First of all, our network of law firms specializing in financial fraud is made up of a team of European experts familiar with European, French and Cypriot legislation. On the basis of different specific laws and European legislations, our legal experts aim to help Forex victims to recover their lost funds. We seek to keep you informed about the threats that may exist on Forex-type trading platforms. Today, in this article, we want to give you our opinion on the broker BDSwiss.
I / Who is the BDSwiss broker?
According to the website: https://www.ie-smart.eu/avis-bdswiss/, BDSwiss is an online trading company operating internationally. The company was founded in Switzerland in 2012, more precisely in Zurich. Currently, it is one of the busiest companies in Europe, with customers exceeding one million, covering over 120 countries / regions around the world. In addition, the fact that the broker is completely legal in Switzerland may appear to be convincing proof of reliability, which would prove the reliability and the professionalism of the company.
The BDSwiss broker belongs to the BDSwiss Holding PLC group. This is a corporation which has been created to comply with the requirements of the Cypriot legislation. This fact allows it to be licensed by CySEC (Cyprus Securities and Exchange Commission). This authority acts as a guarantee of the legality of the company in Europe. Currently, the broker has several headquarters in the United States, Cyprus, Seychelles and Mauritius. We generally know that owning more than one seat is suspicious in most cases.
Although BDSwiss is not a broker we would recommend to you, it manages to maintain a good traffic on its platform, and it becomes richer with each passing day.
II / For whom BDSwiss is suitable?
At BDSwiss, you will be able to trade CFDs on different types of markets: Forex, cryptocurrency, stocks, commodities, and indices. Their website has been translated into over 20 languages. This is another reason for the so-called success of BDSwiss, which now has over 1 million registered accounts worldwide. Additionally, providing customer support in multiple languages is an added benefit. However, as you read the article, you will understand that the customer service is poor.
According to their site, BDSwiss offers several types of accounts and trading platforms, including Metatrader 5. In terms of accounts, you can open yours, starting at $ 100, which is a bit cheaper than its competitors. However, BDSwiss stands out with very high spreads, which makes it one of the most expensive brokers.
In terms of withdrawals, there are some complaints from users on different websites, such as Trustpilot, for the slowness of the process. Withdrawals are therefore very slow in addition to being limited to only 5 banking methods: Visa, Mastercard, Skrill, Neteller, Swift Bank Wire and Online Banking. It is stated on their website “BDSwiss wants you to be able to withdraw your funds easily. We always strive to provide our customers with the best possible service. Therefore, we aim to process all withdrawal requests within 24 hours.”
However, a certain review dated June 7, 2021 on Trustpilot indicates that the victim has still not received his funds for six months.
On the BDSwiss platform we note a certain investment risk. According to their site, BDSwiss does not charge deposit and withdrawal fees for credit card transactions. This gives the impression of facilitating investment on the platform. However, BDSwiss does not allow the use of a demo account without a real account. We believe this restriction helps encourage more registrations, thereby encouraging more personal investment funds.
According to their website, if your account remains inactive, you risk losing your investment funds. Forex brokers charge a monthly inactivity fee of 10% of your account balance. The minimum monthly invoice amount is 25 euros until the account balance reaches 0 euros.
Another risky aspect of BDSwiss is that you cannot open a demo account without talking to your account manager. Once the connection has been established with the account manager, given how the broker works, you will probably be prompted to make a deposit.
III / Your opinions on BDSwiss
In order to better understand the universe of the BDSwiss broker, we have tried to collect the opinions of users of this platform thanks to Trustpilot.
As you can see the reviews are not positive. We note astronomical sums lost but also big commissions related to these losses. In regard to customer service, it is disappointing.
IV / BDSwiss condemned by CySec in 2017
In 2017, CySEC, the Cypriot regulator, announced that it had investigated the broker BDswiss. It was suspected of violating European and Cypriot regulations. The investigation resulted in a voluntary fine of € 150,000 and was cleverly buried by the broker, because it is difficult to get more information about this fraud. Fortunately, the CySEC decision is available online to explain the reasons for the fine.
BDSwiss did not act in the best interests of its clients, and as a result it was fined according to CySEC. More specifically, based on the Law on Investment Services and Activities and Regulated Markets from 2017, the reasons for this possible violation, act or omission are:
Failure to comply with the terms of the User License under which authorization was granted in accordance with Articles 18 (2) (a) and 18 (2) (d) of the Law.
Failure to observe fair conduct in the business activity of the investment company in accordance with Article 36, paragraphs 1, a), b) and d).
V / What do we think of this broker?
Our point of view on BDSwiss is clear. We warn people who wish to invest in trading platforms through BDSwiss brokers. Indeed, even if everything indicates that it is a regulated broker authorized in the different countries in which it operates, we have noticed that the perception of the latter is increasingly negative.
Can we say that BDSwiss is a scam? No, since there is no official evidence. However, as a network of law firms specializing in financial fraud, we urge you to be mindful of your investment and the advice you may get from it.
If you have any questions about Forex-style trading platforms, please do not hesitate to contact us for further information.