Overall, this company is hiding so many things. They present themselves as regulated company and holders of licenses from the Ministry of Commerce and Industry.
While doing our investigation we found that SwissFS is not in their register or the Chamber of Commerce. As they should be. The conclusion is that they are not regulated at all and you should stay away from these scammers at all costs.
Let’s take a look at our detailed SwissFS review and see why.
Additionally, we strongly advise you to avoid the fraudulent brokers MaxVol, MainTrade, and SpotInvest.
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||N/A|
|Owned by:||Swiss For Trading In Currencies, Metals and Commodities Co|
|Types of Assets:||Forex, Commodities, Indices , Stocks, ETFs|
|Free Demo Account:||Yes|
|Accepts US clients:||No|
SwissFS – A Broker With a Good Reputation Or a Scam?
A good reputation means always that someone is trustworthy. The company that is giving false statements is not one of a kind. In the first place, they were giving false statements about their license.
Moreover, even that license is not the one they should have. Primarily, financial institutions in Kuwait should have a license from their Central Bank ( CBK ). Looking through their database, we found no leads of SwissFS.
The SwissFS company doesn’t offer any security. There is no office or ownership information available. License information is forged. Therefore, we would never invest our money in SwissFS.
Why It Is Better Not to Choose An Unlicensed Broker
Non-licensed trading companies can be only risky for your pocket. Whatever they offer to you can be unproven. Starting from trading conditions, potential profits and withdrawals.
SwissFS is allegedly from Kuwait. Their services are limited to specific countries. That means they know who they are looking for. That’s why top-tier regulation is very important, to prevent you from being scammed.
This type of regulation provides you with high security and it can be maintained through FCA, BaFin or ASIC.
Does SwissFS Provide MetaTrader4? – Available Trade Software
Analyzing SwissFS trading, we found that they offer a surprisingly good trading platform – MT4. Most regulated companies are using such a platform because of its simplicity and variety of trading options.
On the other hand, the availability of trading robots is something we should talk about. Companies like SwissFS are trying to delude you. You might think it’s good because they have MT4. But often that is not the case.
Companies that are offering automated trading are often very sketchy. These systems are unproven and they can’t provide you with any security.
Mobile Trading on Android and iOS
Since they provide the MT4 platform, it is only available for Android users. From the 23rd of September 2022, MT4 and MT5 platforms are not available on App Store for iOS users.
SwissFS Range Investment Opportunities – Trading Instruments
Luckily, SwissFS gives insight into the assets that could be traded:
- Forex – USD/EUR, GBP/JPY, AUD/CAD
- Commodities – Gold, Crude oil, Platinum
- Shares – AMD, Nike, Coca-Cola
- ETFs – PowerShares trust QQQ, iSharesRussel 2000, Direxion Daily Gold Miners
- Indices – CAC40, DAX30, FTSE100
Where Does SwissFS Engage In Fraud? – Countries Of Service
Counties that the SwissFS broker is targeting are:
- Saudi Arabia
Also, we recommend you not to invest in the fraudulent brokers SmartProfit FX, CoreGeneric Capital and BCH Advance.
What Are The Different SwissFS Account Types?
When you are looking for investment, you want to know what are the offers. SwissFS trading doesn’t have any account types available. There are only two options – real or demo trading accounts.
Unfortunately for their clients, there is no available information about any trading conditions. That means once you sign up and deposit your funds, prepare yourself for anything.
Honestly, we hope that you will stay away from these con artists.
Demo Account Opening
As we mentioned earlier, a Demo account is available. You can try their services with virtual funds. If you decide to start with real money, you will need to be a resident of the country they operate with.
Good thing is that the Demo account is available on the MT4 platform. Once you test it out and see if you like it, you can switch to some other company that is licensed.
Bonuses – Is it Possible to Withdraw the Deposit Bonus?
Bonuses are mostly given to clients to attract them to put in more money. That way, you hypothetically have more capital.
The idea of the bonus is to show you what you could potentially have. Don’t fall for those tricks, because you can’t get the bonus out.
How Much Is Leverage, Spreads and Fees
Strange thing is that the company doesn’t offer any information about leverages, fees or spreads. While doing our SwissFS review, we found that demo account spreads are standard.
That might not be the case when you activate a live account.
It is very unpleasant to find that you don’t have any disclosure about fees or leverage before you activate your account. Therefore, clients shouldn’t even check this trading scam.
Minimum Deposit and How Do I Withdraw?
When you are trading with a licensed company, you know what is the minimum to start with. With SwissFS you don’t know. Unfortunately, unless you register from a designated country, you can’t find out.
If a deposit is so big a mystery, we can only imagine what happens with withdrawals. As in most scamming companies, like these, you need to request a withdrawal. After that, it’s about the company’s mercy if they will approve it or not.
Scammed by SwissFS Broker? – Allow Us to Hear Your Story
You should not be ashamed if you found yourself in a scam like this. It could happen to anyone. Many other SwissFS reviews are presenting same stories.
What you can always do is file a chargeback request. If you were caught by a scam like this and you don’t know how to file a chargeback, reach back to us now!
What Is the Chargeback Procedure?
Once you have made a payment with a debit/credit card, your bank knows where that money goes. Same works for wire transfers.
To get the chargeback, we are filing for a money reversal transfer. If you need help with chargebacks, book a free consultation with our chargeback specialists who will help you to regain your money.