SwithyTrade is an online brokerage company based in Geneva, Switzerland, primarily providing trading services for stocks, indices, forex, precious metals, and commodities. The official website of SwithyTrade is https://swithytrade.com, and it only supports the English language. According to information from a Whois query, the company's website domain was registered on August 11, 2022, which is less than two years ago.
Company Background
The SwithyTrade website claims to be registered in Geneva, Switzerland. However, information from a query on the Swiss Federal Business Registry (SwissFirms) did not yield any related information about SwithyTrade. Additionally, information from a Whois query indicates that the SwithyTrade website domain was registered less than two years ago.
Account Registration
The SwithyTrade website only provides registration links for live trading accounts and does not offer registration links for simulated practice accounts for investors.
Account Types
The SwithyTrade website does not provide information about account types.
Trading Software
SwithyTrade offers proprietary trading software, including versions for the web, Windows, iOS, and Android.
Regulatory Status
The SwithyTrade website claims to be regulated by the Swiss Financial Market Supervisory Authority (FINMA). However, FINMA's website does not contain any information regarding the regulation of this company.
Partnerships
The SwithyTrade website indicates that the company supports MAM Accounts (Multi-Account Management) and copy trading, allowing investors to become brokers and partners of SwithyTrade outside of trading.
Economic Calendar
The SwithyTrade website provides an economic calendar for the financial markets. Using the economic calendar, investors can gain insight into economic data releases, upcoming events, and other financial market events that could have a significant impact.
Summary
SwithyTrade is suspected of false advertising. Firstly, the Swiss Federal Business Registry (SwissFirms) did not find any registration information related to the company. Secondly, the company claims to be regulated by FINMA, but there is no regulatory information about the company on FINMA's website. Thirdly, the company's website domain was registered on August 11, 2022, which is less than two years ago. Based on this information, there are suspicions of fraud associated with SwithyTrade, and investors should exercise caution when considering their services. Traderknows reminds you to be vigilant about your financial security and avoid falling into fraudulent schemes.
