SwissTrading24 Review: Swisstrading24.com a Brutal Broker
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SwissTrading24 Review
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Fund Safety
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Customer Support
Summary
SwissTrading24 is likely aware of these benefits but hides their leaders because revealing them would jeopardize their business. Many of the people running such firms have histories of fraud or operate other similar companies, making exposure risky for them.
Some companies have mastered the art of deception, and SwissTrading24 is one of them. They purport to help you unlock the secrets of trading. This promise is too good to be true. There are no secrets in trading, and the barriers to entry are low. This is part of what makes the business so attractive. However, trading is only successful when you invest with honest and reliable crypto brokers.
One way to avoid scammers is through education. Comprehensive resources and training on the risks of forex trading and how to identify potential scams can empower traders to make informed decisions. Financial literacy programs and public awareness campaigns can significantly reduce the number of victims.
About Swisstrading24.com
SwissTrading24 offers trading in crypto, commodities, currency pairs, and stocks through various accounts. It also claims to provide algorithmic trading capabilities using its platform’s automated trading strategies. Although this appears promising, it gives traders false hope that these strategies can significantly improve their results.
The broker registered their online domain on April 16, 2024, which is set to expire in 2025, another red flag. Scam brokers often operate briefly before disappearing, knowing their deceptive practices will soon be exposed.
Founders and Team
There is no trace of the founders or current team running SwissTrading24. While some businesses might overlook these details, they are crucial for enhancing customer relationships. Today’s customers want to know who they are doing business with and what the company stands for. Businesses can create a more personal connection with their clients by providing detailed information about their background and leadership.
SwissTrading24 is likely aware of these benefits but hides their leaders because revealing them would jeopardize their business. Many of the people running such firms have histories of fraud or operate other similar companies, making exposure risky for them.
SwissTrading24 Contact Details
The broker provides email and physical addresses in Switzerland and the United Kingdom (UK) but no phone number, which is a red flag. This omission could be to reduce costs, as running a call center would increase operational expenses that the broker might not be willing to shoulder.
Some scam brokers use the absence of a phone number as a psychological tactic to create a facade of exclusivity and high demand. They might claim that their services are so sought-after that they can only be reached through certain channels such as email or online chat. This creates an illusion of credibility and prestige, misleading traders into believing they are dealing with a high-caliber institution.
SwissTrading24 Regulation
As a broker operating in Switzerland and the UK, SwissTrading24 should be regulated by the Swiss Financial Market Supervisory Authority (FINMA) and the Financial Conduct Authority (FCA) respectively. To obtain a license from FINMA, a broker must go through a comprehensive process. This includes preparing a detailed application with extensive documentation about their business model, organizational structure, and financial stability.
The broker must also prove they have sufficient capital and liquidity to support their operations. Additionally, the broker’s management and key personnel must be vetted for appropriate qualifications, experience, and a clean regulatory history. The application process includes a review of the broker’s IT systems and infrastructure.
Upon checking the FINMA and FCA databases, SwissTrading24 was not found, indicating they are unregulated. Therefore, any dealings with this broker should be avoided. The broker has also failed to demonstrate robust anti-money laundering (AML) and counter-terrorism financing (CTF) measures.
Trading Conditions
SwissTrading24 offers Basic, Standard, and VIP accounts but does not explain the trading parameters for any of these accounts. As a result, traders cannot make informed decisions when selecting this broker as their service provider.
Final Verdict
SwissTrading24 is a scam company. None of its claims about its business are true. To trade without issues, investing with reliable and accountable crypto brokers is essential. These are registered companies where you can enjoy favorable conditions without fear of losing money unscrupulously.
