SwissFutureFX Review: Pros and Cons of the Broker
A broker with an entire website promoting nothing. There are no trading terms and conditions, and there is no information of the costs; there is literally nothing besides false information. So, let’s start this SwissFutureFX review and try to figure out something about the broker if possible.
|Regulated by:||No license|
|Blacklisted as a Scam by:||CNMV|
|Types of Assets:||FX, commodities, shares, indices, futures|
|Free Demo Account:||No|
|Accepts US clients:||No|
SwissFutureFX Regulation and Security
The broker gives no information about the company owner. All we found are three different addresses – in London, Zurich, and Frankfurt am Main. Also, the broker claims to be operative within the EEA zone. That means it needs to have regulation by any of the EEA zone regulatory bodies. Since we have three addresses, we’ve checked the FCA, FINMA, and BaFIN registers. And guess what we found? Nothing. There is no mention of SwissFutureFX broker anywhere. Meaning it operates illegally and is most likely based in an offshore country where regulators tend to oversee brokers like this.
Warnings From Financial Regulators
Despite the broker’s claims to be operative within the EEA zone, one EU regulator blacklisted SwissFutureFX – Spanish CNMV. As per this regulatory body, the company is not related to Switzerland in any way, not legit, and the EEA zone citizens should be aware of it.
Now you know not to trust SwissFutureFX.
Issues With Withdrawals
Since we already concluded that the broker is illegally operating in the EEA zone and has no regulations in any jurisdiction, we are not surprised by the number of complaints against SwissFutureFX. And most of these complaints are correlated to withdrawal issues. So, let’s see you can withdraw your funds and how.
First of all, we have no idea what the minimum deposit SwissFutureFX requires is. Also, payment methods, fees, commissions… No information whatsoever. All the trades are executed on the MT4 platform, and we approve that. However, there are no trading conditions such as leverage and spread. Having a competitive platform doesn’t mean you are not a fraudulent broker.
As per withdrawals, the company claims to cover all the fees. However, the time necessary for the funds to appear in your bank is 5-8 days for credit card and three days for wire transfer. This is an unreasonably long period. Also, there is no minimum withdrawal listed, including some other relevant questions.
How are online trading scams working?
Here, we come to a general question. How to know if you were scammed? If you deposited funds with any brokerage, regardless of the regulation, and you cannot withdraw your funds, you have been scammed. However, if, as the case with SwissFutureFX, the broker is unregulated, you have no authority body to complain to, which means that you need to file a dispute yourself and find a way to get your funds back.
Scammed by SwissFutureFX?
If you were scammed by SwissFutureFX, there is a possibility of getting your money back. You should file a dispute and request a chargeback.
But what is a chargeback? Chargeback is the forceful withdrawal of your funds from the merchant to your card in case you were scammed online.
Contact our support via chat and get all the relevant information.
What is SwissFutureFX?
SwissFutureFX is an unregulated trading brokerage.
Is SwissFutureFX a scam?
SwissFutureFX is a broker operating without a license.
Is SwissFutureFX regulated?
No, SwissFutureFX has no regulation for providing financial services.