The United Kingdom’s Financial Conduct Authority has issued a warning against Swift Ledger Option in October 2023
If you are looking for a reliable and trustworthy broker to trade binary options, you might have come across Swift Ledger Option. This broker claims to offer a variety of assets, high payouts, fast withdrawals, and excellent customer service. But is Swift Ledger Option a scam or a legit broker? In this review, we will examine the features, pros, and cons of Swift Ledger Option and help you decide if it is worth your time and money.
What is Swift Ledger Option?
Swift Ledger Option is an online platform that allows traders to trade binary options on various assets, such as currencies, commodities, stocks, and indices. Binary options are a type of financial instrument that let you predict whether the price of an asset will go up or down within a fixed time frame. If your prediction is correct, you earn a fixed amount of money. If your prediction is wrong, you lose your investment.
Swift Ledger Option claims to be registered and regulated by the Financial Services Commission (FSC) of Mauritius, a reputable financial regulator that oversees the activities of financial institutions in the country. The broker also claims to have offices in London, Dubai, and Hong Kong.
Is Swift Ledger Option a scam or a legit broker?
While Swift Ledger Option has some positive aspects, such as low minimum deposit, regulated status, and user-friendly platform, we also found some red flags that make us doubt its legitimacy and reliability.
First of all, we could not verify the authenticity of the FSC Mauritius license that the broker claims to have. We checked the official website of the regulator and did not find any mention of Swift Ledger Option or its parent company. This raises the question of whether the broker is actually regulated or not.
Secondly, we noticed that the broker charges high withdrawal fees for every transaction. According to their terms and conditions, the withdrawal fee is 10% of the withdrawal amount or $50, whichever is higher. This means that if you want to withdraw $100 from your account, you will have to pay $50 in fees. This is very unreasonable and unfair for traders.
Thirdly, we found that the customer support of Swift Ledger Option is very limited and unresponsive. The broker only provides an email address and a phone number as contact options. There is no live chat or social media presence. Moreover, many online reviews complain that the broker does not answer their queries or requests.
Finally, we discovered that there are many negative reviews and complaints about Swift Ledger Option on various forums and websites. Many traders accuse the broker of being a scam and warn others to stay away from it. Some of the common issues reported are:
- Difficulty in withdrawing funds
- Manipulation of prices and results
- Refusal to honor bonuses and risk-free trades
- Harassment by account managers
- Account closure without explanation
Based on these findings, we conclude that Swift Ledger Option is not a trustworthy broker and we advise you to avoid it at all costs. There are many other reputable and regulated brokers that offer better services and conditions for binary options trading.
What to Do If You’ve Lost Money with Swift Ledger Option?
If you have been scammed by Swift Ledger Option or any other broker, you’ll want to seek assistance from cryptocointrace.com immediately. Our experts will consult with you and bolster your claim to help you get your money back. Cryptocointrace.com is a leader in recovering your funds and will help you retrieve your funds from a broker scam.