Swissquote Reviews Around 600 Russian Client Accounts as Compliance Costs Rise

Swissquote has contacted around 600 clients over the possible closure of their accounts, with most of the affected relationships linked to its digital banking business.

The review mainly involves Russian citizens living in Switzerland. The accounts have not all been closed, and individual cases are still being assessed.

Swissquote has attributed the move to the additional cost of serving clients who require more extensive sanctions screening, source-of-funds checks and transaction monitoring.

Some Accounts Remain Under Individual Review

The review has also affected some Russian nationals who hold Swiss citizenship.

According to Swissquote, incomplete information about dual nationality may have resulted in some clients being included in the initial group. These cases are being checked separately.

The company currently expects the review to remain limited to roughly 600 customer relationships rather than extending across its wider client base.

WikiFX Shows Four Forex Licences but Flags Client Complaints

The latest account review comes against a broader regulatory and client-service picture.

WikiFX currently lists four forex-related licences under the Swissquote profile, covering regulatory permissions in Hong Kong, the United Kingdom, Dubai and Singapore.

At the same time, the profile carries a High Potential Risk warning. WikiFX has recorded 49 user complaints and notes that the broker's score has been reduced because of unresolved client issues.

The complaints are concentrated in several recurring areas.

Account activation and deposits: One user reported transferring 10,000 to activate an account but said that, three weeks later, the account had still not been activated and the funds had not been returned.

Withdrawals and account closure: A user in Germany said approximately CHF 460 remained pending for months after requesting account closure. Another complaint described a withdrawal of $73 that had not arrived after almost two weeks.

Trading costs and execution: Some users have raised concerns over spreads, commissions and overnight charges. A separate complaint reported severe slippage when trading gold and the Australian dollar.

Regulation and Account Experience Remain Separate Issues

Swissquote maintains a broad regulatory footprint, while the current review of Russian-linked accounts is being handled as a compliance and cost issue.

Its WikiFX profile presents another side of the broker's operating record: strong regulatory coverage alongside recurring complaints involving account access, withdrawals, service response and trading conditions.

About WikiFX

WikiFX is a global forex broker information and verification platform. It provides regulatory records, licence information, broker background checks, risk alerts and user exposure reports, helping users review both the regulatory status and reported operating issues of forex brokers.