SWIFTCFD Review is Swift CFD a Scam or Legit Broker

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SWIFTCFD Review: is Swift CFD a Scam or Legit Broker?

Can you use SwiftCFD safely? This is a question that many traders are asking about them. There are so many different reviews and information about them, that it is hard to know if this is really a trustworthy and legit broker. With our research done, we found that they are not recommended and that you should not consider using them. This is the information that we have found out about them.

Company info

SwiftCFD is a forex and CFD broker. In fact, they are trading in different cryptocurrencies that are making them popular. They have a legit address, and they are situated in Estonia. The telephone number and email address seem legit as well. However, there are complaints and concerns about SwiftCFD that doesn’t answer calls or emails.

The question if they are legit is because of the fact that they are an offshore company. This is putting your money at higher risk than local brokers.

Are they registered and regulated?

Yes, they are registered at an offshore company. The company is situated in the Marshall Islands. However, the one thing that you need to know is that this company doesn’t regulate the brokers. Making this still a huge risk.

People think that just because a broker is registered, they are legit and regulated. And, that they can use them without any problems. However, this is really far from the truth. They should be regulated and registered to be a safe broker to use. And, this is something that they aren’t.

Registered offshore. Are this making them reliable

You need to be very careful here. They are registered at an offshore, unknown company. And, this doesn’t make them reliable. There are many registration companies that are fake. Just created so that it seems that the broker is registered.

This is why it is important to make sure that the broker is registered not only locally, but internationally as well. And, that they are regulated. Then, you will know for sure that this is a broker that you can use without any problems. Just because they can say that they are registered, doesn’t make them legit. There are many reasons to believe that the company that SwiftCFD is registered to, is a fraud company and for sure not legit.

The different accounts that you can choose from

There are basically two different accounts. The one is the regular account, and the other one is the premium account. There isn’t any demo available for testing the platform as well.

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The thing that is bothering us, is the high minimum deposit that a trader needs to pay before they can start trading. For the regular account, you need to deposit at least $500. This is a huge amount, considered the amount that other brokers are asking. The premium account, a person should deposit $10k. This is a lot of money to risk to a broker that you can’t trust. There are swap-free accounts for Islamic beliefs as well.

The platform that they are using

One thing is for sure, they don’t make use of MT4. MT4 is the most reliable and trustworthy platform that they can use for trading. And, even if they don’t have a demo account, it is clear that the platform that they are using isn’t MT4. It is a platform that is unreliable and hard to learn.

In order to know for sure that you are going to use the right broker, you should look at their platform. Don’t even consider using brokers that doesn’t make use of the MT4 platform.

Terms and conditions unclear

Yes, they do have terms and conditions. However, it is stated in such a way that it is in fact unclear. Traders don’t really understand the terms and conditions. They are doing this on purpose. This is so that it is easier for them to block traders and to get the money that the traders have in their accounts. The terms and conditions are basically double-sided. It can mean two different things, it just depends on how you interpret the words. They are using this to their advantage, not yours.

Confusion about the company

There are lots of confusion about SwiftCFD. This is because of the lack of company information. There isn’t any founder information and information about the date that the company was founded. There is also not any information about the company where they are registered.

Why don’t they have any essential information about the company? Is this because there might not be a legit company with this information available?

Regulators warnings

There are a couple of regulators warnings out. Recommendations that traders should not use them for trading. There are a couple of reasons for these warnings. This is because they aren’t legally registered, not regulated and there are inconsistencies about their company and terms and conditions.

SwiftCFD. Brokers that many traders are using. However, is this really brokers that can be trusted? With research, we found that there are a couple of things that are making them risky to use. In fact, there are many warnings about using them. There are much better, and more reliable options out there.

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SwiftCFD Review

SwiftCFD was a non regulated Forex / Crypto Currency CFD broker that opened in November 2020. Their website is now dead!

Owned and operated by Digital Worldwide OU, they are located at: Roosikrantsi tn 2-K344, Kesklinna District, Tallinn City, Harju County, 10119, Estonia. SwiftCFD can be reached by phone in United Kingdom at: +44 208 089 7911, and contact email address is: [email protected] Official website is: https://www.SwiftCFD.com/.

Investors can read about broker complaints and problems, read this.

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SwiftCFD Reviews

SwiftCFD give you two options of a Forex trading platform, either the classic MetaTrader 4 software or their web based system from Panda. The web based trading software is nice and easy to use, and much easier for newbie investors that get confused by the MT4. The downside with the platform, is that it is not mobile friendly. You will instead need to download their mobile trading app from Google Play. This broker also lists their MetaTrader platform as coming soon.

You can see this broker offers investors CFD trading on many different underlying assets including; Forex, Commodities, Crypto, Stocks and Market Indexes. Spreads on Bitcoin is fixed at $175 no matter the price, and margin available on Crypto is 100:1. On Forex pairs, leverage is as high as 100:1, and the spread on EUR/USD is 3 pips.

Minimum deposit for a new trading account is the standard $250.

SwiftCFD License

When the Scam Broker Investigator reviews a new Forex & Bitcoin broker like Swift CFD, we want to know if they are a legitimate broker, or another scam. We look for a valid government brokerage license, from FSB South Africa, FCA United Kingdom or from ASIC Australia.

SwiftCFD is not a licensed broker. On October 8th 2020, the FCA issued this warning to investors. Also listed as an owner of this company is: Digital Enterprise Ltd, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960.

You should read reviews of all licensed Forex brokers, and also have a look at the most popular brokers today, look here.

Compare Brokers with SwiftCFD

Smart traders always check out the competition before settling on any broker.

ForTrade are the best brokers in England, since they are licensed & authorised by the FCA, look here.

Start with a Free Demo Account, Signup at: ForTrade.com.

If you are currently investing at the brokers Swift CFD, please share your experience with other investors, in the comment section below.

SwiftCFD Review

SwiftCFD

Reason to avoid: Offshore license

Listed Date: March 7, 2020

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Beware SwiftCFD is a Non-Regulated broker. It is NOT SAFE to trade.

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Is SwiftCFD a scam or legit broker?

No, it is not safe to trade with SwiftCFD. SwiftCFD is owned by Digital Enterprise Ltd. which is an offshore company registered in the Marshall Islands.

The Marshall Islands is notorious for its practically absent requirements and regulations. Due to the setup cost is low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as YFX Capital, Pinprotrade and more.

According to the website, SwiftCFD is an innovative consumer trading company offering clients an easy and intuitive way to trade all the major financial markets including Forex, Commodities, Indices or Stocks. There is another company behind the brand’s name, Digital Worldwide OU, registered in Estonia. However, the company is not authorized by Estonia’s Financial Supervision Authority.

The other brand of the Digital Worldwide OU, RoyalCFDs, that we have previously reviewed, along with the company have been banned by the UK’s Financial Conduct Authority in October 2020:

Both brands’ websites (RoyalCFDs and SwiftCFD) interfaces look quite the same, no wonder, the regulator has also blacklisted SwiftCFD:

“This firm (Swift CFD, a trading style of Digital Worldwide OU) is not authorised by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorisation.”

We strongly advise all investors and traders to avoid SwiftCFD or any other brand of the Digital Worldwide OU. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as City Index and IG Markets.

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