SwissIAM review – 5 things you should know about

SwissIAM review – 5 things you should know about

Rating: 1

Beware! SwissIAM  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.


Upon closer look we realized that SwissIAM is a direct descendant of most scammer brokers, and this becomes more obvious the more time one spends with the website. It seems to us that everything is based on a template, long ago expired and out of style. But here we are with SwissIAM, and what we are about to say applies to pretty much 90 percent for all unlicensed brokers.

We registered without any hassle, and were quickly allowed access to a user area. The client area was very simple and straightforward which is not always the best thing. Usually one expect a good deal of depth in these in order to give users some choice. But there’s nothing here of this sort.

We were granted access to a web trader, at least. There we get the following tradeable assets: forex currency pairs, shares, commodities, indices, and cryptocurrencies. The EUR/USD is of 0.4 pips and we believe it to be manipulated because there is no mention of spread commissions, which should be applied to such a low spread value.  The leverage there was capped at 1:100.

Just so know, the trading information on the website is completely false, as it has nothing to do with what we found in the client portal.


The name of the broker obviously refers to Switzerland, and the official contact information also points to the broker being, allegedly, registered there. It’s not that simple. As with any country, any broker must be regulated by the relevant local entity. As it turns out, the Swiss entity, the Financial Market Supervisory Authority (FINMA), is one of the hardest regulators to crack, and thus Switzerland as a whole is home to one of the most severe and scrupulous FX environments in the world, second only the United States. So, there is no way that the likes of SwissIAM is regulated or registered in Switzerland.

But then we find a claim that the broker’s parent firm is registered in Saint Vincent and the Grenadines, which would have made a difference if it was anywhere but Saint Vincent and the Grenadines. The reason for this is that this nation does not have an FX regulator, and thus this parent form, whether real or not, is not licensed at all! So, this statement is pretty useless.

Therefore, SwissIAM is a scam and an unregulated broker. Do not invest here!

It would be a big shame to lose all that money to scammers. By registering and investing in an unlicensed broker, you are indirectly throwing your money away for a completely futile and illicit cause. There is no reason to do so. That is why we urge our readers to rely on EuropeanUKUS, or Australian brokers, or any licensed entity for that matter. Licensed entitles are covered by hundreds of requirements, many of them apply financial compensation schemes, and anti fraud practices. In other words, they are the exact opposite of what this broker and others like it stand for.


There is nothing interesting here. This web trader is a fraud.

The main issue is the third party chart that begs the question as to the firm’s liquidity. All the other aspects of the web trader are basic stuff that every other platform has.


SwissIAM offers some unknows third part investment means. From the user area, we learn that these are GatewaysApi and MirHax, and, of course the classic untraceable and very risky BTC wallet. Not to mention that the two other wallets seem to us suspicious and we would not rely on them if we were you. The minimum deposit is $200 for the wallets, and $1 for the BTC wallet.

The withdrawal area reveals different withdrawal methods: a BTC wallet, cards, and bank transfer. Adding additional payment methods can only harm the reputation of the firm at thins point. That is because anti money laundering laws state that deposit and withdrawal methods have to be the same as to prevent fraud.

From the withdrawal policy, we read that there is a fixed $50 withdrawal fee on each request which seems way to big a commission. Moreover, there are further fees mentioned in the terms and conditions but in typical scammer broker style there are no details whatsoever. \

There is no reason to invest here. Not only are there hidden fees that god knows how much they charge, but the broker is also unregulated and a risk to all!


Generally, the first step to being in a scam, whether a user is aware of it or not, is to bridge the crucial gap that exists between a user and a broker. With legit entities rarely does this go beyond the limits of formality, whereas with scammers they will try to behave as close friends, and will try to sell you as much as they possibly can.

It easy to fall prey to their sweet talk, because as financial instruments grow more complex, so do scammers, and there are surprisingly advanced swindle techniques that will leave you empty handed faster than you know. So make sure to think before you act, and to ask for professional guidance if necessary.

Contact usually begins at the online ads level, and expands to the telephone line relatively fast, depending on how good the scammer is and how susceptible he or she is to manipulations.

The ultimate goal is reached once a scammer successfully causes an initial deposit to be invested. Once this happens the user has become the victim, and from then on the fraudsters will try to retain the client for as long as possible, draining him/her along the way.

On average, it takes 2 to 3 deposits for a user to realize that something very unlawful is happening. By that point however, the broker will cut all communications with the user and will deny all withdrawal requests.


The most common action to take is to file for a chargeback, but this happens only if the user has invested with a credit or debit card. That’s why you don’t get many investment frauds taking card payment nowadays. But the good news is that, if money was invested via a card, the chargeback period for MasterCard and VISA is 540 days.

Wire transfer deposits are harder to get back, and the only thing we recommend is contacting the bank to sort things out if possible. Oh, and make sure to change you bank account user name and password ASAP!

Crypto transactions are lost for good, unfortunately. As cryptocurrencies become more numerous and the systems underlining them more complex, scammer are taking full advantage of these aspects, and the end results are very lucrative. So, never trust unregulated brokers with crypto payments.

And then, we have to mention the other type of scammer, the recovery agents. These are either third party fraudsters or extensions of existing swindles, and will provide the seemingly impossible service of tracing your lost money. All they need is a fee for their effort, a sum of money that will be lost once paid.

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