Swiftcointrading.com Review: this is the name of a Forex broker that claims to be located in the United States. Is Swift Coin Trading a legit broker or a scam?
On the website of this broker we find that it provided the following address:
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52 Woodland Ave, Dodge City, KS 67801, USA.
The page opens with the bid to attract continuous investments with the statement “the more you give the more you win”.
Swift Coin Trading dedicates some part of its page to explaining: Benefits of Cryptocurrency, Who Created Bitcoin, and Forex Market Trends.
Bitcoin imageries litter the page and it seems the broker’s intent is to drive home the point that deposits can be made via digital currency. Next, it features another section on cryptocurrency titled: “About Cryptocurrency”.
Swift Coin Trading Software Trading Platform
Swift Coin Trading does not mention the kind of trading platform that its trading software makes use of and this is not an encouraging discovery.
Regulated brokers usually mention trading platforms such as MetaTrader 4 and MetaTrader 5.
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.
It is not stated what sort of trading products is made available to traders by this broker. However, it would seem like it allows trading of cryptocurrencies.
Again, Forex traders with licenses who are serious about the business provides impressive trading portfolios that includes more than 300 Forex currencies, 5+ cryptocurrencies, and CFDs on numerous commodities like silver, gold, indices, stocks, oil.
Leverages and spreads are not also stated.
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 Swift Coin Trading
Payment methods for Swift Coin Trading cannot be found on the website and the only means we could discern is Bitcoin via a wallet that clients need to download.
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. It is not so for Swift Coin Trading and this is not a good sign.
Minimum deposits for this broker depends on the type of account a client uses and they range from $40 to $5,000. Withdrawal of less than $5 is not allowed. Fees and charges are not indicated.
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 Swift Coin Trading Licensed?
No. Swift Coin Trading does not hold a license from any regulatory commission and is therefore not under any authority’s jurisdiction.
To reach a customer care agent of this broker, clients are to call: +1-517-234-2838 or email: email@example.com
We have seen from the review above that Swift Coin Trading does not show any trace of a legit broker. As such, traders are advised to stay away from investing in this kind of broker.
COMPARE WITH A TRUSTED BROKER
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