Here is the SwissToro review to find out whether Swiss Toro broker is scam or genuine. Check out our findings below to know the truth about this crypto broker.
About Swiss Toro
Swiss Toro is advertised simply as the bitcoin trading platform you can trust. It claims to provide a secure and easy way to trade bitcoin.
SwissToro promises to offer everything you need for a profitable trading experience in the cryptocurrency market. Leverages are as high as 1:300.
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Swiss Toro claimed to have existed for about 8years now with over 122 thousand accounts.
Should you trust SwissToro?
During our review of SwissToro we saw major red flags that forced us to the recommendation that you should stay away from this trading platform. The broker is not regulated and has been flagged by a major financial authority.
- Swiss Toro is unregulated as they should be regulated if they want to target customers on regulated markets like the European Union, including the UK.
- Unlicensed brokers like Swiss Toro do not have to report to a governing body. This means that if they scam you in any way, whether it be “glitches” or “malfunctions” causing server slippage in their system, or you go to make a withdrawal and they don’t process it (steal your money), you are out of luck. Beyond posting a bad review online, there is little you can do because these brokers have no legal authority to answer to.
- Bear in mind that unregulated brokers in general are completely uncountable for the way they handle your money, which makes any dealings with such entities extremely risky. Basically that is how people usually get scammed.
Blacklisted as a clone website
To confirm that Swiss Toro is a scam, it has been blacklisted by the British Financial Conduct Authority(FCA) as a clone of another website in their database. This means that SwissToro lies about their license with the FCA, see here.
Is SwissToro Safe?
SwissToro is considered not safe, as it is not regulated and licensed by top-tier financial authorities, like the CySEC in Europe, UK FCA, the Australian ASIC, FSC in South Africa and the US CFTC.
The easiest way to check if a broker is licensed is by looking it up in the registry of the respective financial regulator – be it the Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission, the Financial Sector Conduct Authority (FSCA). All of them keep such registers and they are publicly available.
SwissToro is an unauthorized and illegal broker. Deposits with this broker are not protected, the company can’t legally offer its services in almost any country. It is a total scam.
How SwissToro works?
It is risky trading with an unregulated broker like SwissToro, as most of them turn out to be scams. Problem starts immediately you make a deposit to a scam platform. They will use many tactics to make you deposit more.
Scammers will take deposits from you but never let you withdraw anything, because these brokers often present silly legal documents and conditions that is out of the question as far as legit brokers are concerned. But it will just be a lie to get more money from you.
SwissToro will request that you send them more money while declining all your efforts to withdraw your deposits.
At this point, most people will realize that they have fallen victim to a classical Forex trading scam.
SwissToro is a shady broker that is a clone of an FCA authorised firm, that is why the British regulator is on their neck. They lie about basic information about the project, it is not regulated by FCA, neither is it regulated any where in the world.
That is why you should stay away from them. They will take your money and disappear.
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