Suisse Brokers – Are They a Scam?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Suisse Brokers - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2022
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://suisse-brokers.com
Founded: 2020
Regulations: None
Languages: English
Deposit Methods: Bank Transfer, Credit Cards, Debit Cards, BTC Direct Deposit
Minimum Deposit: $250
Free Demo Account: No
Number of Assets: N/A
Types of Assets: Forex, Stocks, Indices, Cryptocurrencies, Commodities
Trading Accounts and Conditions
Suisse Brokers offers their clients the following types of trading accounts:
- Trial: The minimum deposit requirement is 250 Euros. Leverage is up to 1:3, trading spreads are fixed and withdrawal fees are 10%.
- Classic: The minimum deposit requirement is 1,000 Euros. Leverage is up to 1:10, trading spreads are fixed and withdrawal fees are 5%.
- Gold: The minimum deposit requirement is 25,000 Euros. Leverage is up to 1:25, trading spreads are fixed and withdrawal fees are 3%.
- Platinum: The minimum deposit requirement is 100,000 Euros. Leverage is up to 1:50, trading spreads are -25% and withdrawal fees are 0.5%.
- VIP: The minimum deposit requirement is 500,000 Euros. Leverage is up to 1:100, trading spreads are -50% and withdrawal fees are 0.3%.
No commissions are charged. The broker also has given details about trading swaps. They also state that there are no commissions charged for deposits.
Suisse Brokers – Advantages
There are no advantages to trading with Suisse Brokers.
Suisse Brokers – Disadvantages
Given below are the numerous reasons why it would be a very bad idea to do business with Suisse Brokers:
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Anonymous and Unregulated
Suisse Brokers claims to be the trading name for Suisse Brokers (UK) Limited, Europe Ltd, DIFC Ltd and so on (companies with the same name and different locations). And the broker also states that Suisse Brokers Group is their holding company. Then, the broker claims that their website, www.suisse-brokers.com is operated by another company called Suisse Brokers Limited.
The broker claims that their journey started in 1977, but their website has been created in 2020.
When you read all the claims that this broker has made, it sounds quite impressive. Until you realize that many key details are missing.
We do not know where this broker is located or how we can contact them. The only way to contact this broker is via a registration form on their Contact Us section. There is no contact number, no physical address or anything related to where this broker – or their parent company – may be located.
This broker also avoids any mention of their legal status; there is no information on their regulation status.
By hinting at regions such as the UK and Europe, we can tell that these are the jurisdictions that this broker is targeting. So, we checked the UK financial regulator, the FCA (Financial Conduct Authority) online register to see if there was a company by the name of Suisse Brokers listed. Of course, we came up empty handed.
Thus, we can say for certain that this broker is operating anonymously and illegally, which means that Suisse Brokers 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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Registration Too Easy
We usually register with a broker to understand their registration process. With legitimate brokers, it may take a few minutes while we provide the verification details they require. However, with Suisse Brokers, it literally took us seconds to register with this. This is a red flag.
Scammers take two extreme routes for registration: either you can register instantly (where they hope to snag as many victims as possible in their scam) or you just cannot register and have to contact the broker to do so (and then the scammer can cherry-pick their victims).
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Poor Trading Software
The trading software is a broker’s key offering to their customers. This (and their trading conditions) are the reasons why traders would choose to do business with them. So, brokers offer their clients the best possible trading software in the market.
With Suisse Brokers, there is a trading software. However, it is a WebTrader software, one that would be adequate only for beginners. There are basic features that would be enough for novices but advanced traders would get frustrated quite easily with this software and its lack of features.
But then, considering the fact that this broker is targeting only novices, why would they invest in anything better? A typical scam tactic.
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Issues with Trading Conditions
While this broker states on their website that the minimum deposit amount is 250 Euros, we saw that the currency unit for deposits was actually in USD. The amount was the same – 250. This is too high a minimum deposit, since a large number of legitimate and reputed brokers can let you open accounts with them for just $10 or even less.
Spreads are all wrong on their website fixed or in minus percentages, which make no sense. Spreads are quantified in pips and not percentages. Added to this, when we checked the platform, we found out that the spreads for the EURUSD were at 0.4 pips.
Leverages on their website seem to be targeting cryptocurrencies, capped at 1:100. This type of leverage is too risky and also illegal, both in the UK and Europe – the jurisdictions this broker is targeting.
These irregularities all point to the scam this broker is running.
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Issues Related to Payments
There are also a number of issues with payments. The broker lists a range of payment options where the minimum deposit is $250. However, for the BTC option, the minimum deposit is just $1. Added to that, the BTC direct deposit option means that once you have made your deposit, there is no way you can get your money back.
The broker mentions multiple account types, however, when you register, you get only one account – the default account.
There is also a contradiction about withdrawal fees. Suisse Brokers’ legal documents state that there are no withdrawal fees, but when you check their website, the broker clearly states rather high withdrawal fees.
All of these issues tell us we are dealing with a scam here.
Conclusion
Suisse Brokers is a scammer and needs to be avoided.
Suisse Brokers
Pros
- None
Cons
- Anonymous and Unregulated
- Registration Too Easy
- Poor Trading Software
- Issues with Trading Conditions
- Issues Related to Payments
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.
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