Beware! SwiftForex is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Warning! SwiftForex is an obscure anonymous Forex broker which shouldn’t be trusted. SwiftForex is astonishingly similar to Finanza Invest, a scam creature that we have already reviewed earlier. Find out everything you need to know about this controversial Forex broker in the full SwiftForex review
SwiftForex REGULATION AND SAFETY OF FUNDS
First of all, we have to start with the ridiculous address they have listed on the webpage. They claim to be headquartered in London, UK, but the address given is totally fake. There isn’t such an address in Britain, it’s nonsense.
Now, have a look at the Finanza Invest headquarter address, absolutely the same absurd one, found in almost a twinned web page. A very major red flag indicating that you should stay away from SwiftForex, it’s a scam.
Also, SwiftForex claims to be presented in San Francisco, but the contact number they listed is laughable. It might be funny, but remember that these guys are asking for money from you, so there is no place for jokes. Stay away!
Our attempts to find anything about SwiftForex in the FCA database were fruitless.
Your funds are not safe if you make a deposit with SwiftForex, it’s an unlicensed, unauthorized and unregulated Forex broker, sharing many similarities with other proven scam brokers.
Our strong advice is to choose EU(CySEC) or UK(FCA) Forex broker, as these are obligated to put the safety of the traders on top of their priority list. There are many customer protection measures agreed and implemented throughout Europe, in fact, all of the EU members have to guarantee the same levels of financial security to the customers. For example, if a Forex broker wants to be CySEC or FCA licensed it has to meet the capital adequacy requirements. The minimum initial capital required is 730 000 EUR, safeguarding the ongoing financial soundness of the entity and creating safer conditions for the traders.
Most importantly there are money protection schemes in operation, such as ICF in Cyprus and FSCS in UK, securing the deposits of the clients. Under CySEC(Cyprus) supervision you can claim up to 20 000 EUR in compensation, while in UK under FCA you are guaranteed of even up to 85 000 GBP. Each EU member state is compelled to create and further operate such a fund, which is regarded as a last resort for the traders, in case a Forex broker faces difficulties to meet its financial obligations.
SwiftForex TRADING SOFTWARE
Warning! In this section we are going to show you the bulk of scam evidence, which undeniably proves that SwiftForex is a scam broker.
SwiftForex offers only Metatrader4 accounts to its customers, Metatrader5 or their own web based platform are not available. However, you can access all the Metatrader distributions with your MT4 account, including its Desktop, Mobile or Web version, it’s up to your choice.
The first red flag emerged as soon as we signed-up. The dashboard of SwiftForex is absolutely identical to the one used by Finanza Invest, have a look.
The service provider supplying SwiftForex with a Metatrader distribution is named Trades Limited, the same company that we found to work with Finanza Invest. It’s another major red flag and another definite proof that SwiftForex is a scam Forex broker.
The EUR/USD spread is as low as 0.0 pips in difference, but you should avoid dealing with SwiftForex, regardless of the competitive trading conditions.
The leverage is said to be up to 1:1000 on their web page, but it’s a lie.
There are only four different leverage ratios to choose from in reality: 1:100, 1:200, 1:300 and 1:400. It’s yet another major red flag, not only because of the information discrepancy found, but because SwiftForex actually creates extremely risky environment for the trader, disallowing the customers to adjust the leverage levels to their own preferences.
ESMA, the EU financial regulator, launched a product intervention in the retail Forex market, capping the maximum leverage to 1:30 for FX majors and 1:2 for Crypto derivatives. FCA went even further to completely ban Crypto derivatives trading in 6 October 2020, the order coming into effect in the Spring next year. The heightened leverage is considered to be inadequately risky for the retail traders and levels higher than 1:30 are gambling in nature, not trading.
SwiftForex DEPOSIT/WITHDRAW METHODS AND FEES
There is a lack of comprehensive Terms and Conditions presented to the traders, which is another major red flag.
The minimum initial deposit is said to be as low as 10 USD. The only funding method the fishy PaynetEasy, an allegedly Russian online payment wallet, which is quite obscure, as well. We found the exact same payment method to be used by Finanza Invest, yet another proof that these two has a lot in common and are probably run by the same group of scammers.
No minimum withdrawal amount determined, also no fees specified. There are no fees for inactivity or dormant account policy applicable, which is yet another red flag.
No bonuses presented at the moment, but SwiftForex reserves the right to offer bonuses in the future. No partnership programs introduced.
HOW DOES THE SCAM WORK
Scammers introduce financial or investment opportunities which are too good to be true. Lucrative returns (we’ve seen 800% per day) with low or no risk at all, unbeatable trading conditions, trading robots and bots that always execute the winning trades, scammers might even assure that they possess insider’s information and the profits you are going to make are guaranteed.
The scammer will promise you the moon and the stars only to gain your confidence, will persuade you to get involved and sooner or later will take advantage of you. Once you submit your personal details including ID, credit or debit cards, bank accounts or national insurance number the risk becomes long-term. The scammers might not only refuse to make a withdrawal, but might as well use your personal details to conduct criminal activities. They might dry up your bank account, might make deals on your behalf or you might even end-up being an owner of a hugely indebted company. Beware!
Remember, always trust forex brokers that are legitimate and regulated by a strict financial authority that creates safe environment for your funds, such as CySEC or FCA.
WHAT TO DO WHEN SCAMMED
No one is immune to scam, anyone can fall into the trap. Scammers are constantly looking for new and different ways to scam consumers. What you need to do first, in case you got scammed, is to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you important instructions to follow and will help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing. Seek help actively!
Share online your experience, it is important to protect others, as well. Be responsible!