If you have been looking for a good and dependable broker for your financial trading needs, then you are probably aware that it is not as simple and straightforward as it sounds. There may be thousands of companies that exist for this purpose, but not all of them can offer you the same kind of services. Moreover, no matter what a company promises, you cannot just take their word for it because there have been just too many scams for you to take the risk. What should you do then? In such situations, it is recommended that you do your homework and this means checking out the following SwissSafeway review.
As per the SwissSafeway website, it is a stable and well-respected trading company that has earned the trust of thousands of traders globally. They promise their clients an optimal trading environment, which include fast execution and tight spreads. You can access more than 500 trading instruments on their platform and trade them via a reliable web-based trading solution. When you put all of this together, it sounds like an irresistible offering and appears to be legitimate at first glance, particularly if you think it is a Swiss broker. However, you will find that the reality is completely different. How? Take a look below:
They are not regulated or licensed
As mentioned above, SwissSafeway implies that it is based in Switzerland and this can be quite attractive because the country is known for its impressive policies and regulation. Unfortunately, you will discover that SwissSafeway is owned and operated by a company called Arlo Project LLC and this one is registered in St. Vincent and the Grenadines.
This will dash all your hopes of trading with a regulated and licensed broker because this offshore jurisdiction is notorious for being the stomping ground of scam brokers. The government has outright stated that they do not oversee forex brokers, which means SwissSafeway does not have a legitimate forex trading license and you just cannot identify its true owners and bring any action against them in case of a problem.
They have exploitative trading bonuses
The fact that SwissSafeway is not regulated or licensed is already a big issue and it is made worse when you discover that they also have exploitative trading bonuses. These bonuses are banned in most jurisdictions by regulatory authorities because they usually used by brokers for exploiting their clients, as they have strings attached with them. The same is applicable here, as you have to achieve a specific trading volume before you are permitted to make a withdrawal.
Otherwise, your withdrawal request will be cancelled. But, this doesn’t end here. A further study of the Terms and Conditions that you will find on the SwissSafeway website reveals that they can also change their bonus policy at any time, without warning. This means that even if you somehow manage to achieve their absurd requirement, they can simply change it and cancel your withdrawal request. This is just a tactic to get control of your money and not allow you to access it at all.
They don’t have a good trading platform
The trading platform that a broker provides to you plays a major role in how you trade and your performance. A look at SwissSafeway shows that they have come up with a web-based trading platform of their own, rather than offering you well-known trading solutions like the MT4 or the MT5. The MetaTrader platforms are recognized as the top ones in the market due to their advanced technology and top-notch tools, yet they are absent at SwissSafeway, which should be a major concern.
Along with these problems, you will find that SwissSafeway doesn’t disclose its minimum deposit requirements either and they are offering a leverage as high as 1:300, something that most legitimate brokerages don’t do because such high ratios carry a lot of risk. Thus, it is not a dependable broker and shouldn’t be your choice at the end of the day.