SwissGoldFX Review: A Comprehensive Broker Examination
While the first thing you see when you open this firm’s website is the Swiss flag, we can assure you SwissGoldFX broker has nothing to do with Switzerland. In fact, it’s one of the infamous Bulgarian boiler rooms you hear about on the news.
Without further ado, let’s go for the SwissGoldFX review and check out all the details.
|Regulated by:||Unlicensed brokerage|
|Blacklisted as a Scam by:||No Info|
|Supported Platforms:||Web trader|
|Types of Assets:||FX, commodities, indices, shares, cryptocurrencies|
|Free Demo Account:||No|
|Accepts US clients:||No|
SwissGoldFX Regulations and Security
As mentioned, SwissGoldFX has its official headquarters in Ruse, Bulgaria. As the owner, we have Advertising.R, founded in August 2020 as a sole proprietorship. Yet, it’s a marketing company, as the name itself says. Therefore, it has no regulation for providing financial services. We’ve searched through FSC Bulgaria, FCA, BaFin, FINMA and found no sign of SwissGoldFX regulation. When depositing any money with this company, bear in mind that you might not be refunded as there’s no regulator or compensation fund.
If you decide to start investing, look for a brokerage with a Tier1 license.
Fund Withdrawal Issues
As expected, lots of clients are experiencing withdrawal issues with SwissGoldFX. Whenever we come across a newly established platform in a country such as Bulgaria and without an authority body who would control the situation, withdrawal problems are inevitable. According to SwissGoldFX reviews, clients that submit withdrawal requests are persuaded to give up on it, and if they do not, they will simply be banned. How? Their access to a trading account will be permanently suspended, meaning they will never see their funds again. And of course, there’s nobody to complain to.
Traders About SwissGoldFX Scam
After reviewing what traders think, we are even more convinced that SwissGoldFX is a notorious scam. First of all, the broker asks for a minimum deposit of $250, while regulated companies let you start with as low as $100. Besides, there are no basic trading conditions, such as leverage or spread, and the only platform you can use is a web trader.
Since it’s a proprietary trader, the broker has access to all of your trades and funds, and that’s something lots of clients are complaining about.
How To Know If You Have Been Scammed Online?
There are a couple of things that can never happen when you trust a brokerage with your money. You can never be pressured to invest more, you can never have withdrawal issues, and you can never be misled regarding the broker’s legitimacy. If you experience any of these, know that you’re dealing with a fraudulent firm.
Also, if you ask for an account manager’s assistance and he is suddenly unavailable, or if you experience login issues, it’s a warning sign.
All of these are cases when you need to file a dispute and request a chargeback.
Scammed by SwissGoldFX? – Tell Us Your Story
Everyone can fall for fraud, and it’s nothing to be ashamed of. What’s important is to act quickly and get your money back. If you have been scammed by SwissGoldFX or a similar bogus brokerage, let us know. You can consult with a chargeback specialist to find a way to retrieve your funds.
But What Is A Chargeback?
This is a way for your bank to reverse the transaction if you have been scammed. Contact us via online chat, book your free consultation, and tell us your story.
What Is SwissGoldFX?
SwissGoldFX is a fraudulent online trading brokerage without a license.
Is SwissGoldFX A Scam Broker?
Yes, SwissGoldFX has no financial regulation and has been marked as a scam by investors.
Is SwissGoldFX Regulated?
No, broker is not a regulated and not legit trading company. Beware of Fraud!