BDSwiss is owned by BDSwiss Holding plc and regualted by the Cyprus Securities and Exchange Commission CYSEC License No. 199/13. BDSwiss registered address is Ioanni Stylianou 6, 2nd floor, Office 202, 2003 Nicosia, Cyprus. Notice that the address listed on BDSwiss website is different then the address registered at CySEC.gov. They also have a German address, for postel letter only. Support is available via email firstname.lastname@example.org or local phone numbers.
Is BDSwiss a Scam?
Sometime has passed since BDSwiss launched, and now can be considered a brokerage with experience and a “long” career. There are no clear indications of a scam but surprisingly I couldn’t find enough information online about this brokerage. People don’t talk a lot about them and I am not so sure that “no news” is “good news”. Anyway, the traffic on their website is steady and pretty solid, showing 260K visits in August 2016 and 215K in January 2017, with more than 25% of visitors coming from Germany; these are good numbers and although they had a drop in traffic late in 2016, they’ve recovered nicely. As long as there are no major spikes, things are on the right track.
Editor’s Note – Why does Banc de Swiss Suck in 50 Words?
Because everything they do has been done before and they don’t even attempt to bring something new to the industry. In fact this broker’s website is a mirror image of most SpotOption brokers. Of course, they use the usual phrases like” the most professional and objective…” and unfortunately the same slogan seen on almost all SpotOption platforms. Oh, imagination must be very expensive because lately brokers don’t show any traces of it.
Why BDSwiss doesn’t Suck?
The owning company, BDSwiss Holding Plc. is regulated by CySEC under License number 199/13 and this gives us extra confidence that we are dealing with a trustworthy broker. However, if they made the effort to go through the regulation process, they should have invested a bit more work in the website. *Update: Well, well, somebody must be reading our reviews because the BDSwiss website looks better now. They’ve given it a facelift and a much needed upgrade. It’s still not the best we’ve seen, but it’s better.
Should I Open an Account with BDSwiss?
Lately we notice more and more brokers are making the transition towards regulation and ultimately this will benefit us traders but regulation is not everything: even if they’ve recently updated their website, it still looks like many other SpotOption white labels, but at least they’ve got rid of the infamous slogan “We focus on who really counts. You”. Education lacks almost completely and there’s no trace of a Daily or Weekly market analysis. Most brokers who provide market analysis don’t bother to update it daily so it becomes useless. I don’t know which is worse: an outdated market analysis or no analysis at all but the fact is that either way traders are left with no information and more than that, it shows a lack of professionalism from the broker’s side. *Update: Last time we visited them they didn’t excel at education or market reviews/analysis but their new facelift brought a new section of Market News (at the bottom left of their website). When you click on it, you will see a few tiles with headlines on them and further clicking on that headline will reveal the message: “For more information, read our latest forex news”. Now comes the good part: if you click on “forex news”, you will be directed to fxstreet.com which is a well known website focused on news from the forex market. Fxstreet does not belong to BDSwiss so they are just feeding their clients a bunch of BS, making them believe that is their news feed. It’s similar to me saying: Check the analysis I’ve written and then directing you to Reuters or Bloomberg… or me saying Check out my painting and then directing you to a picture of a Salvador Dali painting. All I have to say about this behavior is LOL. I know it’s not very professional from my part, but really… LOL is all I can think of.
Update February 2017: They now have a blog that’s updated regularly but I don’t see any type of daily market analysis. The articles in this blog seem original but I cannot vouch for that; anyway, it’s a good addition.
BDSwiss stands for Banc de Swiss and no matter how hard I try, I can’t find the reason why they chose that name. Their headquarters are located in Nicosia, Cyprus and they don’t list an address from Switzerland anywhere on the website; they don’t even claim to be located there. So what’s the reason for having “Swiss” in the name? Maybe because Swiss Banks are known to be the most reputable in the world and hinting about having a connection with those banks makes BDSwiss appear more professional? Might as well call themselves Bank de Warren Buffet then… Ah well, maybe that’s not the reason and I’m getting ahead of myself, but I would sure like an explanation.
Update February 2017: … still waiting for that explanation. Anytime now…
After spending quite a while on Banc de Swiss website, I can’t really find reasons to recommend them wholeheartedly. Sure, we are dealing with a regulated company which is much better than giving our money to a broker who doesn’t even provide an address, but just being regulated doesn’t make the broker great right from the start and I would like to see more commitment coming from BDSwiss before considering them top-tier material. *Update: After our latest visit, I still don’t recommend this brokerage and in fact now they seem a bit worse than before.
While checking the most important review and complaints websites we couldn’t find any major issues related to this broker. In the future we will keep a close look, especially because this broker is regulated. *Update: it’s been a long time since our initial review of BDSwiss has been published, but only 2 people bothered to complain or comment about them on our website. This could mean that nobody trades with this broker or that people really don’t have things to complain about… I have no idea.
Update February 2017: Surprisingly, people don’t talk about this brokerage. I tried looking for complaints on all major forums and not much has surfaced; even our Comments section below this review only has 6 entries at the time of writing, which is extremely low considering that we’ve first reviewed them in early 2015. Out of the 6 entries, 5 are complaints or negative comments so, you do the math…
BDSwiss Regulatory Warnings And Announcements
23.01.2017: The Cyprus Securities and Exchange Commission (CySEC) announced that on 19/12/2016 they have reached a settlement of 150,000 Euros with Bdswiss Holding Plc for suspicion of possible violations of the Investment Services and Activities and Regulated Markets Law of 2007 (the “Law”) and of the Directives issued pursuant to the Law. The settlement sum was fully paid. Source: CySEC Board Decision 23/01/2017
16.03.2016: The Cyprus Securities and Exchange Commission (CySEC) announced that on 14/12/2015 they have decided to impose an administrative fine of 5,000 Euros on the CIF BDSwiss Holding Ltd. for non-compliance with the Investment Services and Activities and Regulated Markets Law of 2007 (the “Law”). Source: CySEC Board Decision 16/3/2016
Update February 2017: Since this is a CySEC regulated brokerage, they have to follow the guidelines of CySEC Circular No: C168, which states that Cypriot Investment Firms (CIFs) must avoid offering bonuses to their clients. As a result, BDSwiss no longer advertises a Bonus but upon speaking with one of their representatives, I was told that my account manager would talk to me about possible promotions.
The minimum withdrawal is $10 but if the client has more than $100 in his/her account and wants to withdraw less than $100, he/she will have to pay a fee of 5% of the withdrawal amount (minimum $25). It’s confusing, I know, but I don’t make these rules and I recommend you carefully read the documentation that’s available on their website.
Banc de Swiss Ratings
User Friendly 18/20
The website is easy to navigate due to its simplicity; the SpotOption platform is accessible and has enough features but the FAQ section displays some content in German or a similar language. The website is translated in 9 languages but I find it a bit harder to navigate. However, it remains user friendly and without major flaws.
Number of assets and expiry times 18/20
Their basket of trading assets contains 26 Stocks, 14 currency pairs, 7 commodities and 20 indices for a total of 67 underlying assets. The fastest expiry time available is 60 seconds (but also 90 and 120 secs), followed a variety of other expiries like 15 minutes, hourly, end of day and end of week and Long Term (end of year or even next year expiries).
Commissions, Support and Effective return 16/20
There are no commissions to open an account. Credit card transactions don’t incur a fee and wire transfers are charged $25. Support is fast to answer but not very helpful and not at all knowledgeable. The effective return ranges between 68% and 75% and there is no refund for Out of the Money.
Update February 2017: Some fees must be paid if the client wants to withdraw less than $100 but his/her account has more than $100 in it. Support was very slow to answer but proved relatively helpful once they did. The effective return can go up to 85% in some cases.
Deposit, Payment and Bonus 16/20
Deposits can be made via Maestro, Visa, a number of e-wallets and offline wire transfer such as Western Union. The same card/e-wallet the client used to deposit has to be used for withdrawal which usually takes between 1 and 7 working days but some methods take between 1 and 5 working days (for details, head to their Funding Methods page). The bonus will be negotiated individually but they do have special promotions which are fixed and available for a limited time only.
Update February 2017: Bonus information is now gone, probably due to new CySEC regulations outlined above. However, one of their representatives informed me that an account manager will talk to me more about bonuses.
Website Extras 11/20
Regulation remains a noteworthy extra but the website has a lot of other shortcomings outlined above.
BDSwiss Overall Ratings 79 + Regulated (+3) = 82/100