Score

1.48 /10
Danger

Swissco

South Africa

1-2 years

Suspicious Regulatory License

cTrader

Suspicious Scope of Business

Suspicious Overrun

High potential risk

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Score

Regulatory Index0.00

Business Index4.94

Risk Management Index0.00

Software Index5.56

License Index0.00

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VPS Standard
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40G

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Broker Information

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Company Name

Demeterer Ltd

Company Abbreviation

Swissco

Platform registered country and region

South Africa

Company website

Company summary

Pyramid scheme complaint

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Warning: Low score, please stay away! 2
Previous Detection : 2024-12-23
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The South AfricaFSCA regulation (license number: 50354) claimed by this broker is suspected to be clone. Please be aware of the risk!

WikiFX Verification

Swissco · Company summary
Aspect Information
Company Name Swissco
Registered Country/Area South Africa
Founded Year 2023
Regulation Identified as a suspicious clone by FSCA
Market Instruments Forex, CFDs on Stocks, Indices, Commodities
Account Types STP Bronze, STP Gold, STP Silver
Maximum Leverage Up to 1:100
Trading Platforms WebTrader, cTrader (Desktop & Mobile)
Customer Support Phone: +44 20399 63487, Email: support@swissco.com
Deposit & Withdrawal Multiple options including major credit and debit cards (Mastercard, Visa, Maestro), Skill, Neteller
Educational Resources Basic and advanced training sessions, analysis tools

Overview of Swissco

Swissco, established in South Africa in 2023, offers a wide range of trading assets, including Forex, CFDs on Stocks, Indices, and Commodities.

With advantages such as leverage up to 1:100, multiple payment options, and a transparent fee structure, Swissco accommodates a global audience. However, traders should note the potential commission fees on some accounts. While the platform emphasizes security through SSL encryption, its regulatory status requires scrutiny, as it has been identified as a suspicious clone by the Financial Sector Conduct Authority (FSCA).

Overview of Swissco

Is Swissco legit or a scam?

Swissco's classification as a suspicious clone by the Financial Sector Conduct Authority (FSCA) in South Africa denotes severe regulatory uncertainty.

As a Financial Service Corporate entity, Swissco falls under the jurisdiction of the FSCA, with License No. 50354. The regulatory status of Swissco has a direct impact on traders utilizing the platform. Traders operating within such an environment face heightened risks, as the designation of a suspicious clone implies potential unauthorized or fraudulent activities. The lack of adherence to regulatory standards raises significant uncertainties for traders, compromising the integrity and security of their financial transactions.

Is Swissco legit or a scam?

Pros and Cons

Pros Cons
Wide Asset Range including Forex, CFDs on Stocks, Indices, and Commodities Suspicious clone by the FSCA
Leverage up to 1:100 Commission Fees on Some Accounts
Multiple Payment Options
Transparent Fee Structure
Secure SSL Encryption
Responsive Customer Support

Pros:

  1. Wide Asset Range: Swissco provides a broad array of trading options, allowing users to engage in various financial markets, including Forex, CFDs on Stocks, Indices, and Commodities.

2. Leverage up to 1:100: Swissco offers leverage up to 1:100, enabling traders to amplify their market exposure. This can be advantageous for those looking to potentially enhance profits.

3. Multiple Payment Options: The platform supports multiple payment methods, including major credit and debit cards (Mastercard, Visa, Maestro), Skill, Neteller, providing flexibility and convenience for users in managing their funds.

4. Transparent Fee Structure: Swissco maintains a transparent fee structure, ensuring clarity regarding costs associated with trading. This transparency assists traders in making well-informed decisions by understanding the fees involved in their transactions.

5. Secure SSL Encryption: The implementation of Secure Sockets Layer (SSL) encryption ensures a secure environment for financial transactions, safeguarding user data and enhancing overall security on the Swissco platform.

6. Responsive Customer Support: Swissco offers responsive customer support through various channels, including a dedicated phone line and email. Trained professionals are available to assist users with inquiries, technical issues, and account-related issues.

Cons:

  1. Suspicious Clone by the FSCA: Swissco being identified as a suspicious clone by the Financial Sector Conduct Authority (FSCA) raises risks about its legitimacy and compliance with financial regulations.

2. Commission Fees on Some Accounts: While Swissco provides commission-free trading on certain accounts, others may have associated commission fees. Traders should carefully review the fee structure of their chosen account type to understand the costs involved in their transactions.

Market Instruments

Swissco provides a wide selection of trading assets, allowing users to engage in various financial markets.

The platform covers a wide range of options, including Forex, Contracts for Difference (CFDs) on Stocks, Indices, and Commodities.

Traders can explore opportunities in the foreign exchange market, taking advantage of currency pairs and fluctuations.

Additionally, Swissco offers CFDs on Stocks, allowing users to participate in the dynamic movements of individual company shares without direct ownership.

The platform extends its reach to Indices, enabling traders to speculate on the performance of broader market segments.

Market Instruments

Swissco also supports trading in Commodities, allowing users to engage in markets such as precious metals, energies, and agricultural products.

The Swissco WebTrader trading platform hosts over 2,000 stocks, providing a substantial inventory for traders to navigate.

Market Instruments

Account Types

Swissco offers a range of account types to serve the different needs of traders, each designed with specific features and benefits.

STP Bronze:

STP Bronze is tailored for traders seeking a straightforward approach with a $5 commission per 1 Lot. It features standard spreads, ensuring cost-effective trading. The account provides fast execution on both desktop and mobile platforms. Traders opting for STP Bronze gain access to essential tools such as analysis and market reports, along with basic training sessions. This account type is suitable for individuals who prefer simplicity in their trading experience and are mindful of transaction costs.

STP Gold:

Designed for traders looking for enhanced benefits, STP Gold stands out with 0 $ commission per 1 Lot and interbank spreads. Fast execution on desktop and mobile platforms ensures timely trading. The account offers advanced features, including basic and advanced training sessions, as well as a dedicated account manager. STP Gold is suitable for traders seeking a more comprehensive set of tools and personalized support.

STP Silver:

STP Silver strikes a balance between cost-effectiveness and additional features. With 2 $ commissions per 1 Lot and lower spreads, this account type offers a competitive trading environment. Traders using STP Silver experience fast execution on desktop and mobile platforms, access to analysis and market reports, and basic training sessions. The presence of a dedicated account manager adds a personalized touch, making STP Silver suitable for traders looking for a middle-ground solution with reasonable costs and additional support.

STP Bronze STP Gold STP Silver
$5 commission per 1 Lot 0 $ commission per 1 Lot 2 $ commissions per 1 Lot
Standard spreads Interbank spreads Lower spreads
Fast execution Fast execution Fast execution
Desktop & Mobile Trading Desktop & Mobile Trading Desktop & Mobile Trading
Analysis and market reports Analysis and market reports Analysis and market reports
Basic training sessions Basic and advanced training sessions Basic training sessions
Dedicated account manager Dedicated account manager
Free webinars and education
Account Types

How to Open an Account?

Step-by-Step Guide to Open an Account with Swissco:

  1. Complete Registration:

  1. Visit the official Swissco website and navigate to the registration page. Fill in the required information accurately, including personal details and contact information. Create a secure password and agree to the terms and conditions. Submit the registration form to initiate the account creation process.

2. Place Your Deposit:

After successfully registering, log in to your newly created account. Navigate to the deposit section and choose a suitable funding method. Follow the instructions to transfer the desired amount to your trading account. Ensure that you comply with the platform's minimum deposit requirements.

3. Verify Your Account:

Swissco prioritizes security and regulatory compliance. To complete the account setup, undergo the verification process. Submit the necessary identification documents, such as government-issued ID, proof of address, and any additional documents required by the platform. Verification typically involves a review by the platform's compliance team.

4. Pick an Asset to Trade:

Once your account is verified and funded, explore the variety of assets available on the Swissco platform. Choose from Forex, CFDs on Stocks, Indices, and Commodities. Assess your trading preferences, risk tolerance, and market knowledge to select assets that align with your trading strategy.

5. Start Trading:

With a funded and verified account, you are ready to start trading. Access the trading platform, whether on desktop or mobile, and utilize the provided analysis tools. Execute trades based on your market analysis, manage your positions effectively, and monitor market fluctuations. Swissco provides a user-friendly interface to facilitate a friendly trading experience.

How to Open an Account?

Leverage

Swissco offers a maximum leverage of up to 1:100, allowing traders to amplify their market exposure. This means that for every unit of capital invested, traders can control positions in the market equivalent to 100 times their investment. While higher leverage provides the potential for increased profits, it also entails higher risk, as losses can be magnified.

Spreads & Commissions

Swissco employs a transparent fee structure, primarily focusing on spreads and commissions across its various account types. Each account type entails distinct costs that traders should consider.

STP Bronze imposes a $5 commission per 1 Lot, accompanied by standard spreads. This straightforward fee structure is suitable for traders who prioritize simplicity in their trading experience and are conscious of transaction costs.

STP Gold eliminates the commission per Lot, offering a commission-free trading model, while featuring interbank spreads. This account type is suitable for traders seeking a more cost-effective solution with enhanced benefits, including basic and advanced training sessions and a dedicated account manager.

STP Silver involves a moderate $2 commission per 1 Lot along with lower spreads, positioning itself as a balanced option. Traders opting for STP Silver benefit from both cost savings and additional features, including a dedicated account manager. This account type is suitable for those looking for a middle-ground solution, combining reasonable costs with personalized support.

Trading Platform

Swissco provides traders with two distinct platforms, the Swissco WebTrader, and the desktop-based cTrader platform, accompanied by mobile trading options for both iOS and Android devices.

The Swissco WebTrader is an ultimate platform designed for quick execution in a fast-paced trading environment. This platform grants traders access to a vast array of over 2,100 financial instruments from global markets, covering stocks, bonds, commodities, ETFs, forex, and indices. Offering free analysis tools, WebTrader is equipped with essential features such as Stop loss, Take profit, limit and stop orders, enabling traders to maintain control over timing and positions throughout the week.

On the other hand, the cTrader platform, available through Windows download, iOS, and Android, provides traders with a range of advanced trading functions and superior tools. Supporting various pending order types, cTrader offers autotrading and signals, along with live financial news updates and an economic calendar featuring key events and releases. With a multi-market approach, cTrader allows traders to access over 350 assets across Forex, Stocks, Commodities, and Indices. Additionally, cTrader facilitates forward analytics, enabling automated trading through robots or algorithmic trading for a various set of trading strategies.

Trading Platform
Trading Platform
Trading Platform

Deposit & Withdrawal

Swissco offers a wide range of payment methods to accommodate user preferences.

Traders can utilize major credit and debit cards, including Mastercard, Visa, and Maestro, for secure and accessible transactions.

Additionally, the platform supports e-wallet solutions such as Skill and Neteller, providing users with alternative avenues for managing their funds.

The integration of SSL (Secure Sockets Layer) ensures a secure environment for financial transactions, enhancing the overall safety and integrity of payment processes on the Swissco platform.

Deposit & Withdrawal

Customer Support

Swissco provides customer support through multiple channels, including a dedicated phone line at +44 20399 63487 and email support at support@swissco.com. Trained professionals are available to assist users with inquiries, technical issues.

Customer Support

Educational Resources

Swissco provides a comprehensive set of educational resources to empower traders.

The platform offers in-depth market analysis, equipping users with valuable insights for informed decision-making.

Engaging educational videos enhance understanding, covering various aspects of trading strategies and market dynamics.

Accessible economic calendars keep users informed about key financial events and releases that may impact markets.

Real-time news updates ensure traders stay abreast of the latest developments.

Educational Resources

Conclusion

In conclusion, Swissco presents a trading platform with various market instruments, including Forex, CFDs on Stocks, Indices, and Commodities. The company offers multiple account types serving various trader preferences and a maximum leverage of up to 1:100. The advantage lies in the wide asset range, transparent fee structure, and responsive customer support through phone and email.

However, potential risks arise from the platform's regulatory status, as it has been identified as a suspicious clone by the Financial Sector Conduct Authority (FSCA). This raises risks among traders regarding the platform's legitimacy and adherence to financial regulations.

FAQs

Q:What market instruments are available on Swissco?

A:Swissco offers a wide range of market instruments, including Forex, CFDs on Stocks, Indices, and Commodities.

Q:How many account types does Swissco provide?

A:Swissco offers three account types: STP Bronze, STP Gold, and STP Silver.

Q:What is the maximum leverage offered by Swissco?

A:Swissco provides a maximum leverage of up to 1:100.

Q:How can I contact customer support on Swissco?

A:You can reach Swissco's customer support via phone at +44 20399 63487 or through email at support@swissco.com

User Reviews

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FX2500990611
6-12months
I started trading with them for 1000 USD. Initially, they showed me a promised return, but when I invested, the adviser guided me in a different direction. I had no experience or investment knowledge, so I believed my adviser and acted on his advice. I was successful for around a week, and the adviser complained about my capital and told me that it was not enough to grab all the opportunities. I was not confident in taking more risks, so I avoided his advice on adding more funds to the account. Finally, he succeeded, and I added 4000 more USD to my account. I was successful and could convert 5000 USD to 12000 USD in the first month. Then he started trapping me, and I caught on one trade. After that, he advised me to add at least 5,000 more USD to save money. By then, I had some idea about trading and was proposing a few other options, but I did not have confidence because of my lack of experience. He took advantage of that and convinced me to add 5000 more to the account, ending with 10000 USD in total investment. After about three months of experience, I had a much fairer idea about trading. I started avoiding conversations with my adviser because, by that time, I could understand all his strategies. He intended only to add funds to the account and did not want to educate me on trading strategy or let me take profit. By the end of Q3 2024, my account had more than 1700 USD in equity, and I had hedged my platinum trade because I was uncertain about the
I started trading with them for 1000 USD. Initially, they showed me a promised return, but when I invested, the adviser guided me in a different direction. I had no experience or investment knowledge, so I believed my adviser and acted on his advice. I was successful for around a week, and the adviser complained about my capital and told me that it was not enough to grab all the opportunities. I was not confident in taking more risks, so I avoided his advice on adding more funds to the account. Finally, he succeeded, and I added 4000 more USD to my account. I was successful and could convert 5000 USD to 12000 USD in the first month. Then he started trapping me, and I caught on one trade. After that, he advised me to add at least 5,000 more USD to save money. By then, I had some idea about trading and was proposing a few other options, but I did not have confidence because of my lack of experience. He took advantage of that and convinced me to add 5000 more to the account, ending with 10000 USD in total investment. After about three months of experience, I had a much fairer idea about trading. I started avoiding conversations with my adviser because, by that time, I could understand all his strategies. He intended only to add funds to the account and did not want to educate me on trading strategy or let me take profit. By the end of Q3 2024, my account had more than 1700 USD in equity, and I had hedged my platinum trade because I was uncertain about the
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2024-04-11 18:33
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jonas359
6-12months
After several years of online trading experience, I decided to try the Swissco platform, and I must say that I was pleasantly surprised. One of the main advantages of Swissco for me is its FSCA regulation, which gives me the added assurance of security and transparency. The platform is very intuitive, which allows me to execute trades quickly and efficiently. A big plus is also the extensive selection of investment products - from shares to cryptocurrencies, which allows me to diversify my investment portfolio. The cTrader Mobile app is also excellent. Trading on the road is smooth and convenient, which is a huge benefit for me as a frequent traveler. The educational materials and business tools offered by Swisscom are also first class. Thanks to them, I gained valuable information that helped me improve my trading strategies. Overall, my experience with Swisscom exceeded my expectations. The platform provides everything I need for effective trading and I definitely recommend it to anyone looking for a reliable and innovative online trading partner.
After several years of online trading experience, I decided to try the Swissco platform, and I must say that I was pleasantly surprised. One of the main advantages of Swissco for me is its FSCA regulation, which gives me the added assurance of security and transparency. The platform is very intuitive, which allows me to execute trades quickly and efficiently. A big plus is also the extensive selection of investment products - from shares to cryptocurrencies, which allows me to diversify my investment portfolio. The cTrader Mobile app is also excellent. Trading on the road is smooth and convenient, which is a huge benefit for me as a frequent traveler. The educational materials and business tools offered by Swisscom are also first class. Thanks to them, I gained valuable information that helped me improve my trading strategies. Overall, my experience with Swisscom exceeded my expectations. The platform provides everything I need for effective trading and I definitely recommend it to anyone looking for a reliable and innovative online trading partner.
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2024-01-29 20:12
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