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We review the Swiss29 broker and show you that at least three financial regulators put it on their blacklists.
What is Swiss29
Swiss29 is a typical online broker that you can use for trading with different financial assets, such as currencies, cryptocurrencies (Bitcoin, etc.), stocks and stock indices.
Trading conditions are fairly typical, a minimum deposit of 250 EUR, 1:25 leverage and even some deposit bonuses.
The broker claims to be located in Switzerland, as its names suggests, which is a country known for its financial sector and regulation.
But is Swiss29 a legit broker that you can use for financial trading?
Swiss29 is not a legitimate broker
During our research about Swiss29 and testing we found several reasons for not trading with this broker. There are several red flags that should convince you to stay away. Here they are.
Blacklisted by regulators
The main reason for avoiding Swiss29 is that this broker has been red-flagged in at least three countries. It is a broker that is not regulated, which makes it an illegal investment service in most countries in the world.
Red-flagged at home
For some time Swiss29 was providing this home address on its official website: Bahnhofstrasse 100, Zurich 8001, Switzerland. Now it seems it has removed it.
But it looked all right, a Swiss broker based in Switzerland, who wouldn’t trust it? The problem is that it was obviously fake. Swiss29 is not based in Switzerland.
This fact has been confirmed by the Swiss financial regulator Finma, who put the broker on its black list.
This fact alone should make you understand that this broker is worth staying away, because when a broker is blacklisted by its home regulator, it always is a clear and bad message.
Red-flagged in France
Another regulator that advises the public to stay away from Swiss29, is the French Autorité des Marchés Financiers (AMF).
The French regulator said that the broker is offering its services to residents in France without being authorized. Which means that Swiss29 is not respecting French laws. In other words, another red flag.
Red-flagged in Spain
The third regulator that warned the public about Swiss29, is the CNMV in Spain. It concluded the same thing, the broker is not authorized to provide investment services in the country, yet it is doing so.
So Spain is another country that Swiss29 entered in conflict with the laws. Which is a third major red flag.
User experience with Swiss29
We also made a research about what users of Swiss29 are saying about the company. Which always is a pretty difficult exercise, because anybody can say anything they want on the internet and you have no way of verifying if they are telling the truth.
Nevertheless, there are several user reviews that say that Swiss29 is a scam they can’t withdraw their money from. We don’t know if those statements are true, but since the broker has been red-flagged by three independent financial regulators, they might very well be.
The broker is providing support phone numbers in the UK, Canada, Spain and Poland. In Spain it has already been blacklisted.
And in the UK, Canada and Poland, Swiss29 is not authorized either, so we can conclude that it is breaking the laws in these countries too. It probably is only a matter of time before regulators in other countries raise their red flags too.
Swiss29 review – Conclusion
Swiss29 is a broker that is not regulated, so it can’t offer its services in most countries of the world. Moreover, at least three financial regulators have already blacklisted this broker, so you should stay away from it.
If you are interested in financial trading, we recommend going with regulated brokers, you can try them on a free demo account.
And remember that financial trading is always risky, so in case of real trading, use only money that you can afford to lose.
