Swissquote is bringing back the chance to earn passive income with trading accounts, effective May 1, 2023. The passive income will be in the form of interest, which any customer can earn with a trading account. Cash deposits in three currencies will fetch interest based on how much balance they have in the account. The currencies accepted are CHF, USD, and EUR. The maximum interest a customer can earn is 0.50%.
Customers depositing CHF will earn a little higher interest. The table drawn below highlights how much interest will be distributed to customers depositing CHF, EUR, and USD at Swissquote:
Cash Deposit | Currency | ||
CHF | EUR | USD | |
Less than 200k | 0.10% | 0.10% | 0.20% |
Between 200k and 500k | 0.25% | 0.20% | 0.30% |
More than 500k | 0.50% | 0.30% | 0.40% |
USD yields better returns than EUR, irrespective of the level of cash deposit. When it comes to holding more than 500k in the account, CHF turns out to be a clear winner. EUR has the lowest return of all the categories.
The benefits of having a trading account with Swissquote include a zero maintenance fee and no limit on withdrawals. The forex broker also does not impose any restrictions when it comes to age when opening a trading account. Customers can withdraw their funds at any time.
The concept of offering interest rates has always been attached to savings accounts. However, Swissquote is now going a step further by sharing the benefit of earning passive income with those with a trading account.
Marc Burki, the Chief Executive Officer of Swissquote, is optimistic about this move. Marc has called this very attractive, adding that it brings a sense of normality to the market after a long time during which zero interest rates have ruled. The CEO of Swissquote trading has further highlighted the benefits, stating that it allows everyone to earn passive income without committing to a particular duration, withdrawal notice, or limit.
Swissquote is based in Switzerland and is known for leading the market for online banking. It enables customers to trade in over 3 million financial products. The core competencies of Swissquote are trading and custody of crypto assets and global stock market trading. Swissquote is regarded as one of the most trustworthy brokers in the industry. The Swissquote trading review provides additional information about one of the industry’s top-rated brokers.
It offers four major categories, namely eTrading, Advanced Trader, MetaTrader, and Robo-Advisor. Opening an account with Swissquote is pretty simple. Interested traders only need a valid ID document, access to a camera (laptop or mobile, whichever gives a better picture), and funds to transfer to the account.
Interest rolled out on a trading account is based on balance, not the commitment to hold funds for a particular time. Customers can withdraw funds at any time without any limit or notice. The development is effective May 1, 2023, with a maximum cap of 0.50%.
Source: https://www.cryptonewsz.com/swissquote-offers-a-chance-to-earn-passive-income-with-trading-accounts/