Forex or foreign exchange market is unstable because of the risks it can provide to all the clients both new and experienced ones. Therefore, it is hard to be safe and secure under these circumstances. However, companies usually try to provide best options for their clients. It is not rare lately that even regulated companies participate in manipulation acts and frauds, so choosing the unregulated company for your broker can mean that you can meet even a greater amount of risks. So, to be sure that you made the right choice you should observe all the information you can acquire from the company you want to choose as your broker. It means that you should explore it by yourself in many cases. There are businesses that are already known for their scam actions, but there are also those companies which are relatively new and provide no such information yet. Once again, be sure you use the company which is regulated; this, however, has some consolation for many customers. Many hope that these companies will work according to the law and that they are safe from possible frauds and scams. It should be a sufficient protection when it comes to the selection of the right broker. Swiss Cornèr Trader is the branch which has a strong bank behind its back. One could think that this is a good guarantee. However, it is important to observe other pieces of information available as well before we decide to invest our money in this company.
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Background and Regulations
When it comes to the observation of data, we can easily see that Cornèr Bank is apparently one of Switzerland’s soundest banks, with protected funds of up to 100,000 CHF. They are also a member of Esisuisse depositor protection scheme. Besides that, we can observe that they finance three branches of financial industry. They are:
- Cornèr Bank
Available reviews and information are scarce, which can be suspicious for many customers which love that their companies are transparent with the identity data, background info, offers, and addresses. It might be the reason to scare off many clients even though they are perhaps working on the book. According to the obtained information, the bank is in business since 1952. However, it recently joined foreign exchange market. Cornèr Bank Ltd. has headquarters in Lugano Switzerland and counts 1000 employees. There is also the info that it is regulated by FINMA, which is a Swiss Financial Market Supervisory Authority, but it is not possible to find anything more concerning regulation. On a small number of sites, you can find customer reviews which are usually not positive, claiming that this is not a regulated company. Even though we are unable to make assumptions based on customer reviews, both positive and negative, this time we will take them into account with the lack of proper reviews and information.
Cornèr Trader Trading Platform
Considering the trading platform Cornèr Trader offers their multi-asset platform which allows you to trade from a desktop, tablet or smartphone. This platform accepts all account types, web trading platform is available for PC and Mac, while mobile version is available for iOS 5+, Android 2.3+ and through Browser Based option. The platform allows market news and technical tools, as well as fast order execution.
Cornèr Trader Account Types
This company offers three different account types, which is more than enough for many clients to choose from:
- Private trader
- Capital trader
- Pro trader
Minimum Forex trade size is $5,000 USD for all accounts. On the other hand, there is no information on minimum deposit for all account types. However, there is a special requirement for opening Capital trader account which says that minimum deposit of CHF 75,000 or equivalent should be paid. Besides, there are 30-day Demo account and a Corporate account which is very easy to set up.
It is not easy to find if there are any bonuses or promotions. Since there is no bonus section on the website nor any other information concerning special offers we should assume that there is no bonus policy available.
All the funds can be sent to your accounts from to the Cornèr Bank IBAN which you get once you open a CornèrTrader account. The bank also offers a TradersCard which is linked to your trading account. It makes it easy for you to withdraw your money instantly from any ATM counter. Beside that you can contact your account executive, to make sure to transfer your money as soon as possible.
Support is critical characteristic for many clients. They are satisfied to know that the company they invest in, has some kind of safety net for all the possible problems. There are five languages available on the website: English, German, French, Italian, and Russian. There are also phone and email addresses available, as well as the physical locations of their offices in Lugano, Zurich, and Geneva. You can call, right or visit during the business days from 8.00 to 22.00. They also offer training, seminars and tutorial videos which usually can help you solve the unexpected problem.