Empire Swiss – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Empire Swiss - DO NOT TRADE WITH THIS PROVIDER
2.3/10
$100
Minimum Depositupdated 2023
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://empireswiss.com
Founded: 2023
Regulations: Not Regulated
Languages: English
Deposit Methods: Credit Cards
Minimum Deposit: $500
Free Demo Account: No
Number of Assets: N/A
Types of Assets: Currency, Stocks, Indices, Cryptocurrencies, Commodities
Trading Accounts and Conditions
Empire Swiss offers their clients the following trading accounts:
- Explorer: The deposit range for this account type is $500 to $2,499.
- Basic: The deposit range for this account type is $2,500 to $9,999.
- Silver: The deposit range for this account type is $10,000 to $49,999.
- Gold: The deposit range for this account type is $50,000 to $99,999.
Trading conditions are not mentioned for each of these account types. We accessed their trading platform for this information. We found out that the EURUSD spreads started from 1.1 pips. The maximum leverage for forex is 1:100, for Stocks is 1:20, for Cryptos is 1:10, for Gold and Indices is 1:100.
There is no information about the commissions and fees this broker charges.
Empire Swiss – Advantages
There are no advantages to doing business with Empire Swiss.
Empire Swiss – Disadvantages
Here are all the reasons why we have marked Empire Swiss a scammer:
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Anonymous and Unregulated Broker
The first red flag that tells us that we are dealing with a scammer is Empire Swiss’s lack of anonymity. And because this broker is anonymous, it also means that they are unregulated.
There is no corporate information provided anywhere in this broker’s website. We do not know the name of the company that runs this brokerage. There is no address provided either – or phone number for that matter. There is a single email address which can be used to get in touch with the broker. And the only hint we have for their location is given in their Terms and Conditions section, where the broker states that they follow the laws of St. Vincent and the Grenadines (SVG).
An interesting fact we also uncovered is that the trading platform is registered in China!
We need to point out that there is no regulatory oversight for forex brokers in SVG. This is something that the Financial Services Authority of SVG (the SVGFSA) has declared openly. When you log into their website, the first thing that pops up is a message clearly stating that the regulator does not have any framework for forex and binary options brokers. So, even if this broker’s claims of following the laws of SVG are true, it still leaves Empire Swiss unregulated. As for the Chinese connection, this broker is not regulated there either!
Everything we have investigated about this broker tells us that we are dealing with an anonymous and unregulated entity, which means that Empire Swiss is a scammer.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Poor Trading Platform
Legitimate brokers prominently advertise their trading platform on their websites. They also have demo platforms available where traders can test their trading conditions before committing any real money for their trades. This allows traders to make informed decisions about dealing with those brokers.
Empire Swiss shows us their scam by not mentioning anything about their trading platform on their website. Furthermore, there is also no demo account available or even a download link for us to check their trading software. We needed to register for an account to be able to access their trading platform.
Once we did, we realized that it was just another poorly constructed trading platform that we have seen innumerable times with so many other scam brokers. This platform is web-based and so simplistic that you cannot do much more than buy and sell assets. There are no tools or added features that are considered a necessity in trading today, like those you will find in the MetaTrader 4 or MetaTrader 5 platforms.
The poor trading platform, and the lack of information about it on their website is another sign of Empire Swiss’s scam.
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Issues with Trading Conditions
Another way to find out if a broker is scamming you is to analyze their trading conditions.
Legitimate brokers ensure that all details of their trading conditions are clearly spelled out on their websites – usually along with the types of trading accounts they offer.
With scammers, we have difficulty getting all the information necessary for traders to make an informed decision.
Empire Swiss does exactly what many other scammers do – provide incomplete and skewed trading conditions. The minimum deposit is $500. Industry averages are between $100 and $250, and there are so many excellent brokers now inviting traders to open accounts with them for as little as $10.
As for the spreads, they look quite good at 1.1 pips. However, the broker has not specified the commissions and fees, so this means that we do not really know the actual cost of trade.
The leverage is extremely high. Most regulated jurisdictions have strict limits on how much leverage their brokers can offer. For example, in the UK, Europe and Australia, the limit is 1:30 and in the US and Canada, it is 1:50. Similar restrictions apply in other parts of the world. So, the 1:100 leverage this broker offers would be illegal in most parts of the world!
Other trading conditions are also not mentioned, which is also typical of scammers.
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Single Payment Option
The only way that you can make payments is via credit cards. Legitimate brokers offer their clients multiple payment options, so that traders can choose the payment method they are most comfortable with.
The lack of payment options is another sign that Empire Swiss cannot be trusted.
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Bonuses Offered
Empire Swiss offers their clients bonuses, which is something that is banned in most countries. This is because of the very unfair nature of the withdrawal conditions associated with such bonuses. With this broker, you need to achieve a turnover 25 times the bonus as well as the bonus amount before you will be allowed to withdraw your money, which is an impossible target.
Conclusion
Empire Swiss is a scammer and should not be trusted.
Empire Swiss
Pros
- None
Cons
- Anonymous and Unregulated Broker
- Poor Trading Platform
- Issues with Trading Conditions
- Single Payment Option
- Bonuses Offered
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
eToro is a multi-asset platform which offers CFD and non CFD products. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.