Can be use Swissquote account as a bank account?

[tradingworldwide321]

Hi all

As some of all you know, I am a forex trader and am‌ trading high volume under personal account. I have seen that forex traders are high risk‍ for 99% of all banks, but got some luck with offshore jurisdictions.

Now, I was⁠ reading there's a bank and brokerage called Swissquote, they claim they are regulated by FINMA⁤ and have license for banking and brokerage services as well.

So I was thinking: what⁣ if I open a personal trading account with them, deposit large sums, sums earned from⁢ trading in other brokers, keep the funds there and trade those funds four times in︀ a month to keep active the account.

Theoretically I have my funds in a "reputable"︁ Swiss bank and brokerage.
Ofcourse, this account can't be use to send wire transfers to︂ third partys, only to my own bank accounts which is okey.

My purpose would be︃ two:
Deposit a lot of money in that account, because I think Swiss is "Safe"︄ than an offshore broker.
Once I have at least 5 million and up+, I could︅ try to speak with the Top banks and open a "real" bank account in USA︆ or EU so I will move my funds from Swissquote to that bank account. This︇ will help me to prevent from moving large sums from offshore broker to that big︈ bank than moving large sums from Swiss to that specific bank.

What do you think︉ about this?

Thank you

 

[rowena]

Yes, you can use SQ as a bank account but they have negative interest after‌ 500k EUR.

You don't need to have 5M USD to open top tier Swiss account.‍ You can open a UBS account for 2M USD and Credit Suisse for 1M USD.⁠ You also don't need to deposit the all amount right after account opening. They will⁤ give you time to reach the required amount(generally 6-12 months).

 

[Silvio]

It should work with SwissQuote but note that you will need to do some trades‌ from time to time, it's not meant for just holding funds. So just take a‍ trade on SQ as well once a month or so and you're good

 

[lory]

how much do you must trade if you hold your money with them?

 

[Clank]

I would try dukascopy bank, they have less fees and as long as you can‌ prove where did you get your money you won’t have any problem

 

[rowena]

No need to trade. I had 500k EUR for 14 months and I did zero‌ trade. The worst-case they will ask you to do a trade you can trade a‍ small amount.

 

[tradingworldwide321]

Thank you sir,
Do you know if they are currently taking new clients from South⁢ America? All my cash flow comes from Australia Corporate Bank (National Australia Bank and/or West︀ Pac) THis is broker's bank account.
I also don't have any ties in EU or︁ Swiss. Will be a problem?

 

[tradingworldwide321]

Thank you sir, yess will have to trade at least once at⁤ month, I don't mind to do that.

 

[tradingworldwide321]

I haven't found an explicit document that talks about that but I‍ think, can be wrong, if you have 5 million USD but trade 1k usd and⁠ get 1 USD of return may not like that, maybe they would like high lot⁤ size.

From my side, I may take 200 lot four times a month. 1000 lots=⁣ 100 million USD, that should be okey.

Thank you

 

[tradingworldwide321]

However, according to my understanding, they have two bank accounts, one called multicurrency‍ account up to 50k in total in default, and the other called Private Bank for⁠ 100k and up but they said that account if for their traders so I don't⁤ know what to think about. I will have to think because I am not going⁣ to trade full time with them and all money will come from Australia and USA⁢ so I don't know what they can think about me.
Thank you

 

[rowena]

I have no idea but⁤ you can try SQ Switzerland and SQ Luxemburg they're separate entities. There should be no⁣ problem as long as they send funds with your name. SQ is completely fine for⁢ a personal account to personal account deposit or withdrawals.

 

[tradingworldwide321]

SQ Luxemburg doesn't work as they don't offer FOREX services and⁤ I only trade that.
I have spoken with Chat Support and they said the first⁣ deposit should be from a swiss bank so it's not worthy anymore.
I have two⁢ choices:
1.Save a lot in my forex account until I have green light from UBS︀ and/or Credit Suisse and make good payments every month to them.
2. Open an offshore︁ bank account and save from time to time until I have a good sum to︂ transfer from there to them, however I think they may not like too much transfers︃ from offshore banks, LOL.

 

[Nicholas Van Orton]

Hi OP @tradingworldwide321 just sent you PM, please check and reply, thanks.

 

[howyoudoin]

Otherwise they close the account or what's the fee?

 

[NoobDummy2020]

I would like to know the following about SwissQuote:

1. Does it work like a‌ bank account? I.e. can I make and receive international payments (legitimate) from accounts other than‍ my own? Or it’s simply a trading account, that I can make and receive transfers⁠ from my personal / already existing company account?

 

[Sols]

Swissquote cannot be used exactly like a regular bank account.

You get your multicurrency IBAN‌ which can be used for SEPA and SWIFT transactions like a regular bank account. But‍ Swissquote doesn't like it when you send or receive money from/to third parties. The expected⁠ behavior is that you wire money in from an account in your name and out⁤ to an account in your name. Exceptions can be made, for example salary payments or⁣ dividend transfers from your own company. It's something you can discuss with them.