BDSwiss is owned by BDSwiss Holding plc and regualted by the Cyprus Securities and Exchange Commission CYSEC License No. 199/13. BDSwiss registered address is Ioanni Stylianou 6, 2nd floor, Office 202, 2003 Nicosia, Cyprus. Headquarters are located at 23, Spyrou Kyprianou Avenue, Protopapas Building, 3rd Floor, Mesa Gitonia, CY-4001 Limassol, according to the CySEC official website. On their website they list the address Apostolou Andrea Street 11, Hyper Tower, 5th Floor, 4007 Mesa Yeitonia, Limassol, Cyprus. They also have a German address, for postal letters only: Mainzer Landstrasse 41 60329 Frankfurt, Germany. Support is available via email [email protected] or local phone numbers.
I have to admit this is a first: BDSwiss LLC is registered with the U.S. National Futures Association (NFA), under ID number 0486419. The NFA is one of the most feared financial watchdogs in the industry but it must be noted that BDSwiss LLC (which is part of the BDSwiss group) is only registered with the NFA, not regulated by them. Also, US clients are not accepted according to their Live Chat rep.
Is BDSwiss a Scam?
Sometime has passed since BDSwiss launched, and now can be considered a brokerage with experience and a “long” career. The brokerage is regulated and as you can see from the section above, they are very transparent about where their offices are located. This is the first sign that the brokerage is not a scam and actually looking to do business in a legit and fair way.
Editor’s Note – Why does BDSWiss Suck in 50 Words?
The owning company, BDSwiss Holding Plc. is regulated by CySEC under License number 199/13 and registered with the U.S. NFA. This gives us extra confidence that we are dealing with a trustworthy broker. The BDSwiss website has been given a given it a facelift and a much needed upgrade. It definitely looks better now but there’s still room for improvement.
Why BDSwiss doesn’t Suck?
They’ve been going through some changes lately and part of this transformation is more focus on FX/CFD trading, with Binary Options somewhat in the second place. I’m not really sure I like this thing, mainly because there are very few reliable binary brokers, so I’d hate to “lose” one of the good binary guys to FX/CFD. There’s nothing wrong with that type of trading but I wouldn’t want to see BDSwiss move away completely from binary options.
Should I Open an Account with BDSwiss?
Lately we notice more and more brokers are making the transition towards regulation and ultimately this will benefit us traders but regulation is not everything, as we need so much more from a brokerage. Fortunately, BSSwiss’ latest facelift includes tons of improvements in the Education section: new Courses section, where information is laid out like a trading academy, with Lessons, which you can mark as complete after reading. Also, the Daily Analysis section is now updated daily, as it should be.
They have a new Economic Calendar, new Economic News section and Webinars that cover a wide range of topics. Strategy Webinars (their analysts will show you how to read charts and interpret technical indicators), Special Events (webinars focuses on major events that take place in the market) and Live Trading Sessions, where you can look over the shoulder of a professional and see how he is trading.
I must take a bit of time to talk about their status of being registered with the U.S. National Futures Association. So far I don’t think I’ve seen a brokerage registered with this regulator, and that’s a pretty big deal because the NFA is known to be a watchdog that bites more than it barks. However, when I tried to confirm their registered status with one of their representatives, I got the awkward answer “no we are not registered with the US regulation and we do not accept US citizens”. Then I sent a screenshot of their homepage, clearly showing their registered status with the NFA. The rep then said that the company as a whole is registered with the NFA but BDSwiss as a trading company doesn’t accept US clients. Make of that what you want, because I don’t really understand how it works. I mean, why register with the NFA if you are not doing business with U.S. clients?
Maybe I don’t understand all the intricacies of doing business across the big pond, but to me BDSwiss looks like a solid brokerage, focused on client protection, good education and fair trading conditions. And one thing is certain: in Europe they are fully regulated and operating under the MiFID (EU Directive), so they definitely look like a good choice for your next binary options broker.
While checking the most important review and complaints websites we couldn’t find any major issues related to this broker. In the future we will keep a close look, especially because this broker is regulated. *Update: it’s been a long time since our initial review of BDSwiss has been published, but only 2 people bothered to complain or comment about them on our website. This could mean that nobody trades with this broker or that people really don’t have things to complain about… I have no idea.
Update February 2017: Surprisingly, people don’t talk about this brokerage. I tried looking for complaints on all major forums and not much has surfaced; even our Comments section below this review only has 6 entries at the time of writing, which is extremely low considering that we’ve first reviewed them in early 2015. Out of the 6 entries, 5 are complaints or negative comments so, you do the math…
BDSwiss Regulatory Warnings And Announcements
23.01.2017: The Cyprus Securities and Exchange Commission (CySEC) announced that on 19/12/2016 they have reached a settlement of 150,000 Euros with Bdswiss Holding Plc for suspicion of possible violations of the Investment Services and Activities and Regulated Markets Law of 2007 (the “Law”) and of the Directives issued pursuant to the Law. The settlement sum was fully paid. Source: CySEC Board Decision 23/01/2017
16.03.2016: The Cyprus Securities and Exchange Commission (CySEC) announced that on 14/12/2015 they have decided to impose an administrative fine of 5,000 Euros on the CIF BDSwiss Holding Ltd. for non-compliance with the Investment Services and Activities and Regulated Markets Law of 2007 (the “Law”). Source: CySEC Board Decision 16/3/2016
Update February 2017: Since this is a CySEC regulated brokerage, they have to follow the guidelines of CySEC Circular No: C168, which states that Cypriot Investment Firms (CIFs) must avoid offering bonuses to their clients. As a result, BDSwiss no longer advertises a Bonus but upon speaking with one of their representatives, I was told that my account manager would talk to me about possible promotions.
The minimum withdrawal is $10 but if the client has more than $100 in his/her account and wants to withdraw less than $100, he/she will have to pay a fee of 5% of the withdrawal amount (minimum $25). It’s confusing, I know, but I don’t make these rules and I recommend you carefully read the documentation that’s available on their website.
Even if their representatives don’t know it yet, BDSwiss LLC is registered with the U.S. National Futures Association. This is definitely an extra and it makes me think they are preparing some sort of product for the U.S. market. Anyway, that’s just speculation, so we’ll let some time pass to see where they’re going.
Trading Bitcoin With BDSwiss
In an attempt to align to the newest trend of cryptocurrency trading, BDSwiss now offers Contracts For Difference (CFD) on Bitcoin, Litecoin, and Ethereum. The minimum trade size is 0.1 lots and the maximum is 1 lot per position.
Trading is available 24/7 (yes, even on weekends) because Bitcoin and altcoins are not controlled by banks or any other entity and the maximum leverage is 5:1, which is not a lot but Bitcoin trading is still in its infancy and is still very volatile, that’s why you won’t find huge leverage for the time being.
Banc de Swiss Ratings
User Friendly 19/20
The website is easy to navigate due to its simplicity; the trading platform is accessible and has enough features, the FAQ section is well organized so you can find the information you’re looking for without the need to contact support. The website is translated in 19 languages, which is a lot and makes it accessible to people from many parts of the world.
Number of assets and expiry times 18/20
Their basket of underlying assets contains, 33 currency pairs, 15 commodities, 40 indices and 26 pairs and more than 100 stocks (this is huge compared to other brokers). The fastest expiry time available is 60 seconds (but also 90 and 120 secs), followed a variety of other expiries like 15 minutes, hourly, end of day and end of week and Long Term (end of year or even next year expiries).
Commissions, Support and Effective return 16/20
There are no commissions to open an account. Credit card transactions don’t incur a fee and wire transfers are charged $25. Some fees must be paid if the client wants to withdraw less than $100 but his/her account has more than $100 in it. Support is fast to answer and polite but the rep I talked to didn’t know they are registered with the U.S. NFA… so, maybe do your homework in the future. The effective return ranges between 68% and 75% (can go up to 85% in some cases) and there is no refund for Out of the Money.
Deposit, Payment and Bonus 18/20
Deposits can be made via Maestro, Visa, a number of e-wallets and offline wire transfer such as Western Union. The same card/e-wallet the client used to deposit has to be used for withdrawal which usually takes between 1 and 7 working days but some methods take between 1 and 5 working days (for details, head to their Funding Methods page). The bonus will be negotiated individually but they do have special promotions which are fixed and available for a limited time only.
Update February 2017: Bonus information is now gone, probably due to new CySEC regulations outlined above. However, one of their representatives informed me that an account manager will talk to me more about bonuses.
Website Extras 13/20
Regulation remains a noteworthy extra but also the U.S. NFA registration (this is probably the first broker registered with the NFA).
BDSwiss Overall Ratings 84 + Regulated (+3) = 87/100