Clients of FXTSwiss have are offered a single account with leverage up to 1:400, commission-free trading, and fixed spreads. Unfortunately, micro tradeable lots are not provided to those traders unwilling to put much at stake.
It looks like FXTSwiss is yet another unregulated market maker, as it offers fixed spread only (no ECN technology) and provides no information about a license. What is worse, we find its spreads too high, amounting to 3 pips on EUR/USD, while most fixed spread brokers offer 2 pips spread for this pair.
In fact, the broker claims to offer 1-pip spreads on majors, however, when we tried out FXTSwiss’s demo platform, we found out that its spreads are in fact fixed at higher rates.
The Company. Security of Funds
If we judge by its name, FXTSwiss must be a Swiss brokerage. Even if it is based in Switzerland, however, it is not regulated. Each broker operating out of Switzerland is required to hold a banking license from the Swiss Financial Market Supervisory Authority (FINMA), and FXTSwiss obviously does not have such.
Worse still, its website contains no information about the company behind the brand. A company name is not even mentioned in the client agreement, which seems very suspicious, to say the least.
Since FXTSwiss is not regulated and the name of the company is unknown, we would not recommend doing business with it. It could be a scam broker. Instead, we would advise traders to choose among brokers regulated by the FCA, ASIC or another trustworthy regulatory body.
You can find more information about the risks associated with using a non-regulated (offshore) brokerage here.
FXTSwiss claims to support the most popular software in the forex industry – MetaTrader 4. However, when we tried out its demo account, we were offered some strange web-based platform, which seems very basic.
Methods of Payment
FXTSwiss offers its clients the following payment modes: credit/debit card, bank wire transfer, and giropay.
Apart from the misleading name, FXTSwiss, this broker makes some false claims on its website regarding its offerings (1 pips fixed spread on MT4). It is a non-regulated forex broker that provides no information about the company behind the brand, and is very likely a scam. We do not recommend it.
FXTSwiss Review Conclusion
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