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SwissMarketIndex Review: Swissmarketindex.com Scam

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SwissMarketIndex Review: Swissmarketindex.com Scam

SwissMarketIndex (Swissmarketindex.com) is professing to give the power of the platform to your hands. Swiss Market Index is another platform with no legal standing as it has banned by two European regulators. The platform is outright stealing from anyone who dares signs up with them. Complaints have been thrown from all corners of the world, by victims of the platform. These scam brokers must be stopped by any means necessary. Read this genuine SWISSMARKETINDEX Review and get the full details.

SwissMarketIndex Review

About SwissMarketIndex

Swiss Market Index is claiming to be a Swiss Company founded in 1984. They claim to have been supplying quotes to private banks and institutional investors. By the year, 2012, the company claims to have started delivering quotes and Cryptocurrency indices. These are all false claims to try and buy their legitimacy to unsuspecting investors. Concrete evidence is available to show this is another online trading scam. It is best you read this entire review and use only expert recommended brokers who have a strong reputation.

SwissMarketIndex is selling itself as being a platform that has been in the market in over 178 countries. By using this claim, they try and buy investor trust by selling their reputation. Proof of this company’s real intentions has been exposed in this review. The platform is another online platform that is offshore based and has anonymous owners. Swiss market index is a shoddy broker with no trading experience. The only part they got right was creating a website that is a clone of a real trading website.

Asset Included

Assets listed on the platform are Cryptocurrency and Forex with no further information. The entire website has no information regarding leverage and spreads available. Other than claiming to offer these assets, the platform is unclear on any commissions and fees. Such a platform is a dangerous one as it does not offer any legit services. After signing up, members learn too late that the features are disadvantageous. The price alerts don’t come on time and the personal trading strategies lead to losses.

Business Owner

SwissMarketIndex CONSOB Warning

SwissMarketIndex is claiming to be the sole owner of this trading platform. The problem with this statement is the company in question is not registered. After checking with the company register in Switzerland, the results come empty. These scam artists are using an unknown company name to try and sell their platform. Another disturbing feature is how well they hide the names of founding and staff members. Without the names of founding members, no one knows who is accountable.

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Domain Details

According to the trusted domain register whois.net, the website swissmarketindex.com was recently created. Details show the website was created on 31st January 2019. The claim of being founded in 1984 and gone for 35 years without a working website is false. For over 35 years, they did not have an online trading platform that is what they claim. These are false claims coming from a broker who claims to be reputable. Such blatant lies are what make the platform a huge scam. Avoid it as the platform will soon shut down as fast as it came up.

License and Registration of SwissMarketIndex

SwissMarketIndex is NOT LICENSED TO OFFER any trading services to anyone who signs up. After going through the entire website, we could not find any license or registration credentials. The company registration details are missing since the mother company has never been registered. As far as the trading license is concerned, the broker does not have any documents to prove regulation. With a platform without any valid trading license, funds are far from being safe.

SwissMarketIndex FINMA License Warning

A warning has been issued by two European regulatory bodies concerning the platform. The Italian regulator CONSOB was the first regulator to issue a warning. FINMA is the other notable regulator to post a warning towards the use of this broker. And this is a clear reason we are dealing with a rogue trading platform. These scam brokers have no other option but to offer unregulated services to unsuspecting investors.

Restrictions of SwissMarketIndex

Account Details

SwissMarketIndex is furnishing traders with five account types to choose from. The accounts listed include Basic, Classic, Gold, Platinum, and VIP. On the homepage, the broker also claims to offer a private account with no information given. The features with these accounts are similar with no actual advantage over the other. Each account comes with price alerts, webinars, and daily market overview. These are not good enough reasons to sign up with this blacklisted broker.

SwissMarketIndex Account Types

Account Managers

Gold, Platinum, and VIP account holders have account manager features which is a problem. They have hired call agents to act as account managers. And this is the scenario facing most members of the platform. It is best to stay away from such a lousy online trading platform.

Contact and Customer Support

Anyone can notice SwissMarketIndex is not furnishing members with live chat support. From a broker who claims to have a ton of experience, this is surely a huge blow. The contact page has an email address and phone numbers listed from different countries. These phone numbers are likely VOLP and don’t actually originate there. The scam brokers will use such numbers to try and fool investors. Without proper communication channels, it makes it harder to contact the broker when need arises.

Deposit and Withdrawal

SwissMarketIndex is not clear on the type of depository channels members use. The homepage has no information regarding the type of depository and withdrawal channels available. Withdrawing is a huge issue as none of the members has come forward with proof of withdrawing funds. Without withdrawing funds, it ceases to be a trading platform.

Trading Platform

The broker is unclear on the type of trading platform available on their website. A closer look reveals they are using a web based trading terminal. The problem with custom-made web terminals is they lack credibility. Most of them are unstable as is evident with this trading platform. SwissMarketIndex is using a platform which has no security software putting members at risk.

Without DDoS protection and SSL encryption, the entire website is prone to third party attacks. Hackers take advantage of such loopholes to try and steal vital information. One such vital information that can be stolen is credit card information. Once your credit card information falls into the wrong hands, your bank account will be swept clean. Few of the members are facing this predicament, stay away to avoid this problem.

Security of funds with SwissMarketIndex

Safety of funds is not secure with this broker. SwissMarketIndex is far from offering ample security details to members. These are scam artists who will go to extreme lengths to try and get as many investors to sign up. Members of the platform have been depositing funds straight to owner’s bank account. That is why closure of the website will leave many wailing as deposits falls in the hands of scam brokers.

Scam or legit SwissMarketIndex

SwissMarketIndex Trading Terminal

After reviewing all the facts, it is clear SwissMarketIndex is a scam waiting to pounce on investors. These scam brokers are far from offering real trading services. Stay away from the platform as it is a huge problem. Avoid signing up by warning your family and friends.

Final Thought

By adding the platform to our scam blacklist, we hope to protect our readers from falling.

Stay safe and use Credible brokers when dealing with Digital currency investments. They guarantee your safety at all times.

Keep reading our reviews and find out more about online trading products and services.

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