BDSwiss is a European forex broker that offers multiple types of trading accounts. Their Trading Fees is competitive with the Classic account & quite low with Raw account. But they don't offer ZAR currency accounts & funding, although withdrawals via Bank Transfer is available. Read our detailed review on BDSwiss for South African traders to find where they shine & lack.
BDSwiss is an International Forex and CFD broker that is licensed with FSC & FSA regulations. BDSwiss was launched in 2012 in Zurich but has a physical presence in various countries around the world. They are mainly popular in European countries.
BDSwiss accepts traders from South Africa, but it is not regulated by FSCA and does not have a local office in South Africa currently. The clients from SA are registered under ‘BDS Ltd’.
They are a reputed CFD broker that allows trading on a wide range of CFD trading instruments including 51 currency pairs & 200+ other CFDs on shares, commodities and indices. 1000+ Instruments including stocks and ETFs are offered on their platform.
We liked their responsive customer support services & the variations in types of trading accounts. Also, they don’t charge any extra commission for deposits or withdrawals.
Read our unbiased review of BDSwiss that covers all the pros and cons of choosing this Forex broker for traders in South Africa.
|👌 Our verdict on BDSwiss||#2 Forex Broker in South Africa|
|🏦 Broker Name||BDSwiss|
|💵 Average EURUSD Spread||1.5 pips (Classic Account) but changes according to entity/account type|
|📅 Year Founded||2012|
|💰 BDSwiss Minimum Deposit||$100 (Classic Account)|
|⚙️ Maximum Leverage||1:500|
|⚖️ BDSwiss Regulation(s)||FSC, FSA Seychelles|
|🛍️ Trading Instruments||51 Currency Pairs, 200 other CFDs on Indices, Cryptos, Shares, Commodities|
|📱 Trading Platforms||MT4 & MT5 for desktop, web & mobile|
BDSwiss Group are not regulated by FSCA in South Africa, and ‘BDS Ltd.’ are registered under offshore regulation FSA . BDSwiss Broker was launched in 2012 and claims to have more than 1.5 million registered trading accounts to date.
BDSwiss Group currently holds regulatory licenses of the following regulatory authorities:
Traders based in South Africa are registered under BDS Ltd. FSA, Mauritius.
BDSwiss is a popular broker in Europe & UK, but their global entity is not regulated by any Tier-1 regulator. This makes BDSwiss a moderate risk forex broker for traders in South Africa as offshore & cross-border regulations are not as safer as domestic regulation & Tier-1 regulations.
BDSwiss is not listed on any stock exchange and does not hold a banking license. The client’s funds are kept in a segregated bank account.
BDSwiss has a good track record as we couldn’t find any proven scam or complaint against it.
Compared to other Forex brokers in South Africa that are regulated by FSCA, BDSwiss holds a lower safety rating due to them not being regulated locally or with any Tier-1 rwgulator.
For a comprehensive review of the fee structure at BDSwiss, we have divided it into trading and non-trading fees. The incurred charges at BDSwiss differ for the account type chosen by the trader.
BDSwiss Trading Fees
This includes the fees that are incurred while executing trades. BDSwiss offers 4 active trading accounts namely Classic, Premium, VIP & Raw trading accounts.
The Classic, Premium and VIP account types are commission-free for trading currencies while the Raw spread account is a commission-based account with a very tight spread.
Below Table shows the typical spread & commission for major like EUR/USD with different account types on BDSwiss.
|Account Type||EUR/USD Average/Typical Spread|
|Cent Account||1.5 pips|
|Classic Account||1.5 pips|
|Premium Account||1.1 pips|
|VIP Account||1.1 pips|
|Raw Account||0.3 pips (plus $5/lot)|
Note: There is no extra commission per lot with any account type other than the Raw Account for trading currencies. There is an extra commission on $2 on indices & 0.15% on shares with Classic & Raw accounts.
The spreads are variable and fluctuate depending on the market conditions and liquidity in the market. The average typical spread for EUR/USD for the Classic account type is 1.5 pips per lot.
The average typical spread for EUR/USD with the VIP account is 1.1 pips per lot.
The commission for one round trade is $5 for forex and CFDs on commodities and $2 for CFDs on indices with the Raw account type.
Trading with CFDs on stocks with any of the account types will incur the same fees. A commission of 0.15% is charged for each round trade of CFDs on all the available stocks with any of the account types.
Compared to other regulated forex and CFD brokers in South Africa, we found BDSwiss to be decently priced as the spreads on the classic account are decent. The VIP account spreads are impressive and no commission makes it an ideal choice. The commission on the Raw spread account is lower than a majority of the commission-based account types with a very tight spread.
BDSwiss Non-Trading Fees
This includes all the fees that may apply to the fitting trader without executing trade orders.
The account opening at BDSwiss is free while the deposit and withdrawals with credit cards are also free of cost.
Traders might have to pay the following non-trading fees.
Compared to other regulated forex and CFD brokers in South Africa, the non-trading fees at BDSwiss are marginally higher than many of them. The inactivity fees can be very ineffective for the traders who trade occasionally.
But if you are a high volume trader, then the trading fees is low if you trade with Raw Account as the spread + commission is quite low. This will make the overall fees low.
BDSwiss offers a leverage of upto 1:500 with all the account types. But the leverage can be as high as 1:1000 with the Premium account.
Traders based in South Africa have the option to adjust to a lower leverage.
BDSwiss provides the most widely used MetaTrader trading application that is available for Windows, macOS, Android, and iOS devices. Traders can choose between MT4 and MT5 trading platforms according to their own convenience and ease of use. The MT4 and MT5 are the most chosen trading platform for forex and CFD trading, so Metatrader is supported by a large number of forex brokers.
Apart from MT4 and MT5, BDSwiss also has its WebTrader platform designed by itself. This web trader application provides various technical and analytical features in a user-friendly manner.
They also have a mobile app which is available on both Android & iOS.
Overall, their trading platforms are good & supported across all devices.
The customer support executives at BDSwiss can be reached out for assistance at any step in the trading process. Following is the review of all the available methods to connect with the support staff at BDSwiss.
The customer support services at BDSwiss are decent, as their live chat agents were supportive and resourceful during our research. The lack of local phone support in SA or any other official social media platform support limits its ratings in the customer support segment.
BDSwiss offers Free demo trading account for traders in South Africa. Traders can open a demo account at BDSwiss & download MT4 in few minutes from their website. We found the process to be quick & simple.
BDSwiss allows traders to choose from 4 different Live account types according to your own preference & suitability. The minimum deposit at BDSwiss is $100 for SA traders with Classic Account.
South African traders must note that all the account types can only be opened with USD, EUR, or GBP as the base currency. BDSwiss does not provide a ZAR Base Currency Trading Account.
Our below detailed review of the account types will assist South African traders in identifying the best-suited account type at BDSwiss.
The classic account type allows trading on all the available instruments but grants limited access to features like autochartist and trading alerts. With a deposit of more than $500 or equivalent, traders can gain access to the autochartist and with $1000+ deposit you get access to personal account manager features.
Apart from lower spreads and 0 commission on all the available trading instruments, clients with VIP account can avail various other features over the classic account. The VIP account grants access to various features like trend analytical tools, autochartist, personal account manager, VIP trading alerts, etc.
The Classic & VIP account types at BDSwiss can be opened with either MT4 or MT5 trading platforms and the number of available trading instruments is nearly the same. 250+ CFDs on Shares, Indices, Forex, Commodities and Cryptos are available with these 2 account types. Some of the CFD instruments are not available to trade with VIP and Raw account types.
Premium Account is only available on MT4 & you can trade CFDs on Currencies & Commodities with this account type at moderate spreads.
BDSwiss offers different account types to match the suitability of all types of traders. We liked the variations in the account types offered. Although, the high minimum deposit for VIP & Raw accounts is a con. Also, the unavailability of ZAR-based trading account can be an obstacle for those seeking to trade with ZAR base currency account in South Africa.
BDSwiss offers forex and CFD trading services across wide range of financial trading instruments. The total no. of CFD trading instruments are high at BDSwiss compared to other CFD brokers.
The product offering can be grouped into 5 categories:
Traders must understand that by trading through CFDs, they do not physically own any of the assets but are only speculating on the price movement of the underlying instrument in the concerned financial market.
Compared to other regulated forex and CFD brokers in South Africa, the number of available trading instruments is decent as several regulated brokers offer more trading instruments.
BDSwiss offers multiple methods of funding & withdrawal for traders in South Africa. But they don’t have local Bank deposit option currently.
The credit card is the most convenient method for South African traders at BDSwiss. They also accept bank wire transfers and e-wallets like Skrill, Neteller, and many more. Traders can also transact through 3 cryptocurrencies namely BTC, BCH, and ETH.
The lower cap on deposit is $100 for all the available methods.
But there is not option for EFT or Internet Banking transfer in ZAR. So, deposit at BDSwiss is comparatively not very easy, and there could be extra conversion & exchange rate fees from your Bank for conversion to USD.
For example, if your account base currency is in USD, and you are making a deposit of $300 via Bank Wire, then your bank would charge you conversion fees & likely a markup on the exchange rates for conversion to USD.
So, the overall fees would be higher to deposit funds as compared to brokers that offer funding & withdrawals in ZAR with ZAR Base Currency Accounts.
With the the withdrawal fees at BDSwiss?
There is no extra fees on withdrawals with methods at BDSwiss except for card & wire. For wire withdrawals, 10 EUR is charged if the withdrawal amount is less than 100 EUR.
This withdrawal fees of €4 or equivalent is also charged when withdrawing via card, and your withdrawal is higher than your deposit. But there is no withdrawal fees when you request a withdrawal higher than these limits.
Many regulated brokers in South Africa allow local bank transfers which are not accepted by BDSwiss. If the deposit currency ZAR, traders also need to pay a currency conversion fee at BDSwiss.
Some limitations on deposits and withdrawal methods & fees for South African traders limits us to give lower ratings in this segment.
Update: The First Time deposit bonus promotion at BDSwiss has ended in December 2020. BDSwiss had an ongoing bonus offer currently that was also available for South African traders till 23rd of December 2021.
First time depositors can select an option to claim an initial deposit bonus while opening the Classic account. An initial deposit bonus of 30% can be claimed which is capped at 500 units of the base currency i.e. $500 if your base currency is USD.
You should read their full ‘First Deposit Bonus Campaign T&Cs’ for complete terms & checking your eligibility. You can also talk to their Live Chat support if you have any doubts on this.
Yes, BDSwiss is a European forex broker that offers wide range of trading instruments & multiple account types to facilitate multiple types of traders.
For lower volume traders and beginners, their cost can be slightly higher compared to a few regulated brokers in South Africa. Large volume traders can take advantage of the lower spreads and commission with Raw account type. Plus, traders can trade a wider range of CFD instruments at BDSwiss compared to other CFD brokers in SA.
BDSwiss offers useful analytical features to assist the traders. The lack of FSCA regulation, ZAR-based account, local phone number, and local office is a major drawdown for traders in South Africa.
BDSwiss is a FSC & FSA authorized forex & CFD broker. But they are not regulated with FSCA in South Africa. Their global company BDS Ltd. is not regulated with any Top-tier regulation.
The minimum deposit at BDSwiss is $100 with their Classic Account Type. The deposit is $3000 with VIP account, $5000 with Raw & InvestPLUS accounts.
No, BDSwiss does not have ZAR base currency account option at the moment. You can open account in USD, EUR or GBP currencies.
BDSwiss has a range of payment methods which include wallets & Bank Wire Transfer. But they don’t accept local bank transfers in Rand (ZAR) in South Africa currently, not is Internet Banking Transfer or EFT option available for withdrawals.
"Do you have experience with BDSwiss? Please consider sharing your experience with a review below – good or bad – doesn’t really matter as long as it’s helpful to other traders!"
We only accept user reviews that add value to fellow South African Traders. Unfortunately, not all reviews that you post with us will be published on the website. For your review to be approved, please share your detailed & honest experience with the broker – either positive or negative. Thank you for helping out other traders with your valueable feedback!
Important: We don't accept any payments or kickbacks from any forex broker(s) to delete or change any reviews. We welcome Forex Brokers to reply to reviews on our website & share their side of the story to keep the process honest and fair for both sides.