SwissTrade – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
SwissTrade - DO NOT TRADE WITH THIS PROVIDER
2.6/10
$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://swiss-trade.co
Founded: 2023
Regulations: No Regulation
Languages: English, German
Deposit Methods: Visa, Bitcoin, MasterCard, Wire Transfer
Minimum Deposit: €5,000
Free Demo Account: Not Available
Number of Assets: Unspecified
Types of Assets: Forex, Commodities, Stocks, Indices, Cryptocurrencies
Trading Accounts and Conditions
SwissTrade offers their clients the following trading accounts:
- Standard: The minimum deposit requirement is €5,000. Variable spreads begin from 1.5 pips. Leverage is set at 1:500. You will receive a bonus of up to 30%.
- Bronze: The minimum deposit requirement is €25,000. Variable spreads begin from 1.5 pips. Leverage is maxed at 1:500. The bonus offered is up to 30%.
- Silver: The minimum deposit requirement is €100,000. Variable spreads begin from 1.5 pips. Leverage is maxed at 1:400. You receive a bonus of up to 50%.
- Gold: The minimum deposit requirement is €250,000. Variable spreads begin from 0.0 pips. Leverage is 1:500. You receive a bonus of up to 100%.
- VIP: The minimum deposit is €1,000,000. Variable spreads begin from 0.0 pips. Leverage stays at 1:500. You receive a bonus of up to 100%.
Other trading conditions such as commissions, fees, order execution methods and so on are not mentioned.
SwissTrade – Advantages
There are no advantages in dealing with SwissTrade – they are scammers.
SwissTrade – Disadvantages
Listed here are all the reasons why we know that SwissTrade is a scammer:
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Unregulated and Blacklisted Broker
The first thing that tells us that SwissTrade is a scammer is their lack of regulation. Here is how we know that this broker is unregulated.
Regulated brokers have to present their corporate details on their websites. These details need to include the name of the company that owns the website, the location and contact details, and their regulation details (which regulator has licensed them, their license/registration number, etc.).
With SwissTrade, a lot of this information is missing. The broker tells us that they are based in London, UK. There is no contact information and we are not even told the name of the company that runs this online brokerage.
For a broker to operate in the UK (as SwissTrade claims they do), they need to be authorized by the Financial Conduct Authority, which is the financial regulator of the country. So, we checked the FCA’s online register; if a broker is registered with the FCA, they will be listed here.
We found out that not only was SwissTrade not listed with the FCA, but that the FCA has actually blacklisted this broker for operating fraudulently in their jurisdiction. There can be no greater proof of a broker’s scam than being blacklisted by one of the top financial regulators in the world.
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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Issues with Trading Platform
Legitimate brokers know that their platform is one of the two most important products they have to offer their clients. Therefore, they ensure that they offer the best product they can, which means getting the MetaTrader 5 or MetaTrader 4 platforms. These are the top two trading platforms in the world today and are known for their ease of use and wide range of tools and functions.
SwissTrades, on the other hand, claims to have a powerful trading platform that is packed with advanced features. However, the broker does not even specify the name of the platform. All the broker states is that their trading platform has a wide range of functions – you do not need to download the software, you have a customizable user interface, in-depth market analysis, adjustable technical indicators, fast order execution and so on.
Unfortunately, when we checked the so-called trading software, we found out that it was the same simplistic web-based software that we have seen being used by innumerable other scammers. It barely has any functionality and the only users would be fooled by this platform would be absolute novices who have no idea what a real trading platform should look like.
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Issues with Trading Conditions
Another sign that SwissTrade is not an honest broker is their lack of decent trading conditions. Along with the trading platform, the trading conditions are a key offering. Therefore, legitimate brokers advertise them clearly on their websites. They also ensure that their trading conditions are competitive.
SwissTrade offers their clients the most unfair trading conditions possible. The broker demands a 5000-Euro minimum deposit, which is unheard of! The market average ranges from $100 to $250, and the trend is now towards even lower minimum deposits – some as low as $10!
Added to that, the spreads are also too high. A starting spread of 1.5 pips is much too expensive, especially when most legitimate brokers charge closer to 0.5 to 1.0 pip. And this broker has not specified what their commissions and fees are, so we don’t really know SwissTrade’s actual cost of trade.
The maximum leverage also tells us that this broker is a scammer. In the UK, brokers are limited to offers a maximum leverage of 1:30. So, when this broker offers a leverage of as much as 1:500, we know they are scamming their customers. Not only is this leverage illegal, it is also too risky.
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Issues with Payments
SwissTrade claims to offer multiple payment methods, however, there was no way for us to verify which payment methods are actually available with this broker.
We need to point out that most scammers will direct their customers to end up payment solely through cryptocurrencies. This is because such payments are irreversible and anonymous – perfect for scammers. Thus, it would be wise to chose a more traditional payment method such as a credit card payment for a first-time transaction; if you do get scammed, you can at least file for a chargeback.
Withdrawal conditions are all unspecified too, which is another red flag.
Conclusion
SwissTrade is an unregulated and blacklisted broker – a total scam, and trusting them would be a bad idea.
SwissTrade
Pros
- None
Cons
- Unregulated and Blacklisted Broker
- Issues with Trading Platform
- Issues with Trading Conditions
- Issues with 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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