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SwedenCap Review - is it scam or safe?

SwedenCap review - Is swedencap.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz SwedenCap
SwedenCap is an offshore broker. Your money is not safe.

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SwedenCap is an offshore brokers, registered on St. Kitts and Nevis, offering five account types with a leverage of up to 1:200 and the MetaTrader4 platform. Unfortunately the broker is not regulated, so if you are thinking about opening an account with them better read this review first.

 

Trading account  Min. deposit Max. leverage Spread

Micro Account

$1 1:200 n/a
Bronze Account $10 000 1:200 n/a
Silver Account $20 000 1:200 n/a
Gold Account $50 000 1:200 n/a
Platinum Account $100 000 1:200 n/a

 

SwedenCap Advantages:

 

Various asset classes

 

SwedenCap says to be offering over 140 currency pairs, 150 crypto currencies, and lots of CFDs on commodities and nearly 1000 stocks. We were not able to check all of this as we were not able to open a demo account. Still if you are tempted by the idea of trading crypto coins, here you may also check our list of brokers trading with bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

High leverage

 

Currently leverage as high as 1:200 as offered by SwedenCap can be seen only with offshore brokers and brokers regulated in Australia – the last major regulatory hub, where high margin trading remains unrestricted, after the financial regulators throughout Europe the US, Canada and Japan caped the maximum leverage allowed with forex trade in an effort to reduce the investment risks. Still if you are in Australia, you can always check our list of locally regulated brokers: 

 

>>Brokers regulated in Australia<<

 

Acceptable minimum deposit requirement

 

You can open a trading account with the broker with 200 USD and that is fine. More or less this is the minimum deposit requirement with most other brokers, and yer bear in mind that with some big players like FBS and IG you will be able to star trading with just 5 USD or so. 

 

MetaTrader4 available

 

MT4 is the most widely used trading platform in the industry for the past 10 years. The platform is highly reliable, light, with user friendly interface and even customizable trading bots with which one can easily run automated trading sessions. And besides, you will have access to almost 100 market indicators and an excellent package of advanced charting tools, so here you may check our list of brokers supporting the MT4 as well:

 

>>MT4 Brokers<<

 

SwedenCap Disadvantages:

 

No license

 

Sweden Capital LLC, the company that owns and operates SwedenCap, is incorporated on St. Kitts and Nevis, an offshore territory in the West Indies. The broker does not mention anything about a license and that is not a surprise. The financial authorities on St. Kitts and Nevis - the Financial Services Regulatory Commission (FSRC) regulate exclusively the banking sector and does not bother with the forex and CFD brokers registered as local Limited Liability Companies.

 

And we should say a few words about the local legislation as well, according which if you want to bring a legal action against a business incorporated in St. Kitts and Nevis, you will have to hire a local lawyer, licensed in St. Kitts and Nevis, and deposit a “cash bond” with a local court. On top of that, attorneys in St. Kitts and Nevis are not allowed to work on contingency and you will have to pay  for all legal services in advance. Obviously all of that will seriously complicate any legal steps against a local broker like SwedenCap, in case you have any dispute with them.

 

With all of that in mind, be aware as well that if you deposit your funds with a unregulated broker, the risk to get scammed will be unacceptably high. And the reason is quite simple – unregulated brokers, or brokers with shady licenses are simply not accountable for the way they handle your money. In other words, you will depend entirely on the integrity of the people that operate those brokers and too often that integrity is not very high.

 

So the obvious solution is to trade only with brokers licensed and authorized by well respected an reliable institutions such as the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC). Only such institutions can guarantee that brokers will follow strict financial and ethical rules.

 

For example, all properly regulated brokers are obliged to keep their clients finds in a segregated, trust accounts, to maintain a certain minimum operational capital, to file regular reports, to allow external audits and in certain cases even to insure traders funds. For example if you have invested your money with a FCA broker, you will not have to worry about the first 85 000 GBP in your account, because they will be covered by a client compensation fund. So here you may check our list of FCA regulated brokers as well:

 

>>FCA Regulated Forex Brokers<<

 

Trading bonuses

 

SwedenCap offers a 200% trading bonus and although this might sound as a good news, in practice it is not. Trading bonuses are highly controversial, because they are always linked to some minimum trade volume requirement, basically restricting your right to withdraw. So it is not a surprise that the practice is banned on the European market and in many other places with solid regulation.

 

No demo account

 

As we noted, unfortunately we were not able to open a demo account with the broker, so we can not comment on their spreads first hand. Still, from what we learn from their presentation, they offer five account types, where the most accessible one comes with spreads starting above 2 pips, which is higher than what traders would usually consider attractive. Still here you may also check our list of brokers offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Few payment methods

 

SwedenCap accepts payments with VISA, MasteCard, bank wire and bitcoins. However, the broker does not accept payments with popular e-wallets like Neteller and Skrill, and that is worth noting as recently Skrill adopted a new anti scam policy, according which it services only brokers with legit forex  licenses. As we already noted SwedenCap is not a licensed broker.

 

Conclusion:

 

SwedenCap is not a broker you can trust. If you want to trade the forex markets without having to worry about your funds better chose a broker with a legit license from a respectable institution such as the FCA in the UK, CySEC in Cyprus or ASIC in Australia.

 

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Traders` reviews for SwedenCap

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