BDSwiss Review (2022): Stay Away From This Forex and CFD Broker
As an investor, you need to protect your money from online forex scammers. However, it can be quite challenging for even seasoned investors to distinguish between legitimate traders and scammers.
Brokers have become clever at luring investors to deceptive trades, which result in loss of money. Where does BDSwiss fall in all this? Is it a regulated company? Do customer withdrawals go through?
For answers to these questions, read this in-depth BDSwiss review before committing your finances.
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Now, here’s all you need to know about BDSwiss.
A Candid BDSwiss Review
Since its establishment in 2012, BDSwiss has provided forex and CFD services to over one million investors. Over the years, the brokerage firm has experienced a growth trajectory and won several awards for its products and services.
BDSwiss has got into several partnerships with different brands and teams. From 2021, the firm has been the official sponsor of top golf events; the DP World Tour Championships and the AVIV Dubai Championship. In addition, it’s the official trading partner and sponsor of the MercedesCup ATP 250 tournament for 2021-2022.
Apart from these key tournaments, it sponsors local cycling and football teams.
With these types of sponsorships, BDSwiss appears to be legit and supportive of local community initiatives. But is this just a smokescreen? What could the company be hiding?
How Legitimate Is BDSwiss?
Online trading platforms are one of the most common methods that scammers use. A brokerage firm can tick all the boxes, but you’ll notice some red flags that they don’t want investors to know if you dive deeper.
To determine whether BDSwiss is legitimate, we have to look at its service offering, products offered, regulatory status and use this data to come up with a final verdict.
BDSwiss: A Brief Background
As of June 30th, 2020, the company had over 1.5 million registered accounts and an average monthly trading volume of over $84 billion.
The company specializes in more than 1,000 forex pairs, shares, CFDs, indices, metals, energies, and ETFs.
BDSwiss established its first office in Berlin, Germany, in 2012. Now, it has offices in Mauritius and Seychelles, which are listed as the company’s addresses.
It has a local presence in 10+ countries and draws clients from 186 countries.
Who Regulates BDSwiss?
BDSwiss operates under the BDSwiss Group, which has licenses from different regions:
- BDSwiss Holdings Ltd is authorized and regulated by the Cyprus Securities and Exchange Commission under CySEC license number 199/13.
- BDS Markets is regulated as an investment Dealer by the Mauritius Financial Services Authority (FSC).
- BDSwiss GmbH is registered by BaFIN in Germany.
- BDS Ltd is regulated and authorized by the Financial Services Authority (FSA) in Seychelles, license number SD047.
From these licenses, it’s clear that BDSwiss is not regulated by strong regulatory bodies such as the FCA, which raises more questions. Some of these offshore regulatory bodies don’t have strict rules, which is quite risky for customers’ funds.
Is BDSwiss a Scam?
This award-winning forex broker has packaged its products and services in a way that appears legit. BDSwiss has;
- Wide range of trading platforms, such as MetaTrader 4, MetaTrader 5, and Webtrader.
- Daily market analysis tools and a trading academy for investors.
- Partnerships and sponsorships of different sports tournaments and teams.
Red Flags That Show BDSwiss Might Not Be Legitimate
While the company is regulated by bodies such as CySEC, it has been in trouble before, which raises more questions about its activities.
In 2017, CySEC reached an agreement with BDSwiss Holding PLC of €150,000 due to suspicions of violations of the market laws. The company paid the settlement.
A year earlier, the CySEC board imposed an administrative fine of €5,000 on the same company due to non-compliance with the laws.
For a company to be fined more than once by the regulatory body, it means that they are not operating according to the rules and regulations. Would you be okay with investing your money with such a company?
While the company has issued abuse warnings with a long list of companies and individuals claiming to be part of the BDSwiss Group, it doesn’t absolve the brokerage firm of its mistakes.
Negative Customer Reviews
- Customers making withdrawals and not receiving the funds.
- High spreads and price manipulation, which makes it hard to earn any profit from the trades.
Customer withdrawals appear to be quite a big problem, with some taking more than 2 months.
BDSwiss has different entities operating in different regions. Because of this, they also claim to be regulated by various bodies in Germany, Cyprus, Mauritius, and Seychelles.
According to the CySEC website, the company’s address is listed in Limassol. On the other hand, the official website has a Mauritius listing. These multiple addresses can be quite confusing to customers trading from different regions.
Worse, the regulatory bodies are not as strong, and the offices are in offshore zones, making it easier to find loopholes to scam customers. A legitimate company would have one address that customers can easily track when they need help.
BDSwiss Review Conclusion: The Final Verdict
If you are new to forex trading, should you trust BDSwiss with your funds? From this BDSwiss review, it’s better to avoid this company. The customer reviews reveal that the firm is not faithful with the funds and makes it hard to withdraw.
In addition, the regulation isn’t convincing enough. To be safe, avoid investing with this regulated scam.
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