Altcoins-Swap is a broker that has been very active in the cryptocurrency trading market. With their attractive offers such as low trading fees, high leverage, and a wide range of cryptocurrency pairs, they have been able to attract many traders. However, there have been concerns about their legality, with many people claiming that they run a scam operation. So in this review, we will take an in-depth look at Altcoins-Swap to determine whether they are a legitimate broker or a scam.
Overview
Altcoins-Swap is a crypto-based broker that claims to have been in the trading industry for years. They offer a range of cryptocurrency trading instruments including Bitcoin, Bitcoin Cash, Ethereum, Ripple, among others. The broker describes itself as being reliable and efficient, and they claim to have the best trading conditions for its clients.
Is Altcoins-Swap Regulated?
Altcoins-Swap’s website does not mention any regulatory body overseeing its operations. This raises questions about their legitimacy as a company. We tried to find it from their website’s About Us section, but there were no details. Then we tried to contact their customer service to get the information. In fact they were unreachable.
Warnings From Financial Regulators
Many regulatory agencies have put out warnings about Altcoins-Swap’s operations. The Australian Securities and Investments Commission (ASIC) has issued a public warning about them. ASIC claims that Altcoins-Swap has been targeting Australians without holding an Australian Financial Services (AFS) license. The Financial Conduct Authority (FCA), a UK financial regulator, has also issued a warning about Altcoins-Swap. The FCA warns that the company is operating illegally in the UK and has been targeting UK citizens.
What Currency Pairs Do They Offer?
As mentioned earlier, Altcoins-Swap has a wide range of cryptocurrency pairs that traders can choose from. They offer major cryptocurrencies such as Bitcoin and Ethereum, as well as lesser-known ones like DASH and Litecoin. The broker also offers a range of currency pairs including EUR/USD and USD/JPY.
Customer Support
Altcoins-Swap’s customer support is available 24/7 and can be reached by phone or email. However, some traders have reported that they had difficulties reaching the customer support team, indicating that the broker might not be very keen on addressing their clients’ concerns.
Trading Method (MT4/MT5/Other Method)
Altcoins-Swap does not offer the popular MetaTrader 4 (MT4) or MetaTrader 5 (MT5) trading platforms, which is a red flag. Instead, they provide their proprietary trading platform. While there is nothing wrong with a broker offering its trading platform, the issue arises when the platform is poorly designed, which hinders the trader’s ability to make informed decisions.
What Do Traders Think About Altcoins-Swap?
Traders who had dealings with Altcoins-Swap have reported that the broker withholds fund withdrawals, has a hard time reaching them, and that the trading platform’s spreads are higher than normal. These negative reports raise serious concerns about the broker’s trustworthiness, and it would be wise for potential clients to look elsewhere for their trading needs.
What To Do If You Get Scammed?
If you have been scammed by Altcoins-Swap or any other broker, it is crucial to report the incident to the relevant authorities. This will help prevent them from scamming other unsuspecting traders. You should also contact with us to get a free consultation and service recommendations to help you in recovering the lost fund.
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Final Thought
Altcoins-Swap is an unregulated broker, and many traders have reported being scammed by them. Additionally, there are warnings from financial regulators about their illegal operations. We highly advise potential clients to avoid them altogether and look for regulated brokers with good reputations. Trading with Altcoins-Swap comes with a high risk of losing your investment, and you may not be able to get your funds back when you encounter problems.
