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SwissUnions (swissunions.com) is another false trading platform taking advantage of naïve investors. Over the past few weeks, the platform has blocked all withdrawal attempts by members. With that outcome, FINMA has issued a warning regarding investing or trading with Swiss Unions. But, again, we have a platform that wants to rip off anyone who deposits with it. Here’s the truth in our comprehensive SWISSUNIONS REVIEW.
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There’s nothing much to say about the entire trading platform. Sure, the platform or website looks like a professional crypto investment platform. However, SwissUnions has done a perfect job in designing an alluring platform.
That’s all there is to it, which suggests the people behind it have crypto experience. With that, the creators come up with enticing features such as high leverage to lure investors. Other features to note include one account for all.
The background and information are missing from the homepage or about us page. There’s no need to invest in a platform where trading is impossible. The platform does its best to hide its background and history.
When it comes to crypto investing, your reputation means everything. Investors have to invest in a platform whose credibility is not in question. For Swiss Unions, we have to doubt their end game based on the available features.
The platform claims to inspire confidence, safety, and quality of service on the about us page. The platform claims to be a high-tech broker with a solid reputation. It claims to bring a unique crypto investing and trading experience.
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All these are false narratives to help lure naïve investors into signing up. We are here to expose all the red flags found on the platform. In the future, you need to check such features to determine authenticity.
Before you invest in any platform, research it first. Try and find out what makes the platform tick. Get to hear from other investors regarding their experience with the platform. You can also reach out and request a review on your behalf.
SwissUnions seems to offer one account type to investors. But unfortunately, that includes an account for all investing types, including crypto investment and trading. And that creates a loophole in the entire management of the platform.
A one-account type of platform means there’s no diversity in features. When it comes to the minimum acceptable deposit, the platform fails to quote this amount. Investors get a call urging them to deposit as much as possible.
And that’s another reason why we doubt swissunions.com. The platform seems to be engaging in soliciting services. There are no valid trading features such as set spreads. The platform seems to hide this crucial information.
All that we get is that the platform offers a transparent execution model. We also see a platform claiming to offer multi-asset trading. When it comes to security, the platform boasts of military encryption.
The platform is up to no good with its missing account features. When it comes to minimum account deposits, regulators have set the amount to $500. Any platform asking for more as the minimum deposit is taking advantage.
The platform has a maximum leverage of 1:300 for all trading assets. That’s another disturbing feature as regulators insist on a maximum leverage of 1:100. In the United States, retail traders enjoy maximum leverage of 1:50.
There are no trading assets; to begin with, the platform will insist on trading on your behalf. And that means you have no choice but to watch as the platform places trades. And that could mean using false copy trading tools.
Speaking of their copy trading tools, the accuracy is far from acceptable. We have seen plenty of better copy trading tools that are way much better. In addition, the platform seems to place late copy trades from unknown traders.
There’s also no demo account on the platform. Investors are to sign up blindly and start trading. You would expect such a platform to integrate its trading platform with the demo account. Unfortunately, that’s not the case.
Speaking of trading platforms, SwissUnions is using a custom-built trading terminal. Unfortunately, the platform seems unstable for most of the trading sessions. In addition, we noticed a lack of credible trading tools such as analysis and charting.
Opening an account with Swiss Unions seems straightforward. All you have to do is fill in the details such as name, address, and contact information. After that, the platform sends a confirmation email and login credentials.
It all seems legit until you hit the withdrawal tab. That’s when the platform claims to verify your account. At this point, the platform knows members will do anything to get their funds. So that’s where the platform asks for valuable documents.
The platform will ask for a copy of your ID, bank statement, and credit card information. Nowadays, there’s no need for such platforms to use a two-factor authentication process. That’s why we suspect the platform of harvesting personal banking data.
Your funds are far from safe with a platform that fails to segregate accounts. For example, the owner is holding funds in a single bank account. As a result, there’s a risk that the owner may decide to close the account by withdrawing all funds.
Members don’t enjoy any insurance cover from such risks. If the platform goes under in the event of bankruptcy or insolvency, members are done. There’s no regulator to come to your aid as the platform doesn’t comply with regulators.
Swiss Unions also fail to deposit the minimum required amount to start a trading service. Regulators hold such funds as insurance in the event of closure. It ensures your funds are safe even after bankruptcy or insolvency from the platform.
We also have a platform failing to offer protection from DDoS attacks. There’s no SSL encryption despite claiming to have military encryption. As a result, it makes it easy to attack the website and steal personal information such as your credit card details.
There’s a reason to suspect the platform sells your information to third parties. After signing up, members start getting a ton of spam emails. These emails are from email marketing campaigns that you haven’t subscribed to.
Bradbury Investment Fund (SPC) Limited is quoted as the parent broker. However, there’s no business registration of the company. We also don’t have the founding members or staff members working for Swiss Unions.
And that makes SwissUnions an anonymous crypto investment platform. Such platforms tend to put your investment at risk. There’s no way of recovering funds from such platforms in the event of bankruptcy.
Don’t expect any support from the platform immediately after funding your account. For example, the platform doesn’t even offer live chat services. Instead, you have to wait for an email response, which might take days.
After digging deep, we found SwissUnions to be a high-risk investment platform. So please stay away from swissunions.com.
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