Swipe Capital Review

Read our Swipe Capital review carefully to see why we do NOT recommend this broker for trading. Just to clear doubts, this is a swipecapital.io review.

Who are they?

After taking a look at their website, it shows that they do not fall under any regulating agency. That is a MAJOR RED FLAG!! That should be enough for you NOT to invest with them. And they also work with websites that offer “Automated trading software” which is another red flag, as this kind of websites are notoriously famous for scamming schemes.

So Swipe Capital is just another unregulated forex broker, which means the customers are not protected, and there is highly likely they will get away with your hard earned money and there will be no regulating agency to hold them responsible.

How does it work?

Usually unregulated forex brokers work in the following way. They will call people to persuade them to make the initial minimum deposit, while trying any conceivable method in order to make that happen. They will offer deals that sound too good to be true, like we will double your initial deposit or you will make $100 per day easily. Please don’t fall for anything they say!!! It is a SCAM! After making the initial deposit, people get transferred to a smarter scammer, called a “retention agent”, who will try to get more money out of you.

Withdrawing funds

You should submit a withdrawal request ASAP, because your funds are never safe with an unregulated broker. And here is when things get tricky.

If you want to withdraw your money and it does not matter if you have profits or not, they will delay the withdrawing process for months. If they delay it for six months, you won’t be able to file a chargeback anymore and your money is gone for good. It does not matter how often you remind them or insist in withdrawing your money, you will NOT get them back. And if you signed the Managed Account Agreement or MAA, which is basically authorizing them to do anything they want on your account, they will lose all your funds so there won’t be anything to request anymore.

How to get your money back?

If you already deposited your money with them and they refuse to give your money back, which is very likely to happen, don’t worry, it might be a way or two to get your money back.
First of all you need to keep the emails as a proof that you have been requesting the money back from them but they don’t give it to you, or they delay the process for too long, with the intention of not refunding your money.

The first thing you should do is perform a chargeback! And you should do this right away! Contact your bank or credit card provider and explain how you were deceived into depositing for a trading company that is not regulated and they refuse to give your money back. This is the simplest way of getting your money back and is also the way that hurts them the most. Because if there are many chargebacks performed, it will destroy their relation with the payment service providers. If you haven’t done this before or you are not sure where to start or how to present your case to your bank or credit card company, we can assist you in preparing your chargeback case. Just contact us at [email protected] but do not let your broker know that you read this article or that you are in contact with us.

What about wires?

If you sent them a wire, there is no way to perform a chargeback on a wire. For this step you need to raise the fight to a different level. Tell them that you will go to the authorities and file a complaint against them. That will get them to rethink the refund possibility. Another thing you can do is prepare a letter or email for the regulating agencies. Depending on the country where you live, you can search on google to find the regulating agency for Forex brokers in that country. After that you can prepare a letter or an email describing how you got deceived from them. Make sure you show this letter or email to them, and tell them you will send it to the regulating agency if they don’t refund your money. If you do not know where to start, reach for us at [email protected] and we will help you with this step as well.

Make sure you leave reviews about Swipe Capital in other sites

Another way to hurt them and save other people from falling victims is to leave bad reviews on other sites, and describe shortly what happened. If you fallen victim please leave a review and a comment on this site at the comment section.

Swipe Capital Review Conclusions

Making the Swipe Capital review is actually a pleasure for us, and we hope to save as many people as possible from losing their hard earned money. A good rule of thumb is to carefully review all the Forex companies and any other company for that matter, before you perform any transaction. We hope that our Swipe Capital review has been helpful to you. If you have any questions or you need advice about the withdrawing process, feel free to contact us at [email protected].
If you like to trade please do it with a trustworthy, regulated broker, by choosing one of the brokers listed below.

etoro

2 COMMENTS

  1. We are currently unable to withdrawal our account balance of US$70K with Swipe Capital. We have no open trades nor locked trades but have been threatened to make another payment of U$25K by end of the week or the account will be frozen and we will basically have no access to it.
    The strategy used by this company is to lure you with profits to start with (you will get great signals to start with) , gain your confidence and trust by giving you small withdrawals and once your balance is at a sizable amount, you will start making some losses with the signals given, you will be advised to lock the trades and locked trades will be used as a threat to keep transferring funds as you will be threatened that your account will be frozen unless you make more transfers. As you do now want to loose your initial investment you will be trapped to keep putting money in. You will also be encouraged to use Moneyme to get funds for the transfer. The broker will even help you with the application.
    They will tell you that the additional funds is to get insurance required to unlock the trades. However our experience is after making the transfer, excuses are given that we didn’t manage to get the insurance and more money is required. We were then promised that once we make the next payment, we will be able to unlock the trades and withdraw the deposit the following week. It didn’t happen, new excuses are given every time and we have finally realised that the broker and company cannot be trusted and making more payments will not result in any withdrawal. In hindsight, we should have cut loss and walked away, and not trust that we can still withdraw our deposits thinking that we should be able to based on the terms and conditions on their website.
    If you are already a customer, be extremely careful. Do not make any more payments.
    If you are considering opening an account with this company, DO NOT DO IT!

  2. I was very cautious about opening an account with swipe capital.Small trades were going well ,a bit too well with no lossing trades,in hindsite alarms should gone off with me.
    They were promising good trading around the american elections,my contact just vanished.
    I tried contacting them,no return responice at all.I put in a withdrawal request and another contact contacted me. They recomended a trade which wiped my account out.My account was locked the following day.
    I just thought too bad,i have learned a lesson. Then a few days latter i got contacted to say that my money was back in my account plus a 100 percent credit.Also there is no record of my loosing trade in my account.
    This is not normal practice so now the alarms have gone off.I will put in another withdrawal request and see what happens. I too say do not open an account with swipe capital.
    Regulated or not it makes no differance.I lost about 3000 Aud when a regulated broker went in receivership a few years ago.

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