Swiss FX Detailed Review – Still Unforgotten Scheme Swiss-FX.net
While Swiss FX is one of those offshore brokers that have vanished after regulatory warning, we’re sure it’s about to come back. We’ve seen it many times; scheme brokers just can’t get enough. Once they feel the money, they cannot stop and leave for good. This is why this Swiss FX review aims to remind you of the fraud and show you how to notice it.
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||CONSOB, FSMA|
|Owned by:||FM Solutions Group Limited|
|Headquarters Country:||Saint Vincent and the Grenadines|
|Supported Platforms:||MT4, WebTrader|
|Cryptocurrencies:||Yes – BTC, ETH, XRP|
|Types of Assets:||FX, commodities, indices, shares, cryptocurrencies|
|Free Demo Account:||No|
|Accepts US clients:||Yes|
What About Swiss FX Regulation?
Swiss FX was an offshore brand from Saint Vincent and the Grenadines, owned by FM Solutions Group Limited. Since the FSA of SVG has declared itself unauthorized when it comes to Forex and binary options firms, it left us with an open question about Swiss FX regulation.
What’s Wrong With A Trading License?
Upon checking FCA, ASIC, BaFin, and numerous other registers, we could confirm that Swiss FX is not regulated. This meant it was operating illegally and extorting money. And that’s why disappearing was so easy. You’re free to do as you please when you have nobody above you to control you. But not for long.
Swiss FX Warnings From Financial Regulators
The Italian CONSOB was the first regulator that exposed the Swiss FX trading scam. This authority body added swissfxuk.com to its list of unregulated domains and announced that you shouldn’t be dealing with this fraudulent firm.
Not long after, Belgian FSMA issued a similar warning.
Problems Logging In to Swiss FX Account Since the Company Disappeared
One of the most common issues with vanishing firms is clients left with no account access. Of course, logging in is impossible since the website doesn’t exist and the domain is for sale. However, a lot of money stayed stuck with Swiss FX broker, and clients are looking for a way to get it back. While you may not be aware of it, you have up to 540 days to file a dispute for a chargeback if you are scammed online. And that time is about to expire, so let’s act right now!
Virtually Anonymous Website
Besides basic information, Swiss FX gave us no info at all. We have no idea if the company in SVG is real or a shell firm, does it has any subsidiaries. Besides the lack of basic information, clients were restricted from knowing the Swiss FX’s minimum deposit and which leverage will be provided upon registering. And those are necessities when exposing your funds to the financial market.
Fund Withdrawal Issues
Of course, no shady firm can go without withdrawal issues. Even while the website was active and the company was running, clients reported problems getting their money back. Once you invest, you are more than welcome, but getting a payout is impossible. The broker was already freezing accounts of those who were asking for their money back. The problem continued on a larger scale once the broker was shut down.
Traders About Swiss FX Scam
No Swiss FX reviews are positive. Clients were filing all sorts of complaints before the company was inactive, and they’ve been trying to find a way to get reimbursed ever since. It looks like the broker was using AnyDesk to remotely access clients’ devices and transfer their funds without their knowledge. The main focus for Swiss FX was traders coming from:
Supported Trading Platforms – Available Trading Software
Little something to praise was Swiss FX’s trading platform choice. The broker was offering MT4 along with WebTrader. Since it’s one of the best industry software, it was a good experience for any investor. However, with no leverage and spread disclosed, investing any money with this firm was a risk.
Numerous legitimate companies are offering the same platform under regulated conditions.
Online Trading Scam – How It Works?
Online trading scams usually start with an overpromising ad, showing unrealistic profits. Once you’re dragged into investing, the process will never end. You will be pressured to invest more. Your account manager may even show you some winning trades to gain your trust. However, when you ask for a payout, you will not get it, that’s for sure.
Offshore firms like Swiss FX are made to take as much money as possible and disappear, which in the end happened.
Swiss FX Range of Trading Instruments & Markets
The broker was offering typical trading instruments, including:
As mentioned, all with unknown trading conditions.
Scammed by Swiss FX ? – Tell Us Your Story
If you were scammed by Swiss FX or a similar bogus broker, tell us your story. Our chargeback specialists are here to listen and help you file a dispute before the deadline is over.
But What Is A Chargeback?
This is a way for your bank to reverse the fraudulent online transaction and get your money back. Contact us via online chat to book a free consultation, and let’s get your money back before it’s too late!
What Is Swiss FX?
Swiss FX is an online Forex and CFD provider that was shut down after regulatory warnings.
Is Swiss FX A Scam Broker?
Swiss FX was blacklisted in Italy and Belgium for scam activities and shut down.
Is Swiss FX Regulated?
No, Swiss FX was not regulated, and it was providing services unlicensed.