SWIFTCFD Review is Swift CFD a Scam or Legit Broker

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SwiftCFD Review – is swiftcfd.com scam or good forex broker?

Trading Accounts and Conditions

Trading account Min. deposit Min. trade size Max. leverage Spread
Regular $500 0.01 1:100 3 pips, fixed

Forex and CFD broker SwiftCFD offers a Regular trading account plus some Premium ones that require an initial investment of $10k and more. There are also swap-free accounts for clients of Islamic belief.

Overall, its trading conditions are not very attractive, but what bothers us most is the low level of credibility. Read on to get all the details.

SwiftCFD Advantages

Wide range of financial instruments, including cryptos

SwiftCFD’s product portfolio is quite rich and diversified. It includes many currency pairs, and various CFDs: on indices, commodities, stocks, and cryptocurrencies. The latter group features Bitcoin, ethereum, Ripple, Dash, Litecoin, Bitcoin Cash, Monero, Bitcoin Gold, Stellar Lumens, NEM, Waves, Tron, Golem, Lisk, Ada, SiaCoin, and more . These are traded against USD, EUR, GBP

Nonetheless, we would advise those of you who are into cryptocurrencies to select a more reliable broker. SwiftCFD is not regulated and not to be trusted.

SwiftCFD Disadvantages

Registered offshore and most likely a scam

SwiftCFD is another brand of Estonian company DIGITAL WORLDWIDE OU, whose official registration is on the notorious address Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960. The other brand of the company is RoyalCFDs – a forex and CFD brokerage that seems to have swindled a lot of investors out of their money, judging by the numerous complaints on our site and through the web. Here you may take a look at some of them:

In case you don’t believe these investors are telling the truth, you will probably trust governmental agencies. Two of them have explicitly blacklisted DIGITAL WORLDWIDE OU and its RoyalCFDs brand – the Estonian Financial Supervision Authority (EFSA), and the UK financial watchdog, the FCA.

Does not support the MT4

Although SwiftCFD claims to support the ever popular MetaTrader 4 (MT4) platform, it is in fact not available for use.

Instead, trading is done via the same web-based platform RoyalCFDs offers. Although this platform is not bad, it still lacks many of the advanced tools of the MT4. Most notably, SwiftCFD’s platform does not offer any automated trading options.

High cost of trading

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First of all, RoyalCFDs demands an initial deposit of $500, which is at least double the size of what most brokers require as a start. Second, although it claims to offer spreads as low as 0.6 pips on EUR/USD, in fact the spread for this pair is fixed at 3 pips.

Even for fixed spread standards, this is a high level. As a comparison, easyMarkets offers a 1 pip fixed spread on the most popular pair, to those clients who deposit more than $250.

Conclusion

SwiftCFD is another brand of the company behind RoyalCFDs. It has been blacklisted by several financial regulators, and the web is full of complaints against this broker. That is why we strongly advise you against dealing with SwiftCFD and any other brand DIGITAL WORLDWIDE might launch.

It is always best to deal only with properly regulated brokers and check the authenticity of their licenses in the registers of the respective financial authority or with us on forexbrokerz.com. Doing business with licensed brokers has a lot of advantages – they are obliged to follow a strict set of financial and ethical rules. Some of these include providing negative balance protection to their clients, keeping all of the invested capital segregated accounts, maintaining some minimum capital adequacy ratio, allowing external audits, filing regular reports and in certain cases even insuring traders’ money.

To sum up our review on SwiftCFD:

Pros Cons
Wide range of financial instruments, including cryptos Registered offshore and most likely a scam
MT4 not available
High cost of trading
Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

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