Table of Content
SwissIAM Review: Avoid This Scam Broker at All Costs
Table of Content
SwissIAM Review. We don’t appreciate when fraudulent brokers decide to conceal their schemes with a Swiss facade and trust us, many have tried. Nevertheless, Switzerland is a structured country with a code and we intend to prove that this financial swindler is not associated with it.
From the dubious offshore owner company to the suspicious platform and irregular trading conditions, we managed to cover everything. Thus, grab a bar of chocolate or a slice of cheese and enjoy watching how justice beats this illicit provider.
|Leverage||Up to 1:100|
|Regulation||Unregulated Scam Broker|
|Headquarters||Zurich, Switzerland (allegedly)|
|Minimum Deposit||250 EUR|
|Broker Type||Forex, Commodities, Indices, Shares|
Regulation of SwissIAM and Funds Security
Forget the Zurich address, it will not get us anywhere. This broker is not Swiss at all. The answer lies in the owner, i. e. the company Mega Gold Serves LTD.
Allegedly, this entity is registered in one of the most infamous scam havens in the world – Saint Vincent and the Grenadines (SVG). However, that company was registered with SVG’s Financial Services Authority (FSA) in 2021, not 2022 as the scammer says.
Just to be sure, we checked what the Swiss regulator FINMA has in its database. As one of the most strict regulators in the world, it’s hard to cheat it. As expected, there’s nothing on our little fraudster, meaning SwissIAM is unregulated and dangerous.
Trading Software Reviews
Unsurprisingly, SwissIAM offers WebTrader. But, to be fair, it’s a bit more decent than we saw in the past. Beginners will surely find this particular version convenient. However, the fake promises of Meta Trader 4 raise suspicion. It is a cunning lure though.
Also, since the broker is unregulated, the legitimacy of the platform is also uncertain. Scammers oftentimes rig these platforms to show fake trading parameters and profits. In reality, all you’re really doing on the browser-based platform is depositing funds and trading in vain.
What Account Types are Available?
We’ve made an overview of the available account types at SwissIAM:
- Lite – 250 EUR, leverage up to 1:100, trading costs 12 EUR;
- Plus – 3,000 EUR, leverage up to 1:200, trading costs 10 EUR;
- Elite – 15,000 EUR, leverage up to 1:300, trading costs 8 EUR;
- Islamic – 1,250 EUR, no swap, leverage up to 1:200.
The thing that really bothers us here is that the demo account option is missing. You don’t have the possibility of a free trial. Any licensed broker will include a free demo account, especially those operating in Switzerland.
The prices are simply too much for such a shady and illicit broker. As for the leverage, it considerably exceeds the ESMA legal limit of 1:30 for retail clients imposed in the EEA zone. Trading at 1:100 or higher is extremely dangerous, especially in more volatile markets.
When it comes to spreads, the benchmark EUR/USD FX major pair appeared to start from 0.4 pips, which is really nice. However, the validity of this is questionable. Even if it really was the case, the costs of trading are high and will undoubtedly have a negative impact on your profits.
What Can Be Traded on SwissIAM Market?
Here’s a list of trading assets with examples that SwissIAM allegedly offers:
- Forex currency pairs – EUR/USD, GBP/JPY, CAD/NZD…
- Commodities – gold, silver, wheat, crude oil…
- Indices – S&P 500, DAX 30, NASDAQ 100…
- Shares – BMW, Samsung, Tesla, Microsoft…
Now, it’s important not to get distracted here. SwissIAM did make a good overview of trading assets. The list serves to entice unsuspecting victims and then trap them. When your broker is perfectly regulated and provides a valid trading platform & favorable conditions, then the trading assets are champagne problems.
Deposit and Withdrawal Process
As mentioned, the minimum deposit is 250 EUR. Nothing out of the ordinary, but we deem this amount too large for such a fraudulent provider. SwissIAM accepts just two payment methods:
- Credit/debit cards;
You’re probably wondering why aren’t there wire transfers and e-wallets such as Skrill or Neteller available. Because this is all just a hoax, of course. Typically, scammers prefer crypto payments since they can then keep their masks on and not reveal their identities.
For withdrawals, the same methods apply, provided SwissIAM allows any. There’s an awful fee in store – 50 EUR/USD.
How Can I Get a Refund If SwissIAM Scammed Me?
It sucks if you’ve been scammed by SwissIAM. Nevertheless, we’re here to help. There are two steps. First, we can report the scammer for you. Second, we can assist you with getting a refund, either via chargeback or crypto tracing.
A chargeback is a process of reversing credit/debit card transactions. You can request it at your issuing bank within 540 days provided you haven’t sent the scammer copies of your ID card, passport, or driver’s license.
Crypto transactions can be traced to a wallet within a crypto exchange. Afterward, you can request a refund from the exchange and hope for the best. The scammer will remain anonymous but at least there’s a chance of getting your money back.
- SwissIAM is a shady offshore provider that falsely claims to reside and operate in Switzerland.
- The broker is unregulated and violates the laws adopted by ESMA.
- Leverage caps at 1:300, well above the legally prescribed limit of 1:30 for retail clients.
- Spreads might be competitive and tight but trading costs are too high.
- The scammer only accepts credit/debit cards and crypto as payment methods.
- MT4 is not actually available and neither is the demo account.
FAQs About SwissIAM Broker
Is SwissIAM A Good Broker?
Definitely not. SwissIAM is unregulated and has lied about being based in Switzerland, a country with strict rules for brokers.
What Are The Funding Methods For SwissIAM?
SwissIAM only accepts two payment methods - credit or debit cards and cryptocurrencies.
Does SwissIAM Offer a Demo Account?
There’s no free demo account available, which is one more piece of evidence indicating SwissIAM’s illicit status.