Scam Exposure: Clients Report Withdrawal Issues With SwissFS

Differentiating between a legit or a scam broker can be tricky, especially for newbies. However, some apparent signs can help you instantly spot a shabby broker. Sometimes you can identify scam brokers from its regulations and real investors reviews. Here we found SwissFS belongs to one of these kinds of frauds.

Does not under valid regulation

In accordance with its statement, SwissFS is a broker regulated by the Kuwait Chamber of Commerce and licensed from Ministry of Commerce and Industry of Kuwait(MOCI) - license number 89468/2002. 

While it is a good thing that the broker is regulated, the two authorities are in comparison to financial regulatory bodies like the FCA two of the weaker regulatory authorities that do neither issue licenses for forex trading nor regulate entities offering forex activities when it comes to investor protection. That is to say - SwissFS is not under valid regulation by any regulators.

Clientele reviews prove SwissFS is a scam

In order to be sure that SwissFS is not a reliable broker, we collected trader reviews and checked other popular trading related websites and forums and found investors repeatedly provide negative feedback about the company. We can conclude that SwissFS is one of the poorly rated companies we've reviewed so far. Here are some reviews left by victims of SwissFS:

The company makes you believe that it has a very advanced and guaranteed transaction copying system that achieves monthly profits of up to 40% with a zero-risk guarantee. Then when you fall into the trap, you will lose your capital. In the end, the scammer will withdraw the largest amount of money from you. Additionally, the entity also manipulates prices and candles as well on the platform. 

The company website does not provide any proper information about who the owners are, no discloser about their brokerage and other charges for different trading options. Moreover, the company's customer service representative gives all false promises about advising on trading investments.

Also, the company was reported to have withdrawal issues.

Based on the above information, we can conclude that SwissFS is a scam.