Warning! CFDSwiss is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
You will be tempted to think of CFDSwiss as a top broker, yet this company is quite the mess, making this yet another illicit broker that utilises pretty visuals to trick users. Read on.
CFDSwiss has not once mentioned a regulation, or a even an incorporation. There is an address locating the broker in Switzerland. Every broker in Switzerland must hold a banking license from FINMA in order to provide Forex and CFDs trading. To become eligible for such a license, would be brokers have to hold a capital of at least 20 million CHF. Next, Swiss brokers must sing the Swiss Banks and Securities Dealers Agreement in order to continue with their application for a legitimate regulation. This agreement protects all customers against brokers’ insolvency of up to 100 000 CHF.
We assure readers that CFDSwiss does not cover any of these, and other, requirements. This company is thus UNREGULATED, unregistered, and illicit. The website is very unprofessional, past the home page, there are no terms and conditions, and the trading conditions are questionable.
If users have the trader’s itch, they are more than welcome to trade with any FCA regulated broker. The FCA enforces a strict set of rules and demands detailed reports on company activities, but also includes a compensation fund of up to £85 000 for victimized traders resulting from insolvent brokers.
For some reason when we tried to click on the registration button, the page that we were redirected to was broken, not giving us anything to work with. For this reason we were unable to log in, nor access a clients dashboard or a trading platform.
The website does not mention any spreads or leverages. However, it does provide a list of trading assets: Forex Pairs, Commodities, Shares, Indices, and Cryptocurrencies.
The website is exclusively in Italian.
As we were unable to get a hold of a trading platform, we had no way of checking if the claims of the broker, namely of a MT4 platform, are provable. Thus, we are left with nothing.
Nevertheless, the Metatrader 4 still holds on its own when it comes down to delivering what is necessary. The functionalities are all there including drag and drop charts, user friendly accessibility and pending order types. With MetaTrader 4 you can set automatic trading bot to do your deals for you while you preoccupy your time with different activities.
CFDSWISS MINIMUM DEPOSIT
The account section of the websites holds that the minimum deposit is $250. The broker, as per the FAQ, allows for crypto deposits and bank transfers as sole funding methods.
Due to the broker’s lack of any regulation, we advise against depositing any amount whatsoever. If traders wish to invest in online forex, they will find that any FCA/CySEC regulated broker will surely do. These agencies are at the top of their game, demanding a strict conduct from brokers, and requiring regular reports on their activities.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
For safekeeping your money NEVER share your credit card number and CVV code with a salesperson. All online payments require this 3 digit number in order to complete purchases or transactions, and by giving yours away to some offshore broker may lead only to the complete drainage of funds from your credit card.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
This broker has sneaked in the AnyDesk software as means for traders to receive help; it’s located on the bottom right of the screen on the website. Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, often times for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.
CFDSWISS WITHDRAWAL TIME AND FEES
The only withdrawal information is located in the FAQ section of the website, meaning that there is no official withdrawal info to speak of. Anyway, the minimum withdrawal is $100, and the fee for withdrawing is $30. The scammer has not revealed the processing times.
ADDITIONAL FEES AND TAXES
There are no additional fees mentioned in any of the Legal Documents, only because there are no legal documents to go through. Don’t let this soften you up. Brokers that have no regulation are known to launch incoming fees without notice. For this reason they try to postpone any withdrawal request. Either the broker will find a loophole in the terms and conditions that is completely made up, will firmly advise you against withdrawing, or they will ask more deposits needed if one wished to withdrawal. Scammers come up with additional fees and taxes for the sole purpose of keeping you on stand-by, and to deplete as much money from you as is possible.
Beware, once more, when giving away an ID and a proof of address. Trustworthy brokers ask for these before traders can deposit to make a check up. Deceitful ones will ask for these details, using the anti-money laundering legislation as pretext, once you start asking too many questions and are getting suspicious of their activities. Understand that they will use these to build a stronger case against you in the event that you request a chargeback.
Yet again we urge readers to stay away from this broker as it will, without a doubt, never return your funds and profits. If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect.
HOW TO RECOVER
The most sound advice we could give you is to immediately file for a chargeback with you credit card company.
If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.
Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.
The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
CFDSwiss is an illicit broker that will take never return investments. Do not deposit!