SwipeCapital.io Review

My experience is a virtual mirror image of Pei21. Same method. Initial contact by Income Bright phone call and a start up deposit of $100. Contacted by personal broker who demonstrated live small trades and I commenced trading at the beginning of June 2020. This moved on and I was presented with a Bonus Agreement, the full terms of which were not well explained. I received a bonus/credit of $6,233.48. What I did not understand or realise about this was that this required me to perform trades for a total of 623 lots - had I really understood what that meant I would never have entered into it. Trading was reasonable until one large loss came into being. (The problem here is that whilst the trade is usually for a profit to be realised for a small movement (achieved by nominating a take profit price), there is no protection on the downside.) This accumulating loss resulted in me being required to lodge a further deposit as insurance to allow the trade to be locked i.e. a contra trade in the opposite direction halted further losses. Ultimately that insurance was supposed to close out the trade and realise the loss. I was provided with trades to process, based on signals and usually for only three rounds in a night. On some occasions I went further than that due to favourable market movements and on some occasions I took a profit before the take profit price after a lengthy period when the trade was showing a loss. I also took profits without entering take profit prices, particularly when the market moved so quickly that the target price had been exceeded. This type of trading was soundly denounced and I had to put up further deposits as a consequence in order to avoid undue scrutiny of my trading by the liquidity providers. In order to ramp up my trading to achieve the requirements of the bonus agreement, orders became bigger. Things were going pretty good up to about mid August with good profits being realised. Then the rot set in. Almost without exception, the market moves were the opposite to the trades that I set up and large losses started to accumulate (on reflection it seems that this may have been a deliberate attempt to kill my account). In one case, one market move went against me by $10,000 within a half hour of trade. The broker got me to lock the trade. A number of other trades had similar actions. The biggest market moves tended to happen whilst I was asleep and without any downside protection, the losses exceeded $30,000 within a 3 week period. I kept getting hounded to put in more money and when I ran out, attempts were made to get me apply for online loans to cover the insurance cost. The reason for the loans was stipulated as being for home improvements. However, in three attempts to do this under the broker's direction, each was refused because I was too old (75 years old). I was "forced" into finding money by whatever means I could, borrowing it privately in the end. Along the way, funding for my account was halted when both Bankwest and Westpac blocked my accounts to prevent further transactions because they believed that these transactions, which initially involved payments to a Crypto Currency company. To overcome that, I used Transferwise and had one successful transaction. Some two weeks ago, in order to boost my trading statistics, it was decided that I would enter into a gap trade which required a payment of $14,000 from me which could have resulted in a guaranteed profit of some thousands of dollars. As I could only raise $4,000 of this the broker said that he would cover the rest internally. I attempted to make a transfer through Transferwise. Before I got confirmation of that, Westpac Fraud Squad contacted me and blocked my account. Later that night I found that Transferwise had deactivated my account with them (without any notice or warning or explanation) and returned the money to my account - thank heavens for that. Then the broker was off work sick for a week. When he came back and questioned me about my last transaction I repeated that they had failed and I had no further avenue to transfer the money. He told me that we were both in trouble because the required payment of $14,000 had not been made, of which his office was up for $10,000 of this. I pointed out that nothing should have happened before money had been received - some previous transactions were delayed pending actual arrival of the money. He indicated that my account would be locked. I found out tonight that this is the case. I have had no contact with the broker for nearly a week. The major problem with any trade which does not close at the end of the night, is that they attract swap charges, which can be very expensive in many cases. This is then compounded by locking a loss trade in that we now have two contra trades which are each attracting swap charges. These swap charges are currently costing me more than $2,600 per week. There are still three smaller unlocked trades which fluctuate. Overall my balance is rapidly disappearing and no doubt my account will be closed out within the next few weeks. Open trades are currently recording a loss in excess of $38,000 which includes mounting swap charges.
I have only ever been able to withdraw $1,100 from my account. Tonight I have attempted to withdraw $3,000 but as this requires my broker to approve it, the odds suggest that it will be rejected. I have a very unhappy retirement to look forward to, and will now have to continue working for another 10 years in order to pay off my loans. I have been a fool - I thought that I knew better than the bank fraud teams. Do not be tempted by this scam operation. When I commenced my trading at the beginning of June, there were no adverse comments against the broker, that I could find, but I can find them now. I was kept being reminded that the money that I put up was going into my account. That is correct. However, as others have found, getting it back out again seems to be a futile exercise. Be warned. What appears to be rosy is anything but, in the case of SwipeCapital.

I was conned into joining SwipeCapital.io by incomebright.com who I paid $100 USD to join for an educational trading course and an automated forex trading robot and also be referred to a forex broker in my region. I was given an account with SwipeCapital.io with my $100 USD in the account. SwipeCapital.io then called me to start me trading but I told them that I wanted a refund because they were not licensed and if they did not I would give them and incomebright.com bad reviews. I did receive a refund.
I paid the 100 USD to incomebright.com using PayPal so I thought everything would be all right. I have now notified PayPal about my experience so hopefully PayPal will withdraw their support from incomebright.com.

Be extremely careful if you have already opened an account with this company. Don't make anymore payments. I would have cut loss and walked away much earlier if I knew what I know now.
We currently have an account balance of U$70k with no open trades and no open losses and have been unable to close account and or withdraw unless we make another U$25k. We have been told that unless we make this payment our account will be frozen and will not have access to the funds we have put in.
In the beginning everything was fine, the broker was very keen to test withdrawal. We got $100 very quickly and were given great signals and started making money. We then added more funds and made more money and was able to withdraw a % of profit. This gave us great confidence.
However, the signals aren't great anymore and we were advice to lock the trades to manage losses. With the locked trades, the broker starts using it to manipulate and pressure us to keep adding funds to get insurance needed to unlock the locked trades and if we do not make payments our account will be frozen. We were even encouraged to take loans from Moneyme to make payments. We were told that once the payment is made, the locked trades can be unlocked and we will be able to withdraw but it never happened as new excuses were made to refuse withdrawal after every payment, that insurance was rejected and we couldn't unlock the trades until we put in more money. We have finally realised that making anymore payments is just parting with our money.
Do not sign any bonus agreement. Eventhough the agreement says that clients cannot withdraw deposit bonus if trading volumes are not met, the broker has been twisting it to say that we cannot withdraw both deposit and bonus when it is clear that only the bonus should be forfeited if trading volumes are not met. We should still have access to the funds deposited less any losses.
We stopped trading as we noticed that it was used to manipulate our ability to withdraw as we seem to get bad signals that results in locked trades and locked trades are the reason used for withdrawal refusal. We are then pressured to put in more funds to undo that.
U$75k on of deposit, we were finally allowed to unlock all our locked trades. We took the losses which was reduced by the profits made and have U$70k left in the account but unable to access it unless we make another $25k. We were promised that we will be able to withdraw once we make the payment but we no longer trust the broker or company.