Warning! SuisseCG is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
SuisseCG’s (suissecg.com) facade paints a pretty picture of a seemingly harmless broker, yet we are not new in the game, and are very much aware that brokers shouldn’t be judged by their looks. Read on to fin out what SuisseCG is hiding.
The holding company goes by the name of Technoric Ltd, and is registered in St. Vincent and the Grenadines. For new readers out there, the small island nation of St. Vincent and the Grenadines is well known as a top destination for many shady broker firms for the simple reason that the country does not have a financial markets regulator. Which in turn gives unlimited power to brokers registered there. So, SuisseCG may or may not be registered there; it matters not. The main concern here is that SuisseCG is UNREGULATED, and thus a risk to all investments made in it.
We strongly advise traders to trade only with regulated brokers that hold a license from renowned and severe institutions such as the FCA or CySEC. Not only do these agencies oversee operations and require regular reports from brokers registered with them, but those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC)
We opened an account, seemingly live, without any hassle which is common with unlicensed brokers. There, we got a EUR/USD spread of 4-5 pips; a ridiculous value and one that is in no way favorable to traders. In fact only the broker will profit from such a high cost of trade.
The max leverage is 1:100, which is quite low for an offshore broker.
Trading assets as per the platform are Forex Pairs, Crypto, Commodities, and Stocks.
The trading platform offers very little to the table. Users can essentially only place trades and can customize the graphs with just a handful of tools. It’s uninspired and boring, making it less than conventional.
There is mention of commissions in the Terms and Conditions, but they are only revealed, and not detailed.
The platform is solely browser based, as are most shady broker trading platforms.
SUISSECG MINIMUM DEPOSIT
The following deposit info was taken from the Client Portal.
Deposit money via Credit/Debit cards, Wire Transfer, Ethereum, and Bitcoin.
The minimum deposit is $250.
Due to he 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
The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
AnyDesk and TeamViewer software are double edged. For one, you provide complete access to your computer to someone else who, essentially, takes over as the new user. This can be helpful if the person with access is a friend, colleague, or acquaintance; or it can be devastating to your private information, including bank info, if you provide entry to someone with a shady background. Hence the double edge. Note that these software are 100% legal meaning that your approval will be needed if someone is to tinker inside your PC.
SUISSECG WITHDRAWAL TIME AND FEES
The withdrawal process takes between 7 to 10 days. This is almost double the normal waiting time for such transactions.
The minimum withdrawal amount is $100.
The withdrawal fee is 1% of the amount, and can range between $1 and $300.
ADDITIONAL FEES AND TAXES
The bonus trading volume is 50 000 times the bonus, which is an enormous amount. Before completing this requirement, traders will not be able to withdraw. Furthermore, if client wish to withdraw more than 20% of their money, the bonus used will be revoked and all the profits made from it:
The dormant account fee of $99 per 1 month, is activated after 30 days of inactivity.
Overnight fees, which are nothing new both with legit and illicit brokers, are multiplied by 3 each Wednesday, to compensate for the weekend. However, the market is closed on weekends, which means that the broker charges for nothing.
The broker will charge the trader with any fees that it has in relation to third parties, meaning that it can easily come up with fees from out of nowhere.
And of course, there is the clause that absolves the broker from any guilt connected to the trader’s loss of money:
The presence of such charges point out the true scammer nature of this broker. With so many commissions and charges, it’s in SuisseCG’s own interest to keep you invested for as long as possible. For this reason they will deny your withdrawal request, for certain.
Traders will sooner or later realize that something is a foot. Filing for a chargeback might not be as easy as it seems if, beforehand, the user has given away a copy of his ID and proof of address to the unlicensed broker. With these in their possession the broker can easily refute any claims you might have against them.
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 only way to recover is by filling for a charge back, and hoping it’s not too late.
If you have given a CVV code to the broker, be sure to cancel your credit card as soon as possible, because the broker will not delay with draining every cent from it.
At some point or another you might stumble upon a “recovery” agent or agency that promises to retrieve all your money back. This sounds all too good to be true, and that’s because it isn’t. Before proceeding with the recovery they will ask a payment for their services. If you chose to indulge them, they will disappear with the money without a hint of remorse.
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!
SuisseCG’s should get in line, for there are many like it before, and many to come after it. This broker should absolutely not be trusted with your investments. Stay away!