Swych CORP Review – What Makes it a Bad Choice?

Swych CORP Review

The internet is teeming with online brokers that are prepared to provide anyone interested with the opportunity of trading in the financial markets. Who does not want to try their luck in these markets where you can make high returns with minimal investment?

This is the biggest lure for people, but you should not forget that you cannot just open an account with any broker online. If you haven’t already, then you will soon learn about scam brokerages that are out to steal your money. These are the ones you have to avoid and this Swych CORP review can help you identify them.

After all, this is the biggest challenge that most people face when they decide to trade online. Yes, they are familiar with the concept of fraudulent trading schemes and brokerages, but most people do not know how to identify them.

No company is going to give you hints, or a clear warning about its true nature. As a matter of fact, it is likely to do the complete opposite and if you do not know what to look for, there is a strong possibility that you will end up in their trap.

This is exactly how so many people have continued to suffer at the hands of these criminals and why the numbers continue to rise. No one would willing want to lose their money to these frauds, but how do you go about keeping yourself safe?

The most important thing to do here is to assess an online broker before you decide to commit to it. This means not taking their word for anything and checking their offerings carefully and then making a decision.

At first glance, you will not find any such signs or hints of Swych CORP being a scam, but you will soon realize that it is actually a bad broker when you assess it carefully. What will you find? You can check out the details below:

No license or regulation

A licensed and regulated brokerage should be your priority when you begin searching for one. This is considered one of the best ways of avoiding a bad broker because those that are licensed and regulated have to go through an extensive approval process to become so.

Plus, they are also compliant with top security policies, are transparent and also maintain high standards in terms of quality services. This makes them a great option, especially when you also realize that most fraudulent brokerages are unlicensed and unregulated.

So, where does Swych CORP come in? A look at its website shows that the brokerage claims to be registered in Salzburg, Austria.

Moreover, it also claims to be under the regulation of the Cyprus Securities and Exchange Commission (CySEC), the Financial Services Commission (FSC) of the Republic of Mauritius and the International Financial Services Commission (IFSC) in Belize.

This sounds very impressive and gives the impression that you are dealing with a genuine brokerage.

However, the story of Swych CORP begins falling apart when you try to verify its claims. First off, the brokerage is not registered in Salzburg, Austria because its Financial Markets Authority (FMA) has issued a warning against the brokerage.

Apparently, Swych CORP is operating in the country without a proper license due to which it has been blacklisted. This automatically implies that it is not regulated by CySEC either because if that was the case, then it would have been able to operate in Austria.

Likewise, the other two licensing claims that Swych CORP has made are also false and this proves that you are certainly not dealing with a good broker.

No decent trading platform

Your trading experience with a brokerage depends a great deal on the trading platform they provide and you need to check it before you sign up in order to ensure it is up to the mark.

Otherwise, you could end up having a difficult trading experience, or may not be happy with the tools you find available on the platform. It can be disappointing to have to look for a different broker from scratch because the trading platform is not what you expected.

The trading platform that Swych CORP is offering you is a web trader that turns out to be incredibly lacking because it does not have even a fraction of features that truly professional platforms offer.

For instance, it does not even come close to the MT5, which is the most advanced trading platform in the market. The oversimplified platform is not really going to cut it because it does not have the tools that could come in handy.

Very high leverage ratios

Leverage is one of the most important trading conditions that an online broker offers because it affects your flexibility during the trading process.

But, leverage can be both good and bad, so the ratio can make a big difference. This is another area where you will discover that Swych CORP is not being a good broker because their leverage ratios go as high as 1:500.

This is further proof that Swych CORP is not regulated in Europe because there is a cap on the amount of leverage that can be offered by brokers there. This cap stands at 1:30, but the ratios that Swych CORP is offering are significantly higher, which shows that it is not licensed or regulated, or else it wouldn’t do so.

No chargebacks possible

A look at the payment methods that are supported at Swych CORP works like the final nail in the coffin because you realize that the broker does not have any intention of letting you get your funds back. Therefore, they have limited their payment options to just bitcoin and tether, which are crypto assets.

These payments are irreversible, so you do not have the option of filing for a chargeback and the broker will be able to keep your funds in case of a problem.

Conclusion

All of these issues indicate that Swych CORP is a bad broker and does not fit the category of a reliable one.