SwissAZ

SwissAZ can seem attractive at first, with its spinning cards, animations and promises of prizes. But these types of premises are exactly what brokers such as SwissAZ rely on to attract a clientele. Read on to find out all there is to know about this one.

The broker gives us to addresses as its headquarters. The first is located in St. Vincent and the Grenadines. For those out there not yet on point, 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.
The next location is given 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. For these reasons, and many more, there are only a handful of legitimately operating brokers in Switzerland, of which SwissAZ is NOT one of them.

All this info, and the fact that there is not actual mention of a regulation anywhere on the website, proves that SwissAZ is UNREGULATED.

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).

The leverage value we could not get a hold of. The broker has not mentioned any specific value. The EUR/USD spread we got after opening an account was 3 pips which is twice the average size and is not at all lucrative for the traders.

The tradable assets that are made available for trading are as follows: Forex Pairs, Crypto, Commodities, Indices, and Stocks.

The languages available for use are English, Italian, Spanish, and German.

SWISSAZ LOGIN

There are two platform advertised, but only one that concerns us and the traders. To explain, the MT4 at SwissAZ does not actually belong to the broker but to another company that goes by the name of Polis System.

So we are left only with the Activ8Trader which is underwhelming, and might seem very advanced but in truth it is not at all up to date to industry standards. There are no real chart, thus no indicators or further options for customization. Overall a very scammer broker platform.

We got from it a EUR/USD spread of 3 pips, while the leverage is unavailable.

The Activ8Trader is solely a browser based terminal.

SWISSAZ MINIMUM DEPOSIT

The minimum deposit as per the client portal is $250.

The only two deposing methods in the portal are Credit/Debit cards and Wire Transfers.

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

It may or may not happen, but if an unregulated broker asks you to install AnyDesk or TeamViewer and give them log in details, consider yourself very open to a complete drainage of your funds from all your online accounts. These software allow for anyone to access your PC from another station and go through all your files and vital information, including credit card, bank and alternative payment method details. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.

SWISSAZ WITHDRAWAL TIME AND FEES

The withdrawals take up tot 5 days to process.

The T/Cs claim that there are fees connected to withdrawing, but we could not find any mention of them elsewhere.

As for the minimum withdrawal, it’s no surprise that there is no information about it.

ADDITIONAL FEES AND TAXES

One clause worth a mention is concerned with bonuses. Before withdrawing a bonus, client must cover a trading volume of 30 times the bonus.

The Terms and Conditions are a mess, they are not organized as they should be, so going through them is a a lot of work. This is always a sign of an illicit broker; purposefully making its legal document as inaccessible as possible. Trust us when we say that this broker is not worth even a penny.

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.

ACCOUNT VERIFICATION

We strictly advise against giving away an ID and proof address to unregulated brokers: they can be literally anyone with enough time and skill to mask themselves as a broker. Usually, these individuals use the anti-money laundering legislation as front for when traders start to get suspicious. Once this suspicion is confirmed and you file for a charge back, they will use your details against you case.

We are positive that this so called broker will not return your funds; the evidence we have laid out before you work in sync against it. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.

HOW TO RECOVER

Filing for a charge back is the best advice we could give you. Immediately contact your bank or credit card company and lay out the circumstances.

Cancel your credit card if you have shared any notable details with the fraudulent broker, especially if you have provided them with the card’s CVV code. If such is the case, annul your credit card ASAP.

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!

BOTTOM LINE

SwissAZ will not return your deposit. This broker is as fraudulent as they get. Do not invest here!