BDSwiss Review 2020

GENERAL INFORMATION

BDSwiss is an all-around CFD brokerage that offers Crypto, Forex, Stock, and other trading variations. The firm first started working in 2012, meaning it’s amassed eight years of experience, pushing it into veteran broker territory. Contrary to the name, the company doesn’t operate from Switzerland but rather from an offshore location in Mauritius. Its exact address is the 6th Floor, Nexteracom Building, Ebene.

Right off the bat, it’s apparent that the company pulled a bait-and-switch with its name to appear more trustworthy. Many traders are wary about trading with offshore brokers, and as such, it’s much more beneficial for BDSwiss to make them think the firm is Switzerland-based. While the move is a bit underhanded, it’s far from the most egregious stunt a brokerage has pulled, so we can put that aside for now.

As for the service itself, BDSwiss looks quite promising at first glance. Its website looks modern and functions quite well, minimizing any annoyance felt while navigating. The trading conditions the firm promises look satisfying from the outside, leaving a positive first impression. However, the website also has its fair share of issues.

The information is somewhat cryptic, which we assume to be intentional as BDSwiss is an experienced brokerage. While there isn’t anything crucial that’s directly hidden, you often only get partial information. For example, you can read how high trading fees are, but not when the company applies them exactly. As such, you might start your trading journey with the wrong info by no fault of your own.

So, while BDSwiss does appear to be fine, there are definitely some underlying issues. Before we inspect both sides further, let’s look at the brokerage’s main advantages:

·         TIGHT REGULATIONS

While it does have its fair share of worrying circumstances, BDSwiss at least ensured that it’s technical safety measures were strict. With a group of five regulators, including more stringent ones like CySEC, FSC, and NFA, there’s minimal room for error. Regulators aren’t necessarily a precise indicator of a company’s trust rating, but their presence is never a bad thing.

·         MULTIPLE PLATFORMS

Most brokerages secure the right to provide MT4 or MT5 and call it a day. In honesty, either of those two is probably enough to satisfy most traders, but BDSwiss went the extra step. The brokerage provides both of the options we mentioned, catering to traders that prefer either, plus a proprietary platform. Having the ability to choose between different platform is a slight upside but makes the entire experience more streamlined.

Funds Trading and Security

As you’re possibly aware, security should be one of the main factors to consider when choosing a broker. After all, what good is the opportunity to earn money if there’s an equal chance of it getting stolen from you. That’s why many advise to only go with an entirely secure online brokerage. However, online traders know that there’s no such thing as completely safe, so they often settle with some amount of risk.

BDSwiss definitely has some commendable security specifications. For starters, there are the multiple regulators we already mentioned before. Additionally, the website is encryption-secured, and the service has won various awards, boosting its trust rating.

However, there are also certain negatives that we can’t simply ignore. We’ve mentioned some previously in our BDSwiss review, such as the misleading name. In a vacuum, that doesn’t look too bad, but then you run into further issues such as information vagueness on their website. Again, it is not the biggest mishap, but there are also multiple customer complaints that we can’t take lightly.

The reports claim that, while BDSwiss didn’t straight-up steal their funds, it did make the withdrawal process as tedious as possible. That includes lengthy checks that are just barely within regulator limitations, extended wait times for customer service to respond, and so on. There are also multiple reports on more damaging types of behavior, but those are much less common.

As a single occurrence, neither of BDSwiss’ transgressions are too horrible. With its long operating time, awards, and strong regulation, calling the firm a scam would be dishonest. However, it’s also apparent that the company doesn’t shy away from trying to trick its customers, although it goes about that in a slightly more nuanced way than most.

Trading Accounts

As far as accounts go, BDSwiss did do well in enabling multiple types, although most have some fault to them. Starting off, we have the demo, and you can’t really go wrong with that. The account has funds on it, making it useful as a practice tool and a faithful method to inspect the broker’s service. So, the broker scores a plus there, but plummets a bit when its live accounts are concerned.

There are four types, of which two seem to be tiered, and two slightly more prestigious. The first one, called Classic, asks for a $100 investment, and provides what you’d expect for that price. However, then a sudden jump to $3000 is needed to reach the next account, which is quite underwhelming considering its price. The two accounts don’t seem horrible; they just look like they haven’t kept up with the competition.

However, the last two are baffling, as they provide only a slightly better service and introduce severe fees. Anyone that’s traded realizes how much additional charges can stifle your trading, so it’s baffling that BDSwiss introduces them with $5000 accounts.

The Trading Conditions

As you could’ve noticed by now, BDSwiss’ trading conditions are a bit all over the place. The broker has a decent start with a 1:500 max leverage and tight spreads, even on the cheapest account, but then everything falls apart. The company locks assets behind paywalls in higher account tiers, making diversification difficult. On top of that, the versions that promise a competitive trading experience introduce fees, sabotaging themselves.

There are some other redeeming qualities, such as multiple platforms, and the opposite, such as questionable security. Overall, whenever the brokerage takes a step forward, it seems to take a step back as well. It looks like the brokerage found success in the past with its setup and decided to coast without innovating. However, online brokerage services have improved rapidly in recent times, rendering BDSwiss’ conditions obsolete and underwhelming.

Trading Platform

We’ve mentioned multiple platform choices as one of the broker’s most significant strengths numerous times throughout our BDSwiss review. It is commendable that the brokerage provides the two most potent options on the market, with MetaTrader 4 and 5, as well as a proprietary alternative. As has become usual, the software also comes in mobile and browser versions.

BDSwiss’s Trading Products

While the trading products can become quite numerous, achieving that requires you to get the $5000 InvestPLUS account. That means it’s far out of reach for most budget traders. It’s also worth mentioning that the option introduces trading fees, making the overall experience less beneficial. However, once you unlock everything, there’s a total of over 1000 CFDs in the following six categories:

• Forex
• Crypto
• ETFs
• Stocks
• Commodities
• Indices

Customer Service

BDSwiss provided nice support options with an email, phone line, and live chat you can reach. The company even has multiple phone numbers in various countries, making the process of contacting them simpler.

English phone: +44 2036705890

Email: support@bdswiss.com

BDSwiss Review Conclusion

BDSwiss seems to have made the same mistake that many established brokerages do in getting too comfortable. If we were writing this review five years ago, the company might’ve passed with flying colors. However, as-is the entire service is inconsistent and filled with basic mistakes.

For example, the two budget options seem to be the fairest but lack assets. On the other hand, luxury accounts have surprisingly good specifications but get ruined by the introduction of fees.

The company is far from the worst brokerages on the market, but it’s equally as distant from the best. The dubious security and overall underwhelming services make us confident in recommending you use one of the many better alternatives.