- BD SWISS
- Who Are BDSwiss?
- Trading Conditions At BDSwiss
- BDSwiss Has 4 Different Account Types
- Are BDSwiss Regulated?
- Trading Platforms Offered
- What Are The Deposit And Withdrawal Methods?
- Set Up A BDSwiss Account
- Client Support Offered
- Does BDSwiss Have A Good Reputation?
- In Conclusion, Are BDSwiss A Good Broker?
Are you looking for a new forex broker? Considering BDSwiss as a viable option? With literally thousands of brokers online now, finding the perfect option you for can be quite a tricky challenge. Luckily, that’s why we are here. We have done extensive testing of BDSwiss and research into the trading conditions, company, regulations and much more. Is this the broker for you? Let’s find out…
Who Are BDSwiss?
Founded in 2012 under the company BDS Markets, BDSwiss is the next broker we’re diving into today to give an in-depth review. From a glance we can see that this broker offers a range of instruments with spreads as low as 0.0, multiple platforms available to trade on including MT4 and are fully regulated by several different regulations including CySEC under the license number 199/13.
Traders have an option of four accounts to choose from and the brokerage boasts an award for the Best Trading Conditions by World Finance in 2020. A brief overview is never enough though when you’re looking at whether to set up an account with a broker, so let’s go into some more detail about what BDSwiss has to offer.
Trading Conditions At BDSwiss
As always, lets have a look at the trading conditions of BDSwiss. This broker is based out of Mauritius and like I mentioned earlier, is regulated by a few different companies, including CySEC and the NFA- we’ll look a little later at these companies and their license numbers. Due to their regulation, BDSwiss can offer leverages of up to 1:500 on nearly all of their accounts which is great for traders who are looking to expand their accounts very quickly- though you are able to reduce this right down to 1:1 if you prefer to play it a bit safer!
|Shares & Indices||Yes|
|Spreads||Ranging From 0.3 Pips, depending on account type|
|Regulation||Yes, CySec and more|
Like a lot of brokers you have access to more than 50 major and minor forex currency pairs (including EURGBP, EURJPY GBPUSD), commodities, shares, indices, cryptocurrencies and ETF’s, so there’s a bit there for everyone. On the website you can easily find out the leverage, minimum and maximum lot size and average spreads for each instrument. If you’re looking to test the trading conditions a bit further I’d create a demo account with BDSwiss and have a play with what suits you.
As I mentioned above, BDSwiss offers a leverage of up to 1:500 on three out of five of its trading accounts aside from the InvestPLUS account which has leverage of up to 1:5. The accounts have spreads starting from 0.3 which makes this a fairly cheap broker and therefore viable for a lot of traders. In summary it seems so far that BDSwiss has some competitive trading conditions with several options to suit all styles of trading.
BDSwiss Has 4 Different Account Types
There are 4 different account types to choose from when setting up with BDSwiss, including Classic, VIP, Raw and InvestPLUS.
This is probably their most standard account. With spreads starting from 1.5 and leverages of up to 1:500 it seems to be a great account for traders of any experience to either develop their skills in forex or take full advantage of the conditions and grow an account quicky. Alongside the currency pairs there are several instruments to trade with, making over 250 CFD’s available, including shares, indices, commodities and cryptocurrencies. There’s a minimum deposit of $100 and $0 commission on all pairs.
The VIP account seems to be the best account for experienced traders who are looking to expand their funds even further. Spreads start from 1.1 and the leverage goes up to 1:500. Like the Classic account traders have access to over 250 CFD’s including forex pairs, shares, indices, commodities and cryptocurrencies. The minimum deposit for this account is a bit pricier at $3,000.
A Raw account with BDSwiss has very low spreads starting from 0.3. Again, the leverage goes up to 1:500 and there are the same amount of instruments as offered in the previous two accounts. The minimum deposit for this account is $5,000.
Finall we have the InvestPLUS account which is specifically for traders looking to use shares and ETF’s– with over 1000 different CFD’s. Leverage only goes up to 1:5 and the minimum deposit is $5,000 like the Raw account.
Looking at all the different options I’d say the most applicable to a wide range of different traders would be the classic account. It has great leverages and a nice range of instruments so you’re catered to regardless of what you prefer to trade with. It also has a manageable minimum deposit of $100 so a lot of traders can access this type of account without breaking the bank.
Are BDSwiss Regulated?
Fortunately for you they are indeed regulated and by a few different regulators at that! BDSwiss are regulated by the NFA (license no. 0486419), CySEC (license no. 199/13), the FSC (license no. C116016172), BaFin (registration no. HRB 160749B) and last but not least the FSA (license no. SD047).
|Regulation||Strong, Multiple Regulators|
We all know that regulation can be one of the deal breakers when it comes to choosing which broker to set up an account with as we all want the peace of mind that ultimately our money is safe and not subject to unfair trading conditions.
As I mention in most of these blog posts, if you are from the USA and are looking to start trading I’d recommend setting up an account with either a USA based broker or an unregulated broker like Hugosway or EagleFx if you’re comfortable doing so.
Trading Platforms Offered
This broker has a few different platforms for retail traders, including MT4, MT5 and their own platform available both as a mobile app and on a desktop.
MetaTrader4 is of course one of the most popular trading platforms with traders. Its fairly basic but its one I’ve personally used for years and come to be pretty familiar with so its always good to know that the broker can offer the standard platforms that most people are used to.
MetaTrader5, like MT4 is pretty popular and is essentially an update version of the latter with better charting options, functionality, DOM and does look a lot cleaner.
|MetaTrader 4||MetaTrader 5|
|Free to use||Free to use|
|Easy to use, very basic||Easy to use, more advanced|
|Limited tools||More range of tools|
|Basic execution methods||Basic and advanced execution methods|
Like I said BDSwiss offer their own trading platform, advertised as a user-friendly interface where you can access a wide range of instruments. Like MT4 and MT5 its available on both desktop and mobile apps which means it can cater to lots of different people depending on how they prefer to trade.
What Are The Deposit And Withdrawal Methods?
You’ll probably find nowadays that most brokers offer a lot of different deposit and withdrawal methods which is great if you have a particular reference over another. BDSwiss are no different, they actually boast over 151 deposit methods, which is absolutely huge! There are also a whole range of accepted currencies including EUR, GBP, USD, CHF, DKK, SEK NOK – here are their most popular deposit methods:
|Deposit Method||Fees On Deposit|
|Bank Transfer (VISA, MASTERCARD, MAESTRO)||$0|
|Bank Wire Transfer||$0|
Their withdrawal methods are slightly more limited so be aware of this, however they do include:
- Bank transfer (including VISA, mastercard)
- Bank wire transfer
All methods are extremely fast and are typically processed within 24 hours, however bear in mind that bank wire transfers may take a little longer.
There are also no fees when funding or withdrawing from your account which is always good news. I picked bank transfer and no issues whatsoever but please contact the support team if you’re struggling with anything and need help!
Set Up A BDSwiss Account
There are a few painless steps to set up your account with BDSwiss. In fact, it takes less than 1 minute to sign up with this broker! There are several options on the website where you can click ‘Sign UP’ and will be taken to a page where you need to enter your name, country of residence, date of birth and email. Next steps will include uploading a document to prove your identity and then your account should be active and verified within 24 hours.
Of course there is the option of setting up a demo account first if you’d like to test out the trading conditions and get to grips with using the broker before you commit to setting up a full account. If you experience any trouble when signing up contact the live chat as they’re really good and happy to help. Join 1.2 million other trades now!
Client Support Offered
I personally think its always essential to be able to get in touch with your broker if you’re experiencing any problems. BDSwiss has several ways that you can reach out if you’re having any difficulties, including:
|24/5 Live Chat||(Multilingual)|
|Request Call Back|
I think its worth noting too that the customer support team are multilingual so they’re able to cater to most people from all across the world! It is a bit of a red flag that there isn’t a normal support number you can ring, but at least you are able to request a call back. Also some other brokers like IC Markets offer full 24/7 support, which in my opinion is a bit better than just 24/5 support.
I have seen that BDSwiss support team seem to be active on forums like FPA as well, so if you have any issues it may be worth writing a public review to get a response from them in a hurry.
Does BDSwiss Have A Good Reputation?
Below I’ve included a few different reviews about BDSwiss where you can easily see what thousands of other traders are saying about the broker. Often they’re just as important as dedicated blog posts as you can access a lot of different experiences and opinions quickly.
Sadly, although the trading conditions and BDSwiss are amazing for traders, their reputation isn’t great. On ForexPeaceArmy they only have 1.5/5 stars, which is fairly worrying. There are numerous complaints from traders around the world of unfair conditions, withdrawals being held and a lack of support from the company. Of course we cannot verify whether these reviews are true or not.
In 2017, BDSwiss had to pay CySec (the regulators) a $150,000 settlement due to violating certain conditions, which can be seen here.
In Conclusion, Are BDSwiss A Good Broker?
BDSwiss are clearly a very good broker, hence why the have over 1.8 million registered traders and a monthly volume of over $84 Billion. They offer great 1:500 leverage, across a range of account types with 3 platform choices. The range of over 250 products offered and 151 deposit options really does cater to traders all around the world, unlike some brokers.
The one thing that lets this broker down is their lack of positive reviews. As mentioned in this article, BDSwiss got fined by CySec for a regulation violation and in the forums a lot of traders are having trouble with withdrawals taking a long time from the broker. This is a red flag for me but please make your own decision. There are other very similar brokers but with much better reviews like BlackBull Markets and IC Markets, both of which I trade with daily.