Swifty Finanex Review – Top Reasons to Avoid the Broker

Swifty Finanex Review

With the financial markets filled to the brim with instruments to trade, many people are interested in tapping into the opportunities. There was a time when this was a complicated process and required a substantial amount of capital. But, things have changed thanks to online trading because it has made access immensely easy for everyone. While you may not have to worry about barriers to entry, you still have to open an account with a broker. But, shady ones have to be avoided and this Swifty Finanex review can help you in accomplishing this goal.

Unless you want to be ripped off, you should be cautious when you are shopping for a brokerage because many of them do not have good intentions. They are just scams portraying themselves as brokerages with the sole purpose of taking your money. Therefore, you should not just blindly select a platform to start trading, or go for the first option you come across. You have to look at them properly to ensure they are what they claim to be.

This is easier said than done because the scammers will do their level best to convince you that they are fully authentic. You should make it a priority to check a brokerage before you open an account and deposit your funds with them. It might take some time, but will save you from becoming a victim of a scam and suffering from the consequences. You should do the same thing in the case of Swifty Finanex, which presents itself as one of the world’s leading forex and CFD platforms.

It promises transparent and fair conditions and claims to be based in the United States, all of which makes Swifty Finanex come off as the brokerage you need and want. It would certainly have been great if it was all true, but sadly it is not so. There are a number of reasons why you should steer clear of Swifty Finanex and the top ones are mentioned as follows.

Unregulated broker

If there has to be just one reason for you to avoid signing up with Swifty Finanex, then it is the fact that the brokerage is unregulated. You should be aware that there are both regulated and unregulated platforms that exist in the market and nine times out of ten, the unregulated ones turn out to be scams or poor trading choices. Therefore, experts will tell you that you should only choose regulated brokerages for your trading journey.

The fact that Swifty Finanex claims to be based in the United States can impress a lot of people because it is one of the well-regulated jurisdictions in the world. In order to operate in the US, the brokerage needs to have a license from the Commodity Futures Trading Commission (CFTC) and also be a member of the National Futures Association (NFA).

But, if you check the online register of these entities, you will not find Swifty Finanex listed at all. They have not mentioned the name of their parent company either, so you do not know who is behind the operation and where they are based. Essentially, it means that you are dealing with a virtually anonymous broker.

Lack of a good trading platform

The trading platform of a brokerage has a big impact on your trading experience because you have to use it for executing your trades. Plus, it also gives you the trading tools you need for making well-informed and smart decisions. What trading platform does Swifty Finanex offer? It claims to have an award-winning trading platform that can offer you advanced features, but what you do find is an oversimplified web trading software available.

It is not even remotely close to professional trading solutions, such as the MT4, MT5, or cTrader that are known for their innovative tools and sophisticated technology, such as automated trading features. You will not find any of these available with the Swifty Finanex trading platform because the one they offer is a common and basic platform that many scammers use.

Malicious trading conditions

How much profits you make from your online trading activities depends on the trading conditions of a broker, so you need to take a look at them as well. When you do the same with Swifty Finanex, you will find another reason to avoid this broker altogether because it shows that it is far from the fair and trustworthy brokerage it pretends to be.

The spreads that Swifty Finanex offers start from 3 pips for the EUR/USD pair, which is excessive. If you take a look at some of the top brokers in the market, you will find that they do offer spreads of around 1 pip or maximum 1.5 pips. However, the spreads available here are too high and this can result in hefty losses for you.

Next, when you check out the leverage offered by Swifty Finanex, you will find their ratios are too high. They have an excessive leverage of 1:5000, which is just too much. Most jurisdictions have imposed a cap on leverage ratios for retail traders because of the massive risk associated with it. Leverage can be profitable, but it is equally risky.

Only crypto deposits supported

You should also avoid Swifty Finanex because the broker does not offer you the payment methods it has advertised. The fact that it is not being honest and upfront about its payment options should alert you right away. No authentic brokerage would ever try to fool you in this way and if they are doing so, it means they have nefarious intentions.

The presentation on the Swifty Finanex website lists a number of payment methods, such as PerfectMoney, WebMoney, Payeer, FasaPay, QIWI Wallet and VISA and MasterCard. But, the only payment method is crypto, which is a favorite of scammers. This is because it does not come with a chargeback option and the payments are also anonymous.

Final Verdict

When you add in the excessive minimum deposit, you will have plenty of reasons to avoid trading with Swifty Finanex and look for a different option.