SwissFXM has a powerful name but nothing else. The firm is entirely anonymous, defrauding clients and having a bad reputation among investors. Read our SwissFXM review and get all the details.
| Broker status: | Unregulated Broker |
| Regulated by: | Unlicensed Scam Brokerage |
| Scammers Websites: | swissfxm.com |
| Blacklisted as a Scam by: | CNMV, CONSOB, FSMA, FI |
| Owned by: | Yourt North Ltd |
| Headquarters Country: | N/A |
| Foundation year: | N/A |
| Supported Platforms: | WebTrader |
| Minimum Deposit: | 250 EUR |
| Cryptocurrencies: | Available |
| Types of Assets: | FX, commodities, indices, shares, cryptocurrencies |
| Maximum Leverage: | 1:500 |
| Free Demo Account: | No |
| Accepts US clients: | No |
What About SwissFXM Regulation?
SwissFXM shamelessly claims to be a sponsor of FC Ajax from Amsterdam. However, there are far more serious issues here. The first thing to note is their website. The company doesn’t have SSL security, meaning the website can easily be hacked, and your information is not safe.
When you see a trading firm negligent towards the safety of funds and personal data, you cannot expect much. Thus, we were not surprised to learn that SwissFXM is unregulated and operates illegally.
Why Must A Broker Have a License?
If you’re looking to be safe and your funds kept in segregated accounts in reputable banks, you need a regulated firm, preferably with a Tier1 license. Since SwissFXM didn’t bother to disclose an actual owner, not counting the fake firm Yourt North Ltd, or a legal jurisdiction and has never obtained a license, you can already understand that giving your money away is a risk you don’t want to take.
Furthermore, we seriously recommend you not to invest in the fake brokersFinanceCapitalFX,MetaFMI, andWizard Capitals. So don’t be taken in by these shady brokers!
SwissFXM Warnings From Financial Regulators
SwissFXM earned its place on the Spanish warning list after too many complaints.
The CNMV issued an official warning stating that swissfxm.com is a fraudulent domain and the company provides unauthorized financial services such as Forex trading and financial advising.
This warning was later republished by the Italian Consob.
Also, Belgian FSMA.
And the Estonian FI.
Traders Reviews About SwissFXM
As expected, SwissFXM reviews are negative, with clients explaining how they ended up defrauded by the scheme firm. Apparently, the firm’s account managers are asking clients to download AnyDesk or TeamViewer, use it to access online banking, and wipe it off. Once the money is transferred, these same account managers freeze clients’ trading accounts and never answer their calls again.
What Platforms Does SwissFXM Offer? – Available Trade Software
SwissFXM offers only proprietary WebTrader. Allegedly, the software provides progressive charting, technical analysis, Forex news, and more. Yet, we all know that a WebTrader can never be secure as a MetaTrader, and knowing that the broker has safety issues from the start, we would advise you to avoid it.
SwissFXM MetaTrader4
The company doesn’t offer MT4 or MT5. Since the website itself is not secure, we’re not surprised to learn that this company didn’t invest money in anything more than a web-based trading solution.
All About SwissFXM Accounts
Clients can choose between 3 different account types:
Accounts differ in spread, leverage, trade size, and personalized services. However, note that SwissFXM is not licensed, and you cannot trust anything you see on their web page.
Does SwissFXM Have A Demo Account?
The broker doesn’t have a Demo account, and all the trading has to be done through Live accounts after you deposit the money.
SwissFXM – Operating Countries
The company provides its illegal trading services mainly in:
- Germany
- Spain
- Italy
- UK
SwissFXM Range of Trading Instruments & Markets
Looking at the offer of trading assets, the SwissFXM broker might look appealing. The firm allows investing in:
- Currency pairs
- Commodities
- Indices
- Shares
- Cryptocurrencies
Yet there are legitimate brokers with equally good offers.
So, you should avoid Invest Flow forex broker and similar brokers such asUnicoFX,ZuluTradeandIndexEvolve.
SwissFXM Trading Conditions
SwissFXM offers spread starting from 0.3 pips for EUR/USD pair and low commissions. And yes, this may seem terrific until you remember that legitimate firms profit from swaps, fees, and spreads. If the broker doesn’t charge any, ask yourself what’s the goal. You can conclude that the firm wants your entire deposit.
Leverage With SwissFXM
The company offers unregulated leverage from 1:100 to 1:500. Regulators in the EU and the UK have set a limit of up to 1:50 for the Forex market and only 1:2 for crypto. Offering ten times more exposes your funds to 10 times more risk, ensuring you will lose your funds and the broker won’t have to approve any withdrawals.
SwissFXM Deposit, Withdrawal Methods, and Fees
Typically, brokers have a Deposit and Withdrawal Policy explaining everything you need to know. It’s not the case here since SwissFXM doesn’t even have basic Terms and Conditions. Ads on the web page claim that the broker accepts debit/credit cards and wire transfers, but we have no information besides that. There’s nothing about fees you’ll have to pay or withdrawal processing time.
Scammed by SwissFXM Broker? – Let Us Hear Your Story
Suppose you were scammed by a SwissFXM broker. Get in touch and tell us your story, and our chargeback specialists may be able to help you file a dispute and get your money back.
But What Is A Chargeback?
Banks have ways of reversing online transactions in cases of fraud. The chargeback is one of them, with a time limit of up to 540 days. Let’s not waste more time; contact us via online chat to book a free consultation, and let’s recover your money.