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Swift Bit Options Review - is it scam or safe?

Swift Bit Options Review - is swiftbitoptions.com scam or good binary options broker?

RATING: 0.5 / 0 REVIEWS Swift Bit Options
Swift Bit Options is not regulated. We cannot guarantee your money is safe.

Trading Accounts and Conditions

 

Trading account Min. deposit Max. leverage Average Spread
Micro  $10 1:500 3.2 pips
Standard  $500 1:500 3.2 pips
ECN Prime $500 1:200 1.7 pips+ $5 /lot
Swap-free $500 1:500 3.2 pips

 

Swift Bit Options presents itself as a MetaTrader4 broker that offers the above investment accounts for trading in forex and CFDs, as well as special accounts for investing in binary options and cryptocurrencies.

 

Our thorough investigation revealed that the broker offers only trading in binary options on some web-based interface. What is worse, the entire website of Swift Bit Options is cloned, including the companies’ registration numbers. You can find all the details below.

 

 

Swift Bit Options Advantages

 

At first glance, one might think that Swift Bit Options has a number of strong sides: the broker offers a plethora of financial products for trade on the industry’s favorite MetaTrader 4 (MT4), provides high leverage and the initial investment required is quite low. However, all the above mentioned features are actually offered by forex and binary options broker Grand Capital, and Swift Bit Options’ website is almost identical.

 

 

Swift Bit Options Disadvantages

 

A cloned website

The structure and design of Swift Bit Options’s website is exactly the same as the webpage of Grand Capital. Furthermore, the trading account types

 

 

 

and the trading specifications are absolutely the same.

 

 

Operating illegally and anonymously

What is worse, we also saw that even the registration numbers of the companies that allegedly operate Swift Bit Options are the same as those of the firms operating Grand Capital. We don’t know whether and how the two are related, but for sure no such company as Swift Bit Options Ltd registered on the Seychelles r the SVG exists. This means that Swift Bit Options operates illegally and anonymously and is most likely a scam.

 

 

 Click on the images to zoom in.

 

Regulatory warning against it

Furthermore, we found out that the British Columbia Securities Commission (BCSC) has publicly warned the public against Swift Bit Options. According to the regulator, this broker offers trading in financial products to local investors, which require registration in BC, and Swift Bit Options is not registered to trade in, or advise on, securities or exchange contracts in the country.

 

 

Click to view larger.

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Therefore, the BCSC urges investors to exercise caution when dealing with Swift Bit Options or other firms that are not registered to trade or advise in British Columbia.

 

Offers only binary options on an oversimplified platform

We registered a real account with Swift Bit Options in order to find out what this broker really offers, as it does not provide free demo accounts, which is actually yet another red flag regarding this broker.

 

It turned out that instead of the promised MT4, live account holders at Swift Bit Options are offered some unproven oversimplified web trading interface.  Here is a preview:

 

 

Swift Bit Options’ web trading platform. Click on the image to zoom in.

 

If you trade with MT4 brokers, on the other hand, you’ll be able to use top-notch charting with wide range of indicators and even leave all the trading to automated trading bots (Expert Advisors).

 

 

>> Find the best MT4 brokers <<

 

 

Conclusion

 

Overall, Swift Bit Options it is clone without any valid license and actually operating anonymously, so its potential clients are open to a substantial risk. Most likely, if you deposit any money with this broker, you will not be able to get it back. Clone firms is a popular scam tactic in the trading world, so beware. Always check whether the brokers you wish to invest with are licensed by the respective financial authorities. Most such regulators keep registered of authorized financial services providers. This is the only way to protect yourself against investment scams.

 

That being said, some of the most trustworthy financial regulators are UK’s FCA, Cyprus” CySEC and Australia’s ASIC. Traders who choose to deal with a CySEC-licensed broker, for example, have the following assurances for the security of their funds: the latter are kept in segregated accounts, separately from the company’s money; if the broker becomes insolvent, the Investor Compensation Fund can cover up to EUR 20 000 in compensation; the clients` accounts are protected against negative balances.

 

 

>> Looking for brokers licensed in Cyprus? <<

 

 

Here is a summary of our recap of Swift Bit Options:

 

Pros Cons
Not any A cloned website
  Operating illegally and anonymously
  Regulatory warning against it
  ffers only binary options on an unproven platform

 

Latest news about Swift Bit Options
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Cyprus CySec $200 89% Review
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Traders` reviews for Swift Bit Options

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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