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Swiss Pay Ltd Review | A launchpad for your financial ambitions or a Scam?

by Kevin Berry
Rating: 
  1/5   Reviews: 1
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“A launchpad for your financial ambitions” – this is how the broker Swiss Pay Ltd describes itself. It’s a little-known brokerage firm, as there are almost no reviews about it. It’s likely also a young platform, but the exact duration of its operation is still to be determined. The headquarters are located in Poland, and nothing is known about its regulation. Despite confident statements about ECN, we assume that it is a lie, and we are dealing with an ordinary dealing desk. So, let’s try to figure out whether swisspayltd.com is a scam or a safe place for trading.

Highlights

🏛️ Country Poland
⚠️ Regulation
🖥️ Website https://swisspayltd.com/
🎲 Demo Account No
⏳ Start Time 2024
💲 Minimum Deposit $100
⚖️ Minimum and Maximum Leverage 1:200
⚙️ Trading Platform WebTrader
📨 E-mail Support@swisspayltd.net
📞 Phone +48225583141, +48225583142

First Impression of Swisspayltd.com

We’ll start our review with an examination of the official website. On the main page, one can see several pictures of people in suits looking at monitors and shaking hands, as well as images of laptops, graphs, and smartphones. In terms of visual design, Swiss Pay Ltd hasn’t put in much effort. It’s obvious that the firm used stock images, and not unique ones at that.

The main page also contains the banal advantages and merits of the company, supposedly the best platform and conditions, super-mega-lightning-fast order execution, and the best pricing from liquidity providers. However, the broker does not name these very liquidity providers. Other merits are also not disclosed, meaning the text simply does not include specific information.

Website

The site is translated into Russian, Polish, and German, not counting English. And this is perhaps the only strong side. Since the firm reveals little information about itself, the text is meaningless, and the design is templated.

Partnership and Bonuses

Is there an affiliate program? We don’t know, as such an option is not mentioned on the official website. However, the absence of a referral program looks odd. It’s an essential part of any verified broker, since it forms the basis of the advertising campaign of any brokerage intermediary. Perhaps there’s functionality for an affiliate program somewhere inside the personal account, but we will find out about that later.

The situation is the same with bonuses. They are not mentioned on the official website, so they probably do not exist.

How To Open Account at Swisspayltd.com?

Account creation starts with providing personal information (name, email, phone, country, and account type), and then you need to specify login details (password). Swiss Pay Ltd also asks to agree to the “Terms and Conditions” document, but the catch is that it is missing. That means the firm requires consent to something the trader cannot know. Is this normal?

Registration

Next, the personal account opens, through which clients can perform various operations with their account:

  • Deposit and withdrawal of funds.
  • Change of personal data.
  • Verification.
  • Communication with technical support.
  • Login to Webtrader/Mobtrader.

Among these options, we do not see a demo account, so it can be concluded that the broker simply does not offer such a necessary feature. So, to test the platform and conditions, you’ll have to invest real money, but there’s no need to rush into this.

Client Portal

Verification

The verification process is quite convenient. It’s enough to go to a specific section in the personal account, then select the type of document, specify the path to the file on the computer, and upload it. However, it’s unknown whether the KYC procedure at thus trading platform is mandatory or not. The document dedicated to the KYC policy is missing, but AML is presented on the site. It states that the company reserves the right to require additional documents, although the exact list is absent.

This only raises additional questions for the broker. What documents are needed? When should they be provided? How long will the verification take? Can a client trade without KYC?

Pros
  • Not found.
Cons
  • There is no KYC policy.

What About Trading Software?

Swiss Pay Ltd calls its terminal unique and award-winning, but we don’t see what is unique here and how the platform differs from other, more well-known and advanced ones. Moreover, the firm does not even disclose the name of the software, and how can clients be sure that this platform is really award-winning? In short, another misleading by the firm.

 

We only see a standard WebTrader filled with standard features:

  • Technical analysis using levels, lines, trends, indicators, and other graphical tools.
  • Several timeframes, from 5 seconds to 1 month.
  • Several types of charts.
  • Lists of favorite assets.
  • Notifications and three color themes.

Can the adaptability of the platform for mobile browsers be considered as having a mobile version of the terminal? Hardly. The broker does not offer a separate mobile application that can be downloaded from the AppStore or PlayMarket. The web version has more limited functionality and is less optimized than a separate application.

Features Swiss Pay Ltd Impresamarkets FinFinity Invest
Demo Account
Mobile App
Own Development

How Can You Trade With Swiss Pay Ltd?

We have reviewed the trading platform. Based on its asset list, clients have access to forex, metals, stocks, commodities, indices, and cryptocurrencies. Also, in the terminal interface, a leverage of 1:200 was noticed, which is quite high, especially since regulators prohibit offering such a high leverage. Next, let’s look at the types of accounts.

All Info About Accounts

Traders have access to five tariff plans:

  1. Forex. The minimum deposit is $100. This tariff includes almost nothing, just a news feed and a test period with a financial expert for 5 working days. What this “financial expert” does and what their task is remains unknown.
  2. Crude oil. This type of account requires a minimum deposit of $2,500. At the same time, Swiss Pay Ltd promises to reduce fees (interestingly, by how much?), provide access to webinars, and CME reports. Too scant.
  3. Goods/commodities. No less than $10,000. Users can participate in IPOs, and PAMM, and also receive an individual trading plan.
  4. Stocks and indices. From $100,000. All possibilities are opened: arbitration, account insurance, accreditation of a professional investor, and introduction to the over-the-counter investment environment.
  5. Savings account. Returns from 21% to 37% monthly, as well as online money management and insurance of the entire deposit amount.

Account Types

Commission sizes are not specified, which is, by the way, the most important condition, just like the spreads, which are also unknown. Is it profitable to trade with Swiss Pay Ltd? It’s unclear, and it’s not even possible to test with virtual money, as there is no demo account.

Although the website mentions ECN and Islamic accounts, it seems to us that such options are actually missing. We’ve already understood that there can be no routing to interbank liquidity here, especially with leverage of 1:200. Moreover, this broker offers trading only in CFDs.

The last account type looks suspicious. We are referring to the Savings Account, which allows investors to passively earn an income of 21% to 37%. This is a high rate, but the company does not even explain where it comes from. All of this clearly smells like a financial pyramid.

Pros
  • Low minimum deposit.
Cons
  • No demo.
  • Signs of a financial pyramid scheme.
  • Important trading conditions are not specified.

Market Analysis and Education With swisspayltd.com

Based on the description of the tariff plans, owners of the first type of account receive only financial news and some test period of joint work with an analyst. On the homepage, the broker indicates that each client receives assistance from a personal manager. However, the company does not offer any other functionality. Economic calendars, calculators, and other useful widgets are missing.

Deposit, Withdrawal, and Fees

Now let’s consider how to fund a deposit and withdraw money . In the personal account, when attempting to make a deposit, nothing is displayed, but when withdrawing funds, there is an option to choose bank wire transfer or Bitcoin. Credit/debit cards are also mentioned.

The size of the commissions is not specified. Moreover, the website has only a deposit policy, while withdrawal, for some reason, is missing. It is unknown how long the broker takes to process withdrawal requests.

Features Swiss Pay Ltd NPBFX Nublu Investments Limited
Debit/Credit Cards ✔️ ✔️ ✔️
Electronic Payments ✔️ ✔️
Crypto Transfers ✔️ ✔️
Deposit Fee
Withdrawal Fee

How Can You Contact It?

Clients have access to email and phone numbers. However, writing to the email is pointless because Swiss Pay Ltd provided fake emails. The phone numbers are likely also fake. Therefore, how one can actually get in touch with the managers is unclear. Additionally, it is important to note the absence of an online chat, a convenient and fast way to communicate with support staff.

Pros
  • None.
Cons
  • Unclear how to contact managers.
  • Fake contact details.
  • No online chat.

Is Swiss Pay Ltd Dangerous?

It’s unlikely that a safe and verified broker would have fake contact details. Such things are only permissible for fraudulent firms. Although we are almost 100% sure that it is an illegal and dangerous company, for total conviction, let’s examine the period of operation and licenses. We’ll also find out whether the address in Poland mentioned is real.

How Long Does The Broker Work?

If the company does not specify its founding date, how can one find out when it was launched? For instance, by looking at the registration documents, but they are absent. This, by the way, is another significant red flag.

The domain registration date is the key to knowing the platform’s operation period. So, the domain was registered on March 21, 2024. This was quite recently. Considering the lack of reviews online, one can conclude that Swiss Pay Ltd started its operations very recently.

How Is Swiss Pay Ltd Regulated?

Something tells us that the broker does not have a license, although it should obtain one from the Polish regulator, since that’s where the company’s office is located. In Poland, brokerage intermediaries are regulated by the KNF, and a search in the registry of this financial commission showed that Swiss Pay Ltd does not have a license. So, the firm operates illegally.

Features Swiss Pay Ltd Phantomgap Exallt
European Zone
Asian Zone
American Zone
African Zone
Offshore

Frequently Asked Questions (FAQ)

Kevin Berry
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Expert Opinion

Just a classic scenario. Scammers used some template to create their fake brokerage site, offering non-existent brokerage services. No license, no legal documents, no management names, in short, nothing positive. Swiss Pay Ltd is just another broker parody, nothing more. This time, the fraudsters did a very poor job, because it was obvious from the start that we are dealing with some illegal outfit. They can’t even change the types of accounts, making them identical every time. Lol.

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1 review about Swiss Pay Ltd

Luke March 28, 2024 - 17:54
Here's a great example of a fraudulent broker
The level of trust

I cannot imagine how people can invest money in blatantly fraudulent companies like Swiss Pay Ltd. Even inexperienced traders understand perfectly well that this is some scam, not a safe broker.
If you don’t see the fraud here, then you urgently need to read articles on how to identify a fraudulent firm. Otherwise, you’ll constantly fall for fakes and lose money. Why would you want that?

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