Since 2008, Swiss Bank Directive 3a mandates each and every broker operating out of Switzerland to obtain a banking license from the Swiss Financial Market Supervisory Authority (FINMA). Getting such a license is not exactly an easy task – applicants must comply with a list of draconian requirements, including sufficient capitalization (the lower threshold for that is approximately CHF 20 million).
Furthermore, Swiss forex brokers are obliged to sign the Swiss Banks and Securities Dealers agreement, which protects all customer deposits of up to CHF 100,000. Such signatories are MIG Bank and Dukascopy Bank SA, for example.
Other regulatory organs in the country include the Swiss Bankers Association, the Swiss Federal Department of Finance, the Swiss Federal Banking Commission, etc.
Forex brokers from Switzerland are also popular among the wealthy traders.
Here are the reasons why you should consider a Swiss forex broker:
- You are from Switzerland.
- 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.
|Broker||Type||Country||Regulation||Mini account||Max leverage||Minimal Lot||Spreads||Lowest spreads EURUSD|
|Dukascopy (Suisse) SA(Visit)||ECN||Switzerland||FINMA, ARIF, KPMG, SCF Revision SA, is a licensed bank||$5000 (Swiss)||100||0.01||variable||>
0.5 – 1 – Mini-
0.5 – 1 – Standard
|Swissquote Bank(Visit)||STP||Switzerland||FINMA, E&Y, SGS, CCIG, ACI, KPMG||$2,000||100||0.1||–||4 – Mini
1.5 – 2.8 – Standard
|CIM Bank(Visit)||ECN & STP||Switzerland||SBA, FINMA, is a licensed bank||$5,000||100||0.1||variable||>
1 – 3 – Mini & Standard
0.7 – ECN