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SwiftCFD Review: Is swiftcfd.com a Scam Broker?

SwiftCFD Review: Is swiftcfd.com a Scam Broker?

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Forex and CFDs broker SwiftCFD offers one standard account in addition to a few premium trading accounts which require a minimum deposit of $10,000 or more. The broker is also taking care of traders who are of the Islamic faith by offering swap free trading accounts. In terms of trading conditions, we can say that SwiftCFD does not offer attractive trading conditions. Besides, the broker suffers from low credibility and this bothers trades so much. In an industry filled with scams, credibility is a very important factor to consider. Unfortunately this broker does not have good credibility and this may jeopardize their chances of ever getting a good customer base.

On the other hand, there appears to be a number of advantages that this broker is bringing on the table. They want to lure traders with numerous advantages, hoping that traders won’t dig further to find out the background of the company as well as past records of their misdeeds. The first advantage that can be attributed to trading with this broker is the wide range of assets which can be traded on the platform. The financial instruments which they are offering are diverse, meaning that people can trade what they want to. The platform has every financial instrument that you can ever imagine.

Apart from currency pairs, the broker offers Crypto currencies for trading as well. These include Bitcoin, ethereum, Ripple, Dash, Litecoin, Bitcoin Cash, Monero, Bitcoin Gold, Stellar Lumens, NEM, Waves, Tron, Golem, Lisk, Ada, SiaCoin, and so much more. This is definitely an advantage to those who would like to trade a variety of financial instruments. It should also be noted that these Crypto currencies are being traded against main fiat currencies such as USD, EUR and GBP.

Having said this, we also want to state further that SwiftCFD is not regulated and if you are looking for a broker that offers Crypto currencies for trading and is well regulated, we invite you to look into this page. 

SwiftCFD review

SwiftCFD is registered in an off shore location and the company that runs it is most likely a scam. The company in question is known as DIGITAL WORLDWIDE OU. This is an Estonian based company that is based in a notorious address which is cited as Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960. The other sister website of Swift CFD is known as Royal CFD. Royal CFD has attracted a lot of complaints from the public. Consumers claim that the broker is just a scam. It appears that a lot of people have lost money from this scam. It would be naive to think that a website that is owned by a well known scam won’t fleece you of your hard earned money.

SwiftCFD

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Note: If your language is not English, you should use the language dropdown menu at the top of their page to select your language.

Having said this, we ask you to go through these reviews on the internet to see what folks who have lost money in the hands of this scam are saying. But if you don’t believe these investors, you will probably believe government agencies which have also zeroed in on this scam. Specifically the FCA of UK and the EFSA have already blacklisted DIGITAL WORLDWIDE OU and its RoyalCFDs brand.

If that is not evidence that SwiftCFD is a scam, then we don’t know what you might be looking for in order to get convinced that people are losing money in the hands of this scam broker.

SwiftCFD does not have MT4 trading platform

Well, this is a classic one. We have said time and again that MT4 trading platform is the most popular software for trading Forex and lately Crypto currencies. The benefits of this trading platform can’t be emphasized any further. By the way, if you are a Forex trader, you should know that MT4 trading platform has certain charting features that will make your work easier. On top of this, the Forex trading software offers free indicators which manual traders will definitely find extremely useful. Besides this, the software is compatible with all kinds of automated trading apps. If you are the kind of person who wants to invest in good automated trading apps, then you should be primarily thinking of MT4 trading platform.

By the way, nearly all kinds of brokers are supporting MT4 platform. If a broker does not have this software, it simply means that they either have a custom solution or are using the very dubious Binary options trading platform. We tried their trading platform and realized that they were offering a web based trading platform which is similar to what Royal CFDs offers. This platform obviously lacks advanced trading tools and cannot be compared to MT4 platform. This is a good reason to avoid this broker like the plague, let alone the possibility of getting scammed.

High minimum deposit and cost of trading

We want to emphasize in this SwiftCFD review that the broker is demanding a minimum deposit of at least $500, which is double what most brokers are asking as minimum deposit. In simple terms, the broker wants to scam a sizable amount of money from unsuspecting victims.

Secondly, we are not surprised that these thieves have taken their scamming a notch higher to con people in terms of spreads. A pair like EURUSD attracts 3 pips while other brokers charge 0.6 pips. So this definitely means that SwiftCFD is definitely an expensive to trade with broker. You should make no mistake trusting them with your money. Apart from making you lose and refusing to process payouts, this broker will make sure that your trading costs are high and unreasonable. This kind of criminal activity has been prohibited by financial regulators around the world.

We hope you can see why this broker is a scam. Despite getting banned from operating their business, the scammers still persist.

Our best advice for you

SwiftCFD and its associated brands have been blacklisted. That should worry you and even give you a reason not to risk your money in the hands of these thieves. Good brokers can be found in this page. 

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