Is BDSwiss a Scam

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BDSwiss

Broker Name: BDSwiss
Platform(s): CFD, FX, Crypto
Founded: 2020
Bonus: No Bonus
Spreads: 1-1.5
Leverage: 1:30
Regulated: CySEC
Demo Account: Yes
Minimum Deposit: 200
US Traders: Not Accepted

BDSwiss Review

BDSwiss is a well-known and respected CFD/FX and Crypto broker owned by BDSwiss Holding plc and regulated by the Cyprus Securities and Exchange Commission CYSEC License No. 199/13.

Editor’s Note: Why BDSwiss Sucks In 50 Words

Due to ESMA rules, BDSwiss is now focussing more on FX/CFD and crypto trading, forgetting all about Options. This can be either a good or bad thing, depending on how you look at it but for the diehard options fans, it sucks.

Why BDSwiss Does Not Suck In 50 Words

The owning company, BDSwiss Holding Plc. is regulated by CySEC under License number 199/13 and registered with the U.S. NFA. This gives us extra confidence that we are dealing with a trustworthy broker. Their website is well organized and always kept in tiptop condition, with updates and comprehensive info about trading conditions.

Is BDSwiss a Scam?

BDSwiss can be considered a broker with experience and a “long” career. The brokerage is regulated by more than one financial authority and as you can see from the section above, they are very transparent about where their offices are located. This is the first sign that the brokerage is not a scam and actually looking to do business in legit and fair conduct.

Should I Open an Account with BDSwiss?

More and more brokers are making the transition towards CFD, FX and Cryptocurrencies and BDSwiss is one of those brokers. They have dropped option-trading completely and are now focusing on the above-mentioned products exclusively.

BSSwiss’ Education section includes tons of information (glossary, training videos, webinars, economic calendar, economic news, etc.) and a Trading Academy where information is laid out in the form of Lessons, which you can mark as complete after reading. They also have a Daily Analysis section, which is updated daily, as it should be.

They have a new Economic Calendar, new Economic News section, and Webinars that cover a wide range of topics. Strategy Webinars (their analysts will show you how to read charts and interpret technical indicators), Special Events (webinars focuses on major events that take place in the market) and Live Trading Sessions, where you can look over the shoulder of a professional and see how he is trading.

I must take a bit of time to talk about their status of being registered with the U.S. National Futures Association. So far I don’t think I’ve seen a brokerage registered with this regulator, and that’s a pretty big deal because the NFA is known to be a watchdog that bites more than it barks. However, as a trading company, they don’t accept US clients. Make of that what you want, because I don’t really understand how it works. I mean, why register with the NFA if you are not doing business with U.S. clients?

Maybe I don’t understand all the intricacies of doing business across the big pond, but to me, BDSwiss looks like a solid brokerage, focused on client protection, good education and fair trading conditions. And one thing is certain: in Europe, they are fully regulated and operating under the MiFID (EU Directive), so they definitely look like a good choice for your next online trading broker.

BDSwiss registered address is Ioanni Stylianou 6, 2nd floor, Office 202, 2003 Nicosia, Cyprus. Headquarters are located at 23, Spyrou Kyprianou Avenue, Protopapas Building, 3rd Floor, Mesa Gitonia, CY-4001 Limassol, according to the CySEC official website.

On BDSwiss’ website, they also list the address Apostolou Andrea Street 11, Hyper Tower, 5th Floor, 4007 Mesa Yeitonia, Limassol, Cyprus. They also have a German address, for postal letters only: Mainzer Landstrasse 41 60329 Frankfurt, Germany. Support is available via email [email protected] or local phone numbers.

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BDSwiss LLC is also registered with the U.S. National Futures Association (NFA), under ID number 0486419. The NFA is one of the most feared financial watchdogs in the industry but it is unclear whether they accept US clients or not.

BDSwiss Complaints

Surprisingly, people don’t talk much about this brokerage. I tried looking for complaints on all major forums and not much has surfaced; even our Comments section below this review only has a very small number of entries, with some people saying that BDSwiss is not regulated (obviously this is a well-regulated broker) and others complaining about inactivity fees being charged. All in all, there are no horror stories or major complaints.

BDSwiss Regulatory Warnings And Announcements

23.01.2020: The Cyprus Securities and Exchange Commission (CySEC) announced that on 19/12/2020 they have reached a settlement of 150,000 Euros with Bdswiss Holding Plc for suspicion of possible violations of the Investment Services and Activities and Regulated Markets Law of 2007 (the “Law”) and of the Directives issued pursuant to the Law. The settlement sum was fully paid. Source: CySEC Board Decision 23/01/2020

16.03.2020: The Cyprus Securities and Exchange Commission (CySEC) announced that on 14/12/2020 they have decided to impose an administrative fine of 5,000 Euros on the CIF BDSwiss Holding Ltd. for non-compliance with the Investment Services and Activities and Regulated Markets Law of 2007 (the “Law”). Source: CySEC Board Decision 16/3/2020

BDSwiss Bonus

Since this is a CySEC regulated brokerage, they have to follow the guidelines of CySEC Circular No: C168, which states that Cypriot Investment Firms (CIFs) must avoid offering bonuses to their clients. As a result, BDSwiss no longer advertises a Bonus but upon speaking with one of their representatives, I was told that my account manager would talk to me about possible promotions.

BDSwiss Withdrawal

The minimum withdrawal is $10 but if the client has more than $100 in his/her account and wants to withdraw less than $100, he/she will have to pay a fee of 5% of the withdrawal amount (minimum $25). It’s confusing, I know, but I don’t make these rules and I recommend you carefully read the documentation that’s available on their website.

BDSwiss Extras

BDSwiss LLC is registered with the U.S. National Futures Association. This is definitely an extra and it makes me think they are preparing some sort of product for the U.S. market. Anyway, that’s just speculation, so we’ll let some time pass to see where they’re going.

Trading Bitcoin With BDSwiss

In an attempt to align to the newest trend of cryptocurrency trading, BDSwiss now offers Contracts For Difference (CFD) on Bitcoin, Litecoin, and Ethereum. The minimum trade size is 0.1 lots and the maximum is 1 lot per position.

Trading is available 24/7 (yes, even on weekends) because Bitcoin and altcoins are not controlled by banks or any other entity and the maximum leverage is 2:1, which is not a lot but Bitcoin trading is still in its infancy and is still very volatile, that’s why you won’t find huge leverage for the time being.

BDSwiss Ratings

User Friendly 17/20

The website is easy to navigate due to its simplicity; the trading platform is accessible and has enough features, the FAQ section is well organized so you can find the information you’re looking for without the need to contact support. The website is translated into 22 languages, which is a lot and makes it accessible to people from many parts of the world.

Demo accounts are available but you will have to speak to a representative who will assess whether you qualify or not. I don’t really understand; I thought everybody qualifies for a Demo account.

Range Of Markets, Spreads And Leverage 18/20

Their trading basket contains over 200 assets, including indices, currencies, equities, commodities, and cryptocurrencies (Bitcoin, Litecoin, Ethereum, etc). The spreads are medium and floating so they change according to market conditions. The average is 1.5 pips on EUR/USD for the Basic account and 1.1 pips for the Black account. The leverage goes up to 1:30 for currencies and much lower for cryptocurrencies (1:2).

Deposits And Withdrawals 16/20

Deposits can be made via Maestro, Visa, a number of e-wallets and wire transfers. The same card/e-wallet the client used to deposit has to be used for withdrawal which is usually processed during the same day or the next but more time will pass until the money is visible in your account. The minimum deposit is 200 EUR/USD/GBP and the minimum withdrawal is 10 EUR/USD/GBP.

Fees And Support 18/20

There are no commissions to open an account, just like everywhere else but to withdraw, a fee of 5% must be paid if the sum is less than $100 but his/her account has more than $100 in it. Several other fees apply so we recommend reading their Terms And Conditions. Support is fast to answer and polite – available through live chat, email, phone, and several social media apps.

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7 Binary Options

Like any type of activity that involves money changing hands between people and businesses, these types of transactions often lure some less than honorable people into the business. Binary options trading is certainly not immune to this problem.

As a matter of fact, there have been several binary options websites that people have labeled as simply being a scam. BDSwiss does everything in its power to make sure they do not become one of these un-reputable sites.

Scams have always been out there as far as binary options trading is concerned. People are trusting by nature and a lot of businesses pray on this at times. It is a shame that there are such low morale business practices in the world that look to exploit honest people’s good natures.

It is part of the reason why most binary options brokers have tightened their site security measures and sought out reputable exchange commissions to approve of the way they do business. BDSwiss falls under the strict regulation of none other than the renowned CySEC (License Number 199/13). It is among the leading agencies for monitoring European Union binary options brokers.

The internet, although at one time facilitated the ease of scams, is helping to make sites be more reputable because now the word spreads quickly when binary options sites are thought of as being scams. Sites such as BDSwiss are well aware of this and they do everything in their power to avoid this type of reputation; as a matter of fact, not only has BDSwiss never been accused of being a scam, but it gets very few complaints in general for a site that has so many traders using it. It operates with the goal of being a site that wants to be seen as one that is both professional and trustworthy.

It is not always easy for a binary options broker to retain a clean reputation, but BDSwiss does a nice job of it. Through the combination of operating the website with a lot of integrity and being regulated by CySEC, they have an almost impeccable record for being a fair and secure binary options trading site.

Their license number with CySEC, 199/13, is one they are proud to say has never been associated with any type of scam or hidden fees practices. It is a website that continues to grow because of the way they have proved their reliability time and time again to those who trade with them. This fact alone gives those that trade on BDSwiss a lot of peace of mind.

BDSwiss is truly a binary options broker that has sought to set itself very far apart from unscrupulous business practices. They have earned the type of reputation that a lot of other binary options brokers can only aspire to. The BDSwiss website has proved itself not only to be safe and secure, but also a website that does everything in its power to help those that trade on it to become successful investors too.

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