BDSwiss Review 2023
BDSwiss is a well-known forex and CFD brokerage firm based in Switzerland. The company has been around for over a decade. Besides providing access to its proprietary trading app, the broker supports a full suite of MetaTrader platforms, including MT4 and MT5. While a rich product portfolio, flexible account types, advanced research and educational resources appear to be the company’s strengths, its expensive costing structure prevents it from being included in the list of budgeted trading options. This piece discusses the broker in detail.
Regulation and Security
BDSwiss holds regulations in multiple jurisdictions as listed below;
- Cyprus – Cyprus Securities and Exchange Commission (CySEC)
- Mauritius – Financial Services Commission (FSC)
- Seychelles – Financial Services Authority (FSA)
Further, it employs advanced security protocols like SSL encryption and two-step authentication to protect clients’ confidential data from unauthorized access. However, it doesn’t offer indemnity insurance if the company becomes insolvent.
The FCA, SEC and other leading regulatory bodies require brokers to maintain a compensation fund that can be used to reimburse investor if the brokerage defaults. You brokerage firm should have signed up with the scheme in your jurisdiction to avoid any unwanted consequence. Check BDSwiss licenses and security measures to ensure safety of your funds.
Negative Balance Protection
BDSwiss protects clients’ accounts from incurring negative balances. The company resets the account balance to zero in case your loss exceeds your total investment with the company. That means you can’t owe the company for whatsoever reason.
Funds Segregation
The broker keeps clients’ funds in separate bank accounts from those used for brokerage business. Doing so makes the company provide its clients with real-time access to their funds.
Is BDSwiss available worldwide?
BDSwiss has several regional offices in different jurisdictions of the world. However, it doesn’t accept clients from certain jurisdictions, including but not limited to Sudan, France, Japan, the UK, and the United States.
BANNER: BDSWISS IS OFFERING BONUSES AND REWARDS WORTH OVER $500. SIGN UP ASAP TO CASH THE DEAL BEFORE IT RUNS OUT.
Supported Platforms
BDSwiss offers multiple trading platforms providing clients greater flexibility in choosing the one that fits best to their trading needs. While the broker’s proprietary trading app comes loaded with advanced trading tools, the third-party MT4 and MT5 platforms are no less for experiencing next-level trading. All supported platforms are accessible via web, desktop and mobile. Let’s quickly check out the features accessible through each channel.
Online trading: BDSwiss web-based proprietary trading platform operates exclusively in the virtual realm. The sleekly designed web terminal isn’t crowded with unnecessary elements, making it easy for clients to navigate and trade their favourite financial instruments seamlessly. The website also features insightful analytic and graphical representations of the trade’s highs and lows, ensuring in-depth evaluation. Currency pairs, stock indexes, commodities, and cryptocurrencies are some traded markets available to your trading desk at BDSwiss.
Desktop trading: The MetaTrader 4 (MT4) desktop trading platform is easy to use and comes with a wide variety of helpful features, such as advanced charting and a selection of useful trading tools. MT4 supports 04 order types, 30 technical indicators, 31 graphical objectives and 9-time frames. On the other hand, the MT5 desktop terminal supports 06 order types, 38 technical indicators, and 44 drawing tools. Moreover, clients can access the MT5 charting option in 21-time frames. Both platforms support EAs useful for traders looking for automated trading. Presumably, seasoned professionals might find MT5 appealing due to its extensive analytical resources, whereas the slightly less sophisticated MetaTrader4 is better suited to novice traders.
Mobile trading: On-the-go clients can download the in-house built trading app on their mobile phones or stick to the industry’s most renowned trading platforms, MT4 and MT5. The BDSwiss trading app has received much praise from investors and the media. With a trading app, you can access all the essential functions, including the ability to analyse your trades even when you’re moving. Also, monitoring your open positions and making trade adjustments becomes handy with one click trading feature.
Account Types
BDSwiss offers four types of accounts well suited to individual trading needs. Let’s quickly go through features accessible via each account one by one. A comprehensive comparison can be accessed by clicking here.
Cent: With a minimum deposit requirement of $10, the Cent account targeted for newbies is sometimes called a micro account. The broker doesn’t charge any commission in this account, while available asset selection is limited. However, clients can use multiple trading tools, including Autochartist. Other features include access to live webinars and Trading Central resources.
Classic: Clients typically prefer to register with the company under the classic, also referred to as a standard account. The broker requires clients to deposit a minimum of $100 for signing up. It’s a commission-based account with all other services and features almost identical to those available in the classic account. However, clients have more financial instruments available to their trading desks.
VIP: The broker facilitates advanced-level traders in the VIP account. To start, clients signing up for the VIP account must deposit at least $3000. The account comes with premium services and features unavailable in the Cent and Classic accounts. For instance, clients have access to unlimited trading tools besides support from a personal account manager.
Raw: Those looking to trade high volume may choose Raw spread accounts with BDSwiss. Though the spread for this account starts at 0.0 pips, the broker charges a relatively higher commission on it. Except for the unavailability of swap-free trading, there is no noticeable difference between the VIP and Raw account types.
Demo account: The broker also offers a virtually funded demo account to help clients learn various money and risk management skills without compromising their real funds.
Signing Up
The BDSwiss signing up process is pretty simple and quick. The company claims it takes clients less than a minute to come on board. Here are the steps you need to follow to open an account with the broker.
1. Visit the company’s official website by clicking here and tap on the signup button in the top right corner of the homepage.
2. Fill up the registration form and provide your details as required.
3. Verify your mobile phone number to access the dashboard.
Note: Unlike brokers with a more robust regulatory oversight, the company doesn’t mandate clients to verify their accounts before making deposits. However, it needs you to complete the KYC process before initiating a withdrawal request.
Trading Dashboard
When it comes to serving its clients, BDSwiss stands apart from the competition. The organisation strives for simplicity in all aspects. The broker provides clients with a neat-looking dashboard having intuitive tabs to explore. As soon as clients sign in to their trading accounts, they land on a homepage titled an accounts menu. It shows the number of accounts you have opened with the company and their available balances. Clients can access the available payment options and see their transactional history using the transactions tab. Access to both in-house and third-party resources is available under the tool menu, while the profile option allows you to configure your account settings. Those who wish to subscribe to the VPS service may use the following tab captioned as VPS. Clients can also connect with customer support directly from the comfort of their dashboard.
Visit BDSwiss Web-Based Platform
Deposit and Withdrawals
BDSwiss supports multiple payment methods. Clients can fund their accounts using Debit cards, Credit cards, e-wallets (Skrill, Neteller) and multi-currency Bank transfers. Since the company doesn’t process third-party payments, your payment source should be in your name only.
There is no fee for deposits and withdrawals except for the currency conversion charges, which may be applicable if you fund your account in a currency different from your account’s base currency. Clients can fund their accounts in eight currencies, including EUR, SEK, DKK, PLN, CHF, NOK, GBP, and USD. Except for the bank transfers, which may take up to 4 business days, the broker processes deposits immediately.
Concerning withdrawals, the broker releases funds to the original payment methods only. The broker neither restricts clients from withdrawing any amount they wish nor charges any fee on withdrawals. The lead time required for withdrawals to reflect in your account is 24 hours. However, bank transfers can even take a little longer than expected.
Instruments
BDSwiss offers an extensive product portfolio comprising thousands of tradable instruments across all major financial markets, including forex, commodities, stocks, indices, and cryptocurrencies. For instance, clients can trade 100+ share CFDs, 50+ currency pairs, 11+ indices, 10+ cryptocurrencies and a handful of commodities. However, the product selection may also vary depending upon your selected entity.
Commissions and Fees
BDSwiss’s pricing structure seems slightly expensive compared to average industry standards, especially the trading cost. For example, the company charges a commission of up to $5 on currency pairs per round lot. Similarly, clients need to pay a commission of $2 on indices and 0.15% on share CFDs. Further, the broker charges a 10% account inactivity fee from clients with no trading activity over the past twelve months.
Spreads
The broker claims to offer competitive spreads across all asset classes. However, it employs a variable spread charging policy. While the spread on currency pairs keeps floating depending on the market conditions, the average spread on EURUSD remains around 1.5 pips in Cent and the Classic account. However, it stays near 1.1 pips in the VIP account. Raw accounts have the lowest spread starting at 0.0 pips with 0.3 pips on average.
Available Leverage
The term “leverage” refers to the practice of trading on the margin. Clients borrow funds from their brokers to open large positions with a small initial investment. BDSwiss offers a leverage of up to 1:500. However, clients based in countries with stringent regulatory oversight might only be able to access leverage of up to 1:30.
It is worth mentioning here that leverage carries increased risk exposure. Besides enhancing your market exposure, it magnifies the risk of loss. Increased leverage can wipe off your account within no time under highly volatile market conditions.
Analysis and Education
BDSwiss is committed to providing a deep understanding of the forex world while educating its customers through its Academy. The company teaches clients how to build their trading strategies with the help of video tutorials to enhance their financial literacy. The broker’s online webinars are a fantastic resource for traders looking to learn more about the forex market.
Further, BDSwiss Blog posts provide timely market notifications, trading data, and expert commentary. Undoubtedly, clients who receive adequate training on evaluating the information presented online before investing in anything are much more likely to make sound decisions.
Moreover, the wide variety of ebooks’ subject matter, extending from the most fundamental concepts to the most sophisticated trading strategies, is equally beneficial for all traders. A glossary section is also available to help clients become familiar with different trading terminologies. In short, the broker seems to have invested much in building up its educational facility.
Customer Service
BDSwiss offers excellent customer support. The company facilitates clients in multiple languages, making it easy for them to communicate with the company in their local language and seek resolution to their concerns. A dedicated FAQ section is also available for clients to look up the answers to their queries independently. Clients can reach the broker five days a week via telephone, email and web chat. The company also has representation on social media platforms, including Facebook, Twitter, LinkedIn, Youtube, Telegram, Instagram, etc.
Reputation amongst Traders
With an overall rating of 4.7 out of 5 stars on Trustpilot, the company holds an excellent reputation among traders. Clients say the broker is a one-stop shop for all your trading needs. Ranging from a diverse selection of trading platforms to flexible account types and various payment options, the broker has all that you’ve been looking for.
Awards
Over the years, the company’s services have earned it several rewards.
- Best Spread and Trading Conditions Award 2022 by International Investor Awards
- Best Market Research Provider Award 2021 by FXScouts Awards
- Best Mobile Trading Platform in Europe Award 2021 by Global Banking and Finance Awards
- Best FX and CFDs Provider 2020 by International Investor Awards
- Best Trade Execution 2019 by Global Forex Awards
Can beginners trade with BDSwiss?
Yes, BDSwiss offers every resource for beginners to trade with it. From low deposit requirements to flexible account types, rich educational resources and excellent customer support make it a considerable choice for beginners.
Summing Up
Competing in tight markets with lightning-fast order execution and a customer-centric approach, the broker provides seamless access to a wide range of financial markets. However, its pricing structure might not be the broker’s best factor for traders looking for an optimal trading solution.
