You may have already encountered fraud from unscrupulous brokers, as such organizations are everywhere, and distinguishing them from a good company is quite difficult. It is very important to know the signs that can help differentiate a scammer from a reliable broker. You should familiarize yourself with them even if you have already lost a deposit and are just afraid to continue your journey in the world of trading. In fact, there are still reliable platforms in the market. However, in our SwissTrade review, you will learn why this broker does not belong to that category.
Is SwissTrade a Trusted Platform?
Trust should only be given to projects that maintain an open and transparent policy and do not hide information about the development of the platform and its owners from users. However, the administration of SwissTrade chose not to disclose all these details. Meanwhile, they assure that this site is the most reliable and safe way to make money through trading. But finding even one argument to support this claim is impossible.
Take a look at the contact information section. The email address in the broker’s contact section clearly does not belong to them; otherwise, why is the address loream.io listed here? However, in the footer on the main page, we finally see the correct address. What conclusion can we draw from this? Obviously, the site is just a template. And SwissTrade clearly has a clone, possibly even more than one.
Exploring the company further, we find that it has no office and, accordingly, no registration address. There is also no information about the presence of a license. The legality of SwissTrade’s activities is highly questionable. If a broker operates legally, they are required to provide information about their registration and license in the public domain.
Concerned About Withdrawal?
Traders will not be able to obtain information about the available methods for depositing and withdrawing funds without registering. This trick is often used by scammers to get as many people as possible to register on the project and then possibly fund their account. The broker claims that users will have access to the fastest and most reliable payment methods, but again, verifying the truth of these statements is impossible without depositing funds.
How Long Does The Broker Work?
Using a special service, any trader can find out the actual duration of the platform’s existence. It started operating in March 2024, and its popularity is extremely low. The site’s traffic does not exceed 100 people per day. Can such a broker be called reliable? Of course not. Its entire narrative is completely false. Attention! This review belongs to InvestExpertHub.
Other Signs of Fraud
❗Complicated verification procedure: To withdraw money, a user needs to verify their identity. Usually, brokers only ask for a photo of a passport and, in some cases, a selfie, but SwissTrade has complicated the verification process, requiring traders to take photos of their cards and even send a bank statement. While there is nothing inherently wrong with this, remember that you are sending sensitive data to an illegal company.
❗Need to contact a manager to start trading: Traders must coordinate starting their work on the platform with a so-called specialist who is supposed to assist them. In reality, this specialist is of no help, and their advice will negatively affect the success of trades because there is a conflict of interest on this platform.
❗Negative reviews about the broker online: Sometimes scammers post fake positive reviews about their activities, but this platform did not bother to do that. There are many reviews online in which traders complain about the inability to withdraw funds and numerous account blocks without apparent reason.
SwissTrade Review Conclusions
The duration of the project’s existence already indicates its unreliability. The broker has many negative reviews, and its activities are not regulated in any way. It is better to find a proven organization and trade there, perhaps under less favorable conditions, but with complete confidence in its reliability.
➕The website is available in several languages.
➖Project has no history and a short period of operation.
➖No real evidence of the broker’s success.
➖No license.
FAQ
How is SwissTrade regulated?
The company is not listed in any regulator’s database. It is not regulated in any way, and its clients cannot be sure that SwissTrade won’t simply leave the market with all traders’ money in a few days.
Is it safe to cooperate with this broker?
Cooperation with this broker is not safe. The platform does not provide any guarantees regarding the safety of funds, and there is no user agreement on the site. The project has many negative reviews, and its short period of operation also indicates its unreliability.
How can I get my money back?
There are many other recommendations online, such as contacting chargeback services. However, they do not provide any guarantees, and you will most likely waste your time and achieve no results. The main thing you should do is contact law enforcement agencies and report the fraud.
Brief Conditions
|
Type |
Forex |
|
Location |
❌ |
|
Establishment Year |
2024 |
|
Regulation |
❌ |
|
Customer Service |
|
|
Languages |
En, De, Es |
|
Demo Account |
❌ |
|
Mobile Trading |
✅ |
|
Web-based Trading |
✅ |
|
Bonuses |
❌ |
|
Minimum Deposit |
$5,000 |
|
Max. Leverage |
1:500 |
|
Scalping Allowed |
✅ |