Is swipecapital.io a scam broker or a legit one? Can you trust and trade safely with this broker? Before you make up your mind on this, we advise you read this review on SwipeCapital Brokers.
Forex is a trade that is rapidly growing. While this is a good thing, it is constantly abused by scammers who look to mislead and profit from unsuspecting investors. In order to avoid them, you need to know the right brokers. This is where we come in. The following review will tell you all you need to know about SwipeCapital brokers.
What There is to Know About SwipeCapital Brokers
SwipeCapital is a brokerage company located in Hong Kong. They claim to be a forex broker company owned and operated by IB Solutions. swipecapital.io trades in forex, indices, metals and crypto currencies. This broker offers wonderful trading conditions, fund security, even a leverage of up to 1:400 and 5 account types.
These offers are tempting enough, but that’s not really saying anything when it comes to illegal brokers. After going through their website, we found some “interesting things” we thought to share with you.
Swipecapital.io: Watch Out For These Red Flags!
While swipecapital brokers might look like the one for you, we suggest you watch out for these red flags before making your decision about them.
Withdrawal and Deposit
Some of the deposit and withdrawal policies of swipecapital.io seem suspicious enough. First of all, they offer 5 account types with the lowest one having a minimum deposit of $1000. This is an outrageously high amount compared to that of legit brokers who offer as little as $100 as minumum deposit.
Besides that, there’s also the minimum withdrawal amount of $50. Apart from being high as well, this withdrawal can take up to 8 working days to process. This seems like an unnecessary waste of client time when legit brokers can take merely a day to process withdrawals.
Finally, swipecapital.io states in their terms and conditions that when you make a deposit, you will require the following;
These are perfectly understandable terms. However, when the time comes to make this deposit, you are asked to include the first 6 digits of the credit card, the expiration date, and the whole back. Just to reduce your suspicion, you’re asked to hide the CV if you so please. But make no mistake, at this point, you’ve already given too much of your credit or debit card details.
It’s a huge RED FLAG!!
One of the many promises made by swipecapital.io is that they offer a leverage of 1:400. There are two things to not about this. The first is that while trading using their web-based platform, we were only able to go as high as 1:100. Weird, isn’t it?
Secondly, SwipeCapital brokers claim to be registered in Hong Kong. Hong Kong has one of the most strict and reliable regulatory bodies in the business. One of their regulations is that brokers in the district cannot offer leverage pairs above 1:20.
If even this is not enough to convince you, let’s go to our final red flag…
Licensing and Regulation
Licensing and regulation is probably the most important part to consider when determining the level of trust to place on a broker. Swipecapital.io claims to be under IB Solutions, a Hong Kong based company. This means that for them to legally operate as forex brokers, they will have to be registered under the SFC.
The SFC; Securities and Futures Commission, is the financial regulatory body in Hong Kong. A reputable body indeed. However, upon going through their registry, we could find neither IB solutions nor swipecapital.
Without proper regulation, investing in swipecapital.io means you would have to hope it is run be people with integrity, upstanding citizens. Nine out of ten times, people who depend on hopes like this don’t like the aftermath.
Is this SwipeCapital Broker a Scam?
Yes. That is the simple answer to this question. Swipecapital is not a licensed broker, hence is considered illegal. The fact that they require excess credit card details just adds salt to the wound. We do not recommend you trade with this broker. Find a licensed broker, regulated by a reputable body to trade with.
Our Recommendation For You
You can make money online by trading with reputable, reliable and trustworthy brokers. We’ve been trading with the Fortrade broker below for sometime now and we have no regrets!
FORTRADE- One of the Top rated brokers and a good choice for new traders. This broker is Licensed in UK(FCA), Australia(ASIC) and Belarus(NBRB). Guess what? you can trade from any part of the world as it accepts Traders Worldwide. Interested in trading with one of the best Forex brokers? Head Over to Fortrade and start trading!