"Technical Issues" and Withdrawal Delays Persist! BDSwiss Client Reports Losses and Seeks Compensation

In recent investigations, BrokersView has uncovered escalating accusations against forex and CFD broker BDSwiss dating back to October, involving persistent withdrawal delays attributed to alleged "technical problems". In light of these issues, BrokersView issued a risk alert. By late November, a client from Latvia reported his inability to withdraw funds and potential financial losses due to delayed transfers, prompting him to seek compensation from the broker.

This incident is a further reflection of the ongoing withdrawal issues that BDSwiss has failed to resolve for months. Below is the detailed timeline of the case.

Timeline of Incident

14 November 2024: Withdrawal Requests Submitted at BDSwiss platform 

• The client's four withdrawals totaling more than €12,000 were initially marked as pending for a short period.
• The status later changed to "In Progress", but the client said it has taken longer than expected.

Contacting BDSwiss Support

• The client contacted BDSwiss customer support via chat to inquire about the delays.
• The response indicated that there were technical issues affecting all withdrawals, including cryptocurrency withdrawals.

Cryptocurrency Price Fluctuations Result in Potential Financial Loss

• Due to the delay, the client's cryptocurrency withdrawal held in EUR was not completed within the expected 24-hour period.
• During the delay, the price of cryptocurrency rose significantly, so the client would receive less cryptocurrency than if the withdrawal had been processed earlier, leading to a substantial financial loss.

16 November 2024: Email to BDSwiss

• The client sent an email to BDSwiss about his concerns and the potential losses due to the delay, as well as his intention to take action.

18 November 2024: Response from BDSwiss

• BDSwiss replied, acknowledging the problem and offering apologies.

19 November 2024: Phone Call with Account Manager

• A call was arranged through BDSwiss chat under the client’s request, and the client spoke with their account manager, Robert.
• Robert confirmed that withdrawal issues had formed and assured the client that the company was working on resolving the issue, but the funds remained stuck.

21 November 2024: Second Phone Call with Account Manager

• The client had another call with Robert, lasting six minutes (recorded).
• During the call, Robert confirmed that withdrawal issues had been ongoing for months and sounded pessimistic.

Withdrawals Status as of 28 November 2024

• The client's funds were still on hold.

Client Takes Action and Claims Compensation from BDSwiss

The client has filed a complaint with the Seychelles Financial Services Authority (FSA Seychelles) in an effort to recover their funds. By submitting a complaint with BrokersView, the client further attempts to claim compensation from BDSwiss.

Client’s Online Discovery Reveals Red Flags and Regulatory Concerns 

The client discovered online that technical issues with withdrawals have been affecting users for at least two months, consistent with our recent investigation. These complaints highlight BDSwiss’s undermined credibility, raising serious concerns about the company’s potential operational and regulatory issues.

Although BDSwiss is licensed by the Financial Services Commission Mauritius  (FSC Mauritius), the FSA Seychelles, and the Mwali International Services Authority (MISA), the offshore supervision provided by the former two regulators is relatively lax. MISA’s authorization is not recognized, as the Central Bank of Comoros has flagged it as a fictitious financial regulator.

Given the persistent client complaints and prolonged unresolved "technical issues", there is an urgent need for regulatory intervention in BDSwiss. Affected clients continue to await resolutions as BDSwiss seems to have been ignoring the issue.

What is your take on this matter?

Do you believe BDSwiss is genuinely experiencing technical challenges, or is the company breaching its operational integrity and making excuses to refuse client withdrawals?

Share your thoughts and leave a comment below.