BDSwiss

The group’s only tier-one licence, held by its Cyprus company, was suspended in October 2024 and withdrawn in 2025. Its remaining companies are in the Seychelles, Mauritius and the Comoros, and its websites no longer disclose any licence.

• HighCySEC suspended licence 199/13 of Viverno Markets Ltd, formerly BDSwiss Holding Ltd, on 24 October 2024, because the company did not appear to have at least two persons effectively directing its business. It withdrew the licence by board decision of 17 March 2025, announced on 9 May 2025, as the company had provided no investment services since 1 January 2024.
• MediumBDSwiss (Seychelles) Ltd remains on the FSA Seychelles register of securities dealers. BDSwiss’s archived pages of 2025 and 2026 also name a Mauritius company licensed by the FSC Mauritius and a Comoros company licensed by the Mwali International Services Authority; the current status of both could not be confirmed.
• MediumOn 9 October 2026 every BDSwiss website we checked redirected to a login page that names no company, licence or risk warning. Archived copies show the full sites were live until at least 8 May 2026.

The group does not disclose its owner. The FCA found in 2021 that the Cyprus company and the offshore companies shared ownership and management, but no owner is named in the sources reviewed, and the live website identifies no company at all.

• MediumThe live website does not identify the company clients contract with. The companies named here come from archived copies of BDSwiss’s own terms.
• ObservationNo owner, parent company or audited group accounts were found in public sources.

Clients of the offshore companies have no compensation scheme. BDSwiss’s October 2025 terms promise negative balance protection but also reserve the right to recover negative balances, and describe segregation of client money only as something the firm may be required to do.

• MediumClients of the Seychelles, Mauritius and Comoros companies fall outside any investor compensation scheme.
• LowThe Seychelles and Mauritius terms of October 2025 state that clients cannot lose more than their initial investment, but clause 18.2 lets the company recover a negative balance from the client or deduct it from the client’s other accounts.
• ObservationCySEC’s withdrawal decision requires the Cyprus company to return all client funds and resolve all client complaints. No regulator or court finding of a payout failure was found.

Not assessed in a desk audit. Spreads, slippage and fill quality can only be measured with live accounts.

CySEC fined the Cyprus company in 2023 for helping offshore affiliates sell CFDs without the EU’s retail protections. In 2021 the FCA stopped the group serving UK clients after finding that almost all of them had been placed with its offshore companies.

• HighOn 26 June 2023 CySEC fined BDSwiss Holding Ltd €100,000 (announced 27 July 2023) for circumventing, during 2021, the EU’s retail CFD rules on initial margin and risk warnings, by enabling offshore companies it was associated with to refer to its CySEC licence to attract clients, to whom they offered CFDs without initial margin protection or the necessary risk warning. CySEC took into account the firm’s cooperation and corrective measures.
• HighIn July 2021 the FCA required BDSwiss Holding Plc to stop dealing with UK clients and to use its best endeavours to make its offshore group companies do the same. The FCA found that of 94,038 UK residents who opened accounts with the group between 2017 and 2021, 98.84% were placed with the offshore companies, and that UK clients lost over 96% of the money they invested. The firm denied inducing UK consumers to contract with the offshore companies.
• ObservationA €150,000 CySEC settlement (January 2017) and a €5,000 CySEC fine (March 2016) are more than eight years old, so they are recorded here but not scored.
• ObservationRegulators in Germany (BaFin, 2022), Canada (BCSC and AMF Québec, 2021; Ontario, 2025), Ukraine (2024), Malaysia (2024), India (RBI Alert List) and Russia (2025) have named BDSwiss companies or websites as not authorised in their jurisdictions. Under our methodology these warnings are recorded but not scored.

Not assessed in a desk audit. Uptime, incident history and security controls require evidence from the firm or live monitoring.

No Great Place to Work certification was found. BDSwiss reported a community programme in Cyprus, including an annual blood donation drive from 2019 and donations to the Elpida Foundation and the Cyprus Anti-Cancer Society. Its community pages are no longer online.

• ObservationNo Great Place to Work certification was found in Great Place to Work’s public listings.
• ObservationCommunity contribution is reported by BDSwiss itself, in pages now available only as archived copies; we found no independent reporting of amounts.