Table of Content
TargoSwiss Review – Find Out What TargoSwiss.com Can Offer
Table of Content
lableRead everything you want to know about this broker in this TargoSwiss review. First thing you will notice when you try to visit the website of this trading company you find out that its website isn’t active anymore.
Doesn’t look very promising for a firm that’s allegedly 17 years on the market, and has numerous awards for impeccable customer service. Keep reading this article to get familiar with all of the characteristics of TargoSwiss.
|Headquarters||Saint Vincent and Grenadines|
|Broker Type||Forex, stocks, commodities, and indices|
|Platforms||MetaTrader 4, WebTrader|
How Are You Protected at TargoSwiss? Broker Regulation
When you visit a broker’s website, you expect to find information about who owns and operates the company, where it is based, and what regulator does oversee its activities. Well, that’s not happening with TargoSwiss.
TargoSwiss claims to be an EU-based company but does not share its address or phone number. Logically, based on their name, you would assume they are a Swiss firm. However, we dug into the Swiss Financial Market Supervisory Authority (FINMA) registry but didn’t find this firm’s name among regulated entities. Currently, all Swiss brokers should be licensed by FINMA to operate legally.
According to the Terms and Conditions, the anonymous owner company is based in an offshore zone, the Commonwealth of Dominica. But in the Customer Agreement, it says that TargoSwiss is based in Saint Vincent and the Grenadines.
The trading software used by TargoSwiss is registered in the name of Levictus Ltd, a company allegedly registered in a third offshore zone, the Marshall Islands.
What the three offshore zones have in common is that they do not license forex brokers and do not regulate companies that engage in such activity. Because of this, financial swindlers use these unregulated jurisdictions as their base.
One thing is certain. These things can happen only with scam brokers. With legit businesses everything is transparent. You don’t need to play hide and seek and guess where your broker is located – like with TargoSwiss.
We also searched the Cyprus Securities and Exchange Commission (CySEC) registry, since most European brokers are licensed in Cyprus because of its favorable tax laws. Well, neither institution had a TargoSwiss entity listed in its registry. The EU forex trade is strictly regulated, and scammers often claim to be based there to give the trader a false sense of security.
This broker claims that the client’s funds are kept in major international banks and are fully segregated from the company’s funds which indeed is a requirement for any broker to be legally operating in the EU. However, we strongly doubt this.
Available Trading Software at TargoSwiss
Like all fraudulent websites associated with Levictus Ltd, TargoSwiss uses the MetaTrader 4 platform, as well as WebTrader. However, our demo account was left with a not-approved status, and we were not able to access the trading platform itself.
Just because they mention the MT 4 doesn’t mean they are using it. Scammers often use the name of the most well-known platforms to lure customers into their scheme.
Account Types Offered by TargoSwiss
There is a total of seven available account types:
- Bronze – min. deposit (€10,000), leverage 1:100
- Silver – €25,000, 1:100
- Gold – €50,000, 1:200
- Platinum – €100,000, 1:300
- Diamond – €250,000, 1:300
- Premium – €500,000, 1:300
- VIP – €1,000,000, individual leverage
These numbers are crazy. For a broker to demand such overwhelming amounts you’d at least think they’d be wise enough to provide as much transparency as possible. This is not the case with TargoSwiss.
What Market Instrument Avai at TargoSwiss?
The available instruments at TargoSwiss include:
- Forex currency pairs – EUR/USD, USD/GBP, AUD/JPY, etc.
- Stocks – Tesla, Pfizer, McDonald’s, etc.
- Commodities – gold, silver, crude oil, etc.
- Indices – UK100, SPX500, DAX30, etc.
This would be a decent offer if we were dealing with a legitimate business.
TargoSwiss Deposit and Withdrawal Process
Depositing money into TargoSwiss is only possible through shady payment processors such as the Gamechangers and PayPound. We have only seen these platforms being used by fraudulent websites.
Legitimate brokers typically offer clients a wide choice of transparent payment methods, including bank transfer, credit/debit cards, and established e-wallets such as PayPal, Skrill, Neteller, etc.
TargoSwiss does not provide clear information on fees and withdrawal conditions. The little information available is inconsistent across the two sets of legal documentation. According to the Terms and Conditions, there is an inactivity fee of 100 EUR, but according to the Customer Agreement, this fee is 50 USD.
The minimum deposit is $10 000, which is absurd. You can open a micro account for $5-$10 if you choose one of the trustworthy brokers.
How Do I Get My Money Back If TargoSwiss Scams Me?
First of all, you shouldn’t be ashamed if you got scammed by this fraudster. You are not the first and certainly not the last person that ended up as a cyber victim.
However, if you find yourself in such a situation, you should be very careful not to fall into the clutches of other fraudsters while trying to recover your money. Offers from people on the internet who promise to get you your money back from scammers for an upfront fee are also one hundred percent scammers.
If you deposit money with credit/debit cards you can use a chargeback. The request needs to be submitted within up to 540 days.
If you choose wire transfer as your payment method you can use a recall. It’s reversing funds to a bank account. Once the payment is accepted, the transfer cannot be reversed, which is why it’s important to act quickly.
Crypto transactions are hard to track, but there are tools following the transaction by the ID and connecting it to a certain wallet within the exchange. Once tracked, a customer can submit a legal letter to the exchange requesting a refund.
- TargoSwiss claims to be an EU-based broker company but doesn’t provide any piece of evidence that backs that story up.
- We found on the website connections with three different offshore countries – the Commonwealth of Dominica, Saint Vincent and Grenadines, and the Marshall Islands.
- The minimum deposit is a whopping amount of $10 000.
- The only possible way to deposit money is through shady processors such as the GameChangers and PayPound.
- Their website isn’t active, at the moment.
FAQs About TargoSwiss Broker
Is My Money Safe with TargoSwiss?
Your money isn’t safe with a company that doesn’t provide basic information - who is the owner of the company, where are they located, and which regulator does oversee its activities.
How Long Does it Take to Withdraw From TargoSwiss?
TargoSwiss doesn’t provide clear withdrawal documentation so we can’t say with certainty. However, scam brokers rarely let people get their money back.
What Are The Funding Methods For TargoSwiss?
The only possible way to deposit money is through shady processors such as the GameChangers and PayPound.