Swift CFD is a Forex Broker that provides Forex Trading services through MetaTrader 4, MT4 Mobile, and Web trading platforms. Swift CFD is a b-book broker in terms of order execution model (market maker). Swift CFD allows customers to trade currencies, indices, cryptocurrencies, CFDs, and commodities. Swift CFD trading is unregulated.
Swift CFD, a trading style of Digital Worldwide OU, is an unlicensed firm whose website is no longer active! Digital Worldwide OU owns and operates them, and they are located at Roosikrantsi in 2-K344, Kesklinna District, Tallinn City, Harju County, 10119, Estonia. SwiftCFD in the United Kingdom can be reached by phone at +44 208 089 7911 or by email at support@SwiftCFD.com. SwiftCFD’s official website can be found at https://www.SwiftCFD.com/.
Swift CFD is completely unregulated. SwiftCFD was a non-regulated Forex and CryptoCurrency CFD broker that debuted in November 2018.
License and Regulation
SwiftCFD offers two Forex trading platforms: the classic MetaTrader 4 software and their Panda web-based system. The web-based trading software is nice and simple to use, making it much easier for inexperienced investors who are confused by the MT4. The platform’s disadvantage is that it is not mobile friendly. Instead, you must download their mobile trading app from Google Play. This broker also indicates that their MetaTrader platform will be available soon.
SwiftCFD, according to its website, is an innovative consumer trading company that provides clients with an easy and intuitive way to trade all major financial markets such as Forex, commodities, indices, and stocks.
As you can see, this broker provides CFD trading on a wide range of underlying assets, including Forex, Commodities, Crypto, Stocks, and Market Indexes. Spreads on Bitcoin are fixed at $175 regardless of price, and margin on Crypto is 100:1. Leverage on Forex pairs can reach 100:1, and the spread on EUR/USD is 3 pips.
The standard minimum deposit for a new trading account is $250. When the Scam Broker Investigator investigates a new Forex & Bitcoin broker, such as Swift CFD, we want to know if it is a legitimate broker or a scam. We seek a valid government brokerage license from the FSB South Africa, the FCA in the United Kingdom, or ASIC in Australia.
SwiftCFD is not an authorized broker. The FCA issued this investor warning on October 8th, 2018. This company is also owned by Digital Enterprise Ltd, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960. Trading with SwiftCFD is not risk-free. Digital Enterprise Ltd., an offshore company registered in the Marshall Islands, owns SwiftCFD. The Marshall Islands is well-known for its lack of requirements and regulations. Because it has a low setup cost and does not regulate forex trading.
As a result, it became an offshore haven for shady forex brokers like YFX Capital, Pinprotrade, and others. SwiftCFD, according to its website, is an innovative consumer trading company that provides clients with an easy and intuitive way to trade.
SwiftCFD, according to its website, is an innovative consumer trading company that provides clients with an easy and intuitive way to trade all major financial markets such as Forex, commodities, indices, and stocks. Behind the brand’s name is another company, Digital Worldwide OU, which is registered in Estonia. The company, however, is not authorized by Estonia’s Financial Supervision Authority.
The company and the other brand of the Digital Worldwide OU, RoyalCFDs, which we previously reviewed, were both banned by the UK’s Financial Conduct Authority in October 2018: Both brands’ websites (RoyalCFDs and SwiftCFDs) have very similar interfaces, which is why the regulator has also blacklisted SwiftCFD:
“This firm (Swift CFD, a trading name of Digital Worldwide OU) is not authorized by us and is targeting UK residents.” Based on the information we have, we believe it is engaging in regulated activities that necessitate authorization.”
SwiftCFD is an illegally operating offshore investment firm. The platform’s location suggests that they are ordinary con artists out to defraud their victims. Marshall Island takes a laid-back approach to investing firms. Their standards are not comparable to those of financial regulators like the FCA, NFA, ASIC, CySEC, or FTA. The area is also known for being a haven for Ponzi schemes.
One of the parent corporations has been barred by the United Kingdom’s financial regulatory body (Digital World OU). If an investment firm is associated with such a shady organization, it’s a dead giveaway that it’s not legitimate. The Ponzi scheme claims to be based in the United Kingdom, which is false. The company is a ruse, and they’re using a proxy to appear to be calling from the United Kingdom.
If the law catches up with them, they will eventually shut down their system with their clients’ money in it, never to be found again. If the cops catch them, the scammers behind the firm could face fraud charges.
Customer Reviews
“Swift CD is a waste of your money and time.” I made a total of two withdrawals. The first withdrawal was partial, and I haven’t received a dime in over three months. The second withdrawal was the remaining balance in my account. Nothing has happened in over a month!
I tried contacting them and received one response after about ten emails saying they would look into it. Months later, there has been no response and no money. I’m unable to trade because my trading account shows a balance of zero.” -Black Jade
“I tried them because of all the positive feedback on this site, but I would not recommend them to my worst enemy.” I attempted to withdraw some money that I had earned, and after some deliberation, I was able to recover the majority of it. I was ignored when I attempted to obtain the remainder. This has been going on for about three months. I finally received notification that I had violated the terms.
What are the terms? You cannot get your money back if you make it. Good luck getting your money back from this con man. I was not rude; I simply requested a withdrawal of funds, and they questioned why I wanted to close my account after making profitable trades. “Well, I guess I can kiss my profit goodbye.” Sarah Allison
I’ve tried several times to submit a withdrawal request. It was rejected the first few times because I used the ‘wrong withdrawal method.’ It appeared that they did not want to tell me what the correct withdrawal method for my account was, but were content to simply reject it. This time, I did my research and determined what I believe to be the best withdrawal method.
There will be no response for the next three weeks! I contacted the support team about it, but received no response! I’m submitting another inquiry now and will file a case if I don’t hear back by this week. I just want my money back” – Pauls Salek
Final Verdict
SwiftCFD is a full-fledged Ponzi scheme with the sole purpose of defrauding investors. There is no way to reverse or track money once it has been made.
The safety of traders’ funds should always come first. SwiftCFD, on the other hand, is only concerned with its greedy ambitions. It has a very high minimum fund requirement, more than twice the market average.
Because the benefits provided to investors are not clearly stated, the company should not be your first choice. The platform is linked to market Ponzi schemes, which have already been blacklisted by a reputable financial organization. It’s a big red flag that they’re not worthy of your trust.
Due to the company’s numerous red flags, trading with it would result in massive losses. They’re a shell company, and losing money to one is as simple as blinking an eye. You’ll wake up one day and realize you can’t access your account because the website is down. The staff in charge of handling investor money is not given credit, leading us to believe that the person in charge of the company is the only one running the show.
The phone number listed on their website serves only to establish credibility. They will only contact you if they are successful in convincing you to deposit more money. Because it employs well-trained con artists, you should avoid the Ponzi scheme while you still can. SwiftCFD is a bogus investment system that conceals its true intentions from its customers. The platform’s withdrawal requirements are unclear, raising concerns about the platform’s overall approach.
The Ponzi scheme is doing everything possible to gain traders’ trust. They will force you to trade with unregulated brokers if you give them your personal information. The first thing you should look for in a legitimate investing company is transparency. Invest with a reliable Forex trading company that looks out for its clients’ best interests.
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