In this harsh economy, the last thing you would want is to lose your hard-earned money to scammers and con artists. Fraudulent forex brokers can rip you off before you make even a cent in profit. The only way to protect your money is by carrying out adequate research before investing funds.
Let’s narrow down our focus to BDSwiss, a trading broker that boasts of over one million traders.
BDSwiss Review in a Nutshell
How safe is your money with BDSwiss? In this honest BDSwiss review, we will open your eyes to the red flags that most people ignore and, of course, show you their good side that deserves recognition. We will look beyond the façade, read between the lines, and give you an unbiased opinion.
If you have already fallen for this scam, no need to panic, we can help you recover your money. Get a free consultation today.
A Little About BDSwiss
One glance at the BDSwiss website and the glaring accolades may wow you. But is this just empty hype to lure in unsuspecting investors? We’ll tell you more about that shortly.
Established in 2012, BDSwiss deals in forex, commodities, indices, shares, and cryptocurrencies. It enables trading through MetaTrader 4, MetaTrader 5, BDSwiss mobile app, and BDSwiss web trader.
Is BDSwiss Regulated?
BDSwiss claims to be adequately regulated. Here’s what it displays on its website:
- BDSwiss LLC is registered with the US National Futures Association under ID number 0486419
- BDSwiss Holding PLC, on the other hand, is licensed by CySEC (EU) under license number 199/13
- BDS Markets was regulated by the FSC on 06/12/2016 (License No. C116016172)
- BDSwiss GmbH (Reg. No. HRB 160749B) is the registered Tied Agent of BDSwiss Holding PLC in Germany
That looks good till you scroll down a little bit and see this:
It’s clear that what matters here is its Mauritius wing.
In short, it is regulated by the Mauritius Financial Services Commission as BDS Markets (license number C116016172). But regulation by an offshore regulatory body is not enough to allow BDSwiss to operate globally.
Offshore regulation does not provide an adequate cushion against non-compliance to trading standards and operations.
And as we told you in the Investous review, in this industry, any regulatory bodies other than SEC, FCA, CySEC or ASIC means that there is no regulation.
The Red Flags
The lack of proper regulation is, without a doubt, proof of a BDSwiss scam. But here are more red flags.
1) High Risk of Losing Funds
BDSwiss does not charge a deposit and withdrawal fee for credit card transactions, but this is only a trap to encourage deposits from its victims.
It also does not allow you to use the demo account without having a live account. This is to encourage more signups and have more people invest real cash.
In case you invest your money and remain inactive, you stand to lose. This forex broker will charge 10% of your account balance for inactivity every month. The minimum amount they can charge your account monthly is €25 until the account balance is at €0.
2) Persuasive Advisors
Another thing that shows BDSwiss is not legit is the fact that you cannot open a demo account without speaking to a manager.
Once you contact an account manager, they’ll literally push you to make a deposit. And according to this complaint by a previous user, they will give you weak trading signals that will make you lose money.
3) Legal Cases
BDSwiss Holding PLC has been on the wrong side of the law. On 19th December, 2017, CySEC ruled that BDSwiss violated the law and was to pay €150,000 as settlement.
The broker failed to comply with the law as shown in the board report below.
Again, on a CySEC board decision dated 14th December 2015, BDSwiss Holding Ltd was slapped with a fine of €5,000 for non-compliance with two laws. According to CySEC, BDSwiss had failed to act justly and in the best interests of its customers. Here is a screenshot of the board decision:
These verdicts by CySEC are enough to conclude this BDSwiss review. But there is a more damning issue…
4) Withdrawal Complaints
In the Forex Peace Army, a trusted review website, BDSwiss has a low score of 1.745.
As you’ll note on the BDSwiss website, withdrawals should not take more than 24 hours.
But several complaints from users shows that it can take weeks and even months. And according to customers’ reviews on Forex Peace Army, you might never get your money at all.
There are more complaints about the same issue in Trustpilot.
BDSwiss tries to respond to all these claims on review websites. That’s commendable. However, having numerous customers complaining about failed withdrawal requests paints this forex broker as a scam.
As we said, we will show you the good and the bad in this BDSwiss review. There are a few things that the broker uses to lure investors. It can’t get users if it doesn’t offer any benefit. Here’s what it baits people with:
1) Educational Resources
The resources in BDSwiss are remarkable. It has a trading academy that offers trading courses ranging from beginner to intermediate to advanced levels.
The broker has training videos and a quiz at the end of each level to help you gauge your understanding. BDSwiss also offers webinars, live market analyses, and daily market news.
BDSwiss provides a multilingual help team that supports ten languages. It is available 24/5, although there have been several complaints about their slow response.
You can contact the team through Telegram, WhatsApp, email, live chat, or call back. Its FAQ page has droves of information on opening and managing an account, transacting, and making withdrawals.
BDSwiss Review Conclusion: Is BDSwiss a Scam?
We applaud BDSwiss for excellent learning resources that suitable for beginners. But as seen in this BDSwiss review, there is enough evidence to prove that it’s a scam.
Lack of proper, extensive, and clear regulation is enough reason to avoid any broker. That, and the fine and settlement demanded by CySEC for non-compliance to regulations, gives you a strong reason to avoid BDSwiss.
We have seen reviews from reputable review sites by people who have lost their money to the scam, and all you can do is learn from their experience. Know how to spot a trading scam and stay alert for any coercion to invest your money on a trading platform.
If you have lost your money already, we can help you recover it. Get a free consultation with experts immediately to make the process faster and easier.