Swissquote Introduces SQX, Its Own Crypto Exchange

Swissquote has announced the debut of its much-anticipated cryptocurrency exchange, SQX.

The debut occurred after a Swissquote official confirmed intentions to open a cryptocurrency exchange late last year. However, the business missed the intended target of June 2022 for implementing the crypto trading platform.

According to the official press release, SQX is a centralized crypto trading venue that will improve consumers' experiences in the areas of “trading, execution, and liquidity.”

It maintains a centralized order book by sourcing and aggregating liquidity from many liquidity hubs.

Competition

However, Swissquote is not the country's first brokerage to enter the bitcoin market. Rather, it has joined local rivals like Dukascopy in offering cryptocurrency goods. Six Swiss Market, Switzerland's main stock exchange, has listed many crypto exchange-traded products throughout the years.

It will first offer Bancor Network in the early stages of the crypto exchange (BNT). Furthermore, the business promised that additional crypto assets, which are currently accessible on Swissquite, will be included in the new crypto exchange.

“In terms of institutional client services, SQX signifies an improvement in competitiveness when it comes to delivering trading and custody services to other banks and brokers,” Bürki noted.

Swissquote, however, reported a 23.1 percent year-on-year reduction in operational revenue for the first half of 2022, totaling CHF 204.8 million. Furthermore, its net sales fell by 24.4 percent. Interestingly, the company's net crypto assets revenue fell by 69.2 percent over the year, reaching CHF 19.5 million.

Swissquote Overview

Swissquote is an online Forex and CFD trading platform. The broker provides MT4, MT5, and its trading platform, in addition to market research and webinars. This website assessment examines everything from the registration and log-in procedure to costs and leverage. Find out whether you should establish a Swissquote account right now.

More of Swissqoute

Swissquote Ltd., based in London, is a subsidiary of Swissquote Bank and has been approved and regulated in the United Kingdom by the Financial Conduct Authority (FCA) since 2012.

Over 400 Forex and CFD products are available on award-winning platforms to over 360,000 customers worldwide. The corporation is also an official partner of the UEFA Europa League and the UEFA Conference League, as well as a previous Manchester United sponsor (Man Utd).

Swissquote Group Holding Ltd. is Switzerland's major financial services firm and has been a SIX Swiss Exchange member since 2000.

The company employs approximately 700 employees and has offices throughout Europe, Asia, and the United Arab Emirates.

Check out Swissquote licenses: https://www.wikifx.com/en/dealer/0001254584.html

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