BDSwiss is a well-known and respected CFD/FX and Crypto broker owned by BDSwiss Holding plc and regulated by the Cyprus Securities and Exchange Commission CYSEC License No. 199/13.
Editor’s Note: Why BDSwiss Sucks In 50 Words
Due to ESMA rules, BDSwiss is now focussing more on FX/CFD and crypto trading, forgetting all about Options. This can be either a good or bad thing, depending on how you look at it but for the diehard options fans, it sucks.
Why BDSwiss Does Not 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. Their website is well organized and always kept in tiptop condition, with updates and comprehensive info about trading conditions.
Is BDSwiss a Scam?
BDSwiss can be considered a broker with experience and a “long” career. The brokerage is regulated by more than one financial authority 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 legit and fair conduct.
Should I Open an Account with BDSwiss?
More and more brokers are making the transition towards CFD, FX and Cryptocurrencies and BDSwiss is one of those brokers. They have dropped option-trading completely and are now focusing on the above-mentioned products exclusively.
BSSwiss’ Education section includes tons of information (glossary, training videos, webinars, economic calendar, economic news, etc.) and a Trading Academy where information is laid out in the form of Lessons, which you can mark as complete after reading. They also have a Daily Analysis section, which is 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, as a trading company, they don’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 online trading broker.
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 BDSwiss’ website, they also 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.
BDSwiss LLC is also 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 is unclear whether they accept US clients or not.
Surprisingly, people don’t talk much 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 a very small number of entries, with some people saying that BDSwiss is not regulated (obviously this is a well-regulated broker) and others complaining about inactivity fees being charged. All in all, there are no horror stories or major complaints.
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
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.
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 2:1, 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.
User Friendly 17/20
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 into 22 languages, which is a lot and makes it accessible to people from many parts of the world.
Demo accounts are available but you will have to speak to a representative who will assess whether you qualify or not. I don’t really understand; I thought everybody qualifies for a Demo account.
Range Of Markets, Spreads And Leverage 18/20
Their trading basket contains over 200 assets, including indices, currencies, equities, commodities, and cryptocurrencies (Bitcoin, Litecoin, Ethereum, etc). The spreads are medium and floating so they change according to market conditions. The average is 1.5 pips on EUR/USD for the Basic account and 1.1 pips for the Black account. The leverage goes up to 1:30 for currencies and much lower for cryptocurrencies (1:2).
Deposits And Withdrawals 16/20
Deposits can be made via Maestro, Visa, a number of e-wallets and wire transfers. The same card/e-wallet the client used to deposit has to be used for withdrawal which is usually processed during the same day or the next but more time will pass until the money is visible in your account. The minimum deposit is 200 EUR/USD/GBP and the minimum withdrawal is 10 EUR/USD/GBP.
Fees And Support 18/20
There are no commissions to open an account, just like everywhere else but to withdraw, a fee of 5% must be paid if the sum is less than $100 but his/her account has more than $100 in it. Several other fees apply so we recommend reading their Terms And Conditions. Support is fast to answer and polite – available through live chat, email, phone, and several social media apps.
Website Extras 13/20
Regulation remains a noteworthy extra but also the U.S. NFA registration (although they don’t accept US clients). Cryptocurrency trading via CFDs is also an extra.
BDSwiss Overall Ratings 82 + Regulated (+3) = 85/100