Here at BitReviews.com, we’re experts in the world of brokerages and trading. In our BDSwiss Review 2020, we’ve set out to tell you all you need to know about the platform, including what capabilities account holders have from each country. Potential traders from the UK, the US, Canada, Australia and New Zealand will find our BDSwiss Review to be particularly useful.
So read on without hesitation to find out all you need to know and more about BDSwiss…
Pros & Cons of BDSwiss
- Worldwide reach
- 3 trading platforms plus web and mobile trading apps
- BDSwiss crypto trading now available
- Fast account opening process
- Good customer support channels
- Exclusive Member Club available
- Not available in the USA
- Customer support not available on weekends
In this section of our BDSwiss Review 2020, we’ll focus on the website, trading platform and security. First of all, the BDSwiss website is run from inside Switzerland, however, you are given the option to access the EU website as well. The desktop website offers you the MT4 trading platform or the WebTrader, with full training available for both. There are higher spec trading platforms for higher account holders who require a larger trading volume.
In terms of security, there is a thorough account verification process that all clients must go through. Although the account opening process is extremely quick, your options are limited until your account and documentation have been fully verified. While there was a small employee data breach in 2016, we found no client security issues when researching for this BDSwiss Review.
How To Trade
When it comes to design and aesthetics, BDSwiss follows a simple but effective design that’s typical of modern Switzerland. The largely white colour with splashes of red could leave you feeling you’re on the Swiss Air site. The typically Swiss branding gives the site an instantly trustworthy feel that’s backed up by its seamless function and fast loading times. In keeping with their promises of transparency, everything you need is easily accessible. Perhaps most notably, the three different contact options (phone, email and live chat) are all available via icons on the right-hand side.
You’ll have to sign up and create your BDSwiss account. The initial process is extremely quick, however, you won’t have trading capabilities until your account has been fully verified. The full account verification process includes proof of identity, proof of residence and some further information, including deposit verification. Additionally, you’ll also have to complete an Appropriateness Assessment Test and an assessment of your economic situation.
Once your account has been fully verified, you’ve used the demo account and/or completed the software training, you’ll be ready to fund your account. It’s worth noting that you should fully understand the risks involved with crypto trading before progressing to this stage. You can make your first deposit instantly using a wide range of payment methods. For more details, consult the “Payments” section of this BDSwiss Review 2020.
Now that you’ve completed the two steps above, it’s time to start actually trading for real. You can conduct your trades using one of the desktop traders, the webtrader or the award-winning BDSwiss mobile trading app. When it comes to the range of cryptocurrencies available, you can choose between 10, including Bitcoin, DASH, Ethereum and more. When it comes to crypto, you’re able to benefit from 24/7 trading. You can use the research and education tools to aid and enhance your trading.
You can withdraw any profits made from your trades, or your entire account balance at any time of your choosing with BDSwiss. Withdrawal methods are more limited than the deposit payment methods, however, processing times are among the quickest on the market. More information can be found in the “Payments” section of this BDSwiss Review.
BDSwiss has a wide range of deposit and withdrawal payment options available, including bank transfers and epayments. As we mentioned in the above section of our BDSwiss Review 2020, the brokerage doesn’t charge any deposit or withdrawal fees from their end. In terms of processing times, all deposits are processed instantly. However, wire bank transfers will take between 1 and 4 days to reach BDSwiss.
When it comes to withdrawals, BDSwiss aims to process all withdrawals within a 24 hour period, but they cannot guarantee how long it will take for the funds to reach your account. This depends on your bank or ewallet provider. The minimum deposit and withdrawal amount is set at $100 or equivalent. You can withdraw less than $100, however, a $10 fee will be applied so it’s hardly worthwhile. It’s also worth noting that different payment methods are worth in a different range of currencies. Classic banking payment methods offer the most currency options.
Let’s start off with the big positives in this section of our BDSwiss Review 2020. Firstly, there are absolutely no deposit or withdrawal fees from the side of BDSwiss. Therefore, you can fund your account and withdraw your profits without giving any of your own money away to the broker. Secondly, we’ve noted in this BDSwiss Review that they are pretty transparent when it comes to their charges and fees.
In terms of trading fees, variable spreads and commissions charges are applied to spreads on crypto, forex and commodity pairs depending on the type of account you have. For indices and shares, a fixed commission charge is applied depending on your account type. You can find a full list of charges per account type on the BDSwiss website. Moving on to other fees, BDSwiss do charge overnight fees as well as a 10% monthly account inactivity fee. They also charge a currency conversion fee if your selected account currency differs from that of the account you’re funding it with.
As we mentioned in the above section of our BDSwiss Review, there are 3 main contact options all available on every page of the site. Namely, these are live chat, phone line and email. Customer support is available 24 hours, however not on weekends. The live chat works well and is available in a variety of languages. At first, you are directed to a bot, however, you can quickly be put through to a competent live agent who responds within seconds. The phone line is available via a contact callback form. While this does mean it may take time, the advantage is that it comes at no cost to you. Email support is contacted via a form on the website and is useful for more detailed enquiries, however, it is naturally the slowest point of contact. Overall, the best and quickest way to contact BDSwiss customer support is via the live chat.
In this section of our BDSwiss Review 2020, we can confirm that this brokerage is a fully licensed and regulated CYSEC broker. Additionally, BDSwiss is also regulated and authorised by the NFA, authorised as an investment dealer by the FSC and monitored by German regulatory authorities. BDSwiss’s trustworthy reputation is further cemented by its awards and accolades. In 2019, They won best trading app at the Mobile Star Awards, best trading conditions from World Finance and Best Trade Execution at the Forex Global Awards. BDSwiss retained its best trading conditions award in 2020.
BDSwiss is safely and securely run from its headquarters in Zurich, Switzerland. Moreover, as we mentioned above in this BDSwiss Review, clients are subjected to a strict verification process and therefore no minors or clients in prohibited countries will be granted a full account. Aside from the small employee data breach in 2016, there have been no reported major security problems with BDSwiss.
Reputation & Customer Feedback
BDSwiss enjoys a strong reputation in the world of brokerages and professional experts, as is backed up by some of the awards mentioned above. Additionally, most other expert reviewers do rate them highly and they are regulated by several top tier bodies. However, when it comes to customer reviews, you’ll find that their reputation isn’t quite so strong.
This can be somewhat excused though, as when it comes to brokers, those most likely to leave negative reviews are those who have lost money or had a bad experience. This is fairly commonplace in the world of brokerages so can’t be taken as the be-all and end-all of a company reputation.
Overall, we found BDSwiss to be a strong and reliable brokerage, albeit without any thrills or exciting extras to report on. The positives are the payment processing times and lack of fees. Meanwhile, the negatives include the high account inactivity fees. However, these are easily avoided. Having started in 2012, BDSwiss hasn’t been able to grow its client base to over 1 million users by accident. The platform itself is easy to use and the margins on offer will suit most traders.
Additionally, the basic and advanced features should suit a range of trading expertise and volumes. As an added bonus, the broker is backed by the famous Swiss expertise and knowledge of the finance world, while still being tied to the European Union. As long as you’re not from the US or one of the other blacklisted countries, we would recommend trading with BDSwiss.