TargoSwiss Review – Truth Behind TargoSwiss.Com Scam
It’s not an exaggeration to say TargoSwiss looks suspicious right off the bat. An attempt at looking convincing was made by mentioning a company that sounds famous but doesn’t exist at all – Tierra Group LTD. Their supposed address is in the UK. Terms and Conditions give away the company’s actual address – St. Vincent and the Grenadines.
Advertised as a team of experts and educators committed to providing clients with the best spreads, execution, and service is nothing more than a scamming scheme. These boiler room agents tend to be very convincing, friendly, and pushy. It’s how they earn, after all.
TargoSwiss belongs to a group of these scammers that try to deceive victims by presenting a legitimate-looking website. Our TargoSwiss review sees right through their lies and brings you the real state of things, so keep reading.
Nevertheless, you should avoid trading with shady brokers such as StateHills, Tradebitoptions, and RXK Capital.
|Company||Tierra Group LTD|
|Address||St. Vincent and the Grenadines/UK|
|Minimum Deposit||$10 000|
TargoSwiss Regulation and Security of Funds
Since TargoSwiss mentions several addresses and countries, that’s where we decided to start our investigation. Keep reading this review to see what we discovered.
Tierra Group LTD is supposedly running the site and is located in the UK. The supervisory authority of this area is a world-famous regulator with strict standards and unprecedented practice. The Financial Conduct Authority – FCA keeps extensive records of all brokers they supervise. TargoSwiss is not in their register.
FCA regulation means the brokerage enterprise is stable, long-lasting, and trustworthy. To prove their intentions of running a legitimate business brokers first have to invest at least £730 000. Other vital conditions include segregated bank accounts, compensation plans, leverage restriction, negative balance protection, and transaction reporting.
TargoSwiss doesn’t have an FCA license and is therefore not a broker that can guarantee any of these.
On top of all that, the SVG address confirms this broker to be an offshore zone shady brokerage business. SVG financial authority doesn’t license and doesn’t oversee brokerage operations in the area. The scam is blooming without an institution in charge of directing and penalizing their actions.
TargoSwiss has inspired us to also look at several more registers. Since the broker includes Swiss in their name, FINMA is the first database we checked. The Swiss regulator belongs to a tier 1 financial institution and has never issued a license to a broker called TargoSwiss. We got the same result with the registers of CySEC, ASIC, IIROC, BaFin, AMF, and CONSOB.
TargoSwiss Trading Platform Overview
It’s rather fishy how TargoSwiss pushes you to open an account to access MT4. There are indeed download links that work and you can install the software on your desktop. A real surprise comes afterward.
After installation, you will see that logging into the TargoSwiss server is impossible without proper credentials. Not even a demo account can be started. The distribution is the well-known MT4 but it’s useless when you can’t trade on it.
Not a single reason justifies putting yourself through the trouble of investing in this fraud. Their methods are suspicious, the trading terminal is non-functional, and the overall impression is negative. Numerous brokerage houses with proprietary licenses provide the latest technological solutions for trading, so choose them instead.
Funding Options Available
The client area at TargoSwiss has a malfunctioning funding section. The error we kept getting said ’’Oops. We did not manage to show payment gateways’’. Apparently, this is what TargoSwiss imagined the promised remarkable services would look like. Without an opportunity to deposit money, we couldn’t verify if the broker allows credit/debit cards and wire transfers like they claim.
If you want to create an account and start trading, you have to be able to deposit at least $10 000. That’s how much the cheapest account type costs. Ridiculous sums for different account types go up to an astonishing $1 000 000. Nothing this broker offers seems to be worth that much cash. Especially since they’re this shady about deposits and withdrawals.
Since we’re mentioning it, withdrawals aren’t defined by any policy, standards, or rules. You won’t even be able to find out how long they take.
The Methods Used in the Fraud
An elegant-sounding name and half-decent website that TargoSwiss has is sure to get at least the less experienced traders interested. That’s all it takes. You will be browsing around and leaving your contact info for the scammers. Then they start calling tirelessly.
Listening to endless convincing and bragging about the best trading environment imaginable will at some point make you start investing. Agents playing your best friends and associates in the process will motivate you to keep depositing by promising unbelievable wealth waiting for you to cease it. Carefully orchestrated scam revolves around a manipulated platform showing what the frauds want you to see.
A friendly attitude turns into gaslighting and avoiding once you start suspecting your broker and ask for a withdrawal. Excuses like trading volume requirements, fees, and sudden market changes all follow scammer’s attempts to prevent you from withdrawing.
Highly Recommended Forex Brokers
Even if you are a beginner in the whole Forex trend, you must have heard about the brokers we have listed below. The impeccable transparency, regulations, and extraordinary trading conditions they offer have ensured them the status of globally recognized brokers.
Affordable pricing and magnificent learning possibilities are just some of the reasons why these brokerage houses have persisted throughout the years. We can wholeheartedly recommend you try FXTM, OctaFX, FP Markets, and others from the table. You might not be ready to invest immediately, so opening Demo accounts can help you decide easier.
Just the deposits these brokers require differ significantly from TargoSwiss that’s asking for an absurd $10 000. These brokers respect leverage restrictions to reduce the chances of loss. Your funds are kept safe. The pricing is incomparably better and trading costs are lower, so feel free to check them out.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFx.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||XM.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||HFM.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||FBS.Com|
Deciding which broker to invest with is entirely your choice. Bear in mind that the most important fact in the process is if the broker has a license for the services they provide. Our TargoSwiss review has shown that this brokerage entity does not own a license or proper regulation. So this site shouldn’t be your choice at any cost.
There are plenty of successful, popular, and respected brokers that deserve your attention. We have given you some suggestions but the final decision is yours. Before placing your capital in someone else’s hands, double-check their conditions and authorization.
Do you have experience in dealing with frauds like TargoSwiss? Feel free to share your precious knowledge with us! It is beyond helpful and will be greatly appreciated especially by the traders warned about the risks of trading with TargoSwiss.
FAQs About TargoSwiss Broker
Is My Money Safe with TargoSwiss?
Money invested with TargoSwiss is not safe because the unregulated broker can’t guarantee the safety of funds.
Does TargoSwiss Offer Demo Account?
TargoSwiss does not make Demo accounts available. In order to trade you have to invest at least $10 000.
What Trading Instruments are Available at TargoSwiss?
Forex, stocks, crypto, futures, CFDs, and commodities are some of the tradable asset groups available at TargoSwiss.