SwissFXM Review – Is SwissFXM a Fraud?
You may be wondering whether SwissFXM is a scam or a legit trading platform. This review will examine a few important details, including its fees, trading accounts, and chargeback policy. You should also be aware of its chargeback policy if you’ve been ripped off. The company charges a 20% upfront withdrawal fee and doesn’t allow chargebacks for online payment methods, but you should be able to get your money back if you’re not happy.
SwissFXM is a fictitious trading platform
If you have been thinking about investing in cryptocurrency, you should know if SwissFXM is a fictious trading platform. This fictitious broker has received negative feedback from users of its platform, and you should be very careful before you sign up with them. In addition to being a fake company, SwissFXM does not meet regulatory requirements. Furthermore, it works with automated trading software, which is notorious for scams.
SwissFXM also claims to offer several trading accounts. Their website lists Bronze, Silver, and Gold accounts. However, if you have an unverified account, the deposit menu is non-existent. Moreover, SwissFXM does not disclose its payment methods, including bank transfers, credit/debit cards, and established e-wallets. The lack of transparency in payment options makes SwissFXM an unreliable, fake trading platform.
It offers several trading accounts
SwissFXM claims to offer several types of trading accounts. The company website lists three types of accounts: Micro, Standard and Premium. It also lists Bronze, Silver and Gold accounts. Each of these accounts has its own features and pricing. SwissFXM accepts a variety of payment methods, including bank transfers and credit/debit cards. Unlike other forex brokers, it does not accept payments through cryptocurrencies.
One advantage of SwissFXM is their low spreads. Their EUR/USD average spread is just 0.8 pips, which is extremely low and makes them attractive for scalpers and day traders. The company’s support team is highly knowledgeable, so you can always contact them with any questions or concerns you have. This brokerage provides several options for traders, including a demo account. If you’re new to forex trading, SwissFXM’s customer service team can help.
It charges a 20% upfront withdrawal fee
Usually, a broker will provide detailed information about itself, including licensing details. But SwissFXM doesn’t. Their website fails to mention any legal entity. You’ll also find no documents on the website regarding the company’s financial regulation. What’s worse, they’ll ask you to pay an upfront fee of 20% before you can withdraw any of your money. It’s a common scam tactic used by fraudsters. It will only result in even bigger losses for you, and no withdrawal at all.
It does not allow chargebacks on online payment systems
If you’re considering using SwissFXM, you’re probably wondering how their payment system works. Their website lists several accounts: Micro, Standard, Premium, and Bronze. It’s important to check the type of account you want before making a deposit. For example, if you choose a Micro account, you won’t have to pay a monthly fee. You’ll also have the ability to deposit as much as you’d like, and SwissFXM will hold your money until you can make a withdrawal. If you’d prefer to deposit via a different method, you’ll have to send the money by bank transfer or wire transfer.
Although SwissFXM advertises itself as an industry leader, it lacks credentials. While it may be a legitimate forex broker, it’s very likely that it will steal your money without being regulated by an independent agency. While investing in the financial markets is an excellent way to earn passive income, it is important to be wary of online scammers. These bogus brokers often pose as traders, make false testimonials about satisfied customers, and won’t invest your money.
It offers leverage between 1:100 and 1:500
Although SwissFXM claims that it offers a maximum of 1:30 leverage, this is not the case. The UK regulates the use of leverage at 1:30 or less, so this type of leverage is largely unsuitable for retail traders. In addition, there are no publicly available terms and conditions. The company also offers bogus trading and may charge hidden fees, so it is important to do some research before deciding on its services.
Before deciding to trade with this high-leverage ratio, traders should consider their trading style and strategy. While trading with 1:500 leverage may be an appealing option for beginners, they should consider the risks and limitations involved. Leverage can be dangerous, and it can magnify losses in a trade. Beginners should be wary of trading with 1:500 leverage because they risk losing all their capital in just a few days.
It offers real-time forex market information
SwissFXM is a website that provides real-time forex market information and tools. It offers a comprehensive set of FX tools, including quotes, charts, news, calendars, and video reviews from the Dukascopy TV studio. You can download the software for free, and it works with any internet connection. However, beware of unscrupulous companies. You may find yourself losing money if you choose to trade on an unregulated site.
In addition to real-time forex market information, SwissFXM also offers advanced trading tools and services. The website features videos and live chat support. It also has reasonable spreads on all trading activities. While SwissFXM claims to be the world’s leading broker, there are many reasons why it is not a good choice for beginners. In fact, it is a scam, a disreputable company that takes advantage of the popularity of cryptocurrency and the misunderstanding of financial markets.