Beware! Swissqb247 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.
Finding scam brokers using “Swiss” in their title is as easy as pie. Well, Swissqb247 is yet one of this kind, and you’ll see why in the following review. Otherwise, they claim to be safe, secure, transparent and innovative, but none of it is true. Read the full review to find all the details you need to know about Swissqb247 before making any deposits with the broker.
Swissqb247 REGULATION AND SAFETY OF FUNDS
Swissqb247 claims it’s headquartered in one of Europe’s leading financial centres but didn’t care to reveal which one. Apparently, they want people to envision it’s a Swiss broker, given the name chosen. However, they have nothing to do with Switzerland because it’s a dirty scam. We say so for the warning issued by the Italian financial authority CONSOB, which exposed Swissqb247 as a fraudulent entity. Thus, your funds are in danger if you deposit into this scam scheme, and you should avoid it no matter what.
Instead, choose some of the high-rated EU brokers and British brokers on both lists if you are interested in trading. The European entities are sufficiently regulated and also covered by deposit insurance funds protecting trader’s money. Hence, CySEC brokers’ clients can claim up to 20 000 EUR in case of insolvency, while the British guarantees are even up to 85 000 GBP. You’d better consider money protections when looking for FX companies to trade with.
Swissqb247 TRADING SOFTWARE
Swissqb247 offers MetaTrader4 and Webtrader for their clients. We only accessed the web-based platform, and it’s inferior to MetaTrader, lacking functionality and overall challenging to deploy. Advanced trading opportunities such as Algo trading is simply out of the question. Swissqb247 is a scam scheme anyway, so we didn’t test their MT4 distribution.
So, you’d better see the high-rated MetaTrader4 brokers and MetaTrader5 brokers we can offer. MetaTrader distributions are reliable and provide sophisticated features such as Expert advisors, many complex indicators, and excellent charting tools, to name a few. The platforms also include a marketplace where traders can browse through 10 000 apps and third-party developed solutions you can deploy to achieve better results.
The maximum leverage available is 1:100, a ratio considered too risky for retail traders. As leverage is very dangerous, many financial authorities even decreed regulations to restrict its usage. As a result, EU, British and Australian brokers have to limit the retail clients to 1:30 for FX majors, while the Canadian brokers and the US brokers can’t provide more than 1:50. Still, risk-tolerant traders can consider the Swiss brokers, which are highly reputable but not leverage restricted.
Swissqb247 DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit with Swissqb247 is €250, a slightly higher requirement than the regulated brokers’ standards- $100 on average. The funding methods enlisted are Credit/Debit cards, Wire Transfers and OKPay, but we can’t validate their claims. Testing their deposit system required ID verification, which we naturally refused to do. Nevertheless, it’s always safer to deposit via bank cards due to the chargeback rights granted by card issuers like Visa and MasterCard. Thus, clients can dispute transactions and eventually get a refund, which is generally much more challenging to do if you sent a wire.
While discussing deposits, we’d like to offer our lists with Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred e-wallet or a trusted payment system. The high-rated companies are well-regulated, and you won’t face scammers.
The minimum withdrawal is $250 for Wire Transfers and $100 for other methods, which are oversize requirements. In comparison, most of the regulated brokers do not impose any withdrawal restrictions, which is the fair thing to do. The fees applicable are also strictly unfair. Each Wire Transfer transaction will be charged $50, while the bank card ones will be charged $25 plus another $10 processing fee. However, that’s not the end because people will have to depart with an additional 10% of the sum if they haven’t executed 200 in turnover. You’ll ask what 200 should mean. Well, no one can tell but bear in mind that Swissqb247 is an exposed scam, so no withdrawals should be expected at all.
The inactivity fees are equally unjust. According to the clauses, after 6 months of inactivity, the account becomes dormant and will be subject to a 10% deduction per month. This is a classical scam clause found in the legal documents of way too many scam brokers.
Overall, Swissqb247 is an exposed scam, so you should stay safe and avoid it.
HOW DOES THE SCAM WORK
Swindling brokers and fraudulent websites appear literally every day. Still, most of the new schemes represent a modification of common fraud that’s not typical for the local markets but similar from country to country.
Nowadays, scammers are working mostly on the Internet and social media. Classical tactics, such as cold calling, became less widespread as the Internet got prevalent. The offers scammers make look legit and present exciting opportunities to invest money in the Forex market. Traders got reassured that the people behind the broker have an excellent track record and promise high returns, seamless trading and guaranteed profits. The scammers intentionally make people believe Forex trading is risk-free, but the opposite is true in reality.
In a typical scenario, scammers just steal traders and investors money and won’t send a dollar back. Sooner or later, clients would ask for a withdrawal, but the con artists would delay or downright refuse transactions. If traders persist, scammers would find excuses to deny and would even ask for more money or simply cut the communication. Whatever the case, traders are going to lose some or all of the capital invested. At the end, when fraud becomes evident, the scammers would simply rebrand and start afresh, creating a new scheme under a different name.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scam. If you get scammed, the first thing you need to do is to protect yourself from further risk. Deactivate your card immediately, contact your bank and ask for advice.
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