BDSWISS Should Justify Banning Investor’s Profiting Account

Exposed broker: BDSWISS

Regulatory status: regulated

Complainant: anonymous (from France)

Reason for Complaint: account was closed for no reason by the platform

Amid the recent financial market fluctuation resulting from geopolitical factors and US domestic riots, smart traders are carefully deploying trading strategies. But without a credible trading platform, even “large profits” may turn out to be an illusion. WikiFX received a complaint from a French investor that accused BDSWISS for closing his profiting account without reason, resulting in losses of his investment.

Event recap

BDSWISS' marketing information stated that it was regulated by the Financial Services Commission (FSC). Upon verifying this information, the investor first deposited 100 euros in BDSWISS on January 18th, 2020. After trading a while, the investor made some profits and withdrew 600 euros in March, and he continued to trade until the balance exceeded 3,000 euros. On May 27th, the market experienced significant volatility. After careful analysis, the investor soon earned 1,600 euros on the very same day.

Yet two days later, on May 29th, BDSWISS closed the investor's account and wiped out his balance for no reason. At the same time, the investor also noticed that his withdrawal record showed a completed transaction without any information of the recipient account, which should explain the whereabouts of his account balance. Meanwhile, BDSWISS never informed investor of any of these operations.

Investor's account deduction (without recipient bank account)

The investor immediately called the broker to consult the matter, but was told that the broker could only be contacted by email. After several rounds of communications, BDSWISS only sent investor a Terminator Letter and responded no further.

BDSWISS response and Terminator Letter

About BDSWISS

According to the official site, BDSWISS is one of Europe's leading professional forex/CFD trading financial institutions. BDSWISS's promotional information mentions that it is supervised by multiple regulatory agencies. But WikiFX found through investigation that though its CySEC license is valid, the broker's NFA license has no authorization in forex brokerage, bearing considerable risks.

Conclusion

According to WikiFX App, the broker BDSWISS is currently in valid regulation, but the broker's NFA generic financial service license isn't authorized for forex brokerage, bearing considerable risks. The broker's rating on WikiFX is 6.70, and investors need to be careful in choosing this broker.