Swiss Trade Review: Swisstrade.pro an Exposed Broker!

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Swiss Trade Review
  • Fund Safety
  • Customer Support
0.5

Summary

Swiss Trade should be under the Financial Conduct Authority because it is based in the United Kingdom. However, since they have not fulfilled the necessary legal requirements for registration, they did not apply for a license.

Swiss Trade asks you to step into the trading arena with confidence. But before you can accept the call, you must be wary of this broker’s tactics. Unlike many of the honest and trustworthy crypto brokers, this one is a deceiver. They’re hiding crucial information about their operations and services. 

Swiss Trade Review, Swisstrade.pro Broker

Forex scammers leverage technology to create sophisticated websites and trading platforms that mimic legitimate ones. They use deceptive tactics, such as fake testimonials and fabricated performance records, to lure in victims. The decentralized nature of the forex market also allows them to operate without oversight. 

About Swisstrade.pro

You can trade fiat currencies, cryptocurrencies, indices, stocks and commodities on this trader’s platform. The firm claims to promote transparency, low spreads and superior technology. This is however ironic because the broker is cagey about their vital details. For example, there is no information about when they began operations. 

We checked whois.com and realized they registered their online domain in February 2024 and it will expire in 2026. This broker will be in the business for a maximum of two years unless they renew their domain. This is typical of scam brokers because they know people will soon expose their schemes. They therefore exit the market quickly to avoid further expenditure.          

Founders and Team

There is no information about the company founders or current team. This was worrying because the broker claims to be transparent. Without knowing the leaders, we could not tell what the firm stood for. Often, it is the leaders who determine the company’s trajectory and values. We didn’t get the company’s background and hence it was hard to establish their legitimacy. 

Many scammers have a tarnished history. It is possible that they may have scammed some people previously and their deeds exposed. That is why they choose to remain anonymous when they open another website. Also, the leaders and team may not have the requisite knowledge about forex trading. A broker must have both knowledge and experience before asking investors to deposit money with them.                

Swiss Trade Contact Details

The broker is based in London, UK. They have a phone number and email address. However, these two are hardly enough for a trader. A committed broker should provide more contact details like physical location. These details help traders to verify their legitimacy and avoid falling victim to fraudulent schemes. 

A broker’s website is often the first point of contact for potential clients. By providing comprehensive contact information there, brokers can answer trader’s questions before registering their accounts. Giving contacts also shows the broker is adhering to the regulatory requirements. Swiss Trade is not committed to customer service.   

Regulation

To safeguard your investments, it is imperative to work exclusively with regulated forex brokers. These firms are required to adhere to strict regulatory standards designed to protect the interests of traders. These typically include segregated client accounts. In the event of a broker’s insolvency, this segregation ensures that clients’ funds are protected and can be returned to them.

Regulation often necessitates that brokers maintain a minimum capital requirement. This requirement ensures that brokers have sufficient funds to cover their operational costs and meet their financial obligations.

Swiss Trade should be under the Financial Conduct Authority because it is based in the United Kingdom. However, since they have not fulfilled the necessary legal requirements for registration, they did not apply for a license. If you trade with them, you won’t enjoy fair trading practices because the broker is not answerable to any financial watchdog.          

Swiss Trade Trading Conditions

From the different account types the broker provided, we gathered that the spreads range from 0.8 to 1.5 pips. The leverage can go up to 1:400. There was no information about commission charges which is critical when selecting a broker. The leverage was however a red flag because it exceeds the 1:30 recommended by the FCA.      

Final Verdict

Stay away from Swiss Trade; they are unregulated. With such a broker, you will risk losing all your money. Although trading is in itself a risky business, an unregulated broker amplifies the risk. Avoid such and instead, trade with the reputable and honest crypto brokers who can protect your money.             

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