The United Kingdom’s Financial Conduct Authority has issued a warning against Crest FX Swift Trade in October 2023
If you are looking for a reliable and trustworthy broker to trade forex, stocks, commodities, or cryptocurrencies, you may have come across Crest FX Swift Trade. This is a relatively new broker that claims to offer low spreads, fast execution, and high leverage. But is Crest FX Swift Trade a scam or a legit broker? In this review, we will examine the features, pros, and cons of this broker and help you decide if it is worth your time and money.
What is Crest FX Swift Trade?
Crest FX Swift Trade is an online broker that was founded in 2020 and is based in St. Vincent and the Grenadines. The broker offers trading services on various assets, including forex, stocks, commodities, indices, and cryptocurrencies. The broker claims to have over 250 trading instruments, 4 account types, and a user-friendly trading platform. The broker also claims to be regulated by the Financial Services Authority (FSA) of St. Vincent and the Grenadines.
What are the pros and cons of Crest FX Swift Trade?
- A wide range of trading instruments
- A user-friendly trading platform
- Multiple payment methods
- 24/7 customer support
- Lack of transparency: The broker does not provide much information about its background, ownership, or registration on its website.
- Questionable regulation: The broker claims to be regulated by the FSA of St. Vincent and the Grenadines, but this is not a reputable or credible regulator. The FSA does not have strict rules or oversight over the brokers it licenses and does not offer any protection or compensation to the clients in case of disputes or insolvency.
- High fees: The broker charges high fees for some services, such as withdrawal fees, inactivity fees, swap fees, and commission fees.
- Negative reviews: The broker has received many negative reviews and complaints from its clients on various online platforms. Some of the common issues reported are difficulty in withdrawing funds, poor customer service, manipulation of prices, and account closure without explanation.
Is Crest FX Swift Trade a scam or a legit broker?
Based on our research and analysis, we cannot recommend Crest FX Swift Trade as a reliable or trustworthy broker. The broker has many red flags that indicate that it is not a legit broker but a scam. The broker lacks transparency, has questionable regulation, charges high fees, and has many negative reviews. Therefore, we advise you to avoid this broker and look for other brokers that have a better reputation and regulation in the industry.
What to Do If You’ve Lost Money with Crest FX Swift Trade?
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