November 5, 2020

Swiss Market Review

Overview

Swiss Market is the namesake of the legitimate broker, Swiss Markets, which has been around in the market for a while now. Swiss Market claims to be a legitimate and licensed forex broker that is based out of Switzerland; And makes use of a web based platform to offer various trading options to its users.While the two brokers share a similar name, they have very different parent companies. Swiss Markets, is owned and operated by the parent company of an older binary trading brand, BDSwiss. While the owners and team of Swiss Market are not as easy to find. Let’s look at why that is so. Read the full Swiss Market review here.

About Swiss Market

While it is not the case that we can’t find information about the owners of the broker; The problem is the validity of this information. The broker’s regulation information mentioned on its website is actually all over the place. The Terms and Conditions part of the website mentions Axelrod Holdings Ltd., a company that claims to be operating out of Switzerland. But, in the “About Us” section of the broker’s website a statement mentions that the parent company of the broker is Axe Capital FS Ltd., which is authorized by the financial regulator of the United Kingdom, FCA.

And sure enough Axe Capital FS is regulated by the FCA and is registered with them with the License number mentioned on the website. But a deeper dive will show you that Swiss market is not a registered trading name for the company Axe Capital FS. And then the mystery was solved. This is a live example of a scam called “Clone Firms”. In this scam the scamster just uses a similar name to a legitimate and regulated business and tries to use its credentials to throw off suspicions of being illegitimate. What is even more interesting is that a while ago another Swiss based broker was blacklisted and warned against by two financial regulators, And this broker also falsely claimed to be a trading name for Axe Capital FS Ltd. The broker was called SwissMarketInvest, and it was the Swiss and Italian financial regulators that blacklisted this company. This makes it a very fair suspicion that the people behind SwissMarketInvest did the age old trick of changing their brand name and starting up a new scam. It has been noticed that Swiss Market is targeting people in Europe mostly, using its fake credentials.

The Verdict

Given that this broker has a very suspicious background and provides us with no verifiable information. We believe it would be rather risky to make use of their services.