Table of contents
Seeing the google translate logo embedded in the center top of SwingMarkets' website (swingmarketscfd.com) is pretty much the only sign we need to get the picture.
It is said that the company is located in Italy. In Italy the official regulator of forex brokers is the Commissione Nazionale per le Societa e la Borsa (CONSOB). We went to the website in search of one SwingMarkets and found no info that the broker is licensed, meaning that it does not hold a license from it. And since there is not other regulatory info, we conclude that SwingMarkets is certainly UNREGULATED, and thus a risk to every investor.
Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirement for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
There is one interest section in the Confidentiality Policy that allows the broker to contact users by the phone:
Our theory is that once the broker contacts someone, only then will it allow for the user to open an account. In other words, they use their own judgment on who to allow forward, and who to block out. When contacted a user will presumably be manipulated into depositing an initial sum. In so doing, the first stage of the scam is complete- the pitchers have won themselves a hefty commission. After the pitchers are done with you, the retainers, or so called “personal account managers” will charm and manipulate you into funding your account with much larger sums of money ($10 000…), because, as they will claim, that is the only for you to profit in the tens of thousands. From there you money will be forever lost.
We were not able to register, because after entering our details the website did not do anything to announce our successful registration. This means that we had no access to a trading platform, to a client dashboard, nor to a payment terminal. Furthermore, nether a spread nor a leverage has been disclosed on the website, leaving trading conditions a complete mystery.
The website is accessed only in English, and can be translated by google translate to more than 50 languages.
Without opening an account we cannot verify if there is a trading platform. The website claims that there is a simple web-based trading terminal that seems far too unambitious. Unfortunately we cannot give you any further info on this topic.
SWINGMARKETS MINIMUM DEPOSIT
According to the website the minimum deposit is $300; we are unable to verify this. According to the terms and conditions the minimum deposit is $5000. Which one of these two values is the real minimum is made unclear.
There are deposit fees. According to the terms and conditions for funding an account with Visa or Mastercard users are subject to 5% commission. This info is in direct contradiction to the Funding methods sub-page which tells us that Visa or Mastercard are subject to 25% fee and that wire transfers are also levied with a 15% charge. This incoherence is another sign of the illegitimacy of SwingMarkets.
Once more: this broker is clearly unregulated, and if you choose fund an account with it, it will put you directly at risk of loosing all funds. For safekeeping your money, we strongly advise to avoid all brokers who do not have a proper license from renowned regulatory bodies. Agencies like the FCA and CySEC stand out as some of the top license issuers in the world, notorious for their severe requirements and close relationships with the law.
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
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.
SWINGMARKETS WITHDRAWAL TIME AND FEES
Withdrawals are said to be processed within 1 hour of their submission, which is a far stretched promise. International wire transfers are charged with a $50 commission. That is all the withdrawal info we were able to gather.
ADDITIONAL FEES AND TAXES
Clients that do not transact at least one trade per calendar month will be charged with $10.
Furthermore, for inactive accounts, or those that have not made any turnover, a hefty 20% levy is applied o the next withdrawal:
Unregulated brokers do not care who you are and what your situation is; all they see is money, and they will trick you into giving it to them every chance they get. It is only logical then, that any attempt at withdrawing will be unsuccessful. The most popular excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/C, asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.
If a broker is unlicensed, never give you ID and personal details to it, because the broker will use these details against you once you file for a charge back. Furthermore, any allegation held against the brokerage will be easily refuted if they have in their possession a copy of your ID and proof of address.
The most important thing to note is that this broker will not return your deposit, nor will it pay your winnings. It never had this intention in the first place. The best advise is to walk away from it, and go straight for a regulated broker. The FCA and CySEC are the top non-US license issuers, and those under their gaze are bound by the law to put the security of users’ funds as pivotal priority.
HOW TO RECOVER
Don’t delay, and file for a charge back ASAP with your bank or credit card company, but also ask them what the situation with your current account is.
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.
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!
This broker will not return your deposit, nor will it pay out any profits. Do not invest here!
SwingMarkets compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines