Swiss24 Forex Broker

Swiss24 Forex Broker - Complete Information Guide

1. Overview of the Broker

　　Swiss24 is an online trading brokerage established in 2020. The company is owned by Axis Solutions Ltd, which is headquartered in the Commonwealth of Dominica. Swiss24 operates as an unregulated offshore broker, focusing primarily on retail forex trading. The broker claims to offer a wide range of trading services to various markets, although it is primarily targeting individual traders seeking access to forex, commodities, indices, shares, and cryptocurrencies.

　　Despite its name suggesting a Swiss origin, Swiss24 is not based in Switzerland and does not have any regulatory oversight from Swiss financial authorities. The company has been blacklisted by multiple regulatory bodies, including the UK Financial Conduct Authority (FCA) and Germany's BaFin, due to fraudulent practices and its operation as a clone firm of a legitimate entity. The development of Swiss24 has been marked by significant warnings from financial regulators, which have raised concerns about its legitimacy and the safety of investor funds.

　　The business model of Swiss24 revolves around retail forex trading, offering various asset classes to its clients. However, the lack of regulation and transparency raises serious questions regarding the security of investments made through this broker.

2. Regulation and Compliance Information

　　Swiss24 operates without any regulatory oversight, which is a significant red flag for potential investors. The broker is not registered with any major financial regulatory authority, and there is no valid regulatory information available. The following regulatory bodies have issued warnings against Swiss24:

• Financial Conduct Authority (FCA) - UK
• Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) - Germany
• Commissione Nazionale per le Società e la Borsa (Consob) - Italy

　　The FCA has identified Swiss24 as a clone firm of the FCA-regulated Swiss Investment Corporation Ltd, which is a serious violation of regulatory standards. Furthermore, BaFin has blacklisted Swiss24 for operating without authorization and for providing clients with a fake regulation number.

　　Swiss24 does not provide any information regarding the segregation of client funds or participation in an investor compensation scheme. The absence of Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance measures further exacerbates the risks associated with trading through this broker.

3. Trading Products and Services

　　Swiss24 claims to offer a diverse array of trading products, including:

• Forex: A wide range of currency pairs, although the exact number is not specified.
• CFDs: Contracts for difference on various assets, including commodities, indices, and shares.
• Cryptocurrencies: Trading options on an unspecified list of cryptocurrencies.

　　The broker states that it provides access to over 800 assets across these categories, yet this claim remains unverified due to the high minimum deposit requirement of €500. This amount is significantly higher than that required by regulated brokers, which typically allow trading accounts to be opened with as little as $10.

　　Swiss24 does not offer a demo account, which is a standard feature among reputable brokers. The lack of transparency regarding the types of assets available for trading and the absence of detailed product descriptions make it difficult for potential clients to assess the brokers offerings accurately.

4. Trading Platforms and Technology

　　Swiss24 utilizes a proprietary web-based trading platform, which is notably absent of support for popular trading software like MetaTrader 4 (MT4) or MetaTrader 5 (MT5). The lack of these well-regarded platforms is concerning, as they provide enhanced security and functionality for traders.

　　The web trader offered by Swiss24 lacks essential features that many traders expect, such as advanced charting tools and automated trading capabilities. The execution mode is not clearly defined, and there are no details provided regarding server locations or the underlying technology infrastructure.

　　Mobile trading applications are not mentioned, indicating that traders may be limited to desktop access through the web platform. Overall, the technological offerings of Swiss24 appear to be basic and do not meet the standards set by established brokers in the industry.

5. Account Types and Trading Conditions

　　Swiss24 offers several account types, including:

• Micro Account: Minimum deposit of €500, with spreads starting from 1 pip.
• ECN Account: Requires a minimum deposit of €2,500, with tighter spreads.
• Gold Account: Minimum deposit of €5,000, with competitive spreads.
• Islamic Account: Available for traders requiring Sharia-compliant trading conditions.
• VIP Account: Minimum deposit of €25,000, designed for high-volume traders.

　　The leverage offered by Swiss24 is up to 1:500, significantly higher than what is permitted by regulated brokers, which can pose substantial risks to traders. The minimum trade size is 0.01 lots, allowing for flexibility in trading strategies.

　　However, Swiss24 does not provide a demo account for prospective clients to test the trading conditions, which is a standard offering among reputable brokers. Additionally, there is no information available regarding overnight fees or the policies surrounding them.

6. Fund Management

　　Swiss24 supports a limited range of deposit methods, including:

• Bank Transfers
• Credit/Debit Cards
• E-Wallets (though specific options are not disclosed)

　　The minimum deposit requirement is €500, which is significantly higher than the industry average. Deposit processing times are not clearly stated, and there are concerns about potential deposit fees, as well as the lack of transparency regarding withdrawal methods and their associated limits.

　　Withdrawal requests may be subject to delays, and the broker has not committed to any time frame for processing these requests. Furthermore, Swiss24 imposes a €30 fee for subsequent withdrawals after the first transaction of the month, which is considered unfavorable compared to regulated brokers that typically do not charge such fees.

7. Customer Support and Educational Resources

　　Swiss24 offers limited customer support options, which include:

• Email Support: Available at support@swiss24.io
• Phone Support: +44 7435 215611 (English) and +44 20 4501 0097 (Italian)

　　The service hours and time zone coverage are not specified, raising concerns about the availability of support when clients need assistance. The broker does not provide any information regarding multi-language support, which could limit accessibility for non-English speaking clients.

　　Additionally, Swiss24 lacks comprehensive educational resources such as webinars, tutorials, and e-books. There is no indication of market analysis services, daily reports, or trading tools like calculators and economic calendars, which are typically offered by reputable brokers to assist traders in making informed decisions.

8. Geographic Coverage and Restrictions

　　Swiss24 primarily targets clients in Europe and other regions, although specific details regarding the main service markets are not provided. The broker does not accept clients from the United States, which is common among many offshore brokers due to regulatory restrictions.

　　The absence of regional offices or a clear operational structure raises concerns about the broker's commitment to providing localized services. Furthermore, the lack of clarity regarding special restrictions for certain countries may pose risks for potential clients seeking to engage with Swiss24.

　　In conclusion, Swiss24 operates as an unregulated offshore broker with significant risks associated with its services. The lack of transparency, regulatory oversight, and comprehensive support raises serious concerns about the safety of investor funds and the overall reliability of the broker. Prospective clients are advised to exercise extreme caution and consider alternative options with reputable, regulated brokers.