Swiss Global Pro – It is a Scam?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Swiss Global Pro - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2020
The only possible advantage you may have while contracting with Swiss Global Pro is that you get to use the MetaTrader 5 software for your trades. The MT5 software is the latest edition of trading software by MetaQuotes, the same developer that has given the trading world the MetaTrader 4 software.
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: www.swissglobalpro.com
Founded: N/A
Regulations: Unregulated
Languages: English, German, Russian, Italian, Spanish
Deposit Methods: Visa, MasterCard, American Express, Bank Wire, Bitcoin
Minimum Deposit: 500 Euros
Free Demo Account: No
Number of Assets: N/A
Types of Assets: Forex and CFD
Trading Accounts and Conditions
Swiss Global Pro offers its clients the following types of accounts for trading:
- Classic: The minimum deposit requirement for this account type is 500 Euros.
- Gold: The minimum deposit that you are supposed to make to use this account type is 5,000 Euros.
- Platinum: To use this type of account, you need to first make a deposit of 25,000 Euros.
- VIP: To use the VIP account, your initial deposit cannot be less than 100,000 Euros.
There is no information on the trading conditions laid out by this broker. There we cannot tell you what the leverages, spreads, commissions etc. are.
Swiss Global Pro – Advantages
The only possible advantage you may have while contracting with Swiss Global Pro is that you get to use the MetaTrader 5 software for your trades. The MT5 software is the latest edition of trading software by MetaQuotes, the same developer that has given the trading world the MetaTrader 4 software.
Like the MT4 software, the MT5 platform comes loaded with charting options, market analysis tools, Expert Advisors (automatic trading capability), the ability to customize the way you wish to trade, and so on. The developers have added a few more features to the MT5 platform to make it even more user-friendly than its predecessor. With this platform, you get inbuilt email, and you can trade in ETFs as well as derivatives from a single account.
Swiss Global Pro – Disadvantages
Despite the fact that Swiss Global Pro offers its clients the use of the MT5 platform, we would still not recommend this broker to any trader. Here are the reasons why:
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Unregulated Broker
Swiss Global Pro claims to have offices in both Australia as well as the UK. The broker provides an Australian ACN (Australian Company Number), which is the license number that shows that a company is registered with the Australian Securities and Investments Commission (ASIC).
The physical address provided by the broker is in Sydney, Australia, and two different phone numbers are provided – one for the UK and the second for Italy. There is no contact number given for Australia.
The problem is that in the broker’s terms and conditions section, it claims that it is owned and operated by a company by the name of DevTech Holding in the UK and St. Vincent and the Grenadines.
What it looks like is that this broker has tried to fox its customers with a lot of information. But that information is contradictory and confusing.
So, we decided to check out all the claims made by this broker. We checked the ASIC’s as well as the UK’s FCA (Financial Conduct Authority) online registers to see if this broker was really registered with these financial authorities. It wasn’t.
St. Vincent and the Grenadines does not have any regulations in place for brokers offering financial services of the kind that Swiss Global Pro deals with, so even if this broker is registered there, it doesn’t make a difference.
This is the first major red flag we have found with this broker that suggests that it actually is a scam.
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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Blacklisted by CONSOB
We are not the only ones to have noticed the irregularities in this broker’s regulation status. The Italian financial watchdog, the CONSOB has also noticed these anomalies. In fact this regulator has issued a warning to all traders against Swiss Global Pro for operating without proper regulatory licenses.
A warning by any financial authority is a clear sign that a broker is a scammer and it is best that you voice dealing with such an entity so that your funds are kept safe.
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Unable to Access MT5 Platform
Swiss Global Pro claims to offer the MT5 platform, which is a big advantage, but we were unable to access it. There is no demo platform available, so we could not test the software.
Furthermore, when we tried to download the MT5 software, we were asked to sign up first. Upon doing so, we were given a link to download the software and asked to input a password. However, when we tried, we were told that the password provided was incorrect.
Not being able to access a broker’s platform is a huge red flag for us.
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No Trading Conditions Mentioned
The first thing that a trader looks for when selecting a new broker is the trading conditions offered. Well, Swiss Global Pro hasn’t seen fit to reveal any of its trading conditions.
We did find that besides the 4 account types listed, Swiss Global Pro offers a 5th trading account called the Multi-Account Manager. And in this account, the leverage offered is 1:400, but the only information the broker gives about its spreads are fixed, floating and raw.
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Bonuses Offered
As soon as you land on Swiss Global Pro’s homepage, the first thing you will see is a pop-up offering you a joining bonus. This is a huge red flag since bonuses are banned in most jurisdictions due to their unfair terms.
And sure enough, this broker also has pretty unfair bonus withdrawal terms. You need to have traded a volume of at least 10% of the sum of the total bonus awarded and the deposit amount.
Conclusion
There is so much wrong with Swiss Global Pro that we would strongly advise all traders to stay away from this broker. This broker has lied about its regulatory status. It also seems that it has lied about its offer of the MT5 platform. It has been blacklisted by the CONSOB. This is not a broker you should trust.
Swiss Global Pro
Pros
- MT5 Trading Platform Offered
Cons
- Lies About Regulatory Status
- Blacklisted by CONSOB
- Unable to Access MT5 Platform
- No Trading Conditions Mentioned
- 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.