Note: Since Swiss Primes official site (https://swissprime.cc) is not accessible at the time of writing this introduction, only a cursory understanding can be obtained from the Internet.
General Information
Swiss Prime is allegedly a forex broker based in Estonia, Switzerland that provides its clients with a web trader, flexible leverage up to 1:200, variable spreads on a variety of tradable assets, as well as a choice of three different account types.
Market Instruments
Swiss Prime advertises that it mainly offers five different asset classes in financial markets, including forex, commodities, indices, stocks and cryptocurrencies.
Account Types
There are three live trading accounts offered by Swiss Prime, namely Standard, Premium and Luxury. Opening a Standard account requires the minimum initial deposit amount of $250, while the other two account types with the much higher minimum initial capital requirements of $2,500 and $25,000 respectively.
Leverage
Traders holding different account types can enjoy different maximum leverage ratios. Clients on the Standard account can enjoy the maximum leverage of up to 1:200, the Premium account with the leverage as high as 1:100, while the Luxury account with the flexible leverage of 1:200 or 1:30. Bear in mind that leverage can magnify gains as well as losses, inexperienced traders are not advised to use too high leverage.
Spreads
Spreads are influenced by what type of accounts traders are holding. Swiss Prime reveals that the spread on the Standard account starts from 0.6 pips, the clients on the Premium account can experience spreads from 0.4 pips, while the Luxury account with the lowest spreads from 0.1 pips.
Trading Platform Available
When it comes to trading platforms available,Swiss Prime gives traders a web trader, whose interface is just as the below screenshot shows. You can see that the spread was floating over 0.6 pips. However, we suggest you use MetaTrader4 or MetaTrader5 as the trading platform. As most traders know, the MT4 and MT5 are known as the most successful, efficient, and competent forex trading software. The MT4 offers an intuitive and user-friendly interface, advanced charting and analysis tools, as well as copy and auto-trade options. While the MT5 allows traders to execute trades on different financial markets through a single account and there is a hedging option.
Deposit & Withdrawal
Swiss Prime accepts deposits via credit cards, wire transfers, OK Pay and Bitcoin. The minimum deposit requirement is $250, while the minimum withdrawal amount for wire transfers is €/$/£250 and for any other methods is €/$/£100. The broker also charges some withdrawal fees. In particular, wire transfer withdrawals will be charged a fee of €/$/£50, while credit card withdrawals will be charged a fee of $10/€7/£5. Also, the repayment fee is €/$/£25. Whats more, if traders have not executed 200+ in turnover, a 10% fee will be charged. As for the processing time of deposit and withdrawal requests, all withdrawals require 2-5 working days to process
Bonuses & Fees
Also, Swiss Prime provides traders with some bonuses and takes some other fees. In one document the broker states that the bonus amount can be withdrawn only after executing a minimum trading volume that equals 25 times the deposit amount plus the bonus issued. However, in the Terms and Conditions document, the trading volume required from the client is 30 times the deposit amount plus the amount of the bonus. As for fees, the broker takes an inactivity fee. To be more specific, in the Deposits/Withdrawal document, the broker reveals that if the trading account does not have active transactions for 6 months, it will charge an inactivity fee of 10% monthly. However, in the Terms and Conditions document, the inactive period is mentioned as 3 months. Be careful that whether the bonuses or fees, the statements of the broker seem to be contradictory.
Customer Support
Swiss Prime‘s customer support can only be reached by telephone: +41435881433. However, this broker doesn’t disclose other more direct contact information like email or the company address while most brokers offer.
