In our comprehensive BDSwiss review today: BDSwiss started as an online binary options broker in 2012. Offering binary options is illegal in most jurisdictions. The European Union banned this type of trading in 2018, so BDSwiss has to change its offerings; now, the firm deals in CFDs and forex. The broker had formerly operated under the name Bank De Swiss. BDSwiss Holding PLC, which also operates another forex broker called Swiss Markets, own BDSwiss. The firm is under the regulation of the Cyprus Securities and Exchange Commission.
Trading with BDSwiss
Trading with BDSwiss is available through the MetaTrader 4 platform, a standard option among forex and CFD brokers, along with BDSwiss WebTrader. There are also mobile applications available from the firm. The minimum deposit to set up an account is $200, with higher accounts and benefits available for those who make larger deposits. Their forex spreads are generally favorable, and they offer a standard range of CFD options on stocks, commodities, and cryptocurrencies.
BDSwiss – Troubled Past with CySEC Regulations
BDSwiss has had trouble with CySEC in the past. In December of 2016, the firm agreed to a settlement of €150,000 with the regulatory body. CySEC stated that the firm had failed to act honestly and fairly in the best interest of its clients. The broker was failing to inform their investors of the costs and risks associated with complex financial assets. The firm had been issued a smaller fine of €5,000 earlier that same year for not complying with CySEC procedures. These fines seem to have dealt with proper disclosure of risks when trading CFDs, much like the fines levied against XTrade broker.
Unhappy Investors Struggle with Withdrawals
There have been a significant number of complaints put forward by supposed clients of BDSwiss. The most common complaint is regarding extended withdrawal wait times. Many traders say that they have difficulty whenever they attempt to make a withdrawal, some claiming that the withdrawals can take months to process. These issues are made more troubling by the inactivity fees charged by the broker, which could still take effect during protracted withdrawal issues.
Take Action Today
Most online brokers make it incredibly easy to make deposits, but traders are often left holding the bag when they try to make a withdrawal. If you are having trouble making a withdrawal from BDSwiss, contact us today, and our skilled experts will get to work on your behalf. When dealing with CySEC registered brokers, there are practical and reliable methods to resolve ongoing issues. We’re standing by to help you recover your funds.