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Swiss Markets Review

Swiss Markets Review: Scam or Legit?

Scams are so rampant in the commercial world today. You must always exercise caution and perform due diligence before investing your hard-earned money anywhere.

There are so many forex brokers right now. Sadly, some are created to defraud and steal from unsuspecting traders.

Is Swiss Markets legit or is it one of these fraudulent brokers? Is it safe to trade with Swiss Markets?

This honest and in-depth Swiss Markets review answers these and more questions. So keep scrolling and find out. 

Have you lost your money through Swiss Markets or any other broker? Reach out to us for a free consultation. Our team of experts will work with you and help recover your funds.

What Is Swiss Markets?

Swiss Markets is an offshore online broker founded in 2016 under BDSwiss Group — a group of brokerage firms offering a wide range of trading instruments.

It offers CFD/forex trading through MetaTrader4 as its forex trading platform. The firm was started to provide easy access to Straight-Through-Processing (STP) for its clients.

Swiss Markets prides itself in offering VIP treatment to all its clients, regardless of their account balance.

It provides a wide range of trading instruments, which include stocks and stock indices, forex, commodities, and cryptocurrencies.

Swiss Markets Account Types

The broker offers two types of live accounts, STP Classic and STP Raw, which, it claims, pass through the straight-through-processing model. 

Swiss Markets account types

It has the option of a demo account, but it does not indicate the virtual amount available for use by the client.

Is Swiss Markets a Regulated Broker?

BDSwiss regulation under CySEC

As a division of its founding company, BDSwiss Group, Swiss Markets purports to operate under the regulations of CySEC (Cyprus Securities and Exchange Commission) under license number 199/13.

However, as we will see later in this review, only one of the member firms of BDSwiss Group is regulated in the UK, which begs the question…

Is Swiss Markets Legit or a Scam?

At a glance, Swiss Markets looks like a legit and great broker to trade with. 

Funding accounts on Swiss Markets does not attract charges to its clients. 

However, every trade attracts a commission fee which can be high for a small-scale trader and depends on the volume traded, the class of the asset traded, or the type of account you have.

Going through its website, you will find some outstanding features that can be very appealing to a new or intermediate trader.

Swiss Markets Features 

How does it operate? Here are some quick features that this broker has. 

Deposits and Withdrawals

The minimum required deposit on a Classic account is $200, and they offer a leverage of 1:500 on the most liquid forex pairs.

As mentioned earlier, deposits to a client’s account are not charged. They can be made through several payment options, such as bank wire transfers, payment cards, and payment companies such as Skrill, Neteller, iDeal, etc.

Deposits are credited immediately to a client’s account except for bank wire transfers that might take a few days to process.

Swiss Markets boasts a quick withdrawal process with no delays, irrespective of the size of the client’s withdrawal request.

Withdrawals are only possible upon submission and verification of relevant documents.

Trading Platform

Swiss Markets uses MetaTrader4 (MT4) as its trading platform.

MT4 is a popular trading platform that offers many trading opportunities to traders, such as mobile trading, a flexible trading system, and technical analysis, among others.

Customer Satisfaction

Swiss Markets claims to prioritize customer satisfaction and favorable trading conditions for its clients.

It offers customer support through local telephone numbers with local language support for the different countries it serves.

A chat feature is also available on the website, as well as a fax number for its UK users. It also offers support via email.

Swiss Markets Regulation

Any new trader should check whether a broker they are looking to trade with is regulated in their region.

Swiss Markets pulls it off on the grounds of its parent company, which you will find clearly stated on its website.

However, despite all its great deals and features, a closer look at Swiss Markets unveils the truth behind its operations.

What Are the Signs That Swiss Markets Is a Scam?

This is where the rubber meets the road. Let’s zoom in on a few suspicious things about the broker.

1. The UK Financial Conduct Authority Regulatory Warning

In August 2021, the Financial Conduct Authority issued a press release stating it had stopped BDSwiss Holding Plc and other members of BDSwiss Group from offering CFDs (contracts for differences) to investors in the UK.

The BDSwiss Group brands referred to in the FCA’s press release included Swiss Markets, BDS Trading, and BDSwiss.

FCA bans BDSwiss

To warn unsuspecting potential Swiss Markets’ clients in the UK, a pop-up has been put and appears on your screen once you open the website, as seen below.

Warning popup

According to FCA, BDSwiss Group took advantage of the fact that one of its firms was regulated to trade in the UK to pass it off like the whole group was regulated to operate in the UK.

It stated that 99.9% of clients taken on by BDSwiss Group traded using overseas firms which were not authorized to provide such services in the UK. 

 2. Negative Client Reviews

Many clients have left negative reviews about Swiss Markets on trusted review platforms, such as Trustpilot and Forex Peace Army

Swiss Markets scam
Withdrawal issues

3. Legal Suit Against BDSwiss Holding Plc by CySEC

In January 2017, CySEC brought legal action against BDSwiss for legal violations.

BDSwiss Holding Plc paid a sum of €150,000 as a settlement for the violations.

Swiss Markets Review: Final Thoughts

Swiss Markets is definitely a scam.

The legitimacy of one firm in a group does not mean the legitimacy of the entire group, which is what BDSwiss, Swiss Markets’ parent company, was trying to convey.

Sadly, that explanation would not hold water since even BDSwiss is a scam and that’s why the FCA banned it.

It’s very important to do thorough research on a broker before trusting your funds with it.

If you lost your investment trading with Swiss Markets, remember to get in touch with us for a free consultation. We can help you get your money back.

Author

Alan Tepfer

Alan Tepfer has been a pioneer of funds recovery for the victims of online trading scam victims for almost five years. His experience in chargebacks, online trading, and banking spans for close to a decade.

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