Trustyswap Review: Trustyswap.com Untrustworthy Broker
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Trustyswap Review
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Fund Safety
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Customer Support
Summary
There is nothing trustworthy about Trustyswap. This shady broker has violated many of the requirements of the broker in the forex market.
The foreign exchange (forex) trading industry has grown exponentially over the past few decades. Advancements in technology, increased global connectivity, and the allure of high-profit potential have fuelled this expansion. Forex trading has now become one of the largest and most liquid financial markets globally.
Unfortunately, however, alongside this growth, fraudulent activities have also increased. As the market has become more accessible to retail traders, scammers have capitalized on this trend, using sophisticated tactics to deceive unsuspecting individuals. One fake broker that is doing this is Trustyswap. Unlike the many honest and transparent forex brokers, this broker is unregulated.
About Trustyswap.com
From the website, we gathered a few things concerning the broker. One of the disturbing facts we uncovered was that before a trader can access the broker’s web-based platform, they have to deposit some money. This requirement is ridiculous because many regulated brokers offer demo trading platforms free of charge. No broker should require you to deposit money to access their trading platform.
When we checked their domain on whois.com, we realized they registered it in May 2023 and will expire in 2025. This firm will, therefore, be out of business soon. This practice is typical among scam brokers. They enter the market and exit soon because they know people will expose them.
Founders and Team
We found no details about the company founders or the names of the current leaders. If the founders or team members have had negative publicity in the past, the broker will not reveal their identity. By keeping their founders and team members anonymous, they can create the illusion of being a new, trustworthy entity.
Anonymity also allows scam brokers to avoid personal accountability for their actions. Without identifiable leaders, it becomes challenging for victims to pursue legal action or seek restitution for their losses. Additionally, anonymity can be a strategic decision to protect the personal safety of those involved in the scam.
Contact Details
We couldn’t find reliable contact details regarding the broker. A scam broker may hide contact details to evade regulatory authorities. Many jurisdictions require financial service providers, to keep accurate and up-to-date contact information. By hiding their contact details, scam brokers can avoid scrutiny and potential enforcement actions.
It’s also challenging for victims to report fraud or seek assistance without the contacts. Victims who cannot reach the broker may struggle to recover their funds or pursue legal action. This lack of contact information can leave victims helpless and without recourse, further enabling the scam broker to continue operating unchecked.
Trustyswap Regulation
No matter how attractive their trading conditions are, you must always avoid trading with an unregulated forex broker. Trustyswap markets itself as a reputable brokerage firm based in the UK. However, we uncovered some discrepancies. First, the broker is not in the UK’s Financial Conduct Authority (FCA) official database. What’s worse is that the FCA has explicitly denied any association with this shady broker and has even warned people against trading with them. This underscores the need to stay away from them and proves their illegitimacy.
The broker has also attracted international attention due to its dubious activities. Spain’s Comisión Nacional del Mercado de Valores (CNMV) has warned its citizens to stay away from this unregulated broker. We urge you to do the same. Although this broker may assure clients that their funds are safe and protected in segregated accounts, in reality, the funds are not segregated at all. If the broker goes bankrupt, customers will lose all their money.
Trustyswap Trading Conditions
One of the worrying conditions we observed was the requirement that traders should deposit funds before accessing the broker’s web-based trading platform. The broker does not even have a demo account like many other reputable brokers. A responsible broker should allow traders the opportunity to practise with virtual money before they can open a live account. This should be free of charge.
The broker offers three different accounts, each with unique conditions. The minimum deposit is from the Starter account which requires $80. We however didn’t find information about the spread and leverage, which are crucial elements of a forex broker.
Final Verdict
There is nothing trustworthy about Trustyswap. This shady broker has violated many of the requirements of the broker in the forex market.
They are not like the other honest and transparent forex brokers in the market today. Before you venture into trading make sure the broker you are working with is reputable and licensed. This is the only sure way to protect your capital.
