Reason to avoid: No License
Listed Date: June 11, 2020
What is Swissquotes
According to the broker’s website, Swissquotes is an established forex broker that is focused on offering outstanding client services and personalized account management accompanied by the most advanced technology in the industry. Swissquotes’s international reputation comes from its devoted service, technology, and client focus. However, after completing some research, the broker’s reputation seems quite questionable.
- It turned out that Swissquotes is not regulated in any of these countries and is not mentioned in the registers of the local regulators. Moreover, the broker has been blacklisted by the UK’s Financial Conduct Authority for being a clone firm of the FCA-regulated entity Swissquote Ltd. and has been using the name of this entity to delude potential clients. “Swissquotes Ltd (Clone of FCA authorized firm). Almost all firms and individuals carrying out financial services activities in the UK have to be authorized or registered by us. This firm is not authorized or registered by us but has been targeting people in the UK, claiming to be an authorized firm.”
- Clone firms use some or all of the details of a genuine entity, aiming to convince investors they are indeed the authorized company or that they work with them. Fraudsters usually use this tactic when contacting people out of the blue, so you should be especially wary if you have been cold-called. They may use the name of the genuine firm, the ‘firm reference number’ (FRN) we have given the authorized firm, or other details. Such companies should be avoided at all costs.
|Registered in||No registration|
|Type of License||No License|
|Is Swissquotes safe to trade||No|
|Recommended Licenses||FCA in UK & ASIC in Australia|
|Alternative Broker||FP Markets – licensed by ASIC in Australia|
Swissquotes Review Conclusion
We advise all investors and traders to avoid Swissquotes and other scam brokers. The lack of information (or false information) about the broker’s regulation, trading conditions, and contact details should be the biggest red flag for those who plan to invest with the entity. Usually, such companies run investment scams. Traders should trade with well-regulated brokers such as UK brokers or brokers in Cyprus and reliable brokers such as FP Markets and Alpari.