Overview of Swiss Market Review
Swiss Market, is a sly and cunning rip-off of the legitimate business “Swiss Markets” which is operated and owned by the parent brand of BDSwiss. The company claims to be a forex broker that is licensed by the Financial Conduct Authority (FCA) in the United Kingdom. However, this is just not factual. Rather the truth is that the company is scamming and targeting people in the United Kingdom recently. This comes after being blacklisted by authorities in Italy and Switzerland. Read full Swiss Market review here. Finding about the legitimacy of this company’s claims of being licensed is a little tricky though. But we start with a license number and a parent company name mentioned in the terms and conditions of the company’s website.
About Swiss Market
The company suggests that Swiss Market is actually a trading name for their parent company Axe Capital FS Ltd, which is apparently a company registered in Switzerland. You also find another name of Axelrod Holdings Limited in the terms and conditions section. However when an internet watchdog group ran a check on this information, it found that Swiss Market is not a trading name for Axe Capital FS Ltd. This is basically a type of scam which is called “clone firm”. The reason why we said that it has been blacklisted by the Swiss and Italian regulators is because they had previously blacklisted a broker by the trading name of SwissMarketIndex, which claimed to be operating as a trading name under Axe Capital FS Ltd as well. So it is inferred that this is the same scamster, who is using the prevalent trick of rebranding and trying to run the same scam. This is a rather common trick that many scamsters use. They get caught by one or two regulators with limited jurisdiction, so they change their domain, rebrand and start targeting another location. The broker claims to make use of a web-based platform called SMI platform. It is a rather simple and easy to use platform even for new users. But it does fall short to the popular Meta Trader 4, lacking in various features. Apart from this, the broker shares no information about the spreads it offers. Also, there is no mention of the leverage it could offer with various account types. These are crucial information for traders, which is suspiciously missing. The minimum deposit is the market average of $250.
The company provides no verifiable information or any licenses it might hold. Furthermore, there is substantial room for suspicion about the operations and origins of the broker. We suggest our readers to stay away from this broker.