Swissaz.com Review Is SwissAZ A Scam Forex Broker

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SwissAZ Review – is swissaz.com scam or good forex broker?

Trading Accounts and Conditions

Trading account Min. deposit Max. leverage Spread
Silver €250 1:200 N/A
Gold €5 000 N/A N/A
Diamond €10 000 N/A N/A
VIP €50 000 N/A N/A

SwissAZ presents itself as a FCA-regulated brokerage. It offers the four account types listed above and access to the MetaTrader4 platform. While such an offer might sound good, we have serious concerns about this broker, which will be highlighted below. So, make sure you read this detailed review on SwissAZ prior to investing any money.

SwissAZ Advantages

Trading on the MT4 with solid leverage

As more than 80% of all forex brokers, this one also allows you to access the global financial markets via the MetaTrader4 (MT4). This piece of trading software is so popular among traders because it is user-friendly, and yet equipped with a set of professional tools. Some of these include advanced charting package, numerous built-in analysis indicators, Expert Advisors for automated trading, and more.

Besides, clients of SwissAZ can use leverage up to 1:200, which is high enough to suit the needs of almost all traders. Although leverage is a controversial part of forex trading, some traders enjoy using higher ratios, despite the greater risk of loss it brings along. That is why we consider the availability of high leverage as an advantage.

SwissAZ Disadvantages

Exposed by the FCA as a clone

According to their presentation, the broker is a trademark of Swiss Investment Corporation Limited, a company authorized and regulated by UK’s Financial Conduct Authority (FCA).

Although we found the company in the online registry of the regulatory agency, its authorized brand name is SwissInvest, and not SwissAZ, which raised suspicions that the latter might be a clone firm.

Our suspicions proved to be true – the broker was blacklisted by the authorities in the UK as a potential scammer that illegally using the name and ‘firm reference number’ (FRN) of another company, with which it is not associated in any way.

As usual, we advise our readers to avoid any such brokers that that present purposefully misleading information. It is pretty obvious that you cannot trust a fraudster that presents purposefully misleading information.

Trading conditions not disclosed, no demo service

Another worrisome sign regarding SwissAZ is the broker doesn’t provide much details about the trading environment they provide. Its website only features information on the initial investment amounts required for the different account types, so potential clients of the broker are unaware of the trading costs, leverage levels provided, transfer fees, etc.

Furthermore, SwissAZ does not provide free testing service either, so we can safely conclude that the broker is not transparent about its offer and pricing. These are clear-cut signs of trouble are the usual “tell” of a scammer.

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Lack of clarity on withdrawal fees

In the terms and conditions uploaded on Swiss AZ’s website, we read that “withdrawals are subjected to processing and handling fees”, however the amounts of these charges aren’t specified.

The MT4 provided by a third party

This is not rare in the world of forex, nor a major flaw, but is worth mentioning. Although Swiss AZ does not offer free testing service, its MT4 is freely downloadable from the website. So, we discovered that it is in fact provided by a third party, Polis Systems LTD.

Conclusion

SwissAZ is a yet another scammer that poses as a broker licensed by in the UK, illegally using the details of a FCA-regulated company.

The FCA is able to enforce proceedings against firms which are authorized by it, however false websites which are not licensed and do not provide any financial products (which might be the case with SwissAZ) often fall outside their jurisdiction. That being said, such clone firms and websites can, of course, be considered a matter for criminal investigation.

And finally, here are the highlights of the present review of SwissAZ:

Pros Cons
Trading on the MT4 No legit license, blacklisted by the FCA
Solid leverage Trading conditions not clear
No demo accounts
MT4 provided by a third party
Lack of clarity on withdrawal fees
Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

Trading212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

Swissaz.com Review: Is SwissAZ A Scam Forex Broker?

SwissAZ Review: this is the name of a Forex and CFD broker that is located in Switzerland and an offshore location. Is Swissaz.com a legit forex broker? Our main issue with this broker besides that it is unlicensed is that it is also blacklisted. Find out the details below.

The most vital part of our reviews is the uncovering of if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.

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SwissAZ mentions that it is a Forex broker that is located in the City of Lugano, Switzerland. However, it mentions that it is licensed by the Financial Conduct Authority of the UK. These are shady revelations and when we investigated the claims, we found that the broker is illegally using the name of another company.

Trading with a Forex broker that is unlicensed pose many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well. Unlicensed brokerages are not under any rules of traders and this puts traders in more risk than they will be in if they had chosen properly licensed ones.

Advantages of SwissAZ

It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.

However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.

The page mentions that there is a large community of traders already using the service, which is reliable and simple. They offer funds safety, global operations, many trading instruments, and excellent customer service.

SwissAZ Trading Platform

SwissAZ offers traders the MT4 trading platform. We advise readers and traders to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots.

Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.

These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.

Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.

Trading instruments offered to traders are: forex, cryptocurrencies and CFDs. We are only told they amount to 200 but not provided with a list. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.

Maximum leverage offered to clients is 1:200 and while this may seem generous, it is not advisable. High leverages can lead to huge loss of funds as well. Spreads are also not mentioned on the EURUSD pairs, which is quite hard to believe.

Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.

Deposit and Withdrawal methods on SwissAZ

The means that traders are to use to make deposits and withdrawals are not mentioned and we find it discouraging that common transaction means are not mentioned by the website.

This is because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.

Minimum deposit required is $250 and this is within the obtainable of average of $100 to $250 that is common among legit brokers. Withdrawal fees are not clearly disclosed, but we found that it may apply. However, we will appreciate it if this is stated.

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

Is SwissAZ Licensed?

No. SwissAZ is not a properly licensed and registered broker. It is not regulated by the Financial Conduct Authority as it claims. Neither is there any commission that license it to operate in Switzerland.

Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.

SwissAZ Blacklisted by FCA

Like was expected, the Financial Conduct Authority has put out a warning that SwissAZ is illegally parading itself as Swiss Investment Corporation which is not so. They clearly state that they have not granted the broker a license and that SwissInvest is not the same with SwissAZ.

Support

To get in touch with the customer help or with the broker, dial: 88 597 7974 or email at: [email protected]

Conclusion

SwissAZ is not regulated and we advise our readers to avoid it. Further, it is a scam using the information of a legit company. Most of the trading details are not disclosed and some are falsified. Do you have an experience with this broker you would like to share? Please, use the comment space.

COMPARE WITH A TRUSTED BROKER

Fortrade

Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website

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