Swiss Markets

Coach Callum

Recruit
Messages
4
Not entirely sure if you would consider this a scam or just a company more focused on profits than on their clients well being and financial security. But for me if a broker does look after your interests as an investor then they may as well be a scammer.
I will try not to make this too long while giving the facts...
I had been following a fund manager for a while and liked what I saw as his signals. Spoke with him and he assured me that it was a manually traded account. He was also advertised as a manual trader on the site.
However, it transpired very quickly that he was not only using automation but he was also churning the account. Placing many trades at the same time to earn money from spread. I immediately tried to exit my account without paying the penalty fee as I believe I had been lied to. After several conversations with my Account Manager at Swiss Markets it turns out that the Fund Manager was using a false name with their consent and that he knew that the account was churning. I didn't fully understand how to withdraw my money the website is very vague and within 3 weeks the money was gone.
Swiss Markets don't care about the fact their fund manager lied or about the fact that by the time they helped me out of the account I was left with zero. They also never did anything about the account even when several people were complaining. Swiss Markets told me it was not their responsibility to verify the account managers even though they are basically advertising them on their website.
Please do not use Swiss Markets as a broker because they only care about themselves... all the time the account manager was churning and earning them more money they didn't care that he was lying about who is was or how he was trading.
I have also found out that I have American friends who have fallen victim too, although I doidn't think they were allowed to invest? Is there an authority I should be informing as this could possibly be illegal? Thanks...
 

FxMaster

Lt. Colonel
Messages
9,409
Not entirely sure if you would consider this a scam or just a company more focused on profits than on their clients well being and financial security. But for me if a broker does look after your interests as an investor then they may as well be a scammer.
I will try not to make this too long while giving the facts...
I had been following a fund manager for a while and liked what I saw as his signals. Spoke with him and he assured me that it was a manually traded account. He was also advertised as a manual trader on the site.
However, it transpired very quickly that he was not only using automation but he was also churning the account. Placing many trades at the same time to earn money from spread. I immediately tried to exit my account without paying the penalty fee as I believe I had been lied to. After several conversations with my Account Manager at Swiss Markets it turns out that the Fund Manager was using a false name with their consent and that he knew that the account was churning. I didn't fully understand how to withdraw my money the website is very vague and within 3 weeks the money was gone.
Swiss Markets don't care about the fact their fund manager lied or about the fact that by the time they helped me out of the account I was left with zero. They also never did anything about the account even when several people were complaining. Swiss Markets told me it was not their responsibility to verify the account managers even though they are basically advertising them on their website.
Please do not use Swiss Markets as a broker because they only care about themselves... all the time the account manager was churning and earning them more money they didn't care that he was lying about who is was or how he was trading.
I have also found out that I have American friends who have fallen victim too, although I doidn't think they were allowed to invest? Is there an authority I should be informing as this could possibly be illegal? Thanks...
I would like to ask a few questions before I suggest the possible steps to get their attention on your case.
You are having a problem with which branch of Swiss Market?
How much, and when you deposited the money?
 

Coach Callum

Recruit
Messages
4
It's Swiss Market Mauritius operated by BDS Ltd. I deposited the $5326 on July 18th - 20th into the managed fund account. By the time I managed to close the account after several complaints i had $4.06 on the 14th Aug.
 

FxMaster

Lt. Colonel
Messages
9,409
It's Swiss Market Mauritius operated by BDS Ltd. I deposited the $5326 on July 18th - 20th into the managed fund account. By the time I managed to close the account after several complaints i had $4.06 on the 14th Aug.
Invite them to this thread and ask them to make a reply regarding your issue. If they ignore your request then They are regulated by the Mauritius Financial Services Commission which you can find below, go ahead and make one complaint there too.

https://global.swissmarkets.com/about-swiss-markets/

Swiss Markets is a trading name for BDS Markets Ltd. BDS Markets is authorized and regulated by the Mauritius Financial Services Commission (the ”FSC”, license no. C116016172).The address of BDS Markets is 06th Floor, Nexteracom Building, Ebene, Mauritius. Please review the company policies regarding the regulation here.
 
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