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Not every broker who claims to reside in Switzerland is legit, a casing point being SwissIAM. Our swissiam.com review will expose why this broker is a total scam. Those who have invested with this broker are ruing the decision. It turns out that the broker is not genuine and blocks withdrawals. Unfortunately, members are finding this out the hard way. Here’s our detailed SWISSIAM REVIEW that exposes all red flags found.
SwissIAM claims to be a brokerage founded by a group of trading professionals. Who these professionals remain a huge ask. The broker does their best to keep the founders’ names out of the equation.
And that’s one of the many red flags we spotted on the platform. It means the broker doesn’t offer much accountability and transparency. As a result, those engaged with the broker file complaints with regulators.
SwissIAM is not your average trading platform. The broker uses an enticing user interface to encourage naïve traders to sign up. There’s no denying that the broker has engaging aesthetics.
Most investors sign up with brokers without having to test the broker or do a search on them. And that’s one of the biggest mistakes you will make as a broker. As a result, the broker doesn’t have what it takes to offer much to investors.
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Before engaging with any broker, do some due diligence. Try and weigh the options and see why you believe the broker is right for you. Then, check the set conditions and what other users have experienced with the broker.
There are various issues to face when engaging with this broker. First, the broker claims to offer regular publications in terms of trading news. Other educational materials to find include fundamental and technical analysis tools.
As a trader, you have to get the proper trading knowledge. But, most importantly, the best information has to be accurate enough to offer insightful trades. And that’s another red flag to find with this broker.
Most of the signals provided by the Swiss IAM platform are inaccurate. Follow these signals at your peril. Those who do eventually lose trades as the broker doesn’t have a professional team to conduct research.
And that’s why we are here, to ensure no one gets to fall for such raw data. But unfortunately, the platform’s so-called professionals fail to use this data to help members. And worse still, members must pay a subscription fee for each signal.
No, their web trader crawls with malware, making it slow at executing trades. We also have a broker that doesn’t offer much credibility. The broker fails to provide reliable trading platforms.
With their web trader, members are without several crucial features, including technical analysis tools. Instead of using robots, the web trader blocks such features. And as such, members have to rely on these outdated tools.
The timeframe of the web trader is another problem. It’s one of the lowest we have seen so far. There’s a reason why brokers prefer to use MT4 and MT5 trading terminals. These terminals do offer much in terms of creativity.
Backtesting is possible with MT4 and MT5 trading terminals. You also have updated analysis tools and over 50 technical indicators. Members also have the option to use these two terminals on any device, desktop or mobile.
SwissIAM furnishes members with four account types to choose from. These include Lite, Plus, Elite, and Islamic or Swap-free accounts. Each of these accounts offers different conditions and deposit values.
Let’s take a closer look at each of these accounts;
It’s the most basic account that the broker claims is best for beginner traders. You must deposit €250 to get started. Leverage starts at 1:100, with the stop-out level set at 50 percent. After that, members get floating spreads and BBB-level trading signals.
There’s a minimum investment requirement of €3,000 with this tier. After that, leverage increases to 1:200, with the stop-out level remaining at 50 percent. In addition, the account promises high training from an account manager.
You must deposit a minimum of €15,000 to get started with this account. The broker also targets institutional investors with this plan. After that, leverage increases to 1:300, with members getting ‘creative and unique trading strategies.’
The SWAP-free account is best for our Muslim brothers and sisters. Leverage is 1:200, with members getting training from an advanced trading manager. You also get account maintenance services from a specified manager.
One of the first red flags to spot with this platform is leverage. The broker only offers the required leverage with the Lite account. Regulators have agreed to a maximum leverage of 1:100. Any broker offering higher leverage puts your trading position at risk.
Another red flag is the education part from a professional. The broker brags about having an experienced team whose results are wanting. Yet, no one has developed any additional skills from these so-called professionals.
Members get educational materials from YouTube channels belonging to other third parties. In addition, you can easily download the materials for personal use. These features are to try and get members interested in the broker.
Don’t be naïve, these are not actual account managers but paid call agents. All they do is call members and claim to have a lucrative open position for members. And that means having to fool members into depositing funds.
Your funds are not safe with an anonymous and unregulated broker. The broker fails to offer insurance coverage for deposits made by the public. In addition, there’s no DDoS protection or SSL encryption on the platform.
Once you deposit funds, they go straight to the founder’s bank account. And that’s why regulators insist on brokers segregating funds. But, of course, a genuine broker must also protect members from bankruptcy by insuring funds.
The broker will be glad to help you open an account. There’s a pop-up deposit message that appears once you confirm your account. After that, you get to fund your account and start trading with the set features.
Along the way, there comes a time when a member decides to withdraw funds. And that’s when the broker chose to show their true colors. The broker will claim an issue, or you are ineligible to withdraw funds.
Attempts to determine why you can’t withdraw funds will hit a wall. The broker doesn’t respond to withdrawal emails. And that’s what every member faces with time. So you have to avoid funding accounts with swissiam.com.
SwissIAM doesn’t offer valid license documents to prove compliance with the regulatory framework. In addition, the broker is anonymous and unregulated, two features that are a high risk for investors.
When choosing your preferred broker, check with regulators to confirm compliance. Some of the best regulators in the world include Asic, BaFIN, CNMBV, FCA, FIMNA, and the SEC. Regulators work to ensure all parties adhere to trading regulations.
Please stay away from Swiss IAM
The above are valid reasons why you should avoid swissiam.com
PS: Invest in safe opportunities that offer realistic profit margins.
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