Beware! BidSwiss 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.
We are reviewing BidSwiss, a shady broker offering nothing short of revolutionary, and that’s what captured our attention. They claim to protect clients funds using industry-leading security protocols and smart traders tools package. However, when we delved deeper, we found many alarming signs and major red flags. Actually, we are going to expose this scheme, and you can see how we found it’s a scam in the full BidSwiss review.
BidSwiss REGULATION AND SAFETY OF FUNDS
The name suggests that it’s a broker registered and regulated in Switzerland, but that’s not the case. In fact, BidSwiss isn’t in any way associated with licensed companies anywhere in the world, so that’s an unregulated entity selling financial services without authorisation. Worse though, they claim to be a brand belonging to FX Publications Inc, but that’s falsehood. The company mentioned above is a highly renowned media enterprise that doesn’t operate Forex brokers, so BidSwiss is a clone firm, therefore a scam. Your funds are in danger if you make a deposit.
Clones are scam entities that abuse the details of authentic companies to make their scheme appear legit. For example, they may fraudulently use companies’ names, addresses, registration numbers, license numbers etc. In essence, scammers want to mislead and defraud people by pretending to work for genuine businesses. That’s a common and simple type of fraud, but a very dangerous one indeed.
Avoid BidSwiss and see some trusted EU brokers and British brokers if you are interested in trading and investing. We recommend those because the European deposit insurance funds cover the traders and investors. For example, CySEC brokers’ clients can request up to 20 000 EUR in compensation, while the British guarantees are up to 85 000 GBP per person. Overall, Europe offers high-grade security, and you can trust the FX companies operating there.
BidSwiss TRADING SOFTWARE
BidSwiss’s trading software is web-based and resembles the online MetaTrader distributions, but only visually. In terms of functionality, the shady broker’s platform is well below the expectations, missing many quality features you can find in MT and benefit from. The EUR/USD spread is a bit higher- 2.7 pips, which is almost 3 times worse than the regulated brokers’ standards- 1 pip and below. The Buy/Sell difference forms part of the trading costs, so lower rates benefit traders and improve profit potential. The FX market is a highly competitive place where you can easily find trustworthy brokers offering much more favourable trading conditions.
So, see the high-rated MetaTrader4 brokers and MetaTrader5 brokers. We recommend these because MetaTrader is a stable software featuring advanced trading tools such as Expert Advisors, Algo Trading and many complex indicators. The platform also has a marketplace with more than 10 000 apps you can use in your strategy.
The maximum possible leverage is 1:500, a ratio that’s overly risky for retail traders. If misused, 1:500 can inflict immediate losses that are very challenging to recover.
In fact, the leverage is so risky that many financial authorities enforced regulations to restrict its usage. As a result, EU, British and Australian brokers are limited to 1:30, while the Canadian brokers and the US brokers can’t provide higher ratios than 1:50. Most of the brokers offering greater leverage are poorly regulated offshore businesses, so be cautious.
BidSwiss DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit with BidSwiss is $250, which is in line with the offshore brokers’ requirements, but higher than the regulated industry standards- $100 on average. The funding methods are Credit/Debit cards and Wire Transfers. Most brokers accept both deposit systems, but bank card transfers are considered safer because it’s possible to file for chargeback within an extended period of time.
The minimum withdrawal amount is $200, which isn’t fair a requirement. Effectively, that’s a scam clause because most regulated brokers impose no or minimal withdrawal restrictions. BidSwiss allegedly process the request within 2-5 days with no fees incurred, but we can’t validate their claims. As we proved earlier, BidSwiss is a clone firm and a scam, so we remain sceptical about their trading provisions and can’t consider anything in the legal documents trustworthy.
Furthermore, BidSwiss do not allow withdrawals in the form of refunds, which is the ultimate scam clause we could find. For more information, look at the screenshot at the bottom of this section.
As for other fees, there are none specified. Presumably, BidSwiss doesn’t put accounts dormant or charge for inactivity, but we can’t validate this either. In fact, the absence of a dormant account policy is a worrying sign, nonetheless. It’s a set of rules that determine how brokers handle inactive accounts- no login, no trading, no deposits/withdrawals and the absence of such provisions doesn’t look good on a broker.
There are no bonuses or other forms of trading incentives available.
Overall, BidSwiss is a shady clone firm and a scam, so make sure to stay away from this business.
HOW DOES THE SCAM WORK
Internet is filled to the brim with scammers’ fraudulent ads and deceitful Instagram and Facebook profiles displaying dreamy lifestyle, yachts, cars and so on. They promise get-rich-quick schemes, and it’s tempting to have a look at least.
If you click there and submit your e-mail and contact number, they’d ring you at once. You’ll be offered bonuses, insider information, managed accounts and guaranteed profits and so on. Most scammers are seasoned manipulators, and before you know it, they’d be waiting for you to provide them with your bank card details over the phone. However, that indicates urgency, and that’s a treacherous sign, so if someone pushes you to start trading ASAP, then it’s most probably a scam.
However, the first deposit is just the beginning. Gradually they’d ask for more money from you no matter what. If you lost on the market, they’d persuade you to put more money and recover the losses. If you traded well, they’d convince you to put more money and increase the profits. The troubles start when you ask for a withdrawal. The scammers would do anything to discourage you and would even ask you to deposit even more funds if you want to withdraw. The scammers’ mantra is “give me your money”, they’d insist every day you should fund your account over and over again for no obvious reason. Legit companies do not bother you over the phone to deposit with them, so if someone pushes you to invest, it’s most probably a scam.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scam. If this unfortunately happens, the first thing to do is to protect yourself from further risk. Contact your bank and explain what happened to you so that they can give you instructions and 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, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush blindly trying to recover your funds because many scam chargeback agencies and individuals are trying to double scam the victims. They ask for upfront payment, take the money, but won’t do anything to help you!
Share online your experience; it’s important to protect others, as well. Be responsible!
Rich Snippet Data