BDSwiss started operating in 2012 and is currently regulated by a financial authority. They require a low minimum deposit and a low minimum trade size but are this enough reasons for you to sign-up with this broker? Let’s look at the facts to find out:
The minimum deposit requirement is just $100, lower than most of the brokers today are that follow a standard minimum deposit of $250. It’s an advantage for those who want to start with a low capital.
Design and Layout
BDSwiss generally uses the same layout that is used by majority of the binary brokers today but with additional unnecessary elements particularly on the right column on the main trading interface. This makes browsing a bit inconvenient for their users and adds more data usage which increases the overall loading time.
They accept credit cards, wire transfer, Maestro, Sofort, Paysafecard, Ukash, Giropay and EPS for banking which is at par with what most brokers accept for transferring and withdrawing funds. It would have been better though if they added more common payment methods like PayPal.
A minimum investment size of $5 is accepted for every trade that you make on their platform. This is the same with majority of brokers in the market today require the same amount for each binary trade.
There are less than 70 assets that are available for you to trade online. It’s shorter than the average total number in the market today which is 76 so if you want to expand your portfolio or explore more trading opportunities then this certainly a drawback.
Along with 12% of the brokers in the market, the platform that they are running is the updated Spot 2.0 version which gives them the power to add more trading instruments add more features. Although the technology itself is advanced, BDSwiss needs to further fine-tune and optimize the software because the loading time takes a lot longer that it should.
And since the platform takes a lot longer to load, the quotes that they show on the interface are also affected and this is a major disadvantage especially when they are quick market movements. Based on the several tests that I made, a lot of the market prices were delayed and has gone beyond the 20-minute benchmark.
Based on their website, the highest payout rate that they offer is 85% but after checking out all the assets on the platform, most are only giving out below 80% which is significantly lower than 33% of brokers today that offer the standard payout rate of 85%.
Withdrawal Processing Time
At BDSwiss, the waiting time for processing a withdrawal request can take up to 7 days but which is the same with 17 % of the brokers in the market today than can achieve the same speed.
Withdrawal Processing Time
Aside from providing accurate answers and solving client issues, speed is an additional necessity when we talk about customer service. At BDSwiss, the support team can be contacted via phone, live chat or email. I tried reaching them via phone but the lines are always busy so I tried to communicate with them via live chat. Unfortunately, they seem to be very short on customer service agents as I had to wait for more than 30 minutes before I was able to chat with one of their support staff.
Overall, my experience with their support team was disappointing and this is definitely lower than the quality of service that more competitive brokers can deliver.
BDSwiss joins the 41% of brokers that are monitored by a trusted financial regulator. Currently, they are licensed by the Cyprus Securities and Exchange Commission (CySEC) and the Financial Conduct Authority (FCA). This basically means that they are following the standards that are imposed by these supervisory bodies.
Knowing that BDSwiss is regulated adds a bit of peace of mind to traders but the growing number of negative feedbacks about this broker regarding withdrawal delays and unpaid payouts are certainly alarming. These kinds of issues need to be resolved immediately because it badly affects their reputation which is currently a tad lower than the standards.
BDSwiss does offer a low minimum deposit and trade size requirement but there are some other factors that could hinder traders from choosing this binary options broker. The slow trading platform is a major disadvantage and the limited number of tradable assets can be a turn-off for those who want to expand their trading portfolio. And when it comes to customer support, they need to improve a lot in order to match the industry standards.