Is SwiftCFD a scam or legit broker?

No, it is not safe to trade with SwiftCFD. SwiftCFD is owned by Digital Enterprise Ltd. which is an offshore company registered in the Marshall Islands.

The Marshall Islands is notorious for its practically absent requirements and regulations. Due to the setup cost is low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as YFX Capital, Pinprotrade and more.

According to the website, SwiftCFD is an innovative consumer trading company offering clients an easy and intuitive way to trade all the major financial markets including Forex, Commodities, Indices or Stocks. There is another company behind the brand’s name, Digital Worldwide OU, registered in Estonia. However, the company is not authorized by Estonia’s Financial Supervision Authority.

The other brand of the Digital Worldwide OU, RoyalCFDs, that we have previously reviewed, along with the company have been banned by the UK’s Financial Conduct Authority in October 2018:

Both brands’ websites (RoyalCFDs and SwiftCFD) interfaces look quite the same, no wonder, the regulator has also blacklisted SwiftCFD:

“This firm (Swift CFD, a trading style of Digital Worldwide OU) is not authorised by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorisation.”

We strongly advise all investors and traders to avoid SwiftCFD or any other brand of the Digital Worldwide OU. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as City Index and IG Markets.

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