SwissToro Review: 6 Reasons to Avoid

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SwissToro Review: 6 Reasons to Avoid

SwissToro claims to offer a safe way of trading Bitcoin, but our review refutes it. The platform has, over the past few weeks, blocked withdrawals from members. Swiss Toro is another cryptocurrency trading scam broker.

From what we have seen, the broker entices members with promises of making quick profits. Those who have signed up are ruing the decision. Here’s our candid SWISSTORO REVIEW for more.

NOTE: Those planning to invest in Crypto have a better chance with proven cryptocurrency investment strategies. These include Coin Staking, DeFi, and Masternoding. So go for expert-backed options with a proven check.

About SwissToro (Why is a scam)

SwissToro claims to be the perfect trading platform for anyone looking to buy or sell Bitcoin. However, the broker is only in the market for one specific crypto asset. Moreover, with the market volatility, this is not an excellent choice for investors.

As an investor, you would want a platform ready and willing to offer other assets. We suspect the broker wants to exit as soon as users deposit funds. Most of the members are finding it hard even login into their accounts.

SwissToro pros and cons

There’s no credible history of the platform. And that has led to experts speculating where and who runs the store. From what we can see, the store lacks accountability and transparency. With rising complaints, something has to be done.

Swiss Toro uses the web design layout of other crypto scams. The web layout was the first red flag spotted with the broker. You will also notice this liquidity provider doesn’t want to mention names.

The broker fails to give any credible information on who owns the platform. There are no names mentioned of staff members. Even the so-called professionals running it are anonymous. And that makes even riskier.

Accessible Crypto trading platform?

Before you jump in and sign up with any trading platform, you must weigh the pros and cons. But, first, find out what the rest of the crypto trading community thinks of the broker. And that’s one of the many mistakes newbies traders make.

You need to know for sure the broker will allow withdrawals. Next, check the available trading conditions and tools used for trading. For instance, we have a broker offering a custom-built trading platform.

For a subliminal experience, you need a reliable trading platform such as MT4 and MT5. These two platforms have been tested and proven to work. As a result, you get advanced tools and technical analysis with a terminal compatible with any device.

Instead, what we have is an unstable custom-made trading platform. You can’t access information on several assets. These include pairings of major currencies with crypto, despite the broker promising availability.

Accounts and Plans SwissToro

There’s one account for all with this trading platform. You get a platform that doesn’t offer many account features. The broker also fails to mention the acceptable minimum deposit.

You have to ask yourself why the broker fails to offer much in terms of liquidity. You would expect the broker to mention available leverage and spreads. That’s not the case here; we have a deplorable liquidity provider.

These accounts offer traders nothing but misery. You get a platform that will take advantage of investors at a glance. Please avoid the store or risk losing everything. The accounts don’t even make sense in trading.

Account features

With the broker failing to offer leverage and spread details, traders are at a loss. We discovered the broker changes spread from time to time. Leverage, too, is not spared as the broker changes leverage from 1:500 to 1:1000.

You would want to trade with a transparent broker. Giving members the proper leverage and spreads before even signing up. Regulators have agreed to maximum leverage of 1:100 for all forex assets.

There’s also the issue of not protecting funds with the account dashboard. The user interface is another problem the broker needs to address. With this dashboard, records of your transactions are deleted after 24 hours.

Accounts SwissToro

Account Funding Options SwissToro

Members get to fund their accounts using several options. These include bank and wire transfers. Recently, the broker started accepting crypto deposits. The broker prefers crypto deposits, thanks to the anonymous feature.

Once you deposit funds, they may appear on your dashboard within five business days. However, withdrawing funds from the platform remains the biggest hurdle facing members. For the past few weeks, no member has had the chance to withdraw funds.

Negative balance protection

The broker doesn’t care about negative balance protection. You have a broker who is not ready to offer any in terms of accountability. The broker is a one-time offer and will likely shut down after this expose.

It would be best to remember that a trader has rights, and negative balance protection is one of them. So please go for platforms that offer users the right to protect their balance from negative zero trading.

Broker’s Rating SwissToro

Due to the rising complaints, we rate the broker a 1/10. A quick search of the platform reveals the broker has negative reviews. And these reviews are from independent sources. In addition, members are sharing their trading experiences through social media platforms.

There’s a reason why Swiss Toro is lowly ranked in the crypto world. It fails to protect members and doesn’t release withdrawals. These two are the main reasons why we flag the broker down. Please stay away from such trading platforms.

Client Reviews

Just below the homepage, there’s a sense of the broker boasting about the services offered. We see the broker claiming to have over 100,000 active accounts. The broker also claims to have a market cap of $198.76 billion.

All these are false statements meant to drive more sign-ups. The broker wants naïve investors to believe this is a fast-growing trading platform. Unfortunately, there are no data available for anyone to verify these claims.

Contact and customer support

With a broker boasting of such numbers, you would expect delivery in communication. The platform doesn’t even have a live chat. The contact page leaves members with one communication line, email.

Members can send emails and wait for a response. During the first days after investing, the broker answers promptly. When you send a withdrawal request, all hell breaks loose. It would be best if you stayed away from the broker.

Fund safety SwissToro

You may be asking yourself, fund safe with Swiss Toro? No, the broker fails to segregate accounts and funds. The broker is putting all eggs in one basket, a private bank account. In the event of closure, no member will receive any compensation.

The broker also fails to offer insurance cover for deposits made by the public. As a result, funds are at risk without depositing the amount needed with regulators to start a liquidity business. You must avoid such platforms.

NOTE: Want a secure way of investing in crypto, choose expert-backed options.

Trading conditions and execution speeds

Thanks to an unstable custom-built trading platform, a slow execution speed is available. And that’s why we have to expose the store’s speed. You sell bitcoin at a certain amount only for the slow speed to affect a lower price.

License and Regulation Status SwissToro

The broker doesn’t enjoy any trading licenses. There are no uploaded documents of the platform’s licenses. An unregulated broker is the worst, and they don’t protect your interest.

Our Verdict

Please stay away from

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