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SwiftCFD Review - is it scam or safe?

SwiftCFD Review - is swiftcfd.com scam or good forex broker?

RATING: 1 / 7 REVIEWS SwiftCFD
SwiftCFD is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Trading account  Min. deposit Min. trade size Max. leverage Spread
Regular  $500 0.01 1:100 3 pips, fixed

 

Forex and CFD broker SwiftCFD offers a Regular trading account plus some Premium ones that require an initial investment of $10k and more. There are also swap-free accounts for clients of Islamic belief.

 

Overall, its trading conditions are not very attractive, but what bothers us most is the low level of credibility. Read on to get all the details.

 

 

SwiftCFD Advantages

 

Wide range of financial instruments, including cryptos

SwiftCFD’s product portfolio is quite rich and diversified. It includes many currency pairs, and various CFDs: on indices, commodities, stocks, and cryptocurrencies. The latter group features Bitcoin, ethereum, Ripple, Dash, Litecoin, Bitcoin Cash, Monero, Bitcoin Gold, Stellar Lumens, NEM, Waves, Tron, Golem, Lisk, Ada, SiaCoin, and more. These are traded against USD, EUR, GBP

 

Nonetheless, we would advise those of you who are into cryptocurrencies to select a more reliable broker. SwiftCFD is not regulated and not to be trusted.

 

 

>> Trade Bitcoin with a regulated forex broker <<

 

 

SwiftCFD Disadvantages

 

Registered offshore and most likely a scam

SwiftCFD is another brand of Estonian company DIGITAL WORLDWIDE OU, whose official registration is on the notorious address Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960. The other brand of the company is RoyalCFDs – a forex and CFD brokerage that seems to have swindled a lot of investors out of their money, judging by the numerous complaints on our site and through the web. Here you may take a look at some of them:

 

 

In case you don’t believe these investors are telling the truth, you will probably trust governmental agencies. Two of them have explicitly blacklisted DIGITAL WORLDWIDE OU and its RoyalCFDs brand - the Estonian Financial Supervision Authority (EFSA), and the UK financial watchdog, the FCA.

 

Does not support the MT4

Although SwiftCFD claims to support the ever popular MetaTrader 4 (MT4) platform, it is in fact not available for use.

 

 

Instead, trading is done via the same web-based platform RoyalCFDs offers. Although this platform is not bad, it still lacks many of the advanced tools of the MT4. Most notably, SwiftCFD’s platform does not offer any automated trading options.

 


>> The best MT4 Brokers <<

 

 

High cost of trading

First of all, RoyalCFDs demands an initial deposit of $500, which is at least double the size of what most brokers require as a start. Second, although it claims to offer spreads as low as 0.6 pips on EUR/USD, in fact the spread for this pair is fixed at 3 pips.

 

Even for fixed spread standards, this is a high level. As a comparison,  easyMarkets offers a 1 pip fixed spread on the most popular pair, to those clients who deposit more than $250.

 

 

Conclusion

 

SwiftCFD is another brand of the company behind RoyalCFDs. It has been blacklisted by several financial regulators, and the web is full of complaints against this broker. That is why we strongly advise you against dealing with SwiftCFD and any other brand DIGITAL WORLDWIDE might launch.

 

It is always best to deal only with properly regulated brokers and check the authenticity of their licenses in the registers of the respective financial authority or with us on forexbrokerz.com. Doing business with licensed brokers has a lot of advantages – they are obliged to follow a strict set of financial and ethical rules. Some of these include providing negative balance protection to their clients, keeping all of the invested capital segregated accounts, maintaining some minimum capital adequacy ratio, allowing external audits, filing regular reports and in certain cases even insuring traders’ money.



>> Trade with a FCA-regulated broker <<

 

 

To sum up our review on SwiftCFD:

 

Pros Cons
Wide range of financial instruments, including cryptos Registered offshore and most likely a scam
  MT4 not available
  High cost of trading

 

Latest news about SwiftCFD
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Traders` reviews for SwiftCFD

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

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Summary

Pros

Cons

 

 

Absolute Scam

Absolute scam,you will be bombarded by people calling themselves traders and other companies as they give out your details,the traders will tell you that you need to set up an account for them to trade for you and if you want to make money(this is besides your own account),you will need at least £100,000.If you make profits there is no way they will release them.They will make excuses and eventually find an excuse to close you account.They said they had closed mine and I would get my initial deposit back,so far only half has come back,the remaining profit was used up in a trade they did themselves,so it showed the account as losing money.I came across them while watching videos on youtube I was redirected to their site,I thought it was legitimate but wasn't.
You have been warned.

New Trader 02/09/2019

Warning, scam alert: stay far away from SwiftCFD!!! Scam scam scam!

Wouldn't let me withdraw my funds after founding out on their scam activities. They are using fake names such as James Black, Mike van Dam, Hannah Williams etc.

They will ask for a higher deposit in order to provide you with much secured and higher return. DON'T DO IT!!! ALL LIES, SCAMS, SCAMS, SCAMS. SWIFTCFD.COM is a SCAM.

They claim to be based in Estonia. They seem to be based in Luzern Switzerland and Frankfurt am main Hesse de (60313). EU FCA has been alarmed. They are aware of previous and other names in use as well. You won't enjoy what you have not earned. Mark it.

Trader 01/29/2019

investment with swiftcfd

I was told by my bank that swiftcfd are not a licensed company, and was told it was a scam and the bank told me to try and get your money back from swiftcfd. They took £250.00 out of my account with my permission from me.I contacted my bank and they tell me that they are not licensed,so I contacted the company swiftcfd and told them that I change my mind and wanted to cancel, and could I have my money back, they did tell me they are not a scam company and they did agree to put my money back the next day,and they kept there promise and agreed to refund me in full to which they did,even though the senior broker contacted me the next day to make sure that my money had gone back in my bank,I'm not sure if to invest again with them based on there trust.

Stephen Wandowski 01/10/2019

fraud

its true it a scam i lost 15,000 pounds n0 c0ntact at all after investing

brian connor 01/05/2019

SwiftCFD Scam - Can’t withdraw any money

Quick enough to take my initial deposit then my “account manager “ wanted £5000 to start trading. Can’t withdraw any money I’ve tried for 8 weeks. You can’t get hold of them and will reject every withdrawal request you submit. Promises to make you rich but it’s just a big scam

Christopher Beswick 01/04/2019

Lost all my money within two days

It's definitely a scam. Luckily I only lost 250 USD which is the money to open a basic account. On Day one told me I have made 18 USD next day they request to deposit 5,000 USD. I told them lets hold for a week the following day all money was traded and lost.

Reddy 12/26/2018

SwiftCFD - Unable to use my initial 250.00 dollars

When I first started I was told that it would be for £200.00. This then turned out to be$250:00. You have taken out £200 plus I have paid £7:00 pound conversion charge.

I have received phone calls to assist me to log on. I have not been able to log on because Apple will not let me use the google chrome that your people insist I use. I have today received a call asking me for more mone. I do not wish to invest thousands of pounds. I have been told that my initial £200 was not enough. I do not understand what is going on. Can I just cancel this, can you just refund my money????

Peter Dean 12/21/2018
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