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Is SUISSECG a scam broker?

Overview:

The forex broker and CFDs provider SUISSECG is an offshore firm. It allows access to four types of trading accounts on the web-based platform. Read this review to know everything about SUISSECG. Let’s begin.

About SUISSECG:

The accounts featured by SUISSECG are Self-managed, Gold, Platinum, and VIP. The access is allowed to these accounts by the deposition of $250, $10000, $50000, and by invitation only, respectively. The strong points about this broker are the availability of a plethora of assets and comparatively high leverage. It offers its services on assets like cryptos, precious metals, shares, indexes, commodities, and many currency pairs. According to information presented on the SUISSECG’s website the owner of it is TECHNORIC LTD, a firm that is situated in Saint Vincent and the Grenadines. The SVG government officially denied providing any license to any kind of forex and binary brokers. It means this broker is unlicensed and does not fall under the oversite of any authority. Also, it shows that there is no certainty on the investor’s funds if anything goes wrong. Moreover, the financial regulatory authority the Financial Conduct Authority deemed SUISSECG and TECHNORIC LTD as a potential scam broker for providing illegal and unregulated services in the United Kingdom.  The website fails to provide any information on available spreads in any account. One has to open a live account to peep into the spreads and other trading features. The spreads available on EURUSD pair was high and unfavorable 3 and 4 pips according to account type. In comparison to MetaTrader, the web-based platform provided by SUISSECG is not at all helpful to the traders.

SUISSECG provides payment methods by many channels such as all types of credit cards, bank wire, and mysterious e-wallet named VLoad. Most famous payment gateways like Neteller and Skrill are purposefully eliminated. Since Skrill has announced its anti-scam policy and provides its services only to the regulated brokers. So it is confirmed that SUISSECG is an unlicensed and unregulated broker. The broker also offers lucrative bonuses but the withdrawal of it is very tedious and time-consuming. It requires a high trading volume of about 50000 times. This is the real trick used by real scam brokers. The withdrawal procedure takes at least seven to ten days to complete. The minimum withdrawal amount is $100 and SUISSECG applies 1% of withdrawal charge.

Is SUISSECG scam or legit?

The SUISSECG is an unregulated, unlicensed and offshore potential scam broker. The high minimum deposit, undisclosed trading conditions, miffed terms, and conditions, many withdrawal charges are the negative points of this broker. FCA’s potential scam warning must be anticipated. All in all please stay away from this potential scam broker.