What are Swissquote’s opening hours?
Sunday 23:00 CET through Friday 23:00 CET.
Is Swissquote regulated?
Swissquote is regulated and supervised by the Swiss Financial Market Supervisory Authority (FINMA).
Is Swissquote audited?
Swissquote employs the auditing services of KPMG, a world leader in audit, tax and advisory services, to perform audits throughout the year.
When was Swissquote created?
Swissquote was founded in 1996.
Does Swissquote have offices in other countries?
Swissquote is headquartered in Geneva (Gland), Switzerland, where we have representatives for every region in the world. We also have offices in Zurich, Bern, Malta, Dubai, London and Hong Kong.
Does MIG Bank provide technical analyses?
Yes. Our clients have access to daily forex markets technical analysis, plus weekly Forex market reports produced by our in-house research department.Sign up here to consult our reports.
Are my deposits protected under the depositor protection scheme?
Yes, like any Bank or securities dealer in Switzerland, MIG Bank is required to sign the Agreement by Swiss banks and securities dealers on depositor protection. This means clients' deposits are protected up to a maximum of CHF 100'000 per client. Medium-term notes held in the name of the bearer at the issuing Bank are also considered deposits. Depositor protection in Switzerland is provided by esisuisse, and the depositor protection system is explained in detail at www.esisuisse.ch.
Can I trade Mini-Step Lots with MIG Bank?
Classic and Advanced Account Holders are authorised to trade mini-step lots. Step Lot trading begins at 0.1 lot and permits increments of 0.1, 0.11, 0.12 etc.
Can my account be denominated in other currencies than US dollars?
Yes, you can choose to have your account denominated in USD, EUR, GBP, CHF, JPY, AUD, CAD, PLN, SGD, TRY or XGD (Gold units).
Does MIG Bank allow scalping?
We do allow any trading strategy, including scalping.
Do you have guaranteed fills?
All orders are executed at requested price under normal market conditions. In situations of market gaps it is impossible to cover the positions with our liquidity providers, your stop orders may be filled at a different price than initially requested.
What is the maximum you increase your spreads in volatile markets?
It is impossible to give a fixed maximum as it entirely depends on the market. Spreads are usually higher during important news announcements or in volatile markets.
What do you mean by a No maintenance margin policy?
Our no maintenance margin policy means that our clients can go below the margin requirements during the week without MIG closing their positions. Throughout the week your positions can fluctuate without MIG taking action. We only require you to respect the margin requirements before 23:00 CET every evening. This no maintenance margin policy means that we do not give margin calls and we do not automatically close your positions if you go below the margin requirements of your positions. However, if you approach the level where the loss of your open positions approaches the balance of your account, you will be stopped out and your positions will be closed. The stop out will be executed when there is only around 20% equity of the required margin left in the account.
We believe that our no maintenance margin policy gives more flexibility to the clients, as they can decide for themselves when they want a position to be closed. Occasionally, if the market price is going against you, many of our competitors would close the position if it goes below the required margin - even if the price bounces back the next moment. We give the client complete control over his positions.
Why is it not possible to trade or to modify orders during the weekend?
Our Dealing Room is closed during weekend and trading access is therefore blocked.
How do you calculate profit and loss?
Follow this link for a short explanation on how profit and loss is calculated.
What is the maximum I can trade online?
There is no maximum amount you can trade online, however there is a maximum number of lots you can trade online at streaming prices. It is possible to trade larger amounts, but you will need to request a quote and depending on the market conditions, the spread may increase. Clients can also trade larger amounts by phone.
Does MIG offer Rollover free accounts?
Yes. However, these accounts are monitored for negative Rollover position abuse. Any account solely placing negative Rollover positions will have this facility terminated.
Note: Rollover free accounts do not exist for TRY pairings.
Why are Rollover rates tripled on Wednesdays?
When placing a trade in the spot Forex market, the actual value date is two days forward. A deal done on Thursday is for value Monday. A deal done on Friday is for value Tuesday, and so on. On Wednesday the amount of Rollover is tripled in order to compensate for the following weekend (during which time Rollover is not charged because trading is stopped for the weekend).
How do I open an account?
Click on the ‘Trading’ link, and then select ‘Open a 30-Day Trading Account' for a 30-day Demo Trial account.
To open a real Trading Account, click the‘Trading’ link, then select on the account type you want (Mini, Classic, Advanced or Prime) from the navigation menu, and finally, click the ‘Open an Account Today’ button to open an account using our Online Application.
Is MIG Bank’s Online Application available in different languages?
At the moment the Online Application is available in English and French, and will soon be available in German, Spanish, Portuguese, Italian, Russian, Chinese, Japanese and Arabic.
How long does it take for MIG Bank to set up the account from the date you receive the application?
Individual accounts are usually set up within 2 business days. Corporate accounts take approximately 3 business days.
What is the minimum amount to open an account?
The minimum amount to open a Mini Account is US $ 2,000.
Why do I need to provide you a notarized copy of my passport?
This is a control procedure required by FINMA and Swiss Anti-Money Laundering laws to ensure that the person who wants to open an account is indeed who he or she claims to be.
I don't have a passport - can I open an account with another document?
Yes, any official piece of identification with photo and signature is acceptable.
Can I withdraw my money whenever I want?
Yes. Just fax us your Fund Withdrawal Request and MIG Bank will wire the funds to your Bank account.
Can I transfer funds from my trading account to the trading account of another client?
No, it is forbidden to transfer funds between different clients’ accounts and third parties.
Is it possible to open more than one account
Yes. You can open several sub accounts within your main account. To open a sub account, simply print and fill the Sub Account Request Form and send it to us by fax or email.
It is possible to have your sub account denominated in a different currency.
Do you manage funds
MIG Bank provides an execution only online service. We do not offer a managed-account service.
Does MIG Bank pay interest on the outstanding balance of my account?
No, your account does not earn interest. It is a trading account, not a Bank account.
Do you charge fees or commissions when opening an account with MIG Bank?
No, MIG Bank does not charge any fees or commission. The client’s only cost is the spread.
How much time is required before my transferred funds are deposited?
MIG Bank handles all transactions the day they are received, however, transaction time also depends on the processing time required by the depository Bank.
Does MIG Bank accept transfer funds from third parties?
No. MIG Bank only accepts transfer funds from accounts that carry the same name as the client’s.
Does MIG Bank accept Wire Transfers via Credit Card?
Yes. You can wire funds via Credit Card using PayPal. We accept the following Credit Cards: Visa, Mastercard and American Express.
Does MIG Bank accept PayPal for transferring funds?
Yes, via the Credit Card Payment form
How can I withdraw money out of my MIG account?
Please fill in the form, sign it, date it (no post-dating, please) and send it to us no later than 3 days from the date on the form. Any withdrawal request received afterwards will be rejected, and you will have to send a new form. Please be aware that fund withdrawals can only be done by Bank transfer to your Bank account.
How long does it take to process my withdrawal?
If your instructions contain all the required information, your withdrawal request will be processed by us within a maximum of 2 working days, although we do our best to process withdrawal requests within 1 working day.
If you require an "express" withdrawal your request must be sent to us before 12:00 CET. We will then process it within the same day and you will be charged a fee of USD 30.00.
However, please note, that your transfer may involve other Banks and we cannot guarantee that those Banks will handle the transfer immediately. Nevertheless, you should receive your money within 3-4 business days.
What are the costs involved?
MIG Bank does not charge fee for a standard withdrawals. “Express” withdrawal is subject to a USD 30.00 fee.
However, other Banks involved in transfer will charge their fees and these fees will be deducted from the amount of the withdrawal.
Can I withdraw money if I have open positions?
Yes, you can. However, you will not be able to withdraw an amount higher than the free equity on your account.
Also, if you withdraw most of your free equity, please bear in mind that the risk of seeing your open positions being stopped-out increases, due to less margin available.
Is there a minimum amount I am allowed to withdraw?
No, you can withdraw any amount you wish.
However, considering that fees will be charged by other Banks involved in the withdrawal process, it makes sense to request a withdrawal for a sensible amount: our recommendation is not to request a withdrawal of any amount less than USD 100.00 (or equivalent).
How often can I withdraw money?
You can withdraw money as often as you like. However, please consider the fact that fees charged by other Banks involved in the transfer may occur. In order to minimize these fees we advice you to avoid frequent withdrawals, for example make a larger withdrawal instead of 3 smaller withdrawals.
Can I withdraw funds and leave my account balance under the minimum balance requirements?
Yes, it is possible to do so. However, we do not recommend this, as your open positions may be stopped-out due to a lack of free equity.
Can I request a withdrawal in favour of another person than me?
No, MIG Bank does not accept 3rd party payments. The account owner must be the final beneficiary of the withdrawal request.
What does "BIC" stand for?
"BIC" stands for "Bank Identifier Code", and uniquely identifies a Bank within the SWIFT network, the largest network of Bank-to-Bank instructions used by about 10’000 financial institutions throughout the World.
Providing BIC ensures that your money arrives faster. We urge you to get this information from your Bank.
What does "IBAN" stand for?
"IBAN" stands for "International Bank Account Number" and serves as an ID of your Bank account.
IBAN is mandatory for payments within European countries; we therefore strongly advise you to check with your Bank if an IBAN is provided for your account, as this information will:
a. speed up the settlement of your withdrawal,
b. avoid additional Bank fees being charged (no IBAN allows Banks to charge extra fees)
c. prevent your withdrawal from being returned to MIG Bank (Banks can refuse transfer without warning if no IBAN is provided).
What happens if my Swiss Travel Cash Card is lost or stolen?
In the event of loss or theft of your Card, any remaining balance is unavailable to unauthorized individuals without your PIN. Please report the loss of your Card immediately to the Customer Service of Swiss Bankers Prepaid Services Ltd (Phone +41 31 710 12 15; in Switzerland 031 710 12 15). Your Card will be blocked immediately and you will receive a new Card loaded with the balance of your lost or stolen Card. Worldwide and at no charge.
How long is the Swiss Travel Cash Card valid?
Validity is shown on the front of the Card. Upon expiration, the balance is not lost. Swiss Bankers Prepaid Services AG notifies the Cardholder at the last known address of the Card’s pending expiration. Upon request of the Cardholder, the Card balance is transferred to a new card for a period of three years following expiration, or transferred (a charge applies) to an account to be designated by the Cardholder. If the Cardholder fails to report during the three years following such expiration, any card balance will be forfeited to Swiss Bankers Prepaid Services AG.
What comes with the Swiss Travel Cash Card?
When purchasing a Travel Cash Card, customers receive a copy of the General Terms and Conditions, as well as a free cardholder and a practical User Guide in card format. The User Guide contains all information for the use of Swiss Bankers Travel Cash.
Under what name is my Swiss Travel Cash Card registered?
The Card is administered by Swiss Bankers Prepaid Services AG under the name, address, nationality and date of birth of the beneficiary owner. The name is not shown on the Card.
How many Swiss Travel Cash Cards can I have?
As the beneficiary owner, you may hold up to five cards.
Where can I use my Swiss Travel Cash Card?
Swiss Bankers Travel Cash allows you to withdraw cash in local currency from more than 1.5 million ATMs worldwide. And to pay for purchases directly at more than 13 million merchant locations. Please look for the Maestro logo at ATMs and merchant checkout counters.
Which card currency is appropriate for which destination?
Customers who travel in Europe or the United States are advised to carry Cards in euros or US dollars only. Indeed, it is much more economical to choose the right currency when you load the Card and not when you withdraw cash at ATMs abroad. In addition, the customer has a better overview if the currency of the Card matches the local currency of the travel destination. Travel Cash in Swiss francs is intended primarily for those customers who travel outside the euro or US dollar zone.
How do I find out the balance on my Swiss Travel Cash Card?
By going online at www.travelcash.ch under "Account Status" or by calling the Travel Cash Hotline at +41 (0)31 710 12 15 (Press 3).
Are there any withdrawal limits when using the Swiss Travel Cash Card abroad?
You can withdraw as much cash as you've loaded onto the Card. However, the amount per withdrawal depends upon the limit of the respective ATM. This may vary from 200 to 1500 EUR/USD depending on the bank or country you're in. In other words, the amount of cash available from an ATM across the street may be twice as high.
Is there a limit when paying at a Point of Sale?
You can make direct payments with your Travel Cash Card for goods and services up to the balance remaining on your Card.
Can I pay on the internet with my Travel Cash Card?
Yes.. The Travel Cash Card can be used for payments on the Internet. It can also be used to withdraw cash or to pay for purchases at numerous stores, restaurants, etc.
How do I obtain a refund of my remaining balance too small to withdraw from an ATM?
Small amounts remaining on Travel Cash Cards which can no longer be withdrawn from ATMs are refunded to the customer by transfer to a bank or postal account upon request made to Travel Cash Customer Service.
What is MasterCard?
Cards with the MasterCard logo are protected by PIN and allow cash withdrawals from ATMs as well as direct payments at MasterCard-compatible terminals in stores, restaurants, etc.
What is a "Point of Sale"?
Points of Sale are stores, restaurants, service stations, and other merchants. Points of Sale are any merchant locations where you can pay directly with your Card for goods or services received. Points of Sale are often referred to as POS.
I would like to program my own Expert Advisor for automated trading. How do I do that?
If you are familiar with programming you may want to try and program an Expert Advisor yourself. The programming language is very similar to C++. To assist our clients, we have prepared the Expert Advisor User Guide to assist you.
For clients who have developed a trading strategy and need help programming, MIG now offers a programming service for a minor fee. Prime clients benefit from this service for free. For more information, please contact Client Services.
I have downloaded the MIG Trading Station but the platform says 'no connection'. How do I connect?
When you download the platform it is important that you open a demo account in the system. The system cannot connect if there is no account. If you did not fill the grey box that popped up when you installed the platform, just go to 'File' in the menu and choose 'Open an Account'. Fill the box that appears and remember to tick the box about newsletters. You should now receive an account with login and password and you will connect to the server - please accept the updates, when proposed.
Can I have the period of my demo account extended beyond the 30 days?
All demo accounts automatically expire after 30 days. Unfortunately, it is not possible to extend this period. Please be aware that all data regarding the demo account will be lost when the account expires. If you want to keep a copy of your trade history, we advise you to copy the account statement to your computer. To do that, go to Account History in the Terminal, right-click and choose 'Save as Report'.
How is volume calculated on the charts?
The volume is the amount of incoming ticks. If the price is constantly changing, it is an indication of a large volume - The more changes, the more activity and the larger the volume.
Does the MIG Trading Station offer the trailing stop feature?
Yes. It is active on the demo platform, however, live accounts require a Trailing Stop Request. To activate the Trailing Stop on a position, go to 'Trade' in the 'Terminal' at the bottom of the platform, right-click and choose Trailing Stops. Please note that you have to be making a profit of minimum 15 pips before you can activate it.
IMPORTANT – Your MIG Trading Station terminal must be on at all times for this feature to work or your account will be exposed to unlimited risk.
Does the platform allow hedging?
You can without any problems open hedge positions (hold both long and short positions of the same pair) on the MIG Trading Station.
What is a Virtual Private Server (VPS)?
Virtual Private Server (VPS) hosting enables you to enhance your MT4 trading platform with our secure FINMA- (The Swiss Financial markets authority) regulated datacenter at MIG Bank. You have the assurance and safety of trading at any time and from any device.
Why do I need VPS as a QAM?
VPS ensures low latencies and reduced slippage in the execution prices.
Is this a must or can I still be part of QAM setup without using VPS?
Yes, it is a must and it is completely free of charge. The VPS access has to be used for the MAM platform, client terminals and master account terminal and can be accessed both on the VPS and on your own PC environment.
Does using a VPS as a QAM make all my traffic secured by remote internet connection? Do I have to concern/care about any security requirements?
MIG Bank VPS system presents a highly secured connection which is in favor of a QAM.
We are a Financial Institution and we employ 4 QAMs? How many VPS do we need? Is there a Master VPS?
Each QAM has his own VPS, there is not a master VPS.
Are there any software packages I must have before using the VPS?
Yes, you need to download and install Citrix Receiver for free of charge from Citrix where you can also find the list of the operating systems.
Can I access VPS via different browsers rather than Internet Explorer?
Yes, in addition to Internet Explorer, you can also access to VPS via Mozilla Firefox, Google Chrome and Safari.
How do I access VPS (web/need additional application/etc.)?
What will happen next when I access the VPS?
You will be directed to a virtual desktop where you can change your password, launch MIG Trading Station, MIG Bank MAM platform and upload files such as Expert Advisors.
How can I transfer an Expert Advisor/Indicator file from my local desktop to my Virtual Desktop?
Go to your Virtual desktop, then:
- Click to the start button and go to "My Computer";
- There you find your local drive (C drive, D drive) and your network drive;
- Find the directory of Expert Advisor/Indicator from your local drive and paste it into directory of Expert Advisor/Indicator directory on your network drive.
Can I also upload more sophisticated trading programs/tools, such as Blackboxes, that feed Expert Advisors to my Virtual Desktop?
No, there is no possibility to upload more sophisticated tools, such as Blackboxes, to the Virtual Desktop.
Do I need to make regular upgrades to the newest version as a VPS as a QAM?
Updates will be done by MIG Bank during weekends. However, all QAMs will be informed in advance.