Beware! SwissAZ is an offshore broker! Your investment may be at risk.
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
SwissAZ presents itself as a award wining forex and CFD broker, offering over 200 tradable instruments across seven asset classes, with a choice of four account types leverage as high as 200:1 and the MetaTarder4 platform.
And SwissAZ also says to be regulated by the Financial Conduct Authority (FCA) in the UK and to have offices in Switzerland and St Vincent and the Grenadines. As good as all of this may sound, the story about SwissAZ turned out quite different.
SwissAZ can be found on the FCA website, but not in the register of regulated brokers, but in the regulator’s warnings list. So if you are considering depositing any funds with SwissAZ, better read the following review.
SwissAZ regulation & safety of funds
SwissAZ says to be owned by Swiss Investment Corporation Limited, a company licensed and authorized by FCA. That however turned out not to be true.
Swiss Investment Corporation Ltd is a legit company licensed by FCA, but SwissAZ has nothing to do with it. The website fraudulently uses the name and the FCA registration number of Swiss Investment Corporation Ltd in an apparent attempt to scam investors. Besides, that is what we call a clone website and naturally FCA has blacklisted SwissAZ. Here you can see the warning by yourself:
Bear in mind that proper regulation is of utmost importance for the safety of your funds, so you should always double check any information a broker is offering. In this case you can also compare the domain names of the legit company – swissinvest.biz and that of the clone website – swissaz.com.
SwissAZ deposit/withdrawal methods and fees
We have already established that SwissAZ is a clone, scam website and yet here are a few more details in their presentation that are rather unusual. The website for example is offering trading bonuses, which scammers usually use as an excuse to cancel your withdraw requests – trading bonuses always come with some additional withdraw conditions – a minimum trade volume requirement, which could also be changed on a whim.
Also SwissAZ says that all withdraws are subjected to processing and handling fees, without bothering to tell us what those fees might be.
And finally, it is worth noting that SwissAZ accepts payments with bank wire and bitcoins, but not Skrill – a popular e-wallet used by many brokers in Europe.
According to their new anti-scam policy Skrill partners only with licensed brokers, and as we already established, SwissAZ does not have a license whatsoever.
How does the scam work?
This could happen while you are checking your Facebook or just surfing the internet. You will see an ad promising an investment opportunity that should not be missed. And if you follow the link you will come to one of the so called robo scam websites like Bitcoin Revival and Bitcoin Profit, where a nicely cut video will tell you the story of how easily you can get rich, if you just invest a small amount with some ground breaking trading ap or a platform. And if you get hooked and do register with your e-mail and phone, in an instant you will be transferred to the web page of a unregulated, offshore, scam broker, where finally you will be advised to deposit about 250 USD.
And do not be surprised by the initial “success” of your trades- actually, in just a couple of days the money on your account will seem to have doubled. That, however will not be real – scammers will be manipulating your trading account with the sole intention to make you more susceptible to the idea of investing more. And that is what “your senior account manager” would be suggesting as well – if you really want to make some big cash you should invest at least 10 000 USD.
And as strange as it may sound, but at that stage quite too many people invest as much as they can, without realizing they have been scammed until the very moment they file a request to withdraw some of their funds. Than out of the blue they are told that they are not eligible to withdraw anything, because they have not met some minimum trade volume requirement, possibly linked to their welcome bonus. The excuse of course might be different, but the end result will always be the same – scammers will not pay anything back.
What to do if scammed?
In case you have been scammed, there is one possible way to get your deposit back and that is to file for a charge back with your credit card company. Fortunately now both VISA and MasterCard will allow you to do that within 540 days.
And if by any chance scammers have gained access to your credit card number and online banking password, immediately change the password and block your credit card.
And one final word of advice. Do not trust the so called recovery agencies. They will not recover your money, but simply will charge you some fees in advance and basically that will be the end of the story.