SwissSquared review – 5 things you should know about swisssquared.com

SwissSquared review – 5 things you should know about swisssquared.com

Rating: 1

Beware! SwissSquared is an offshore broker! Your investment may be at risk.

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There is very little to conceal SwissSquared and its shady activities to us, but that might not be the case for some of the more novice and rookie clients. It’s that clientele that unregulated brokers target because they really do not know any better than to trust the likes of SwissSquared. This review is for those that don’t know any better. Make sure to read it before doing anything regretful.

The common registration process and user area remind us of previously reviewed scams, and that’s just the beginning.

We were able to access a web trader, where we read a 0.7 pips for the EUR/USD pair. The 1:100 leverage is ok, and so are the available trading instruments: forex currency pairs, metals, commodities, crypto, stocks, indices, and energies.

SWISSSQUARED REGULATION AND SAFETY OF FUNDS

The only legal thing about the whole broker is an address in Ireland. And who’s to say that this address is legit? In reality, SwissSquared is not registered there legally, if at all! In order to be fully legalized as a broker in Ireland one must comply with the local FX regulations, which in our case are issued by the Central Bank of Ireland. There was no mention of SwissSquared in the bank’s record, meaning that it is providing illegals FX services.

And moreover, with a name like SwissSquared, shouldn’t the firm be offering services in Switzeland? Or at least claim it does?

Another clear sign of the offshore broker is the presence of bonuses. Here there are plenty of those, meaning that either SwissSquared is regulated somewhere offshore that allows for bonuses – not that many location grant such a permission  – or that SwissSquared is completely lawless and will do whatever it wants. We prefer to stick to the second one, because everything points to this being the reasonable explanation.

SwissSquared is not licensed and a risk to all. Do not invest here because you will lose all your money.

Unless you wish to throw your money away for no reason , there is absolutely no incentive for investing in unlicensed brokers. In fact, you would be doing them a big favor by funding their further fraudulent projects. If you wish to trade real FX and CFD with regulated brokers, looks no further that those that are regulated, especially in well known locations such as Europe, the UK, the US, or Australia. The regulators there are pedantic to a ridiculous degree and will do everything in their power to uphold the rights of the user and the integrity of the market industry. It is within their power to penalize brokers and demand client compensation, as well as to set industry standards and introduce new rules and regulation.

SWISSSQUARED TRADING SOFTWARE

What we have here is not some advanced software for trading, nor even a decent one. What the broker has been equipped with is perhaps one of the most popular scammer web traders in the shady industry.

First of all, notice the third party charts used by the software; who’s to say that the tradeable assets as well as the spreads are legit and not just projected by some third party chart with irrelevant values? Aside from the chart, there isn’t much else to do here on this software. The user will get bored pretty fast with this one.

SWISSSQUARED DEPOSIT/WITHDRAW METHODS AND FEES

With the user area here we were not able to get any payment details, because the payment sections themselves were not there. There was some odd error which did not allow us to enter the deposit section nor the withdrawal one. There is no way to know for sure that deposits and withdrawals are actually available. It may just be that SwissSquared is packing its bags. Or, these two subsections are only available to a chosen few users.

The website revealed that the minimum deposit is capped at $250, while the only two payment methods are cards, both debit and credit, and wire transfer. We also learn that there is a fixed 3.5% withdrwal charge where the minimum is $30ys. If the percentage equals less than $30, the user is automatically levied $30 as per the request. The minimum withdrawal amount is $50 for all card withdrawals, and $100 for bank trasnfer. The processing times are between 3 and 4 days.

Not that we can say for sure that these are accurate payment methods. With unlicensed brokers you never know for sure.

HOW DOES THE SCAM WORK

Getting scammed usually happens without you knowing it. It’s a deceivingly simple process that owes its success precisely because it seems so avoidable.

First, there is the matter of getting in contact with the broker which happens in one of two ways. Either it contacts you, or you it. If it calls, it means that somewhere in your net journey you accidently left a phone number or an email address. Or you were persuaded by the broker to contact it, which is why many scammer brokerage sites looks so appealing.

The hardest thing to achieve, for a fraudster, is to convince a user to invest an initial deposit. Prior to this a certain level of trust must be built, centered around a false sense of rapport. The broker will fake an interest in the user and in the process talk about market and profit opportunities, as well as investment choices. It’s all a part of a retaining strategy that will keep the user invested for at least a couple of thousand dollars, on average, until, eventually, he realizes the scammer pit he has fallen in.

When this happens, the broker will seize all contact with the user, and might even block the client from the website. It will go to great lengths not to return a single penny of the user’s money.

WHAT TO DO IF SCAMMED

The first thing you should do it to file for a charge back. That’s if you have invested by means of a credit or debit card. MasterCard and VISA have a chargeback period of 540 days giving users more than enough time to try to get their money back.

Wire transfer deposits are not as easy to acquire, and the best advice we can give you is to set up a reimbursement strategy with the bank leading the transactions. Most banks have strategies put in motion when these circumstances are met. Furthermore, if scammed via a wire transfer, it’s best to change your bank account user name and password.

Unfortunately, all crypto deposits are most surely lost for good. These transactions are untraceable and therefore once they reach the scammer end it all depends on the fraudsters if you see your money back or not.

Lastly, do not trust recovery agents or agencies. These are either separate scammers trying to get a hold of any leftovers, or can even be an extension of the brokerage scam.

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