In this review we explain why you should not trade financial markets with the SwisTrust broker.
What is SwisTrust
SwisTrust is a broker based in Saint Vincent and the Grenadines. Its offer is pretty typical for this sector.
The broker will let you trade with currency pairs, commodities, stocks, indices, futures and swaps.
SwisTrust has three trading accounts for you to choose from, however it does not publicly disclose what is the minimum deposit.
The broker claims that it has won several awards. But can you trust it, is SwisTrust legit?
Stay away from SwisTrust
There are two main reasons why you should not deposit money and trade with SwisTrust. In this review we explain both of them.
Swis Trust is based in St Vincent and the Grenadines, and is not hiding the fact that it is not regulated. So the broker is not overseen by any regulator and basically can do whatever the owners decide. Money deposited with this broker is not protected in any way.
SwisTrust can’t offer its services in most countries in the world, because most countries require brokers to be regulated. So for example SwisTrust can’t seek clients in Europe, USA, Canada, Australia, Japan etc.
Since one of the support phone numbers provided by SwisTrust is a British one, it looks like the broker is targeting UK residents with its services. Which it can’t, because it is not regulated by the Financial Conduct Authority.
So it seems that the broker is trying to illegally sneak into the UK market.
The broker not being regulated is already a good reason not trade with it.
One thing that allows us to classify SwisTrust as a scam is the awards the broker is displaying on its website. Because they are totally fake and it is easy to prove.
First of all, some of the awards do not even say who awarded them, so you can’t even try to verify their authenticity. But some of them do, like the last one that says “INTLBM Awards”. Which stands for International Business Magazine awards.
But when you check the website of International Business Magazine, you won’t find a single mention of SwisTrust. So clearly the broker has not been awarded anything by this magazine.
Secondly, three out of the five awards displayed by SwisTrust supposedly are either from 2019 or 2020. The problem is that the swistrust.com domain was registered only in August 2021.
We have to assume that the broker did not exist and could not have won any awards prior to the year 2021.
Such a blatant display of fake awards makes SwisTrust a scam broker that you have to avoid.
How SwisTrust works
Over the years we have dealt with countless unregulated brokers located in exotic countries. So we have a pretty good idea about how they work.
Often they will promise you easy profits and ask you for deposits. Sometimes they will show you fake profits on your account to make you deposit more. Almost never they will let you withdraw anything from your account.
And because these brokers are not regulated, you have no independent authority that could step in. The only thing you can do when brokers like SwisTrust refuse your withdrawal is to try to get your money back with your bank or go to the police.
SwisTrust review – Conclusion
SwisTrust is an unregulated broker. We are not afraid to say it is a scam broker because it is displaying obviously fake awards on its website. Stay away from it!
If you want to try financial trading, do it with a regulated company. You can start on a free demo to get virtual money and try everything out.
Before investing real money you have to make sure that you understand the risks and that you have a solid strategy.