than FP Markets | No commission |
Verdict: In conclusion, while both brokers offer competitive spreads and fees, FP Markets might be a better choice for traders who prefer tight spreads and don’t mind paying a commission. On the other hand, Swissquote might be more suitable for traders who prefer a commission-free trading environment.
FP Markets ReviewVisit FP Markets
Both FP Markets and Swissquote offer MetaTrader 4 and MetaTrader 5, the most popular trading platforms in the forex industry. These platforms are known for their advanced trading tools, customizability, and user-friendly interface.
FP Markets also offers IRESS, a platform suitable for advanced traders and professionals. It comes with advanced charting tools, direct market access, and automated trading capabilities. Swissquote, on the other hand, offers its proprietary Advanced Trader platform. This platform is user-friendly and comes with advanced charting tools, risk management features, and integrated news and analysis.
| Broker | Trading Platforms |
|---|---|
| FP Markets | MetaTrader 4, MetaTrader 5, IRESS |
| Swissquote | MetaTrader 4, MetaTrader 5, Advanced Trader |
Verdict: In conclusion, both brokers offer a range of trading platforms suitable for different types of traders. FP Markets might be a better choice for traders who prefer a platform with direct market access and automated trading capabilities, while Swissquote might be more suitable for traders who prefer a user-friendly platform with integrated news and analysis.
FP Markets offers two types of accounts: Standard and Raw. The Standard account is commission-free with slightly wider spreads, while the Raw account offers tighter spreads with a commission. Both accounts offer fast execution, leverage up to 500:1, and no restrictions on trading styles.
Swissquote, on the other hand, offers three types of accounts: Standard, Premium, and Prime. The Standard account requires a minimum deposit of $1,000, the Premium account requires a minimum deposit of $10,000, and the Prime account requires a minimum deposit of $50,000. All accounts offer commission-free trading with variable spreads.
| Broker | Account Types |
|---|---|
| FP Markets | Standard, Raw |
| Swissquote | Standard, Premium, Prime |
Verdict: In conclusion, FP Markets might be a better choice for traders who prefer a simple account structure and the flexibility to choose between commission-free and commission-based trading. On the other hand, Swissquote might be more suitable for traders who prefer a tiered account structure with different benefits and features.
When it comes to trading experience, there’s no denying that FP Markets is a game-changer. The platform is incredibly user-friendly, and the execution speed is nothing short of impressive. It’s like driving a sports car; you feel in control and exhilarated.
Swissquote, on the other hand, offers a robust platform that’s packed with features. However, it’s like driving a luxury sedan; it’s comfortable but doesn’t offer the same level of control or speed as a sports car. The ease of use and slightly slower execution speed make it a second choice for me.
Verdict: For traders seeking a seamless and efficient trading experience, FP Markets is the clear winner here.
Swissquote Trust Score
FP Markets Trust Score
Both FP Markets and Swissquote are highly regulated brokers, which adds an extra layer of security for traders. FP Markets is regulated by the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC). Swissquote, on the other hand, is regulated by the Financial Conduct Authority (FCA) and the Swiss Financial Market Supervisory Authority (FINMA).
In terms of client fund protection, both brokers hold client funds in segregated accounts. Additionally, Swissquote offers deposit insurance up to CHF 100,000, which is a unique feature not offered by many brokers.
| FP Markets | Swissquote | |
|---|---|---|
| Tier 1 Regulation | ASIC (Australia) CYSEC (Cyprus) |
FCA (UK) CYSEC (Cyprus) MAS (Singapore) |
| Tier 2 Regulation | DFSA (Dubai) MFSA (Europe) SFC CSSF FINMA (Switzerland) |
|
| Tier 3 Regulation | FSA-S (Seychelles) FSC-M (Mauritius) FSCA (South Africa) |
Verdict: In conclusion, both brokers are highly regulated and offer strong client fund protection. However, Swissquote might be a better choice for traders who prefer an extra layer of security in the form of deposit insurance.
FP Markets offers an extensive range of CFDs and products, making it a one-stop-shop for traders. Whether you’re into forex, commodities, or even cryptocurrencies, they’ve got you covered.
| Product Type | FP Markets | Swissquote |
|---|---|---|
| Forex Pairs | ✓ | ✓ |
| Commodities | ✓ | ✓ |
| Indices | ✓ | ✓ |
| Stocks | ✓ | ✓ |
| Cryptos | ✓ | ✗ |
| Bonds | ✗ | ✓ |
| ETFs | ✓ | ✗ |
| Metals | ✓ | ✓ |
| Energies | ✓ | ✓ |
| Agriculturals | ✓ | ✗ |
Swissquote is no slouch either, offering a good range of products. However, they lack in some areas like cryptocurrencies and ETFs, which could be a deal-breaker for some traders.
Verdict: For traders looking for a wide array of trading options, FP Markets offers a more comprehensive and versatile range of CFDs and Markets.
FP Markets goes above and beyond when it comes to educational resources. They offer everything from webinars to eBooks, making it a treasure trove for traders keen on learning.
Swissquote focuses more on market analysis and news, which is great, but they lack the educational depth that FP Markets offers.
Verdict: Based on our scores, FP Markets is the go-to broker for traders who are keen on continuous learning and improving their trading skills.
FP Markets sets the gold standard in customer service. They offer 24/7 support, which is a rarity in the industry. The quality of support is top-notch, and they’re quick to respond.
| Feature | FP Markets | Swissquote |
|---|---|---|
| 24/7 Support | ✓ | ✗ |
| Live Chat | ✓ | ✓ |
| Email Support | ✓ | ✓ |
| Phone Support | ✓ | ✓ |
| Multilingual | ✓ | ✓ |
Swissquote offers decent customer service but falls short with limited support hours and slower response times.
Verdict: If top-notch customer service is a priority for you, FP Markets is the clear choice based on our testing scores.
FP Markets offers a plethora of funding options, making it incredibly convenient for traders. Whether you prefer using credit cards, e-wallets, or even cryptocurrencies, they’ve got you covered.
| Funding Option | FP Markets | Swissquote |
|---|---|---|
| Credit Card | ✓ | ✓ |
| Bank Transfer | ✓ | ✓ |
| PayPal | ✓ | ✗ |
| Skrill | ✓ | ✗ |
| Neteller | ✓ | ✗ |
| Bitcoin | ✓ | ✗ |
| UnionPay | ✓ | ✗ |
| FasaPay | ✓ | ✗ |
| Klarna | ✓ | ✗ |
| POLi | ✓ | ✗ |
Swissquote, while offering basic funding options like bank transfers and credit cards, lacks the variety that FP Markets offers.
Verdict: For traders who value a wide range of funding options, FP Markets is the broker to go with.
FP Markets makes trading accessible to everyone with their low minimum deposit requirement. It’s perfect for traders who are just starting out or those who prefer to trade with a smaller capital.
| Broker | Minimum Deposit |
|---|---|
| FP Markets | $100 |
| Swissquote | $500 |
Swissquote, on the other hand, has a higher minimum deposit, which might be a barrier for some traders.
Verdict: If a lower entry barrier is what you’re looking for, FP Markets is the broker for you, offering a much lower minimum deposit requirement.
FP Markets is the winner because it consistently outperforms Swissquote in most key areas, from lower spreads to superior customer service. The table below summarises the key information leading to this verdict.
| Criteria | FP Markets | Swissquote |
|---|---|---|
| Lowest Spreads And Fees | ✓ | ✗ |
| Better Trading Platform | ✓ | ✗ |
| Superior Accounts And Features | ✓ | ✗ |
| Best Trading Experience And Ease | ✓ | ✗ |
| Stronger Trust And Regulation | ✗ | ✓ |
| Top Product Range And CFD Markets | ✓ | ✗ |
| Superior Educational Resources | ✓ | ✗ |
| Superior Customer Service | ✓ | ✗ |
| Better Funding Options | ✓ | ✗ |
| Lower Minimum Deposit | ✓ | ✗ |
For beginner traders, FP Markets is the better choice due to its lower minimum deposit and extensive educational resources.
For experienced traders, FP Markets still takes the cake with its advanced trading platforms and lower spreads.
FP Markets has lower costs. They offer some of the lowest spreads in the industry, making trading more cost-effective. For more details on low-cost brokers, check out our guide on the brokers with the lowest spreads.
FP Markets is the superior choice for MetaTrader 4 users. They offer a seamless MT4 experience with added features. For more information, visit our list of the best MT4 brokers.
Neither FP Markets nor Swissquote offer social or copy trading. If you’re interested in social trading, you might want to look at other options. Here’s our guide to the best copy trading platforms.
Neither FP Markets nor Swissquote offer spread betting. If spread betting is a priority, you can check out our list of the best spread betting brokers.
In my opinion, FP Markets is superior for Australian Forex traders. They are ASIC regulated and founded in Australia, offering a sense of local trust. For more details, check out our guide on the best Australian Forex brokers.
For UK traders, I’d recommend Swissquote. They are FCA regulated, although not founded in the UK, offering a level of trust and security. For more information, visit our guide on the best UK Forex brokers.
No commission account spread propiety testing data and published wesbite spread information, centralised on our standard account spread page..
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