Swiss Markets is a brokerage company established in 2022. However, the owning company, BDS Markets, belongs to a bigger financial services providers team – BDSwiss Group. The group itself stepped into the financial world back in 2016.
As it appears, BDSwiss Group has several trading domains: BDSwiss, Swiss Markets and BDS Trading. Each of the domains is run by another firm. All of them collectively operate under the wings of BDSwiss Group. Each has some kind of regulation, whether a premium one or offshore.
The thing with this brokerage conglomerate is that they’ve already had troubles with law with other domains and their CySEC license is shaky. The Swiss Markets broker that we’re reviewing today is also licensed, but there’s much more to it than meets the eye.
BDSwiss Group has also been blacklisted as a securities dealer that offers their services in jurisdictions where they are not licensed. The parent company of Swiss Markets – BDS Markets is also mentioned in the warning by FCA and BCSC. However, the following alerts refer to BDS Markets exclusively:
What do all these facts mean for Swiss Markets and how exactly are you protected with an offshore license are the subjects our Swiss Markets review covers today.
Swiss Markets, as their website states, clearly does own two licenses: one from FSC (Mauritius) and the other from FSA (Seychelles). The FSC license number is C116016172 and the one for the FSA is SD047.
For your own convenience you may check these facts with each of the regulators. Offshore or not, they’re obligated to provide public insight into the database of regulated firms. So, these details are uploaded to the official websites of each of the financial entities we’ve mentioned.
The negative circumstances surrounding these licenses are their loose regulatory standards. Although licensed by an offshore body, Swiss Markets didn’t obtain a Tier 1 license that would make them fully credible and trustworthy.
In contrast to that, heavily regulated brokers implement top security measures, leverage restriction to 1:30 or 1:50, negative balance protection and compensation of funds.
To summarize it, although Swiss Markets are regulated, their offshore license is a bad warranty for protection and security that traders expect to be able to rely on.
Just like we feared and explained in the previous section of this review, Swiss Markets don’t make for a reliable broker dealer. The reason for that is being a Tier 3 license owner.
TrustPilot users have mostly rated this company with a 1 star (84% of the total number of reviews). It’s clear that the customers are not in the least pleased with the service they got:
Absolutely the worst company I’ve ever dealt with.[…] They are liars scam artist and I know it 100%
I spoke to a representative on Friday…Removed … I don’t want to be vindictive. Not treated the best. That’s all I’m gonna say.
Swiss Markets definitely appears to offer services in various areas. Even in the zones where they are not regulated, Swiss Markets advertises their products. For now, we can’t pinpoint a single country that’s been targeted by Swiss Markets the most. It seems the majority of their customers are investors from the following states:
Swiss Markets is particularly specific about the available instrument classes. However, with the leverage of up to 1:500, we’d advise you to think twice if your risk-management skills aren’t on the highest level. Anyhow, these are the groups of financial products offered:
You can’t help but find it alluring when a broker provides you with the most widely used trading platform. MT4 has been ruling the Forex markets for over a decade and still going strong. Somewhat beginning to be repressed by the flawless MT5, it still has its own base of faithful users. Packed with perfected trading tools to give every trader an edge, MT4 is, by far, better than most other software.
At Swiss Markets, it is available for PC, MAC, as a Web trader and for both of the mobile operating systems.
Mobile trading is increasingly more popular, especially in the last few years. Nowadays, everyone’s free time is being frustratingly limited. In accordance with that, not many traders are willing to invest all of it into sitting in front of a computer. For that very reason, mobile apps are a great comfort. For trading on the go, Swiss Market provides a MT4 mobile platform.
Two distinctive account types offered at Swiss Markets, both of which supposedly follow a straight through processing model, are the following:
Key differences lie in the varying maximum leverage. While the STP Classic account offers the leverage of up to 1:500, STP Raw has maximum leverage set at 1:200. Because the Classic has spreads included, it doesn’t require trading commission to be paid. The starting spread is 0.9 pips.
On the other hand, the RAW account has spreads from 0 pips, but the mandatory trading commission is set at $11.
The minimum amount of cash newcomers are expected to invest when buying either of the accounts is $200. Although within the industry average, we can always recommend much more reliable brokers that have lower deposit expectations.
Payment processing at Swiss Markets seems to be the biggest concern of each of their customers. From complaints about the long waits to excessive fees, the Swiss Markets traders are apparently struggling to get back their deposits.
We’ve not been estranged by such feedback in the least. As already noted, the lax regulatory framework of offshore entities allows them certain suspicious behavioral patterns. One of them is certainly avoiding or denying the payouts to customers.
Swiss Markets lists credit cards, crypto and bank wire transfers as possible transaction channels. While credit card transfers and e-wallets are almost instant, the broker claims to need between 1 and 7 business days to complete the withdrawals.
The minimum amount for withdrawal is 50 EUR and there’s a 10 EUR fixed processing fee for every withdrawal of an amount lower than 100 EUR.
Please never hesitate to contact us because you feel ashamed of being scammed. Such experiences are, sadly, almost inevitable today. Especially with the increasing number of fraudulent companies looking for a quick buck.
While Swiss Markets is somewhat licensed, they apparently do not treat their customers the way they deserve and pay to be treated. Because of the loose regulatory framework, troubles with withdrawals are only to be expected.
So if you’re in distress because your broker doesn’t respect their word or the contract, reach out to us as soon as possible. We’ll do everything in our power to help you recover what is rightfully yours.
Swiss Markets was licensed in Mauritius and Seychelles, but it’s a Tier 3 license that is not reliable and doesn’t provide the highest security measures.
No, these instruments are not available with Swiss Markets. The instruments this broker offers are Forex, metals, energies, indices and equities.
Yes, and the clients participating can enjoy spreads from 0 pips, wider range of tradable assets offered and support customized in their language.
Swiss Markets was licensed in Mauritius and Seychelles, but it’s a Tier 3 license that is not reliable and doesn’t provide the highest security measures.
No, these instruments are not available with Swiss Markets. The instruments this broker offers are Forex, metals, energies, indices and equities.
Yes, and the clients participating can enjoy spreads from 0 pips, wider range of tradable assets offered and support customized in their language.
The post Swiss Markets Review – A Dangerous Combo of Offshore Licenses and Blacklists appeared first on Global Fraud Protection.
