Is SwissCCI a scam or a legit broker?

SwissCCI has been suspected as a scam broker. This broker is blacklisted by the well-known regulatory authority and should be avoided. StoxMarket is owned by Thinking Ahead 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 MegaTradeFX, Finbitex and more.

About SwissCCI
🗺️ Registered inMarshall Islands
🗺️ Type of LicenseOffshore License
🛡️ Is SwissCCI safe to tradeNo
🗺️ Recommended LicensesFCA in UK 🇬🇧 & ASIC in Australia 🇦🇺
🖥 Alternative BrokerIC Markets - licensed by ASIC in Australia

SwissCCI is owned and operated by Thinking Ahead LTD, based in the Marshall Islands. The Marshall Islands is an offshore destination where usually brokerage services are not regulated.

SwissCCI is not associated with any financial regulatory agency. The broker provides British phone number on the website, although the firm is definitely not registered in UK with the FCA. The main issue with this broker is the lack of regulation.

The license from UK’s Financial Conduct Authority requires EUR 125,000 of capital (aside from client deposits) for the STP license.

Conclusion

Also all clients of FCA-regulated brokers are protected by the Financial Services Compensation Scheme. Each client can file a claim for the size of their account, up to GBP 50,000.

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