Swiss4Trade Review: The Truth About This Scam Broker
The Swiss4Trade review demonstrates how deceiving a website can be. This broker calls itself “the world’s No.1 forex and CFD provider”. Of course, they didn’t provide any piece of evidence of that fact. We were only able to find scam warnings and user complaints about this enterprise.
Based on their name, you would assume they are a Switzerland-based firm, but they don’t provide their headquarters address. We can only take guesses. Anonymity is a fraudster characteristic. Legitimate businesses try to keep things as transparent as possible.
|$1:200 – 1:500
|Forex, commodities, indices, shares, cryptocurrencies
Swiss4Trade License and Regulation
Swiss4Trade is allegedly owned by Swiss Watch Trader Limited. Judging by the name, the business should be located in Switzerland. However, it’s not implied anywhere, not in legal documents or any other website section.
Regarding this trading company regulation, we found a vague claim that it is “trusted and regulated.” But they don’t say who they are regulated by, where, and under which license number.
So, we checked major Tier 1 registers, including FINMA (Swiss regulator), CONSOB, BaFin, FCA, and ASIC. The owner or the brand is not registered, meaning this trading platform operates illegally.
Furthermore, they ask their customers to comply with MiFID rules but don’t follow directives themselves. According to ESMA, all brokerage companies must be transparent and provide safety mechanisms, such as leverage limits. Yet, we found no limit here.
With all of this being said, we cannot endorse that you open an account with Swiss4Trade as there is most probably something extremely shady going on. A legitimate broker would make sure to provide you with extensive contact and company information, license numbers, and other proofs of legitimacy – Swiss4Trade remained fully anonymous.
Swiss4Trade Trading Software
After finishing the registration with Swiss4Trade we were able to access a web version of the industry standard MetaTrader4 But the problem is that platform is based on a completely different website – iot23412.com. This does not help with Swiss4Trade’s credibility either.
However, the platform is far less functional and many key MT4 features were locked. Trading on this software would not be an easy job considering the fact we were not even allowed to load the full charts for some currency pairs.
If you would like to try out the real MT4, do so with a licensed broker. The platform comes with a full charting and analysis package as well as many great additional features such as Expert Advisors that track markets and trade automatically, the option to develop your bots and indicators from scratch, or construct some based on preexisting building blocks, etc.
Available Trading Instrument at Swiss4Trade
If you still want to trade, knowing the risks of using a third-party platform, here’s an overview of trading instruments.
- Currency pairs
The maximum leverage Swiss4Trade allows you to choose is 1:500, which is very high and could potentially turn out to be dangerous. Leverage increases your ability to make bigger offers which is why trading with such high rates could lead to bigger profits and bigger losses alike. That is also why leverage caps exist in multiple stricter jurisdictions – UK, EU, and Australian brokers, for example, cannot offer leverage higher than 1:30 on forex majors to their retail clients.
Swiss4Trade says to be offering tight fixed spreads, but the 1,7 pips advertised for the EUR/ USD pair can hardly be described in those terms. When we accessed the web-based platform the spreads looked better, starting as low as 0,9 pips.
Deposit and Withdrawal Methods
Swiss4Trade says to accept payments with multiple credit cards, multiple electronic wallets, bank wire transfers, and other payment methods, without giving any further details. Allegedly they accept only deposits made through a few different crypto-purchasing platforms – Coindesk, Mirhax, and AllPaySoft.
Crypto deposits are irreversible and untraceable. Perfect fit for scammers.
Swiss4Trade’s minimum deposit is unknown, but it’s stated that all payments will be directed to For Trade Limited. This is a legitimate brokerage not related to the Swiss4Trade scam.
How Do Offshore Brokers’ Scam Implement?
Scammers like Swiss4Trade spend a lot of money on their online advertising, promising benefits and fairy tales that credible companies don’t. That’s because the trading market is volatile, and you can’t promise your users quick returns, and especially piles of money. That can happen, of course. But it rarely does. People lose money much more often.
Legit brokers are facing some restrictions which may seem disappointing to some traders. Some of them aren’t allowed to provide leverage higher than 1:30 or 1:50, nor to offer trading incentives such as bonuses. Financial swindlers don’t obey any rules, and that’s why they promise things that are illegal (to regulated brokers).
Swiss4Trade is an anonymous broker company. We don’t know anything about them. Their location, license number, and everything else is hidden which is a terrible sign for a trading firm.
We have researched through Tier 1 registers, including FINMA, CONSOB, BaFin, FCA, and ASIC, and Swiss4Trade’s name was missing. This means they are unregulated.
The most important thing – the trading platform is suspicious as everything else in this enterprise. You should find your trading company elsewhere.
FAQs About Swiss4Trade Broker
Is My Money Safe with Swiss4Trade?
This is an unregulated broker company which means they can’t be trusted with handling your money.
How Long Do Swiss4Trade Withdrawals Take?
This information isn’t available on the website. If you ever choose to make a deposit, your money is probably lost for good.
Does Swiss4Trade Offer Demo Account?
Surprisingly, Swiss4Trade offers demo accounts for its investors. However, this is supposed to lure users into depositing money.