Brand Review: Is BDSwiss a Scam?

Brand reviews of a broker like BDSwiss cannot be done in isolation but must be proper in terms of assessing its strengths and offerings versus the risks. BDSwiss claims to be a crucial player in the world of forex and CFD trading, but close monitoring underlines the contingent pitfalls in a comprehensive, critical, and professional manner.

Brand review: Concerns over Regulation and Risks of BDSwiss

The brand BDSwiss is operated under the license of the Seychelles Financial Services Authority (FSA), which is an offshore regulator known to have very loose regulation. While that does not matter for retail investments in some cases, red flags here cannot be ignored, more so in the eyes of someone trying to find a broker with strong pre-investment risk disclosure and strong investor protections in place. On its part, BDSwiss claims to have segregated accounts and negative balance protection, yet its offshore regulation is far less protective than that of brokers under the watchful eyes of stricter regulators like the FCA or ASIC.

“With such poor offshore regulation, BDSwiss leaves a lot to desire, and it raises some questions on how committed the broker is in protecting the investor.”

Brand Review: BDSwiss – Withdrawal Issues and Customer Complaints

There is, however, one significant issue with BDSwiss in connection to the potential problem with money withdrawals. There’s a plethora of user complaints that BDSwiss denied withdrawal requests, held on to funds, and even removed equity from user trading accounts. This is borderline fraudulent and typical of an investment scam. ‘It also gives another bit reportedly contributing to trading losses, which is severe slippage.’ Too Many of Such Experiences From Complaints and Withdrawal Issues of BDSwiss.

Added to this, they are higher than what the majority of competitors offer. The EUR/USD spread for the Classic account starts at 1.6 pips. The overall throughput will quickly sum up, which in turn could put a limitation on gross profitability for traders.

Brand Review: BDSwiss — Platform and Tool Restrictions

Proprietary broker apps are slightly basic, so more experienced traders who are looking for advanced features and powerful analytical tools might find this feature discouraging. The educational content, although extensive, does not feature any kind of tool for tracking progress, making learning non-systemic.

Brand Review: BDSwiss — Regulatory Scrutiny and Legal Issues

In May 2021, the FCA wrote a letter to BDSwiss, in which a UK client CFD business wind-down is being mandated. The wording in this letter may sound a little roundabout, but the message is fairly adequate and clear — the FCA is indeed concerned about the way the broker is running its business. The FCA regulation does not provide any safeguarding of proceeds from UK clients since the funds are directed to overseas banks, and the accounts are maintained with firms that are not under FCA regulation.

Brand Review: BDSwiss — Trust Score on the Edge

This provides a lot of rooms for scams and other unethical practices, thus proving to be a very high-risk option for any trader. In fact, the underlying risks and negative user experiences mean that it might not be as safe and reliable as others when BDSwiss touts itself as such because of its diversified offerings and proprietary tools. Hence, one has to be extra careful about working with alternative brokers that have much more robust regulatory oversight and better customer feedback. These risks are very much significant for the investors as they will be more aware of the financial pitfalls that can be possible about BDSwiss.