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What's happened to SwissFS? Can't I withdraw now?
Feras Ziad
Sierra Leone
2023-03-14
ANSWER SwissFS is an unlicensed broker even though it states offers that look too good to be true.SwissFS claims to be owned and operated by Swiss For Trading in Currencies, Metals and Commodities Co which is supposedly regulated by the Kuwait Chamber of Commerce and Industry (KCCI) and licensed by Ministry of Commerce and Industry of Kuwait (MOCI) under License number 89468/2002. However, it should be noted that KCCI is a non-profit, self-financed private institution and MOCI is responsible for supporting and supervising commercial and economic activities and providing goods, materials and services. These abovementioned agencies neither issue licenses for forex trading nor regulate entities offering forex activities.The truth is, SwissFS is not overseen by any regulators. That means your personal data or your funds in this broker are unsafe and cannot be protected by any law. Regarding your question, we often receive complaints from investors about having withdrawal issues with unlicensed brokers, and it actually is a common phenomenon for scam brokers to take measures to prevent traders from withdrawing funds on their platforms. Given that situation, we would recommend traders stay away from unregulated brokers like SwissFS and trade with licensed brokers.
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