BDSwiss is a CySEC regulated 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. 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 CySEC, FSC & FSA regulations. It was launched in 2012 in Zurich but has a physical presence in various countries of the world.
BDSwiss accepts traders from South Africa, but it is not regulated by FSCA and does not have a local office in South Africa currently. They are a reputed broker that allows trading on a wide range of CFD trading instruments including 50 currency pairs & 200+ other CFDs. 1000+ CFDs are offered if you register under FSC regulation.
We liked their responsive customer support services & the variations in types of trading accounts.
Read our honest and unbiased review of BDSwiss that covers all the pros and cons of choosing this Swiss-based broker for traders in South Africa.
|👌 Our verdict on BDSwiss||#3 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|
|⚙️ Maximum Leverage||1:500|
|⚖️ BDSwiss Regulation(s)||CySEC, FSC, FSA Seychelles|
|🛍️ Trading Instruments||50 Currency Pairs/ 200 other CFDs on Indices, Cryptos, Shares, Commodities|
|📱 Trading Platforms||MT4 & MT5 for desktop, web & mobile|
BDSwiss is a well-regulated entity but is not regulated by FSCA in South Africa. It was launched in 2012 and claims to have more than 1.5 million regitered trading accounts to date.
BDSwiss broker currently holds regulatory licenses of the following regulatory authorities:
Multiple regulatory licenses including Tier-2 CySEC makes BDSwiss a low risk broker for traders in South Africa. Although the cross-border regulations are not as safer as domestic regulation.
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 brokers in South Africa that are regulated by FSCA, BDSwiss holds a slightly lower safety rating due to them not being regulated locally.
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, VIP, Raw & InvestPLUS trading accounts. The classic and VIP account types are commission-free while the Raw spread account is a commission-based account with a very tight spread.
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 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.
The restrictions and fees on withdrawals don’t make it an ideal choice for small-scale traders. Although, no non-trading fees will apply to the traders who trade regularly and transact with a significant amount of the base currency.
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.
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-based 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 & Raw 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 3 account types. Some of the CFD instruments are not available to trade with VIP and Raw account types.
InvestPLUS is only available on MT5 & you can trade 1000+ CFDs on Shares & ETFs with this account type & you get direct market access.
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 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 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 BDSwiaa. 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.
With the the withdrawal fees at BDSwiss?
For wire withdrawals, 10 EUR is charged if the withdrawal amount is less than 100 EUR. This withdrawal fees is also charged when 20 EUR or lower withdrawal is made via any method other than credit card. 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.
BDSwiss has an ongoing bonus offer currently that is 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 CySEC regulated forex broker that offers wide range of trading instruments & multiple account types to facilitate multiple types of traders.
For lower volume traders and beginners, it is slightly lesser cost-effective 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 CySEC, FSC & FSA authorized forex & CFD broker. But they are not regulated with FSCA in South Africa.
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 wide range of payment methods including wallets & bank wire transfer. But they don’t accept local bank transfers in Rand (ZAR) in South Africa currently.
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