WikiFX Review: what you should know about Swych CORP

First, according to the official website, Swych Corp says that its a broker headquartered in Austria and licensed in Cyprus, as you can see from the screenshot below:

WikiFX visited the regulator's official website and found that the CySEC license 663/08 is fake – no entity is registered with this number in Cyprus. That being the case, it becomes obvious that Swych Corp is lying by pretending to be a regulated entity. The so-called brokerage simply creates a false sense of security to entice people into its fraudulent scheme.

And if you still doubt it, we should inform you that the Austrian regulator FMA single-handedly exposed Swych Corp as an unlicensed and practically fraudulent business. The authority issued a warning against the broker, stating that its not authorized to carry out banking transactions or any other trading or investment services in Austria.

Furthermore, Swych Corp‘s trading software is actually a deficient Webtrader that cannot offer anything sophisticated. The platform is nice-looking, but it doesn’t even show the actual spreads. At any rate, the real issue with the platform is that most offshore companies forge the trading activity on their software – they manipulate the software they offer to make it seem your funds are being traded when any money you have deposited is stolen the moment it gets into the hands of the broker.

The trading risks are high as leverage is fixed at 1:100 for all trading instruments, but the broker states that the level can be increased to 1:500. 1:100 alone is dangerous, but it‘s also prohibited by the Cyprus CySEC, which instantly shows that Swych Corp cannot be regulated in Cyprus. It’s a pure scam!

The funding methods are cryptocurrencies only, which is a red flag nonetheless. Crypto transactions cannot be reversed, so whenever things get ugly, youll have absolutely no chance of recovering your money.

Now let's search “Swych Corp” on WikiFX APP to find out more about this broker. WikiFX is an authoritative global inquiry platform providing basic information inquiry and regulatory license inquiry. WikiFX can evaluate the safety and reliability of more than 36,000 global forex brokers. WikiFX gives you a huge advantage while seeking the best forex brokers.

As you can see, based on information given on WikiFX (https://www.wikifx.com/en/dealer/1648710381.html), Swych Corp currently has no valid regulatory license and the score is rather negative - only 0.99/10! WikiFX gives brokers a score from 0 to 10. The higher the score is, the more reliable the broker is.

Investors are advised to search relevant information on WikiFX APP about the broker you are inclined to trade with before finally deciding whether to make investment or not. If investors use WikiFX APP before investing in any broker, you will be more likely to avoid unnecessary trouble and thus be prevented from losing money! The importance of being cautious and prudent can never be stressed enough.

In a nutshell, it's not wise to invest in Swych Corp. The CySEC license it claims is fake, and the Austrian regulator FMA has recently warned against the broker. WikiFX reminds you that forex scam is everywhere, you'd better check the broker's information and user reviews on WikiFX before investing. You can also expose forex scams on WikiFX. WikiFX will do everything in its power to help you and expose scams, warn others not to be scammed.