Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.
General Information & Regulation
Swiss29 is allegedly a forex and CFD broker registered in the United Kingdom that claims to provide its clients with 10,000+ tradable financial instruments with leverage up to 1:25 and floating spreads around 0.1 pips on the MetaTrader5, AnyDesk and TeamViewer trading platforms via 5 different live account types, as well as 24/5 customer support service. Here is the home page of this brokers official site:
As for regulation, it has been verified that Swiss29 currently has no valid regulation. That is why its regulatory status on WikiFX is listed as “No License” and receives a relatively low score of 1.18/10. Please be aware of the risk.
Market Instruments
Swiss29 advertises that it offers access to 10,000+ trading instruments in financial markets, including stocks, cryptocurrencies, forex and indices.
Account Types
Swiss29 claims to offer 5 types of trading accounts - Basic, Silver, Gold, Platinum and VIP, with minimum initial deposit requirements of €250, €10,000, €25,000, €50,000 and €250,000 respectively. In comparison, licensed brokers allow setting up a starter account with a minimum deposit of $100 or even less.
Leverage
The maximum leverage provided by Swiss29 is capped at 1:25, which is in accordance with British laws. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.
Spreads
As tested on the Webtrader of Swiss29, we were given a EUR/USD spread of 0.1 pips.
Trading Platform Available
The platform available for trading at Swiss29 is one of the most notable and preferred trading platforms the market offers - MetaTrader5, AnyDesk and TeamViewer, compatible with Windows, Mac, Android and iOS devices.
Anyway, you had better choose brokers who offer the leading MT4 and MT5, which are highly praised by traders and brokers alike due to their ease of use and great functionality, offering top-notch charting and flexible customization options. They are especially popular for their automated trading bots, a.k.a. Expert Advisors.
Deposit & Withdrawal
From the user area, we read that clients can invest via credit/debit cards, BTC wallets, a crypto exchange, bank transfer, PayStudio, GarryPay (non-functioning), GR8Pay, PayPound, and CoiniCash. The minimum initial deposit requirement is said to be $250, and the minimum withdrawal amount is $100.
Bonuses
Swiss29 says to offer some bonuses, which vary on the account type. For example, the bonus is up to 30% on the Silver account, 50% on the Gold account and 75% on the Platinum account. According to the Terms and conditions, however, the broker says that it has the right to reclaim all such funds if a withdrawal of Non-Deposited Funds has been confirmed.
Customer Support
Swiss29‘s customer support can be reached by telephone: UK: +44 737 846 6697, Spain: +34 960 408 946, Canada: +1 418 474 0897, email: support@swiss29.com or send messages online to get in touch. However, this broker doesn’t disclose other more direct contact information like the company address that most transparent brokers offer.
Pros & Cons
Frequently Asked Questions (FAQs)
2023-03-24 14:15
