Warning! Swiss Market Index is an offshore company! Your deposit may be at risk.
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Swiss Market Index sounds like a serious place for experienced traders, and it does look the part, until we looked more carefully. It was then revealed that Swiss Market Index is nothing else but another suspicious brokerage scheme.
Swiss Market Index claims to be located in Switzerland, yet regulated by the FCA. The very few brokers that legally operate in Swiss territory are licensed by the local watchdog FINMA. 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 sign 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.
As for the FCA licence, we can easily rule this one out.
Thus Swiss Market Index is UNREGULATED, and is therefore a risk to any investment made.
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 victimised clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
We opened a live account easily, and were given access to a webtrader, where we got a EUR/USD spread of 0.4 pips, which is an amazing value for traders. The leverage is capped at 1:1000 which is a very dangerous amount, one that can easily lead to a fast loss of all money. As for the trading assets, they are Forex Pairs, Stocks, Indices, and Commodities.
The website is available only in English.
SWISS MARKET INDEX LOGIN
Swiss Market Index’s trading platform is actually quite decent. In no way does it posses any if the intricacies of the Metatrader 4 or 5, but is still holds it own when used by novice traders. There is room made for chart customization, and there are pending orders.
There are undisclosed commissions on spreads. It’s understandable, since such a spread is too good to be true, especially for an illicit broker.
This is yet another reason, why you shouldn’t trade with Swiss Market Index.
SWISS MARKET INDEX MINIMUM DEPOSIT
Users can deposit via a number of depositing methods: Credit/Debit cards, PaySera, Exchanger, Safe Currence, PayBis, Venus Exchange, CryptoPay, and Tokeneo.
The minimum deposit is $250.
Due to the broker’s lack of an authoritative 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 three digit CVV code is essential to making purchases or completing transactions online. By handing this info to someone claiming to be a broker, your are exposing your savings to the biggest risk of all!
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.
SWISS MARKET INDEX WITHDRAWAL TIME AND FEES
The maximum fee that one can receive when withdrawing is 15% of the sum. However, this fee is applied only for the lats withdrawal before closing an account.
There is no talk of withdrawal times, even in the Terms and Conditions.
ADDITIONAL FEES AND TAXES
There are no clauses worth mentioning, but we assure our readers that this broker will not return any deposits or profits. 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.
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!
Those of you having hope for Swiss Market Index, we can only say this- stay away from this one!