Fancy-looking website with top notch tools for trading forex, indices, shares, commodities and crypto. That’s how Swiss-vests.com describes their offer. How true is that? We’re about to find out in this brutally honest Swiss Vests review.
The SVG address doesn’t induce trust despite the elegant website and broker name. The main issue with that is the regulation. As it turns out, Swiss Vests has none. This automatically makes them not trustworthy. Pay attention to the following section to see why.
The website information pertaining to regulations and license of Swiss Vests is rather confusing. At one point, the broker proclaims not to own a trading license and hopes to obtain one in the nearest future. However, all the other claims on the site explain that Swiss Vests abides by all the regulatory standards needed.
We started by checking the databases of FINMA (the Swiss regulator). Swiss Vests has nothing to do with this country except for the name apparently.
Because the broker has a SVG address, they need another license, as SVGFSA won’t regulate them. Other regulatory bodies, like BaFin, CySEC, ASIC, NFA, and CONSOB are unfamiliar with this broker.
It’s a fact that Swiss Vests operates in the EEA without any authorization. They sell their services and products without following any regulatory framework and without supervision. EU zone brokers also need to respect ESMA and MiFID rules for AML measures.
Without a license, Swiss Vests cannot guarantee you safety of funds through segregated bank accounts. The leverage is at 1:400, in contrast to EU and UK restriction to 1:30. This bogus broker also can’t offer negative balance protection and compensation funds.
Much like Tradereview, Solar Markets, and Traders Pros, our broker in question also offers conditions that break all criteria of every EU regulation.
Although they have no valid license, Swiss Vests still act as if they’re fully regulated. By this we mean the statements that the site publishes. These claims refer to Swiss Vests following the strict regulations of FCA, CySEC, and ASIC.
The broker also claims they change their compliance and policies in accordance to what the aforementioned regulators expect of brokers. Yet, they are anonymous and hide all the relevant company info. All of the claims are just worthless when we know the broker is SVG based and without a legitimate license.
As already mentioned, Swiss Vests seems to focus on the EEA victims maily. This means that none of the EU zone traders are safe. In accordance to that, most of Swiss Vests victims come from:
The Swiss Vests trading platform is a simplified, web-based trading terminal. The distribution only vaguely resembles prestigious platforms like MT4 and MT5.
Otherwise, the web trader is not in the least useful or responsive until you make a deposit. Even then, the unlicensed broker cannot provide the trading environment and conditions they claim. The fraudster is only focused on extorting money, so the platform is used as yet another method for that.
Another way to lure victims into investment traps is by providing different bonuses. Deposit bonuses are one of the more attractive ones. That’s why Swiss Vests provides a first-time investment bonus which goes up to 100% of the initial investment.
The broker assures traders to invest big, as the bonus is higher the higher the deposit. Naturally, to extricate the bonus from your account, you need to meet turnover requirements.
Any scam agent is unusually persistent. They will tirelessly call you, message you and email you through a number of apps (Telegram, Linkedin, Facebook, Instagram). The point is to present an offer no trader could refuse.
The web trader provided also seems to show nothing but profit accumulated, so you’re additionally motivated.
After some 3 or 4 months, you’ll attempt your withdrawal. It is then when the vicious fees and conditions step into the scene. All the funds are frozen solid until you meet those requirements, including the trading volume circumstance. Scam techniques undoubtedly leave you empty handed eventually.
Several most popular instrument classes seem to be available at Swiss Vests:
Account types description at Swiss Vests suggest the commissions are unrealistically low. So low that they match the offers of the best brokers on the market.
The swaps at Swiss Vests start at 0.6%, but they can go down as low as 0%. It all depends on the account type. This is just another way of deluding victims and forcing them into investments. We advise you not to believe such stats.
The registration process follows several easy steps. After completing it, you gain access to the user area and you have to make a deposit before proceeding. This has shown us the fact that Swiss Vests doesn’t allow creating a Demo account.
Generally, the purpose of a trial account is testing the platform and the environment. But even if an unlicensed broker provides one, expect to only experience the best. It’s their method of attracting new customers.
Swiss Vests withdrawal process is as poorly explained as the rest of the procedures with this broker. Available withdrawal methods are hidden.
The client area only gives an option to pick the withdrawal amount and accept the Deposit and Withdrawal Policy. Yet the broker does not have such a document published anywhere.
Because Swiss Vests doesn’t comply with any regulations and laws, they are free to alter the payout conditions as they please. This includes charging customers fees before allowing the withdrawals and other illegal actions.
In case of a scam, it’s important not to panic. Our diligent team is here to offer you a piece of advice for free on how to deal with the fraud.
With a bit of our help, you can successfully start a chargeback process. It’s a necessary step in recovering your lost funds. So, do not hesitate to contact us as soon as you’ve found out about a scam. Same goes in case you’ve been contacted by potential financial swindlers.
Despite Swiss Vests being a newly registered scam, chances are, you are probably not their only victim. Take this Swiss Vests review as a call to action. Our Online Chat is the best way to make quick contact.
Swiss Vests owns no licenses and has not been authorized by any financial institution. Because of that they’re not a legitimate company you should invest with. In case you’ve already made a deposit with them, contact us for help on how to retrieve your funds.
Limited time accounts with virtual funds aren’t an available account type at Swiss Vests. Only live trading accounts are offered.
Swiss Vests only has one trading platform – Web trader. The broker doesn’t have a proprietary mobile application.
The web trader that Swiss Vests provide could be potentially useful to novices for learning but in a general sense, it is not a preferable platform for any trader.
Swiss Vests owns no licenses and has not been authorized by any financial institution. Because of that they’re not a legitimate company you should invest with. In case you’ve already made a deposit with them, contact us for help on how to retrieve your funds.
Limited time accounts with virtual funds aren’t an available account type at Swiss Vests. Only live trading accounts are offered.
Swiss Vests only has one trading platform – Web trader. The broker doesn’t have a proprietary mobile application.
The web trader that Swiss Vests provide could be potentially useful to novices for learning but in a general sense, it is not a preferable platform for any trader.
The post It’s Not Safe To Trade at Swiss-Vests.Com appeared first on Global Fraud Protection.
