Swing Markets Review: Swingmarketscfd.com Forex Scam
Swing Markets (Swingmarketscfd.com) is a scam broker with means to take over your personal PC. SwingMarkets is openly sending promotional emails with links to malicious software. Members of the platform thought they were signing up to a trading platform, it wasn’t the case. The website is a clone trading website which is a front to steal from unsuspecting online investors. With complaints already growing, exposing the platform is a must. Read this genuine and honest SWING MARKETS Review for more.
About Swing Markets
According to the disclaimer at the footer of their homepage, Swing Markets is located in Des Plaines. These scam artists claim to be located in Cook County, Illinois, United States. If this was the case, the CFTC and NFA would have records of the broker. Names of the founding members and people who run the day to day activities are missing. And this is a huge letdown for anyone who signs up. A safe way to trade online is by using rubber-stamped brokers with a strong online presence.
Anonymity is a risky partner especially with online investment trading platforms. Swing Markets is without a doubt another anonymous platform. Scam brokers will hide behind anonymity as it prevents members from recovering their funds. And this is where we draw the line with SwingMarkets. These scam brokers have used a false location to try and throw off investors. In such a scenario, scam brokers target American and European investors. And this is why investors need to read reviews and conduct research before committing to a platform.
Assets Involved
The platform claims to have three assets according to their trading asset’s page. They include currencies, commodities, and stocks. Currencies provided include exotic, major, and minor pairs. The commodities listed include Coffee, Gold, Gold Future, Platinum, Silver, Sugar, and others. Stocks listed include Coca Cola (US), IBM, Tesco, among others. The broker fails to mention their leverage and spreads. A true broker will let traders know the trading conditions before signing up.
Bonuses Promised
Swing Markets is furnishing traders with a welcome bonus that starts at 25 percent. A welcome bonus is a huge challenge to traders for one reason. The broker will demand members to pay back the deposit before allowing any withdrawals. A member who gets a $500 bonus price must deposit the same amount to withdraw. And this is the main reason why authorities are contemplating on banning bonuses altogether. They are being used by unscrupulous brokers to steal from traders.
Contest Claims
Another trap set by this bogus platform is a contest where traders get $20,000 in prize money every week. According to the contest page, there are 20 winners every week who walk away with $20,000. And this means the platform is offering $400,000 in prize money every week. These are just empty claims to ensure unsuspecting investors sign up. They have not posted any member who has gone home with the prize money. And this is proof the platform is operated by professional scam artists.
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Domain Details
According to the trusted domain register whois.net, the platform is barely a few months old. Going by the records, swingmarketscfd.com was created on 23rd December 2019. When publishing this post, it means the platform is less than five months old. Claims of being in the industry for over ten years are quickly washed away. Scam artists will label dated years to try and buy their online reputation. Thanks to domain registers, investors can know when a platform was actually created.
License and Registration of Swing Markets
With the platform claiming to be based in Illinois, the United States regulator has to have their records. After checking with the Commodity Futures Trading Commission, no such broker is regulated. Just to be sure, we also checked with the National Futures Association which also had no such listed broker. And these two regulators are the bodies which regulate any broker in the region. With this as proof, we can safely state Swing Markets IS NOT LICENSED or regulated to offer any trading services.
To protect other investors from the European region, we also conducted a check with regulators. Most regulators we contacted are on the verge of blacklisting SwingMarkets. The regulators we contacted have received numerous complaints from investors who were duped by the platform. These are rogue brokers who will do or say anything to try and make their platform appear legit. The entire platform has no documents to prove their compliance, not even a license or registration number.
Restrictions of Swing Markets
Account Details
Swing Markets is furnishing traders with four account types to choose from. Accounts listed include Bronze, Silver, Gold, and Platinum. The basic account charges more than the acceptable minimum depository requirement. They charge investors $300 to start trading with their Bronze account. The industry has set $250 as the acceptable minimum deposit for all traders. They claim to offer a copy trading tool which is not present once members sign up. Claims of withdrawing funds with the accounts are also false.
Account Manager
They have coined them as Personal Success Manager on their account’s page. These are hired call agents who will sweet talk investors into signing up. Once members sign up, they are urged to give up control of their accounts. These account managers are commingling with other account holders to falsify trading results. The members end up losing their entire deposit with these accounts. Next, the call agents will bombard traders with calls urging them to make more deposits.
Contact and Support
The platform is using a chat bot which is not efficient in offering valuable data. A real broker offers live chat support and ensures there is human to human interaction. The problem with chat bots is they sometimes take long to respond. With Swing Markets, members will wait for hours before a response is available. The bot will often recommend an agent where members must leave their contact details. These scam brokers will use your contact details to bombard you with other promotional materials.
Funding Accounts
Among the funding accounts methods listed include Altcoins, Bank Transfer, Bitcoin, MasterCard, Perfect Money, and Visa. They claim not to charge any withdraw fees but the security if wanting. Lack of a secure transfer process has led to some members losing their valuable money. Withdrawal claims of one business day are false as no trader has come forward with evidence. Anyone who signs up should know withdrawing funds with this platform is next to impossible.
Trading Platform
Swing Markets is using a web based platform as their trading terminal. A closer check reveals their trading platform has some loopholes. Lack of proper security features has put traders at risk from third party attacks. Without DDoS protection and SSL encryption, it makes trading a huge problem. Members have also been protesting about the slow execution speeds. This is a result of having an unstable trading terminal. It is best to stay away from the platform and avoid any inconveniences.
Safety of funds with Swing Markets
According to the facts, Swing Markets is far from ensuring safety of funds. The platform is without a doubt putting traders at risk. One main problem is segregation of accounts which is not taking place. Another issue is the broker is pooling funds in one account which is against trading regulations. Members have been depositing funds straight to owner’s personal bank account. And this is why traders should stay away from such a platform and use industry approved brokers.
Scam or Legit Swing Markets
After carefully reviewing all the facts, it is clear Swing Markets is a scam. Avoid having any contact with the broker. These scam artists have nothing else to do than steal your funds and shut down accounts. With a warning in progress, authorities will soon shut down the platform. Mark their emails as spam and warn your family and friends from joining any of their affiliate programs.
Bottom Line
Adding this platform to our scam blacklist will ensure no one else falls for this trap.
Employ safe trading practices such as using top rated Forex trading robots. With tested Forex trading robots, your trading is secure.
We wish all traders a safe experience.