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Swifti Review | A Premier Broker or a Scam?

by Kevin Berry
Rating: 
  1/5   Reviews: 1

Swifti calls itself a premier broker, offering a wide array of markets. A bold claim, but is it true? Can a company be considered “premier” if it lacks a license, the founding date is not specified, and the legal address is hidden? Unlikely, because it’s more likely a scam than a safe and profitable brokerage platform. There are almost no reviews on the internet, but the website features a few positive comments, which shouldn’t be trusted. Let’s try to figure out what the company is and whether it can be trusted.

Highlights

🏛️ Country Saint Vincent and the Grenadines
⚠️ Regulation
🖥️ Website https://swifti.com/
🎲 Demo Account No
⏳ Start Time 2023
💲 Minimum Deposit $250
⚖️ Minimum and Maximum Leverage
⚙️ Trading Platform WebTrader
📨 E-mail support@swifti.email, legal@swifti.email
📞 Phone

First Impression of Swifti.com

The official website is the face of any brokerage company. It should acquaint users with the terms and facts of the broker’s activity, but Swifti’s site seems to have been created for a different purpose. Absolutely zero information about the firm and its activity, and the trading conditions are only partially disclosed. However, the organization talks about itself as if it were the top-1 broker in the world.

Swifti - website

Upon entering the site, its templateness is immediately noticeable, as we have encountered similar resources more than once. Instead of creating its own ‌unique design, the broker preferred to use a ready-made template. Naturally, this characterizes Swifti only negatively. It is unlikely that the platform was created for long-term and honest work.

Here clichéd images are used, like skyscrapers, expensive cars, and art objects. The top panel of the site allows you to delve into the details of the trading conditions. In the footer, you can learn about the potential risks of CFDs and find legal documents. In general, everything is standard and predictable.

Partnership and Bonuses

Swifti clients have the opportunity to receive additional bonuses through an affiliate program. Just invite a referral using an invitation link to get 10% of their deposit as a bonus. Meanwhile, the invited trader also receives bonus funds, but in the amount of 5%. However, they must deposit at least $1,000, and the maximum reward is limited to $25,000.

Remember, bonuses have conditions that must be met. Otherwise, it’s impossible to withdraw these funds. Swifti requires a trading turnover exceeding the size of the bonuses 20,000 times. Is this a reasonable condition? We cannot say. Even experienced and successful traders might have problems fulfilling it, especially considering the set deadline of 90 days.

Account Opening on Swifti.com

For a more detailed study of the broker, it is necessary to create a personal account, but currently, this is impossible. The problem is that when clicking on the “register” button, a window for entering personal data should open, but it doesn’t appear. Is Swifti aware of this issue or not? And how can one actually register a brokerage account?

Swifti - registration

Even a demo account cannot be used to try out the service, as this option is absent here. Although it is mentioned in the FAQ section, in reality, we do not see this functionality. Thus, to the huge and unprofitable bonuses, another drawback is added — a bug in registration. We have only started examining Swifti, and we have already found several serious red flags.

Verification

As the broker explains on its website, verified users have more trust, security, additional opportunities, and increased limits. So, Swifti requires all its users to go through KYC. And to do this, you need to upload a set of documents:

  1. Government-issued identification. This can be a driver’s license, passport, or national ID card.
  2. Proof of address. A color copy of a utility bill or bank statement not older than 6 months.
  3. Credit/debit card. If this particular method is used for depositing funds.

Moreover, Swifti may request additional confirmations, depending on the method of balance replenishment. Files can be uploaded through the personal account, or by sending them to the support email. However, there are no precise data regarding the processing time of KYC.

Pros
  • Mandatory verification.
Cons
  • No specification regarding the processing time of KYC.
  • The firm may require additional documents.

Trading Software

The trading terminal in Swifti is presented only in a web-based version. This is an obvious drawback, as a web trader cannot replace the desktop version of the terminal. Otherwise, why do all professional traders use only desktop platforms? Additionally, there is no application for smartphones, so those who prefer to trade from their phone will have to run the platform through a mobile browser.

Swifti - trading platform

According to the description on the official website, the platform supports basic technical analysis, complete information about the financial asset, trading history, portfolio tracking, news updates, and watchlists. What it is actually like — we do not know, because it is impossible to register an account. However, in conclusion, one can say that Swifti offers low-functional, primitive, and inconvenient software, which is unlikely to be suitable for successful and profitable trading.

Features Swifti Sollari Bankefex
Demo Account
Mobile App ✔️
Own Development ✔️

How Can I Trade With Swifti?

The firm identifies itself as a CFD broker, so it’s not hard to guess which financial instrument is available to traders. However, futures contracts and spots are not provided here.

Swifti grants access to forex, commodities, metals, indices, stocks, and cryptocurrencies. Next, we will delve into the details of the tariff plans offered to users.

All Info About Accounts

So, traders have a choice between six types of accounts:

  1. Forex Focus. The minimum deposit is $250. This tariff is intended for beginners in trading.
  2. Currency Crafters. The minimum deposit significantly differs from the previous tariff. The firm requires a minimum of $10,000. Advanced tools and resources are added, including market reviews and exclusive insights.
  3. Trade Wise. No less than $25,000. Traders receive advanced trading tools and in-depth market analyses, as well as personalized support.
  4. Pips and Profits. No less than $50,000. More favorable terms.
  5. Forex Fortune. From $100,000. Essentially, the same opportunities that were outlined in other tariffs.
  6. Money Magnet. No less than $250,000.

The minimum deposit requirements at Swifti seem unreasonable. Statistics show that brokerage companies offering to start trading with $250 are most often scams. And something tells us that this broker will not be an exception.

Swifti - account types

The description of the tariff plans is vague and lacks specifics. One can only guess what exactly is available to clients. However, some aspects have been ascertained. Swifti offers to open an account in three currencies of choice: USD, EUR, or GBP. Once registered, the currency cannot be changed.

The size of the leverage, spreads, commissions, and swaps — these parameters remain a mystery, and they are the most important ones that traders pay first attention to when studying conditions. Why does Swifti conceal such vital data?

In addition to the main types of accounts, the broker offers a VIP service. This is aimed at the category of clients who can afford to replenish the deposit with $250,000, $500,000, or $1,000,000. However, it is unlikely that many would be willing to invest such significant sums in such a firm.

Lastly, it’s important to add about the business model. Unfortunately, Swifti does not disclose details regarding how orders are processed. Therefore, there’s a high likelihood that we are looking at a classic dealing desk, which does not route client orders to interbank liquidity or providers. Such a business model is risky for users due to the inherent conflict of interest.

Pros
  • Not found.
Cons
  • Inadequate trading conditions, many of which remain unknown.
  • The business model is 100% B-Book with a conflict of interest.
  • Demo and Islamic accounts are absent.

Market Analysis and Education With Swifti.com

The company has developed educational materials on the topic of cryptocurrencies and blockchain. Users can learn how this technology works, how to use wallets, and exchange digital currency. In addition to this, Swifti promises to provide educational resources (articles and guides) on other topics.

On the main page, you can see a line with online quotes, with the ability to switch the type of instrument. And the last thing available freely to all traders is news and FAQ.

Deposit, Withdrawal, and Fees

Swifti supports credit/debit cards, electronic wallets, and bank wire transfers. Also, judging by the design of the official website, clients can transfer money using cryptocurrencies: Bitcoin, Ethereum, Litecoin, and Tether.

The process of processing withdrawal requests takes from 1 to 5 business days. In current reality, this is very long. Users need to receive their money quickly, and few will wish to wait tediously for the processing.

Swifti promises that it will not charge a commission for deposits and withdrawals, but warns that third parties, such as payment systems and banks, may do so. We also want to remind you of some negative aspects of using digital currency: transactions cannot be canceled, and chargebacks are absent.

Features Swifti ToroProfit TradeVtech
Debit/Credit Cards ✔️ ✔️ ✔️
Electronic Payments ✔️ ✔️ ✔️
Crypto Transfers ✔️
Deposit Fee ✔️
Withdrawal Fee ✔️ ✔️

How Can I Contact It?

Only one way to contact Swift’s managers – by email. Phone numbers, online chat, and other methods are absent. Moreover, the email address is listed differently in different places. For example, in the “contacts” section it is support@swifti.email, but in the footer of the site, you can see support@swifti.com. The first option exists, but the second is fake.

Pros
  • Not found.
Cons
  • You can only contact the managers via email, as no other contacts are provided.

Is Swifti Dangerous?

It is quite obvious that a broker hiding trading conditions and not allowing free account registration cannot be honest and transparent. Therefore, at this stage of the investigation, we can already talk about the danger posed by the platform. For greater certainty, we need to check the legitimate status of the firm and its duration of operation.

How Long Does The Broker Work?

We could not find the exact founding date of the company, as it is hidden. One might wonder why a firm would hide its operating duration? Apparently, Swifti has been operational for a very short time. How can we understand when the platform was launched? It can be done thanks to the domain of the official website. The domain was registered in 2004 but was on sale until December 12, 2023. It was then bought, and now we can see a brokerage site here. Considering the low number of mentions on the internet, it is quite logical to assume that the organization is very young.

How Is Swifti Regulated?

And now the most important thing — regulation. The address of the headquarters remains a mystery to us, but there is a small clue we found in the user agreement. It mentions the offshore jurisdiction of Saint Vincent and the Grenadines, so let’s try to check the SVGFSA registry for the broker.

We are not surprised that Swifti is not listed in SVGFSA. Such an organization is not listed in the registry of legal entities in the offshore jurisdiction of Saint Vincent and the Grenadines.

Features Swifti Main Group FX IronGatesFX
European Zone
Asian Zone ✔️
American Zone
African Zone
Offshore

Frequently Asked Questions (FAQ)

How to Trade With Swifti?

There are problems with account registration — a window for entering personal data does not open. Therefore, it is unknown how to start cooperation with the company.

Is Swifti Legit?

The broker operates illegally. Firstly, the legal address and registration documents are missing. Secondly, the SVGFSA check showed the absence of such an organization in this jurisdiction.

How Risky Is It?

Marginal CFD trading is a risky business where many traders lose their money. However, the main risk of collaborating with Swifti lies elsewhere. The firm is illegal, so it can easily turn out to be fraudulent, meaning it may refuse to withdraw funds.
Kevin Berry
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Expert Opinion

Another Forex scammer has been exposed. Honestly, as soon as I entered the official website, I immediately understood — this is an illegal brokerage company. Similar firms have been encountered more than once because fraudsters use the same template to create their scams. Swifti is no different from a huge number of other pseudo-platforms that offer supposedly profitable and safe trading. However, there are no guarantees here, except for one – the loss of money. One would like to believe that such an obvious fraudulent project could not entice victims, and that all the work done by the fraudsters was in vain.

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The level of trust
Quick withdrawal of funds
Efficiency of technical support

1 review about Swifty

Ashley Fingston January 4, 2024 - 11:54
This is clear fraud
The level of trust
Quick withdrawal of funds
Efficiency of technical support

I wanted to try trading here, but I gave up on such a foolish idea. Swifti looks like an outright scam. Where is their license and where is the headquarters? It’s foolish to trust a company without an office and license with your money, as it’s just a fake broker, that’s all. A classic fraud, nothing more. Stay away from such sites because they actually pose a serious threat to your deposit. Find a legitimate firm with licenses, not a fraudulent parody. That’s all from me, wishing everyone well and profitable trading!

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