Swiss Markets Review
Overview of Swiss Markets:
Founded in 2016 Swiss Markets is a brokerage firm that works under the umbrella of BDSwiss Holdings PLC. Swiss Markets is a newbie in the market as it is only present for a couple of years. However, the broker claims that it has a big international client base and is also said to be a pioneering brokerage firm in the competitive financial market. Swiss Markets is a forex and CFD broker which is headquartered in Cyprus. Let’s get into the detailed review to find out whether the broker is a scam or legit.
About Swiss Markets:
Swiss Markets is a Cyprus based brokerage firm that provides its services online. The broker offers 18 major currency pairs, 19 minor currency pairs, and 40 exotic currency pairs for its forex traders. In precious metals, the broker offers trading in gold, platinum, silver, and copper. While in energy assets it offers US oil, natural gas, and Brent crude. In commodities, there are cocoa, coffee, orange juice, and cotton. The range of assets provided by the broker is very wide and seems attractive but the fact that the broker is a newbie affects the trust bar. Despite being new in the market the broker is charging a high commission of 11 dollars for each forex transaction, which is way too high as compared to the legit established brokers in the market.
Considering the leverage ratio offered by the Swiss Market which is 500:1 in its classic account type and 200:1 in its other account types, the broker is putting its client’s funds at very high risk. The high leverage ratio indicates a high level of risk and this broker is charging a high commission as well, which is a red flag. The minimum deposit required to open an account is 200 dollars which again is a high amount for the very basic account type. The irrelevantly high charges don’t make sense in the case of this broker and something fishy is suspected. Importantly, the broker is not allowed to provide its services in the USA and that’s why it doesn’t accept clients from the USA.
Is Swiss Markets a scam or legit?
Swiss Market is a Cyprus based online brokerage firm which claims to be registered with CySEC. However, the broker is not allowed to provide its services in the USA market which creates the suspicion of its being a scam. Moreover, the unnecessarily high commissions and leverage ratio is another red flag because it puts your money at a greater risk.