Comprehensive Review of Swift Trader

Swift Trader provides both margin and spot trading services. The company grants access to significant leverage, although its main focus is contracts for difference, more commonly referred to as CFDs. In addition, it has developed additional services such as demo accounts and educational resources. Nevertheless, ‌user reviews are generally poor, with low trust levels. This review will help you find out whether the dealer is a legitimate broker or a scammer.

Highlights

Key Trading Features

Swift Trader provides access to multiple types of accounts, offering zero spreads and exclusive trading conditions. The following account types are available for traders: Standard, Mini, Micro, Pro, and ECN, Bonus-X.

The minimum deposit required on the platform is $50 when funded through a bank transfer. When using cryptocurrency, the deposit amount is reduced to just 5 USDT. When creating an account, users can choose any account type, which means that increasing your deposit does not give you any special privileges.

The maximum leverage could be as high as 1:1000, though the European regulator ESMA and the UK’s FCA limit it to 1:30. Only in some cases, professional traders could get as high as 1:500 leverage. Swift Trader appears to advocate high-leverage trading, which is usually accompanied by volatile, unfavorable trading conditions and an obvious red flag.

The minimum lot size on the platform is 0.1, while execution types vary from standard to automatic. Margin call occurs at 80%, while stop-out is triggered at 20%. There’s also an exclusive account type called Bonus-X, which grants privileges such as access to all financial instruments along with protection against negative balances.

Overview of Available Trading Instruments

Swift Trader has a wide variety of financial assets available to trade. These assets include: Forex, Commodities, Indices, Metals, and Cryptocurrencies. The accounts that are able to access these assets include the Mini and Micro.

Despite providing a wide range of assets, the broker seems to focus heavily on CFDs.It is important to note that CFD trading is considered a loss-making activity as these instruments carry high risks and typically have a loss rate of 70-80% for most retail traders.

Trading Platform Analysis

Swift Trader’s main trading platform is MetaTrader 5, also known as MT5. Desktop, portable, and web versions of this platform are available. It comes with an integrated economic calendar, one-click trading, and other basic features that might be advanced for trade management.

MT5 is designed to run on different operating systems such as Windows, macOS, Android, and iOS, making it highly accessible to different segments of users.

However, the terminal has various disadvantages, such as potential manipulations and poor liquidity. The company does not cooperate with good liquidity providers, so most positions that will be opened on this platform may turn out to be unprofitable. Given ‌licensing issues with the Tier 3 regulator, such problems are not at all surprising.

Additional Services

Additional services offered by Swift Trader are presented in the “Support” section of the website. They include a glossary of trading terms and an economic calendar, both of which can be helpful for beginners.

A number of promotional bonus offers are provided. For example, all new account holders are given a $50 bonus when opening an account. Second, the dealer has prepared a 100% deposit bonus for traders who use certain account types. Third, there is a 50% bonus offered for funds deposited during continued cooperation.

Swift Trader also promotes an affiliate program. To participate, users must generate a referral link and encourage new customers to sign up using it. Details regarding earnings and commissions from this program are not disclosed, though the broker claims to provide round-the-clock support for partners, along with real-time performance tracking.

Fee Structure

On average, there is no fee for deposits, but deposits via Sticpay are charged 160 yen. The withdrawal fee also depends on the payment method used, it can reach 0%. The trading accounts have no fee. ECN accounts are subject to specific fees.

Legitimacy of Swift Trader

The website tells us that Swift Trader operates within the law, and confirmation can be found on the regulator’s website. However, the question of legality is not that cut-and-dried, since the company has been accused several times of violating the rights of traders and investors, as well as improper relations with official partners.

Swift Trader is regulated by the Mwali International Services Authority (MISA), which is a Tier-3 regulatory body. This is a rather secondary instance, usually chosen by shady brokers with a dubious reputation and several cases of fraud.

The MISA Authority is notorious for its ease of issuing licenses and certifications, allowing even the most untrustworthy brokers to masquerade as regulated. In the case of disputes, customers can be certain that they won’t get much support, since MISA has little or no response to complaints from defrauded traders.

Furthermore, a check of the company’s headquarters address proves that there are in fact no offices or branches in Sydney, further casting doubt on the company’s validity.

Company History

According to Whois, Swift Trader became active in the first half of 2024. The “About Us” section of their website gives an extremely superficial idea of the advantages and services of this company. The broker only emphasizes sham benefits and features, which is another arrow against its transparency and credibility.

Conclusion

Swift Trader is a low-trust broker that features hundreds of negative reviews. The broker is regulated by a third-tier offshore authority and there is little to no protection for clients in the event of disputes or refund claims. The platform’s software is likely manipulated and there is also a lack of liquidity, making it hard for traders to gain any profit. Based on its poor reputation, high-risk trading conditions, and suspicious regulatory status, we strongly advise against dealing with this broker in any way.

Weighing the Pros and Cons

Common Questions