Swiss Main Review Is swissmain.com Scam or Legit Broker

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SwissMain Review – is it scam or safe?

Trading Accounts and Conditions

Account type Minimum deposit Maximum Leverage Spread
Silver N/A N/A from 2.1 pips
Gold N/A N/A from 1.5 pips
Platinum N/A N/A from 0.9 pips
VIP N/A N/A Negotiable

SwissMain offers the above account types for trading in wide range of financial instruments. In the present review, we will try to highlight both the strong and weak sides of this forex broker, although we don’t recommend it.

SwissMain Advantages

Many asset classes covered

SwissMain claims to offer trading in over 1000 assets – numerous forex pairs, as well as wide range of CFDs. The latter include indices, commodities, and stocks.

It seems that the only asset category that is not offered by this broker is cryptocurrencies. In case you are keen on trading digital assets, check out our list of forex brokers offering Bitcoin trades that are reliable and licensed.

SwissMain Disadvantages

SwissMain is a trading name of Meridian Banc Ltd., an offshore company “licensed” by the Vanuatu Financial Services Commission (VFSC). Allegedly, the broker has offices in Vanuatu, Denmark, Switzerland, and Dubai

Vanuatu is an island country in the South Pacific Ocean with beautiful beaches where the requirements and taxes for brokers and companies in general are pretty lax, so don’t be fooled by any such claims of financial regulation made by an offshore entity. Offshore brokers are in fact not subjected to strict financial supervision, nor have to meet any stringent requirements.

Blacklisted by several regulators

SwissMain (Meridian Banc Ltd.) has been blacklisted by Belgium’s financial regulator FSMA, and has also been the subject of a warning by the financial supervisory authority of Switzerland (FINMA) and Hong Kong (SFC). This should be enough to prevent mre traders from depositing any mony with this broker and giving out any personal information. It is very probable that SwissMain is engagedin some sort of fraudulent practices.

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The FSMA stated that SwissMain offers investment services in Belgium without complying with local financial legislation, and strongly advised against responding to any offer of financial services made by this broker and Meridian Banc Ltd.

Trading conditions not specified on website

SwissMain’s website does not contain any relevant information on essential trading conditions, such as leverage levels, minimum initial deposit, etc. All decent forex brokers specify these important trading details as a part of their transparent pricing policy.

MetaTrader not available, spreads not that good

Unlike most forex brokers, SwissMain does not use the popular MetaTrader4 (MT4) platform. Instead, it offers a proprietary web-based interface, which is not bad – it has some social trading feature, as well as decent analytics.

SwissMain’s web platform. Click to zoom in.

However, most traders will surely prefer the MT4, which is highly praised for its reliability, ease of use, and advanced analytical tools. The MT4’s charting package is second to none and the platform is especially popular for its automated trading bots, a.k.a. Expert Advisors (EAs).

Besides, as you can see from the above image, the spreads offered by SwissMain are not that good. There are a number of well-established and licensed brokers that have lower spreads.

Conclusion

SwissMain is not a broker we can recommend. It seems to operate on regulated markets without a legit license, and the several financial authorities have warned the public against it. On top of that, its offer is not all that tempting – spreads above the industry’s average, some oversimplified web platform, and trashy website lacking essential trading details.

As always, our advice for investors is to deal only with properly licensed brokers with transparent trading conditions and pricing. Proper regulation includes various guarantees for the safety of your investment, such as client account segregation, compensation schemes, and more. Besides, reputable financial regulators are known to be very harsh on licensees who fail to meet the applicable requirements. One such example is the Financial Conduct Authority (FCA) in the UK.

To sum up the above:

Pros Cons
Solid choice of CFDs Not regulated
Blacklisted by several regulators
No clarity on trading conditions
MetaTrader not available, spreads not that good
Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

Swiss Main Review: Is swissmain.com Scam or Legit Broker?

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5 thoughts on “ SwissMain Review ”

Mziwamadoda Duba

My account does not appear in my email I tried several times and it doesn’t show

zulkamal

swissmain called me explain about their service, help me to fill up a form to deposit fund in their live account for purpose of trading with guarantor from swiss banc, as their liquidator. They helped me to fill up their form by direct access media Anydesk. The caller claimed by name Bill anderson, talked to me about their services almost 3 hrs on the phone and email. Really its frightening to receive a call from overseas claiming to be an assistance to our trading. A very sweet talks and promises if invest in the swissmain.com. but skeptimism that kept me away from banking money to their account that they created for me. I argued with that guy, and finally, he closed the line, confirm a real scam.

If you want to lose money, invest with Swissmain’s top conmen, Bill Anderson and Bradley Thomas. These two scumbags swindled me out of thousands of dollars. I really have nothing to say, but to warn anyone reading this to stay away from these criminals! Very disappointed. Justice must prevail. Every dog has its day

Ndod’emadodeni

Yes these people are a scam…they have you sign for bonus agreement and ask to to trade a certain volume to reach a withdrawal.as soon as you rich that volume they increase it again…meaning all that money they have been asking you to deposit and all those profits you worked hard for, you will not get…if not that they will trade your account for you and blow it just to shut you up

patrick

I received a call from Erik Franco from Swissmain and was asked to join the Swissmain Team in their Trading business. I deposited USD500 and was promised huge profits. After one week I was asked again to depost USD1000 which I delayed because I did not trust the system. Mr Erik kept on putting pressure on me to deposit that money and even promised to give me a bonus if I do so.
Now, the way he was pressurizing me got me suspicious such that I ended up not even depositing that money. I also wrote an E-MAIL to him where I instructed him to stop trading for me and close my account. To my surprise he kept on trading in spite of my instruction to the point where he even just closed down my account with zero balance.
That is how I lost my USD 500 which I want to be given back. Although it looks to be a small amount, it can be used to pay my children’s school fees.

Swissmain Reviews

23 • Average

Write a review

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Reviews 23

john .gleason (at) premium recoveryinc . com

Get your money back from this fraud of a company. I was able to get my investments back. check email up to contact funds recovery expert for help.

The level of professionalism I received…

The level of professionalism I received from ” R e c o v e r y E m p i r e . c o m ” was second to none. I was stressed, anxious and upset at the unreasonable behavior being displayed by the Funds Management Company that looks after my Investments. I contacted ” R e c o v e r y E m p i r e . c o m ” and I was reassured by the calming nature of the staff that I communicated with and always felt that my concerns were taken seriously. The dispute was resolved amicably a short time after their team took up the case. I am very thankful for the help and reassurance that Recovery Empire gave me.

I will recommend mr mason to any one in…

I will recommend mr mason to any one in need of help in getting back their lost funds from their scam broker, he helped me get back my lost money, you can contact him by clicking on my profile.

do not under any circumstances do…

do not under any circumstances do business with this company.you will lose you money.i lodged £500 which built up to £1307.when i tried to withdraw they placed a trade without my knowledge and cleared the account.no way of contacting them,no reply to emails-just a horrific experience.

Swiss main is fraud

Swiss main is fraud. All this positive reviews was written by them so plssss do not fall for this crap.

I received a random call one day from them and they told me everything I wanted to hear. I told them I could only afford to deposit £500 to start but they convinced me to make it £1000 and they promised To give me bonus if I agree to make it £1000 deposit. That was the end of me. I agreed and they gave me the bonus. For months I worked so hard and they didn’t let me withdraw. They came up with excuses that I had to trade up to 40million volumes, how the hell do you achieve that without blowing my account. Then I started trading aggressively just to reach my target and take my money out. Eventually I completed it after over a year without seeing a dime. Despite completion they came up with another story, to cut the long story short, I was never allowed to withdraw till this day. I had to leave the money with them. I was in so much debt because I also brought friends and families and no one was able to withdraw.

They are so heartless and don’t care about you. Despite being in debt and just becoming a father which I explained to Bradley Thomas who was my account manager, he was still trying to persuade me to bring in more money. This shows how heartless they are.

Don’t fall for all this positive reviews, they were made up by Swiss main.

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