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SwissAZ Review – is it scam or safe?
RECOMMENDED FOREX BROKERS
Trading Accounts and Conditions
|Trading account||Min. deposit||Max. leverage||Spread|
SwissAZ presents itself as a FCA-regulated brokerage. It offers the four account types listed above and access to the MetaTrader4 platform. While such an offer might sound good, we have serious concerns about this broker, which will be highlighted below. So, make sure you read this detailed review on SwissAZ prior to investing any money.
Trading on the MT4 with solid leverage
As more than 80% of all forex brokers, this one also allows you to access the global financial markets via the MetaTrader4 (MT4). This piece of trading software is so popular among traders because it is user-friendly, and yet equipped with a set of professional tools. Some of these include advanced charting package, numerous built-in analysis indicators, Expert Advisors for automated trading, and more.
Besides, clients of SwissAZ can use leverage up to 1:200, which is high enough to suit the needs of almost all traders. Although leverage is a controversial part of forex trading, some traders enjoy using higher ratios, despite the greater risk of loss it brings along. That is why we consider the availability of high leverage as an advantage.
Exposed by the FCA as a clone
According to their presentation, the broker is a trademark of Swiss Investment Corporation Limited, a company authorized and regulated by UK’s Financial Conduct Authority (FCA).
Although we found the company in the online registry of the regulatory agency, its authorized brand name is SwissInvest, and not SwissAZ, which raised suspicions that the latter might be a clone firm.
Our suspicions proved to be true – the broker was blacklisted by the authorities in the UK as a potential scammer that illegally using the name and ‘firm reference number’ (FRN) of another company, with which it is not associated in any way.
As usual, we advise our readers to avoid any such brokers that that present purposefully misleading information. It is pretty obvious that you cannot trust a fraudster that presents purposefully misleading information.
Trading conditions not disclosed, no demo service
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Another worrisome sign regarding SwissAZ is the broker doesn’t provide much details about the trading environment they provide. Its website only features information on the initial investment amounts required for the different account types, so potential clients of the broker are unaware of the trading costs, leverage levels provided, transfer fees, etc.
Furthermore, SwissAZ does not provide free testing service either, so we can safely conclude that the broker is not transparent about its offer and pricing. These are clear-cut signs of trouble are the usual “tell” of a scammer.
Lack of clarity on withdrawal fees
In the terms and conditions uploaded on Swiss AZ’s website, we read that “withdrawals are subjected to processing and handling fees”, however the amounts of these charges aren’t specified.
The MT4 provided by a third party
This is not rare in the world of forex, nor a major flaw, but is worth mentioning. Although Swiss AZ does not offer free testing service, its MT4 is freely downloadable from the website. So, we discovered that it is in fact provided by a third party, Polis Systems LTD.
SwissAZ is a yet another scammer that poses as a broker licensed by in the UK, illegally using the details of a FCA-regulated company.
The FCA is able to enforce proceedings against firms which are authorized by it, however false websites which are not licensed and do not provide any financial products (which might be the case with SwissAZ) often fall outside their jurisdiction. That being said, such clone firms and websites can, of course, be considered a matter for criminal investigation.
And finally, here are the highlights of the present review of SwissAZ:
|Trading on the MT4||No legit license, blacklisted by the FCA|
|Solid leverage||Trading conditions not clear|
|No demo accounts|
|MT4 provided by a third party|
|Lack of clarity on withdrawal fees|
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XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
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FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
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HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.
SwissAZ Review: Swissaz.com Dull Forex Scam
SwissAZ Review: Swissaz.com Dull Forex Scam
Last Updated: Jan 29, 2020 @ 12:48 pm
SwissAZ (Swissaz.com) is a cruel Binary, CFDs, Crypto Currency, Forex, and Shares scam platform. Swiss AZ is professing to be a reliable, simple, and innovative trading platform. After checking with most members’ experience with this broker, a lot is to be said. These scam artists are popping up everywhere and is becoming hard to spot them. What is happening at this brokerage? Read this honest SWISSAZ Review for more details.
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After some members of the said platform contacted us, we had to investigate. None of the members who reached out has been able to make any withdrawals. We will be looking at why most investors fall for sleazy scams. Professional scam artists prey on the minds of investors as they claim to have the answers to investing. Investors are promised with over the moon claims which drive them to signing up with scam artists.
What these scam artists have done with their website is clear and simple, they have cloned it. At first glance, it is easy to believe this is a genuine brokerage site. And this is what these scam artists want users to believe. Thanks to our years of trading experience, we know how to spot a scam from a mile away. SwissAZ is promising investors heaven only to deliver hell. Read this detailed review as we will be exposing all their tricks. Signing up with Swiss AZ is prohibited.
Not much information is given as to the company which is behind this scam brokerage site. What we do know is they claim to be registered in St. Vincent and the Grenadines. What this means is we are dealing with an offshore brokerage site. Avoid brokers whose residence is in St. Vincent and Grenadines. It has become a haven for would-be scam platforms due to anonymity.
Another red flag we must raise pertains to the real fraudsters behind this website. Have you noticed these scam artists have not mentioned any name? Who are the people operating and running this website? As it turns out, these scam artists have kept their names out of the soup. Afraid of receiving any backlash from authorities and victims, they hide their names. Anyone should now know these scam artists are protecting themselves. Stay away from any anonymous online entity.
Is SwissAZ licensed or registered?
We checked with major regulatory bodies to confirm their status, and SwissAZ is not licensed. Institutions we reached out to include ASIC, COSNOB, CySEC, FCA, NFA, and SEC. All these institutions have not heard or registered Swiss AZ. Operating without a license is a huge offence which is punishable by law. Whoever signs up is committing financial suicide, stay away.
Another shocking issue we have with SwissAZ is lack of any valid documentation. A real broker will post details regarding their licensing for all to see. Why have they failed to post even copies of their registration? It means we are dealing with an illicit or underground trading platform. The problem with unlicensed entities is they close shop without warning. We are sure this brokerage site will close down shop after investigations start. What’s worse is, members won’t recover their funds.
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Features of SwissAZ/ Advantages
We could not find any advantages of trading with an unlicensed entity. Why would we allow investors to sign up with a rogue platform? It is our duty to fully protect all our readers and investors from online scams. There are numerous red flags we would like to expose in regards to Swiss AZ being an illicit broker. To get the whole story, make sure you continue reading this on-point review. You should ensure you are on the lookout for any platforms with same similarities.
Disadvantages of SwissAZ
SwissAZ is offering users with four different account types. Accounts are named Silver, Gold, Diamond, and VIP. We have a big problem with these accounts as there is not enough information on them. What are the spread types and leverage with each account? Does trading with their accounts offer any real advantage? Why have they failed to give users a demo account on each account? Traders are signing up blindly without knowing the terms of these account types.
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Deposit and Withdrawal
SwissAZ is ensuring deposits are made easily and quickly. Investors are using MasterCard, Wire Transfer, and Visa to make deposit. A huge problem still lies with lack of withdrawal. Most members are not able to make any withdrawals. And this is proof we are dealing with a scam outfit.
MT4 is what they claim to use as their preferred mode of trading. We did a thorough background check and which we must share. Just like their website is not secure, so does their trading platform. Users will have their bank accounts swept clean by these hackers all because of an unstable platform.
Unresponsive support team
Another issue which we must raise pertains to having no live chat support. With today’s technology, you would expect any online trading platform to offer live chat support. Swiss AZ is ensuring communication is via email which is one way. It gives them a reason to choose which email to respond to. Ensure you stay away from this lame brokerage site.
Are funds safe with SwissAZ?
How can funds be safe with a broker who is anonymous and based offshore? It is also alarming that users are depositing funds straight to owner’s personal bank account. Dealing with these scam platforms leads to nothing good. Ensure you stay away from any online investment platform that lacks SSL Encryption.
Is SwissAZ a scam?
Details clearly point out to SwissAZ being a total scam. No one can prove otherwise as these scam artists failed to respond to our emails. Mark their emails as Spam and ensure you warn your family and friends. Stay safe and use industry recommended products at all times.
Why not use experts to help you trade better and stay safe? Go for brokers who have the edge in offering complete brokerage services. Tested and trusted brokers is all what you need. Start making money the right way with the right professionals.
Adding this brokerage site to our scam blacklist will ensure our readers stay informed. Signing up will lead to more harm than good, stay away.
Wishing all investors a happy and prosperous trading experience.
FXVC Review: Is FXVC.com.au A Legit Forex Broker?
FXVC.com.au Review: this is the name of a Forex broker offering CFDs and is based in Australia. Is it safe to invest funds with FXVC? Read this review to see why it is safe to trade with this broker and also profitable.
The most vital part of our reviews is the uncovering of if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.
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FXVC discloses that it is a Forex broker operating in Australia. Trading in the forex market in this region is under the jurisdiction of the Australian Securities and Investment Commission (ASIC). When we checked the online register, we discovered that this is truly a licensed and registered company.
It is always encouraged to trade with licensed brokers because they are mandated to follow trading rules. Also, the authority regulating them monitors their activities and looks into issues that clients might have with them.
Advantages of FXVC
Besides being a regulated broker, it offers high leverage which some traders find encouraging, although this is not always a good thing. There are many trading instruments made available to clients as well. Transaction options also mean clients can use payment means they find convenient.
It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
FXVC Trading Platform
FXVC offers traders the MT4 trading platform. We advise readers and traders to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots.
Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.
Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.
Trading instruments offered to traders are: 30 currency pairs, CFDs on precious metals, indices and some popular cryptocurrencies. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
Maximum leverage offered to clients is 1:500 and while this may seem generous, it is not advisable. High leverages can lead to huge loss of funds as well. Spreads are 2.3 pips on the EURUSD pairs, which is quite too high. Though, the pricier account has a low spread of 1.1 pips.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal methods on FXVC
The means that traders are to use to make deposits and withdrawals are: VISA, MasterCard, Bank Wire, Neteller, Skrill, PayPal, and Poli. We find it encouraging that e-wallets are allowed.
This is because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.
Minimum deposit required is $500 which is much higher than the obtainable of average of $100 to $250 that is common among legit brokers. Withdrawal fees are not mentioned and this may be because they do not apply. However, we will appreciate it if this is stated.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is FXVC Licensed?
Yes. FXVC is a properly licensed and registered Forex broker. It is under the watch of the Australian Securities and Investment Commission (ASIC).
Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.
To speak with an agent of the customer service of this broker, interested clients are to access the website and use the means of contact there.
Since FXVC is regulated by one of the top Forex authorities in the world, we rate it highly because of security of funds. However, we find that the spreads on the standard account are not encouraging as well as the minimum deposit requirement amount.
But it gives generous leverage and offers a MT4 platform. Want to say anything about this broker? We would like to hear from you in the comment section.
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