If you are looking to read SwissFX Bank review, you are in the right place. Is This broker a scam or legit? Let’s read complete review to know about the platform before trading.
This article promises to share helpful review to support clients/traders in making the right decision. Kindly read to the end and make your verdict.
What is SwissFX Bank?
SwissFX Bank located at SwissFXbank.live is an offshore brokerage company with lot of promises for forex traders . The company is completely anonymous as there is no corporate address or phone number that can prove its credibility.
The brokerage presents variety of account types such as
In addition, the brokerage promises different instruments like forex, stocks, commodities, crypto, bonds and indices. More so, it presents a zero spread difference in Buy/Sell.
How Does SwissFX Bank Broker Work?
SwissFX Bank deposit is provided as $250 based on the account type. In comparison, a licensed FX broker clearly spells out its regulation and license credibility with no string of fraud, and clients can start trading as low as $100 with the assurance of their trading funds.
As for the funding methods, the broker claims to accept credit/debit cards, wire transfer, Skrill and Bitcoin.
Just so you are aware, offshore brokers are commonly known for accepting crypto currencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!
Withdrawal process:
SwissFX Bank withdrawal leaves us with no specific information on withdrawal fee nor processing days on withdrawal request. The broker provides no clear description on trade requirements that must be met before a withdrawal.
Does SwissFX Bank Have Trading Platform?
On its website SwissFX Bank offers a simple web-based trading platform with basic functionality. However, that cannot be compared to the advanced trading platforms of MT4/MT5. Many scammers have trading software to fool their victims that their money is being invested.
Why use forex brokers with advanced trader like MT4/MT5? You are certain to have the best features of real-time quotes, financial news and various FX and stock charts, as well as algorithmic trading sessions with the help of specially designed trading bots, called Expert Advisors.
As for SwissFX Bank leverage, it can get up to 1:1000. Frankly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Won’t you rather trade with a licensed and legit broker? Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK, ASIC in Australia, NBRB in Belarus, CySEC in Cyprus as well as IIROC in Canada which makes client funds safe. They accept traders worldwide…visit their official website
Things You Should Know about SwissFXbank.live Regulation
First of, there is no regulation over SwissFX Bank. Yet, it lies about it, claiming to operate with the approval of the Caiman Islands Monetary Authority (CIMA).
An authority which does know of SwissFX Bank, however, is the Italian CONSOB. As we mentioned, it has issued the following warning:
Further, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are drawbacks for forex traders/ clients to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
SwissFX Bank Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
COMPARE WITH A TRUSTED BROKER
Fortrade
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
Verdict:
SwissFX Bank located at SwissFXbank.live disguising to be a trustworthy trading broker, howbeit, that presentation cannot be ascertained. By all appearances, we would advise traders to steer clear from this broker as it likely a platform run by scammers. To this end, we urge our readers to rely on regulated brokers like this or any licensed entity.
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