SwissSquared Review – Is this Broker a Good Choice?

SwissSquared Review

With the financial markets flooded with online brokers offering their trading services, you will find yourself unable to pick the best platform. After all, each company you check out seems to tick all the right boxes and this can result in a great deal of confusion. People often become double-minded and are unable to decide which platform can fulfill their trading needs in the best possible way. Regardless of how tough it may seem, you should remember that doing your due diligence is the simplest way to sort through the numerous options. If you skip this step, this SwissSquared review will help you understand what kind of brokerage you may end up with.

The most important thing to remember is that while there may be plenty of companies operating in the market, but not all of them share the same capabilities or are created equal. Like every other industry, there is a great deal of competition here as well, so you do need to do some diligence to find the most appropriate platform. But, there is one more thing that you have to bear in mind when approaching this task and that is about the existence of shady and downright fraudulent brokers.

It is certainly not a new concept because the internet has seen an abundance of scams happen, some of them gaining a lot of notoriety. As there is a lot of money involved in the financial markets, it is not surprising that these cybercriminals have invaded this space as well and are conning people out of their money. They masquerade as genuine and authentic platforms to lure people and then walk away with their money. You obviously do not wish to experience the same and this can be avoided with some due diligence.

No company will itself warn you about its fraudulent nature and you have to figure things out on your own. SwissSquared is one of the brokers you will come across when you start searching for a legitimate platform because it advertises itself as one. The name of the company implies that it is operating from Switzerland and many people will be impressed with this claim, as the country is known to be one of the most regulated jurisdictions in the world. However, you are in for a lot of surprises when you check out SwissSquared and these include:

No licensing and regulation

If you want to avoid getting scammed during online trading, the simplest way to do so is opt for a licensed and regulated broker. These companies are answerable to a regulatory authority and have to fulfill certain requirements to get a license to offer their services. This means that they will provide you transparent and quality services and also offer you security that you cannot expect from unlicensed companies. Therefore, the first thing to check about SwissSquared is their licensing and regulation and this depends on where they are based.

Of course, the SwissSquared name implies that the broker is based in Switzerland, but that is not the case. You will come to know that they claim to be operating from Dublin, Ireland. In order to offer their services from there, the broker would need a license from the Central Bank of Ireland (CBI). Unfortunately, a check of the online register of the regulatory authority does not show the name of the brokerage.

This means that it is highly unlikely that SwissSquared is operating from Ireland. Moreover, since Ireland is a member-state of the European Union, it means it has the same regulatory regime. Yet, when you check out the offerings at SwissSquared, you will discover that it is definitely not following the rules because some of them go against the regulatory authorities of the EU.

Malicious bonus policy

Going through the offerings at SwissSquared will show that the brokerage is offering trading bonuses. Even though this may seem attractive, you should bear in mind that this is against the rules of the regulatory authorities in the EU. The practice of offering trading bonuses to retail traders has been banned because these are known to have strings attached.

Yet, it appears that SwissSquared is still offering trading bonuses, even though it claims to be based in Ireland. This shows that either the broker is lying about where it is located, or it is unlicensed and operating illegally from the country. None of this adds any credibility to the platform.

Moreover, when you check out the bonus policy of SwissSquared, you will understand exactly why the practice was banned in the first place. It turns out that you have to meet a certain trading volume requirement before you will be allowed to make a withdrawal. Otherwise, you cannot withdraw your money, something that you would never have to face with a genuine broker.

Lying about trading platform

One of the most prominent offerings of SwissSquared that will draw your attention right away is the fact that it claims to offer you the MetaTrader4 (MT4) trading platform. It is recognized as one of the top trading platforms in the market, so it is great to know that the broker is giving you access to it. But, when you complete the registration process and check out the platform, you are in for disappointment.

This is due to the fact that SwissSquared is lying about the MT4, since it is not what you will find. Instead, they have a basic web trader available that has nothing special to offer and is quite common amongst scam brokers.

Excessive leverage

Another problem that should alert you about the scam nature of SwissSquared is their leverage offering, as the ratios go as high as 1:100. For a brokerage offering its services in the EU, these levels are too high because a cap has been imposed and it does not go beyond 1:30.

Closing Thoughts

When you discover these major holes in the story of SwissSquared, you can determine that it is not a good choice for anyone and should be avoided.