BDSwiss is a CFD Broker based in Mauritius and licensed by authorities in Seychelles and maybe elsewhere. I am customer of them for over 3 years. I am reporting about my own experiences with them. They might also operate from other jurisdictions, depending on customers’ location. I am called by them from a German phone number from time to time and the women on the phone suggest the company is German …. I find this rather confusing, but I usually tell her that I am not interested in marketing calls and ask to end the conversation, politely.
BDSwiss is a play account for me because it allows me to use trade sizes as small of 0.01 lots for currency trading and 0.1 as minimum for CFD contracts of indexes such es the GER40 (German Dax), US 100 (Nasdaq) and US 500 (S&P 500). They offer the typical scope of forex pairs and index contracts and I guess a lot more, most of which I am not interested in.
I have used their webbased trading platform on and off, but never really liked it. For my kind of trades I use their app on ios. It works formidable and I haven’t had any issues with them. It is a modified MT4 version with easy to use user interface.
Forex trades are pretty much the same as with all other brokers except that BDS has wider spreads. They do widen substantially over night so I make sure to close trades at the end of the day or to remove stops when I carry them over. Since I do not over-leverage it is working fine for me. I understand BDSwiss offers different accounts with variable features and tighter spreads.
Index trades have tight, fixed spreads. However, they charge a fee for every position that is based on its size. In effect you have to add 2 points to the spreads on index which makes 3 points out of the German Dax instead of the 1 point suggested in their advertising material. Pending orders and stops are executed almost on the dot with minimal slippage. However, the system can be slow from time to time and manually executed prices may vary a bit from the displayed quotes. It’s a hunch that this happens a bit often with forex trades, but it is within very reasonable limits in my own experience. I don’t trade volatile events with BDSwiss so I can’t attest to NFP or CPI releases.
The worst issue I have experienced is the position sizing. It can not be customized. When I open an instrument trading dialogue the app will calculate an extremely big position size based on available equity. It’s required to manually change this to the desired size with each trade. If that is forgotten in the heat of the moment it can easily extend to losses. Better double check your trades before you place them.
Account opening with BDSwiss brokerage: Account opening was easy, but they did ask for a lot of documents. They do ask for a new set of documents every year. That’s unlike all other brokers I have encountered. Traders can opt for different leverage settings, I use 1:200. Minimum funding amount is 10$. They have a lot of different payment methods. Typically, I use a QR Code bank transfer from my bank account in Thailand. Funds are made instantly available right after deposit with no waiting time.
– trade small sizes such as micro lots (0.01 contracts)
– easy to use mobile app
– many funding options with instant credit availability
– large variety of instruments
– high fees for index trades
– can’t place trades outside of market hours
– marketing phone calls
– slow platform
– inactivity fees
– mediocre spreads
– automatic position sizing (non-customizable)
– stop outs not enforced
The biggest con to BDSwiss is the fact that traders do not get stopped out when their margins are depleted. The positions keep on running until the account is obliterated. The good thing is probably the kill switch that allows to close all open postions with the push of a button. Trading with this broker is only recommended for highly sophisticated traders.