Forex trading represents one of the biggest markets around the world. According to the data of 2019, the average daily turnover of the Forex trading market was as much as $5.1 trillion. Because of the huge technological advancements, the market became available for everyone. However, with this exposure, many problems came as well.
In today’s market, it is very hard to find a trustworthy Forex broker, because the market is full of scams. Today, we are going to review the Blue Suisse Forex broker, and if you are looking forward to starting trading with this broker, you should read our review very carefully.
According to the information provided by the broker itself, Blue Suisse targets the international audience of the online Forex traders. It is based in Malta and is authorized by the Malta Financial Service Authority, MFSA. The broker owns Category 2 license, which means that it is allowed to provide the investment services and to hold or control clients’ money. The registered address of the company is Cornerstone Business Center, Level 2, Suite 1, 16th September Square in Mosta, Malta.
However, the fact that the broker is regulated does not mean that it is safe to trade with them. First of all, although Malta is a European country and MFSA also follows European guidelines, this regulatory body is still not considered to be as safe as others on the market.
While working on this Review of Blue Suisse, we have come across several problematic things that we will discuss in today’s review, so, if you want to stay as safe as possible, carefully follow our review.
Regulatory framework of Blue Suisse
As we have already said, the broker is authorized by Malta’s main regulatory agencies, which gives this broker the ability to offer services to all over Europe. But, the fact that the broker is regulated does not mean that it is safe to trade with them. Something very suspicious about this broker is that it claims to be working to get international access, while only relying on one regulatory agency.
This can lead to several problems. Although MFSA follows European guidelines, it still is not at the same level as other regulatory bodies, which means that it might not enforce the guidelines the way it should. This can create a very problematic situation because many scam companies are using to get people’s money illegally.
For the international exposure, that this broker is saying to be aiming at, this one license is simply not enough. There are many countries around the world where brokers simply can not offer services unless they own local licenses. So, is the Blue Suisse FX broker scam? That’s very hard to tell, simply put, from the first moment of seeing the website of the broker, it seems like they have many challenges that need to be taken care of.
While looking through the regulatory framework of Blue Suisse, we had a very hard time finding exactly which guidelines it follows. There simply was not enough information provided by the broker. How do they keep the funds of their clients? Do they have Negative Balance Protection? We could not find information about these questions, which means that they probably are not using segregated bank accounts and are not protecting their clients from negative balance, which can lead to many problems.
Trading accounts of Blue Suisse – What can you find here?
According to information provided by the broker, it offers several account type options to traders. There are three main account types available, including:
- Denim Blue – Minimum deposit from $500 to $5000
- Sky Blue – Minimum deposit from $5,000 to $50,000
- Sapphire Blue – Minimum deposit over $50,000
As you have noticed by yourself, the minimum deposit requirement by the broker is quite high. To start trading, investors will need to pay at least $500, which is a lot compared to other Forex brokers. According to our review of Blue Suisse, there simply is not good enough of a reason for them to be doing so.
There are not so many differences between these accounts to have such a different minimum deposit requirement, which makes us think that this company is just trying to somehow get as much money from its users is possible. This is another thing that makes us believe that this broker is not legit.
Is there an Islamic account available at Blue Suisse?
This broker does not offer Islamic accounts. This account type is created for those who are following the beliefs of Islam, and since many might say that the broker is European, where the majority of the population are not Muslim, not offering Islamic Accounts is still very problematic.
According to Blue Suisse, they are working very hard to get international exposure, which will be impossible without swap-free accounts. The review of Blue Suisse broker finds it very interesting that the broker is not creating opportunities for everyone while claiming to be working for international exposure.
Fees & Commissions at Blue Suisse
According to the information from the broker, there are little to no fees and commissions at Blue Suisse. As good as it might sound, it creates even more questions. Generally, fees and commissions are used by brokers to earn money, and if the broker says that there are no commissions, it mostly means that they are hiding something.
Either there are some hidden fees on the platform, or the broker is just stealing money from investors. This is a very dangerous thing and the broker is using this ‘low commissions’ thing to attract more people on their platform, where you won’t find what you were promised to.
This is something that scam brokers are using very actively, they are claiming to not have any commissions, you should be very careful if you hare this statement from any broker. For a trading platform to work well, they need a steady income to make sure that everything goes the way it should. Because the broker claims that they are not charging commissions, it means that they either do not have any income to make sure that everything goes smoothly, or they are simply lying.
Also, general information about anything is very hard to find on the website. It took us a very long time to review FX broker Blue Suisse, simply because we could not find any information. Imagine how hard it is for traders to find the information that they need, we could not even find information about the leverage for a very long time, which turns out to be 1:200, which is quite high, especially if the broker does not offer Negative Balance Protection.
Because of high leverage trading, investors can end up losing much more than they have deposited on their account. So, avoid brokers that do not offer Negative Balance Protection at all costs.
Educational materials at Blue Suisse
We could not find any educational material at Blue Suisse, which goes against some of the regulations around the world. This is another reason why we think that you should not trade with this Forex broker. The market is full of companies that offer their clients many educational opportunities, including webinars, reading materials, videos with expert traders, etc.
Since this broker does not offer anything like this, traders at Blue Suisse simply do not have enough chances to learn more about trading and develop as Forex traders. Without enough educational material, traders are left alone on their own, and this is a very bad thing.
Customer support team
Forex trading is one of the riskiest markets worldwide, and it is very important that every investor has the opportunity to get the help that they might need at any time of the day. In the case of this broker, our Blue Suisse review shows that the customer support team of the broker is not useful at all.
The only way you can contact them is by phone number or email, there is no live chat which makes this process even longer. We tried to test out the team on our own, and we had a very hard time connecting the support team. Even when we did, they were not helpful at all and had very simple answers on everything that we have asked.
The website of the broker
Although there are many things that are wrong with this broker, the website of it is the worst thing ever. The information is distributed in a very unlogical manner, and it is almost impossible to find anything. It seems like the team behind the company did not even try to make it look legit, the website looks like something that could be easily made by teenagers for a school project.
Final verdict – Is Blue Suisse a legit FX broker?
After reviewing this Forex broker to the last detail, we found that there is a big chance that this broker is not legit. There are many things that are wrong with this broker and we do not recommend trading with Blue Suisse to anyone. Although the broker claims to be a safe and secure company, we could not find even a single thing that worked well at Blue Suisse.
Blue Suisse is one of those companies that prove that even if a broker is regulated and authorized, it still can be a scam and not trustworthy at all. After many hours of reviewing and assessing everything on Blue Suisse, we recommend avoiding using this broker at all costs. The market is full of well-developed Forex brokers, so it does not make sense to trade with a broker that simply is not safe.