CNMV has issued a warning regarding the use of EurSwiss. The platform is, without a doubt contravening all aspects of forex investing. There’s a good reason why Eur Swiss has been added to CNMV’s blacklist. After several complaints were lodged against it, the regulator conducted a thorough investigation. As a result, Eurswiss.com was found wanting and added to the regulator’s blacklist. Other regulators in the greater EU region plan to follow this move. Please find out more in our detailed EURSWISS Review.
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Not all that glitters is gold; EurSwiss has the right name but, the results are futile. Hundreds have invested with the platform only to end up losing their investment. Please don’t fall for their trap; find out why Eur Swiss is a huge risk.
International Financial Holding is the Company behind this platform. However, when we investigate further, we realized the Company doesn’t exist. We couldn’t find any registered entity with the above name.
To add salt to injury, no one is directly associated with the platform. It looks like the platform is completely anonymous. The name would make it looks like they reside in Switzerland.
It’s just a ploy to lure European investors into believing this is an established investment platform. There’s no track record to show the platform’s credibility. All these points to anonymity with no one responsible for fund safety.
EurSwiss doesn’t have an account page or information on the types of accounts they offer. So you have to look really close to finding out what they offer as accounts. It’s likely the platform offers three types of accounts depending on the investor.
Demo account
As with most forex investment platforms, there’s a demo account. Demo accounts help investors get to learn more about the trading scenery. Then, you familiarize yourself with the platform’s dashboard and tools for trading.
The demo account is not helpful since it just gives you a win/loss outcome. You bet a stock will go up or down within a certain timeframe. The demo account fails to put into consideration other important aspects of investing and trading.
Forex accounts
They set leverage for the forex accounts at 1:1000, which is a high-risk feature. Even though you stand to win more, the chances of losing are high. You end up losing everything as the account doesn’t have a failsafe option.
With the forex account, there are 60 currency pairs to choose from. There’s not much to go on with this account as they claim to offer quality assistance. However, despite this claim, there’s no account manager or professional to help you make informed decisions.
Registering with Eur Swiss is easy, as the process takes less than 10 minutes to complete. First, you need to fill in your address, contacts, and full names. It all sounds easy until the platform asks for verification documents.
We have a problem with their account verification process. The platform demands users to send valuable documents. These include a copy of your ID, bank statements, and credit card details. There’s no reason to ask for these documents.
Other platforms send emails with verification links or send SMS codes. Mark Trevor, a cyber-security expert, warns of such platforms. He claims they could be harvesting banking data from members.
There’s no telling what they will do with these documents. Some of them could even start charging your credit card for goods and services bought online. It has happened before, and you should be careful sharing your banking documents.
The platform ensures depositing funds is quick and easy. You can use depository options such as bank transfers, credit debit cards, and E-wallets. The minimum allowed deposit is $250, which is the standard set by regulators.
There’s no need to deposit as we already know the platform is blacklisted. The reason for it is they fail to allow investors to withdraw funds. So please stay away from any blacklisted platform as withdrawal is a major problem.
On their homepage, they claim to be one of the oldest players on the marginal internet trading. The time they put as their start date is 1998. Thanks to domain records, we can pinpoint the exact date the website went live.
As we publish this post, the website is 306 days old. The website was created on August 8, 2020, with the name of the registrant redacted. It seems the tech group that designed the website resides in Iceland.
The website also shares the same servers with other low-rated investment websites. Most of the websites have low trust scores and no ranking on leading search engines. It shows search engines suspect the platform’s service quality.
EurSwiss is already on the blacklist of CNMV and will probably end up in others as well. Regulators in Europe often share records, and we believe the platform will be fully exposed. There’s a warning already from CNMV regarding Eur Swiss.
On their documents page, there’s no mention of license or regulation. What members get are documents that try and show a concerned party. If you read carefully, you notice all liability falls on the investor.
The documents showing all risks fall on investors include customer agreement and notice of risks. Personal Data protection policy does not offer any insight on how they protect investor’s privacy. Documents used for verification could be sold to third parties.
There’s also a regulation non-trading document that claims to have the platform as licensed. These are facts that the platform will try and use every trick in the book to try and look legit. But, with the platform already blacklisted, there’s no need to invest with them.
There are three trading terminals on offer, which include MT4, SIRIX, and a web-based platform. MT4 and SIRIX are reliable trading terminals as they give traders an added advantage. In addition, these platforms offer insightful tools and are fast at executing trades.
We spotted a huge flaw with their web-based trading terminal. The platform is unstable and slow at executing trades. As a result, it makes it a target for hackers to attack members when adding deposits. In addition, there is no security software to protect users from third-party attacks.
The first deception is the website design itself, using the information to sell a forex investment platform. Once they rope investors into depositing, the scam officially starts. After that, you can trade and start seeing your account balance rise.
When making withdrawals for the first time, the platform shows its true colors. The platform gives excuses as to why you haven’t received your funds. In some cases, they claim their account has been frozen and are working to fix the issue.
There’s no safety of funds with a blacklisted platform. The platform does not provide members with a safety net. Eur Swiss should offer an insurance cover for deposits. But, they don’t want to be liable and thus, block withdrawals.
EurSwiss is a risky platform already on the crosshairs of regulators. Please stay away from it as we, too, have added them to our blacklist.
If you want a safe way to invest, go for tested platforms backed by experts and the trading community.
You can leave your comment or email us with any queries, and we would be happy to respond.
No, your funds are not safe with a blacklisted platform
The answer is still unknown. Offshore persons probably operate it
The only way to make contact is by sending emails. But, unfortunately, there's no guarantee they will respond.
Take a look at these three ways of investing. Choose one that you understand. https://valforex.com/best-crypto-investment-platforms-defi-masternoding-coin-stakings/
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