SwissCFD is an unlicensed Forex and CFD broker owned by a notorious Brown Fox Limited. Their Contact address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Island. Actually, the company behind SwissCFD is not unknown to us – Brown Fox limited also operates a number of brokerage brands we have reviewed, such as Dax300, TradesFly, EurTrades, and ECNpremium. Most of these brokers are present in the warning lists of one or several EU regulators, as they illegally target European investors.
It is unknown the company or people running SwissCFD, but they are claiming legitimacy from the Marshall Island and targeting investors in Europe. Most of the people indulging with this firm does not have a basic understanding of finance. Moreover, their lack of knowledge is the main exploit which the scammers are taking advantage of. Their service is without a doubt an illegal one and they are bound to face severe consequences in the near future.
We all can agree that making money trading online is interesting. However, do not let those dreams enable these crooks to burn a hole in your pocket. Go through our review to fully understand the real nature of this CFD trading provider.
- 1 SwissCFD Review
- 1.1 High Risk Firm
- 1.2 Well rounded trading platforms
- 1.3 SwissCFD Broker Breakdown
- 1.4 Seemingly low spread on EURUSD
- 1.5 Do not Believe Offshore Leverages
- 1.6 Stay away from SwissCFD account services
- 1.7 No Separate Bank Accounts
- 1.8 SwissCFD License
- 1.9 Our best advise for you
- 1.10 SwissCFD Review Conclusion
Brokers whose sole aim is to steal funds from unsuspecting online investors should be exposed. Why has this broker been stealing funds from online investors? Most investors don’t have a clue what they are signing up for. And this is why every investor should always do a thorough research before opening accounts with brokers. Reading reviews is one way of knowing what to expect with a certain broker.
After landing on their homepage, we can see why newbie investors have fallen for this scam. SwissCFD is having a great website which is well designed. And this is what SwissCFD is after, to get your utmost attention. With such a platform, most investors think the broker is legit. Thanks to years of professional trading, we know how to spot scams from a mile away. And SwissCFD is no different. These scam artists have used the same bag of tricks used in other online Forex scams.
High Risk Firm
Forex Broker Expert reviews brokers for readers across the whole world to know whether they worth your time or not. We use a trust score algorithms to asses risk level. They major criteria we use in grouping a forex broker in to risk levels include total years in business, which regulatory licenses each firm holds, is the broker publicly traded in any stock exchange as well as our manual in house check.
SwissCFD has a trust score of less than 50% which shows High risk. This means they are not regulated by any top tier licensing agency like CySEC or the UK FCA, and you should never involve with this broker as they are 100% fraud.
Have you tried using approved and vetted Forex trading robots? These are some of the proven ways investors make money when trading Forex. By signing up with accurate and genuine Forex robots, you increase your chances of making real profits. Make the informed decision today and sign up with credible and dependable Forex trading robots. Time to make realistic profit margins is now with trusted trading tools. Trade safely with transparent Forex trading robots at all times.
Well rounded trading platforms
After checking their licensing, the next step was to check how their platform works. These scammers are using two types of trading platforms. MT4 and MT5 trading platforms are their preferred tools of trade. And this makes trading with such a broker interesting if only the platforms were secure and stable as we can see in review of Fusion Markets.
Along with MetaTrader4, MT5 is one of the most widely used trading platform on the market. It features nearly 100 in build market indicators, advanced set of charting tools and customizable trading robots, which can help you run automated trading sessions.
Considering that we didn’t find a downloadable version of MT5 on SwissCFD’s website, and couldn’t register a demo account either, we cannot be sure that the broker really provides access to this platform.
SwissCFD Broker Breakdown
Location: Marshall Islands
Minimum deposit: $500
Spread: From 0 pips
Leverage: Max 1500
Assets: Forex. CFD, Indices, Oil & Gas, Precious Metals, Crypto
Support MT4: Available
What about the names of the founding members of this brokerage firm? There has to be a few people who gathered and created this platform. How about the name of the CEO or CFO of their mother company? A good reason why these names are missing is because scammers don’t want to be known. They are operating a false brokerage firm under pretense. There’s more to this website than what meets the eye. Stay away from any anonymous broker or online investment firm.
There are a couple of aspects they want the community to be aware of immediately. The first, is that the help traders expand their trading potential, so they can trade wide variety of assets types like Forex, CFD, Crypto Oil and Gas as well as Precious metals like Gold and Silver. The second, is that the offer low spread on generous leverage. This n general reduces your cost of trading. which is what we expect from all the best Forex brokers.
Seemingly low spread on EURUSD
When we want to compare the spreads of Forex and CFD brokers, we download the demo version in order to see.
SwissCFD is an offshore broker, offering three account types and the MetaTrader5 platform. The accounts are Mini, Standard and Exclusive. Mini account comes with a spread from 1 pips, Standard has Fixed spread and the exclusive spread is from as low as 0 pips on EURUSD currency pair.
It would be very beneficial for the team to offer a free trading service, so we can see how they truly perform.
The spreads as they stand, aren’t transparent, and don’t provide enough real insight.
Do not Believe Offshore Leverages
High leverages on CFDs is associated with higher risk and are not allowed by top tier regulatory agencies like FCA and CFTC in USA. ASIC Australia is the only reputable licensing agency that allow brokers to offer high leverages as high as 1:500.
SwissCFD offer leverages as high as 1:500 but it is not regulated by ASIC. This is an attempt by SwissCFD to lure unsuspecting clients to their platforms.
Stay away from SwissCFD account services
Depositing fund with this broker is easy and fast, as expected. Don’t deposit funds simply because the channels are easy to find. Scammers want every investor to have an easy time depositing cash. There’s more to why investors should not deposit funds.
Withdrawing funds with this broker is what makes it a huge problem. Some members have gone for months now trying to make their first withdrawals. As it turns out, this broker is refusing members to make withdrawals. What they do is close your account with the funds being available. Trying to make contact is futile as the account managers will block your contact details. Make sure not to open an account with this broker or any other who shares the same characteristics.
No Separate Bank Accounts
How can funds be safe from a broker who is anonymous and unregistered? Making deposits to an unlicensed broker is wrong and a risky affair. How do they handle funds deposited by members? Where do they bank money deposited by investors? Is it possible investors are depositing funds straight to owner’s personal bank account? Stay away from this broker to avoid any losses.
When it comes to segregation of accounts, this is not being followed. What this means is SwissCFD is pooling funds to one single account. All assets are being stored in a single account which is extremely dangerous. Stay away from any broker who fails to safeguard funds. Instead, why not sign up with leading and trusted Forex brokers? Start the success journey with industry recommended Forex brokers.
When the Forex Broker Expert reviews a new Forex or CFD broker, the best way to know if they are a legitimate broker is by checking for a valid license and the quality of the license. Many legal Forex brokers, are licensed by a local regulator like ASIC in Australia, FCA in the United Kingdom or by FSB South Africa.
SwissCFD is not a licensed broker. The company registration number on their website does not make it legitimate.
Blacklisted Broker – SwissCFD – Beware!
IQ Option is an European licensed broker always known in the trading community for their accessibility and their attractive trading conditions, traits that they have managed to retain to this day.
Every time you want to try something new in financial trading, you have to verify it on a demo account first, so that you don’t risk your own money.
Only when you have a system that is proven to be working in testing, you can carefully switch to real money trading.
Our best advise for you
After checking all the moving parts of this website, we are sure SwissCFD is a scam. To stay safe, ignore all their pleas to sign up. Promotional materials such as videos and links should be ignored. Hackers are using these links to gain access to your data. Mark all their emails as Spam and warn your family and friends from joining this broker. Stay safe at all times by using recommended Forex trading tools and brokers.
SwissCFD Review Conclusion
What should be done is adding this broker to our scam blacklist. After making sure this broker is exposed, authorities are asked to investigate and shut this website down. Time to make the right decision is now. Stay away from brokers who lack proper licensing credentials and simply want you to deposit with them.
A good bet to earning money the right way with Forex trading is by using approved tools. Industry backed and recommended Forex trading robots are a good way to make money with Forex trading. Make the right decision today and sign up with vetted Forex trading robots. Increase your chances of winning with trusted Forex trading robots.