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Contract reading

What Swissco legally published, but does not want you to read

Every clause below is published by Swissco itself, on its own website, today. The finding is not that the text exists. It is the distance between what a client is shown and what a client agreed to. Read from its own documents on .

Contracting entity: DEMETERER (PTY) LTD

sole discretionwithdrawalshidden feeunilateral amendmentaccount closuredeemed acceptancedormancyforum waiverjurisdictionprofit voiding

Swissco has stopped trading, and swissco.com now shows a page offering the domain name for sale. All twelve legal documents it published there are gone with it. The contract still charges $25 a month on an account that has not traded for 90 days, and it lets Demeterer forfeit every profit on every trade if it decides you traded on arbitrage. You get five business days to object to a trade before it becomes final.

Back to Swissco

Contract risk

Money at risk
8.4/10

Where this contract sitsHow far this contract goes, overall. Under 2 is nothing beyond the ordinary; 6 to 9 means several clauses put money you have already earned at risk; 9 and above reads as designed to make payout refusable.

0510
CriticalClauses that can cost you money you have already earned or deposited, or that remove your ability to challenge it.
8
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
26
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
13
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
4

How the 26 break downThe same flagged clauses, split by how much each one can cost you. Severity is our reading of the clause, not the broker's label.

Critical8
Warning15
Notice3

section 55 of 59is where the deepest clause sits, 93% of the way into the document it is in

The numbers in this contractFigures taken from this broker's own clauses, so the labels differ from broker to broker. The four in the panel above are the same on every report.

3 of these 4 figures come from a clause we rate critical, which means it can take your money or your profit rather than only delay it.

Critical12In the contract. Jump to the clause this comes from.Every legal document has been taken off the webCritical$25Fee on an unused account. Jump to the clause this comes from.A $25 monthly charge after ninety quiet daysCritical5 working daysTime to complain. Jump to the clause this comes from.Five business days to object or the trade stands$50Fee you were not shown. Jump to the clause this comes from.At least $50 to wire out less than $100

What the documents say

26 clauses worth knowing about, worst first, each quoted from Swissco's own files

01

All twelve legal documents Swissco published are no longer available, and swissco.com now shows a page offering the domain name for sale. Clause 31.3 still makes a change to your contract binding once Demeterer posts it on that website.

Why this matters

If you hold a balance, you cannot read the agreement that governs it or see the current charges. The complaints form in clause 29.2 points at an address that now sells the domain.

Exhibit 1CriticalRarely seen12

We will provide notice to you of any such amendment or change by posting the amendment or change on our website or in case of any material change, by sending an e-mail message to Customer at least 7 days before it takes effect.
Clause 31.3 in Terms and Conditions, p.33
Read from the broker's site on Open the reference

Buried at section 54 of 59 in the Terms and Conditions, 92% of the way through.

Our readingA live contract whose publisher has withdrawn every copy of it is unusual. The obligations outlast the website, but the wording a client needs to check them does not.

  • Worse together with Exhibit 17An amendment binds you once Demeterer posts it on a website that carries nothing.
02

Ninety days with no trade, no position and no deposit makes your account inactive under clause 16.2. Clause 16.3 then takes $25 a month from it, and nothing stops the charge before your balance reaches zero.

Why this matters

A small balance you leave alone disappears into the fee. Once it hits zero the account turns dormant, and clause 16.6 makes you contact support and supply fresh identity documents to use it again.

Exhibit 2CriticalHarder than usual$25

The Customer acknowledges and confirms that any trading account(s), held with Demeterer by a Demeterer Customer where the Customer has not: 1. placed a trade; 2. opened or closed positions; and/or 3. made a deposit into the Customers trading account; for a period of ninety (90) days and more, shall be classified by Demeterer as an Inactive Account
Clause 16.2 in Terms and Conditions, p.18
Read from the broker's site on Open the reference

Where it sits: section 30 of 59 in the Terms and Conditions, 51% of the way through.

What it costsAn account holding $300 that stops trading reaches zero in twelve months at $25 a month. Nothing is left to withdraw.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must give a retail client the costs and charges of the service before they trade. This charge sits in clause 16.3 of a 34 page document, and the Swissco page describing the account types names no charge at all.

Swissco is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Day 90Demeterer classes the account as inactive after 90 days with no trade, no position opened or closed and no deposit.16.2
Every month after thatA charge of $25 a month starts, for administering an inactive account.16.3
Month 12A further $100 per quarter applies, less the monthly charges already taken, and Demeterer can apply it backwards.16.5
Balance reaches zeroThe account becomes dormant, and you must contact support with up to date identity documents to use it again.16.4
  • Worse together with Exhibit 9The monthly charge runs a small balance down while the withdrawal charge makes taking that balance out uneconomic.
03

Demeterer can cancel every one of your positions and keep every profit on every trade you have made, under clause 13.3, if it considers that you engaged in market arbitrage. The contract never defines that term and sets no test Demeterer has to meet.

Why this matters

The forfeiture is not limited to the trades in question, it reaches all of them. Clause 14.2 lets Demeterer reclaim profit at any time during the relationship, including profit you made months ago.

Exhibit 3CriticalHarder than usual

We reserve the right to cancel any and/or all trading positions and withhold and/or forfeit any profits incurred by the Customer on all the Customer's trades if we consider that that the Customer has engaged in market Arbitrage.
Clause 13.3 in Terms and Conditions, p.15
Read from the broker's site on Open the reference

Where it sits: section 26 of 59 in the Terms and Conditions, 44% of the way through.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must treat retail clients fairly and be able to show the basis of a decision that takes money from them. This clause requires only that Demeterer considers the conduct to have happened.

Swissco is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

04

Trade confirmations become conclusive and binding on you after 5 business days under clause 11.8. Say nothing in that window and you have agreed the trade, whatever the platform actually did.

In plain words

A manifest error means an obvious mistake by the broker.

Why this matters

The clock runs from the trading day, not from the day you notice a problem. A holiday or a week away closes the only route you had to challenge a fill.

Exhibit 4CriticalHarder than usual5 working days

Confirmations shall, in the absence of manifest error, be conclusive and binding on you, unless you place your objection in writing within 5 Business Days.
Clause 11.8 in Terms and Conditions, p.12
Read from the broker's site on Open the reference

Where it sits: section 21 of 59 in the Terms and Conditions, 36% of the way through.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA must let a retail client bring a complaint long after the event and must point them to an independent ombudsman. This contract gives 5 business days and names no external scheme.

Swissco is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

  • Worse together with Exhibit 15You have five days to object, and the recording that would settle it belongs to Demeterer and need never be shown to you.
05

Swissco ran a full Japanese version of its site, with an account opening button and a deposit step in the signup guide. Clause 3.2 of the contract refuses residents of Japan, naming it alongside Canada.

Why this matters

If you signed up from Japan, Demeterer can treat you as someone it never agreed to serve, and clause 3.2 is what it points at. The Japanese page named only the United States as restricted.

Exhibit 5CriticalHarder than usual

persons who are residents of countries whose jurisdiction requires prior registration of issue of securities or information obligations of the Issuer, such as Canada or Japan;
Clause 3.2.a in Terms and Conditions, p.5
Read from the broker's site on Open the reference

Where it sits: section 7 of 59 in the Terms and Conditions, near the start.

06

Clause 1.4 takes payouts, refunds and redemptions out of the responsibility of the South African company that holds the licence, and leaves them with Demeterer Europe Ltd in Cyprus. The documents never say the Cyprus company is licensed anywhere.

Why this matters

The company a regulator supervises has written itself out of responsibility for paying you. The company that is responsible answers to no regulator the contract names.

Exhibit 6CriticalRarely seenNew

Demeterer Europe Ltd functions on behalf of the principal entity DEMETERER (PTY) LTD, overseeing client payments, customer support, and marketing services in specified regions.
Clause 1.4 in Terms and Conditions, p.1
Read from the broker's site on Open the reference

Where it sits: section 2 of 59 in the Terms and Conditions, near the start.

Our readingSplitting a broker so one company holds the licence and another owes the payout is a distribution arrangement borrowed from product sales. In a trading agreement it decides who you can chase for your own money.

Demeterer can decide your profit was never yours

Clause 13.3 lets Demeterer cancel every position and forfeit every profit on every trade if it considers you engaged in market arbitrage, a term the contract never defines. Clause 14.2 lets it reclaim historic profit at any time. Clause 22.1 lets it void realised and unrealised profit on a belief about what you will do in future.

Profit voiding2 clauses flagged

Demeterer can act once it decides, in its absolute discretion, that you have missed an obligation or that it believes you will miss one in future. Clause 22.1.4 then voids your transactions and your profit, realised or not, with no notice.

Why this matters

Nothing needs to have gone wrong yet. A belief about what you might do later is enough to cancel your trades and close your account the same day.

Exhibit 7CriticalHarder than usual

On an Event of Default or at any time after we have determined, in our absolute discretion, that you have not performed (or we reasonably believe that you will not be able or willing in the future to perform) any of your obligations to us, in addition to any rights under the clause 23 (Netting) we shall be entitled to take the following actions, without prior notice to you:
Clause 22.1 in Terms and Conditions, p.27
Read from the broker's site on Open the reference

Buried at section 44 of 59 in the Terms and Conditions, 75% of the way through.

  • Worse together with Exhibit 3One clause takes profit for conduct Demeterer names, the other for conduct Demeterer expects.

Clauses 14.3 and 14.4 close the account of any employee or business associate, current or former, who trades with a Demeterer brand without written approval. Everything in the account is confiscated, deposits included, not just profit.

Why this matters

The bar does not end when the job or the contract ends, and it reaches trading done indirectly through a partner or any third party. Your own deposited money is the penalty.

Exhibit 8CriticalRarely seen

In such circumstances the employee and/or former employee's trading account(s) and all open positions shall be closed immediately and any funds held within the account shall be confiscated.
Clause 14.3 in Terms and Conditions, p.16
Read from the broker's site on Open the reference

Where it sits: section 28 of 59 in the Terms and Conditions, 47% of the way through.

Our readingTrading agreements usually bar staff from holding accounts. Taking the whole balance including deposits, and keeping the bar in force after the relationship ends, turns a conflict rule into a forfeiture.

A Japanese website for a country the contract bars

Swissco ran a full Japanese version of its site, with an account opening button and a deposit step. Clause 3.2 of the contract refuses residents of Japan, in the same line as Canada. The Japanese page named only the United States as restricted, and so did the English one.

Language arbitrage1 clause flagged

Swissco told visitors in English and in Japanese that it had served clients since 2013. Clause 1.2 of its own contract gives the company number 2016/366171/07, and a South African company number opens with the year of registration.

Why this matters

The track record you were shown is longer than the company behind it. The brand's own copyright line on every page reads 2023.

Exhibit 26Warning

Demeterer (operating under the brand name „Swissco“) is a company incorporated under the laws of South Africa, with registration number 2016/366171/07.
Clause 1.2 in Terms and Conditions, p.1
Read from the broker's site on Open the reference
Our own capture of web.archive.org, taken on Oct 2, 2026The claim, on Who We Are section of the English homepage, repeated in Japanese as 当社は、2013 年以来、お客様に資本市場取引を提供している規制対象の証券ディーラーです。Visit this page on the broker's siteDownload the full size image file

Where it sits: section 2 of 59 in the Terms and Conditions, near the start.

A conversion mark-up with no percentage attached

Clause 10.5 adds a fixed percentage to the exchange rate on every currency conversion and never says what the percentage is. Clause 15.3 charges a minimum of $50 to handle a wire withdrawal under $100. Swissco's account types page lists no charge of any kind.

Cost disclosure2 clauses flagged

Clause 15.3 sets the wire withdrawal minimum at $100 and the minimum for other methods at $20. Ask for less and a handling charge applies, starting at $50 for a wire and $10 for anything else.

Why this matters

The charge is a floor, not a cap, so collecting a small balance can cost most of it. Nothing in the clause limits what Demeterer may charge above that minimum.

Exhibit 9WarningHarder than usual$50

The minimum withdrawal amount request for wire transfer is $100. Any withdrawal request for an amount below the two amounts mentioned above, will incur handling and processing charges as follows: minimum $10 for all methods (excluding wire transfer) and minimum $ 50 for the wire transfer.
Clause 15.3 in Terms and Conditions, p.17
Read from the broker's site on Open the reference

Where it sits: section 29 of 59 in the Terms and Conditions, 49% of the way through.

What it costsA $60 wire withdrawal falls under the $100 minimum, so the handling charge starts at $50. You receive $10 or less.

Whenever your account currency differs from the currency of what you trade, clause 10.5 adds a fixed percentage to the exchange rate as a mark-up. The clause never says what that percentage is.

Why this matters

The charge touches your margin, your profit and loss, your overnight financing and any corporate action. You cannot work out what you paid, because the figure is not in the contract.

Exhibit 10WarningHarder than usual

The conversion will include a fixed percentage on the conversion rate applicable at the time as a mark-up.
Clause 10.5 in Terms and Conditions, p.11
Read from the broker's site on Open the reference

Where it sits: section 18 of 59 in the Terms and Conditions, 31% of the way through.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must disclose costs and charges to a retail client before they trade, including currency conversion costs. This clause states that a percentage applies and leaves the figure out.

Swissco is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Same day payment, once Demeterer approves the request

Clause 15.1 promises same day processing only after your withdrawal request is approved, and sets no deadline or test for that approval. Clause 15.4 leaves the payment method to Demeterer's absolute discretion. Clause 8.5 stops treating your money as client money after six years without movement.

Exit conditions2 clauses flagged

Clause 15.1 promises to process your withdrawal the same day, but only once the request is approved. Nothing in the contract says how long approval may take or what Demeterer must consider.

Why this matters

The promise you read covers the fast part of the process, not the part that holds your money. Clause 15.4 also lets Demeterer pick the payment method in its absolute discretion.

Exhibit 12WarningHarder than usual

Once your withdrawal request is approved, your withdrawal request will be processed by us and sent to the same bank, credit card or other source for execution on the same day that the request to withdraw funds was made, or the next working day if the client's request is received outside of normal trading hours.
Clause 15.1 in Terms and Conditions, p.17
Read from the broker's site on Open the reference

Where it sits: section 29 of 59 in the Terms and Conditions, 49% of the way through.

Our readingMost agreements run the clock from the request. Hanging it on an approval with no stated test moves the whole timetable inside the firm. Clause 15.5 does commit Demeterer to explaining a delay and giving an expected timeframe.

Clause 8.5 lets Demeterer stop treating your balance as client money once it has not moved for six years. It writes to your last known address first and gives you 28 days to claim.

Why this matters

The letter goes to the address Demeterer last had for you, which may be years out of date. The website that would tell you any of this is no longer there.

Exhibit 13NoticeStandard wording28 days

You agree that we may cease to treat your funds as client funds if there has been no movement on your balance for six years. We shall write to you at your last known address informing you of our intention of no longer treating your balance as client funds and giving you 28 days to make a claim.
Clause 8.5 in Terms and Conditions, p.9
Read from the broker's site on Open the reference

Where it sits: section 15 of 59 in the Terms and Conditions, near the start.

Set against a regulated standard: FCA (UK)

The FCA lets a firm release unclaimed client money after six years if it has taken reasonable steps to trace the client. This clause uses a letter to the last known address and a 28 day window, which follows the same pattern.

Swissco is not licensed by this regulator, so this is a comparison of practice, not a finding of any breach.

Demeterer can change the terms by posting them

Clause 31.3 binds you to an amendment once Demeterer posts it on its website, and counts seven business days of silence as consent. Clause 24.1 lets Demeterer end the agreement immediately while you must give ten days. Clause 31.4 lets it hand your account and everything it holds about you to another company without notice.

Unilateral change4 clauses flagged

Demeterer can amend the agreement at any time under clause 31.3, and a posting on its website binds you. Object and you must close your positions and give written instructions within 7 business days, or you are taken to have accepted.

Why this matters

The notice you are deemed to have received was published on a website that no longer carries anything. Your only way out is to liquidate everything inside a week.

Exhibit 17WarningHarder than usual7 working days

In the event that you object to any such change or amendment, you agree to liquidate your open positions and instruct us in writing regarding the disposition of all assets in your Account within seven (7) business days after notice of the amendment or change has been posted on our website or otherwise notified to you.
Clause 31.3 in Terms and Conditions, p.33
Read from the broker's site on Open the reference

Buried at section 54 of 59 in the Terms and Conditions, 92% of the way through.

The 2023 contract let either side end the relationship on ten days notice. The 18.06.2024 replacement keeps the 10 day notice for you and lets Demeterer leave with immediate effect, pointing to article 1.4, which says nothing about termination.

Why this matters

All your open positions close on the termination date, with charges, fees and penalties still payable. Demeterer can set that date today, and the article it relies on gives you nothing to check it against.

Exhibit 18WarningHarder than usual10 daysNew

Unless required by Applicable Regulations, Client may terminate this Agreement (and the relationship between us) by giving ten [10] days written notice of termination and Demeterer may terminate this Agreement (and the relationship between us) with immediate effect according to article 1.4.
Clause 24.1 in Terms and Conditions, p.28
Read from the broker's site on Open the reference

Buried at section 45 of 59 in the Terms and Conditions, 76% of the way through.

Clause 31.4 lets Demeterer transfer its rights and obligations under your agreement to any person, without further notice to you, and give that person everything it holds about you. You cannot transfer your side without its written consent.

Why this matters

The company holding your money can become one you never chose, in a country you were not told about. Your identity documents and trading history travel with it.

Exhibit 19WarningHarder than usual

You agree that we may without further notice to you and subject to Applicable Regulations, transfer by whatever means we consider appropriate all or any of our rights, benefits, obligations, risks and/or interests under this Agreement to any person who may enter into a contract with us in connection with such transfer and you agree that we may transfer to such person all information which we hold about you.
Clause 31.4 in Terms and Conditions, p.33
Read from the broker's site on Open the reference

Buried at section 55 of 59 in the Terms and Conditions, 93% of the way through.

Clause 11.12 lets Demeterer widen its spreads, change your leverage and raise margin requirements without notice. The same clause makes you cover any loss that follows from the wider spread or the leverage change.

Why this matters

A position that was safe can be pushed into a margin call by a change you were never told about, and the cost lands on you. The clause does also state that you cannot lose more than your initial investment.

Exhibit 20WarningHarder than usual

Demeterer exclusively reserves the right to widen its variable spreads, adjust leverage, change its rollover rates and/or increase the margin requirements without notice under certain market conditions including, but not limited to, when the trading desk is closed, around fundamental announcements, as a result of changes in credit markets and/or at times of extreme market volatility.
Clause 11.12 in Terms and Conditions, p.13
Read from the broker's site on Open the reference

Where it sits: section 22 of 59 in the Terms and Conditions, 37% of the way through.

Five business days to object, then the trade is final

Clause 11.8 makes every trade confirmation conclusive and binding on you after 5 business days of silence. Clause 25.3 makes Demeterer's own recordings conclusive evidence, and clause 25.7 removes any duty to give you a copy. No ombudsman or external scheme is named anywhere in the contract.

Complaint deadlines2 clauses flagged

Clause 25.3 makes Demeterer's call recordings conclusive evidence of what you instructed, and its sole property. Clause 25.7 lets it give a copy to a regulator without telling you, while owing you no copy at all.

Why this matters

In any argument about an order you placed, the deciding record belongs to the other side and you cannot demand it. Clause 25.6 also stops you objecting to that record being used as evidence.

Exhibit 15WarningHarder than usual

Any recordings shall be and will remain our sole property and will be accepted by you as conclusive evidence of the instructions, requests or conversations so recorded.
Clause 25.3 in Terms and Conditions, p.29
Read from the broker's site on Open the reference

Buried at section 46 of 59 in the Terms and Conditions, 78% of the way through.

Clause 29.4 gives Demeterer two months to answer a complaint, then lets it pass that deadline by sending a letter explaining why and naming a new period. The contract sets no final limit and names no ombudsman.

Why this matters

Your own deadline to object to a trade is 5 business days. Demeterer's deadline to answer you can be extended by its own letter, and no independent office is named to take the complaint further.

Exhibit 16WarningHarder than usual

If the Company does not manage to conclude its investigation and/or respond to you within two (2) months from the date of receipt of the complaint, the Company shall send a written notice explaining the reasons for not reaching a decision and/or concluding the investigation yet, as well as indicate the period of time within it shall be able to complete the investigation.
Clause 29.4 in Terms and Conditions, p.32
Read from the broker's site on Open the reference

Buried at section 52 of 59 in the Terms and Conditions, 88% of the way through.

Set against a regulated standard: FSCA (South Africa), FCA (UK)

Financial services providers licensed by the FSCA must tell clients about the FAIS Ombud, an independent office that can decide a complaint at no cost. Firms licensed by the FCA must answer within eight weeks and point to an ombudsman. This contract names neither.

Swissco is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

The licensed company is not the one that owes you a payout

Clause 1.4 leaves payouts, refunds and redemptions with Demeterer Europe Ltd in Cyprus, and takes them out of the South African licence holder's responsibility. Clause 28.1 sends every dispute to the courts of South Africa and makes you waive any objection to that. The 18.06.2024 version also dropped the FSCA licence number the 2023 version carried on every page.

In plain words

On a principal basis, as your counterparty, means the broker takes the other side of your trade itself. Your loss is then the firm’s gain, so it has an interest in how your trade ends.

Counterparty2 clauses flagged

The 18.06.2024 version added exclusive jurisdiction for the courts of South Africa over anything touching your account. Clause 28.1 also makes you waive any objection to being brought there, including that the forum is inconvenient.

Why this matters

Swissco marketed in seven languages, and a claim from any of those countries has to be run in Johannesburg. You have given up the argument that this is unreasonable.

Exhibit 21WarningHarder than usualNew

In case of any dispute, claim, controversy or action arising out of or related to (a) the Agreement or the existence, breach, termination, enforcement, interpretation or validity thereof, or (b) your Account, the Services, operations of the trading platform, or (c) your access to or use of the Services at any time, the party’s consent to the personal and exclusive jurisdiction of the courts of South Africa.
Clause 28.1 in Terms and Conditions, p.31
Read from the broker's site on Open the reference

Buried at section 51 of 59 in the Terms and Conditions, 86% of the way through.

Our readingA governing law clause pointing at the firm's home country is standard. An express waiver of the inconvenient forum argument goes further, and the 2023 version did not have one.

The 02.06.2023 agreement said Swissco was authorised and regulated by the Financial Sector Conduct Authority under FSP number 50354, on every page. The 18.06.2024 replacement gives only a company registration number and names no regulator.

Why this matters

The document you would rely on to show who supervises Demeterer stopped saying it, while the website kept advertising the licence. The newer contract tells you nowhere to complain above the firm.

Exhibit 22WarningRarely seen

Demeterer (operating under the brand name „Swissco“) is a company incorporated under the laws of South Africa, with registration number 2016/366171/07.
Clause 1.2 in Terms and Conditions, p.1
Read from the broker's site on Open the reference

Where it sits: section 2 of 59 in the Terms and Conditions, near the start.

Our readingBrokers normally add regulatory detail to a contract over time. Removing the authorisation statement and the licence number, while the marketing site still displayed both, runs the other way.

  • Worse together with Exhibit 6The contract stops naming a regulator for the licence holder in the same revision that moves your payout to a company with no stated licence.

A suspicion about your money freezes all of it

Clause 19.1 lets Demeterer freeze your Swissco account, delay withdrawals and reverse completed trades when it reasonably suspects your funds are not your own. No deadline, no appeal and no liability attaches. The same clause bars any claim for loss the freeze causes you.

Account freeze1 clause flagged

Clause 19.1 lets Demeterer freeze your account, delay withdrawals, close your positions and reverse completed trades whenever it reasonably suspects the funds are not legally yours. The same clause removes its liability for what you lose.

Why this matters

No deadline governs the freeze and no appeal is offered. Demeterer can also undo trades that already settled, so a profit can be removed rather than just held.

Exhibit 14WarningHarder than usual

If the Company reasonably suspects that the Client is in breach of the above warranty, it may, without derogating from its other rights under the Agreement, to freeze the Account, either by prohibiting additional deposits, refunding the amount to the sender, declining Order and/or declining or delaying any withdrawal requests, terminating existing positions, reversing any Transaction performed in Client´s Trading Account, terminating the Agreement and/or any other means it is allowed or required to take.
Clause 19.1.14 in Terms and Conditions, p.24
Read from the broker's site on Open the reference

Buried at section 38 of 59 in the Terms and Conditions, 64% of the way through.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC may hold funds while they check the source, and must still pay a retail client promptly and explain a delay. This clause sets no time limit on the freeze.

Swissco is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

  • Worse together with Exhibit 12A withdrawal needs an approval with no deadline, and asking for one can trigger a source of funds review with no deadline either.

Ninety quiet days start a $25 monthly charge

Clause 16.3 charges $25 a month on any Swissco account that has not traded, opened a position or taken a deposit for 90 days. Clause 16.5 adds $100 per quarter after a year and can apply it backwards. The Swissco page describing the account types names no charge at all.

In plain words

Dormancy means an account left unused.

Dormancy1 clause flagged

After twelve months inactive, clause 16.5 adds an Annual Inactivity Fee of $100 per quarter, less the monthly charges already taken. Demeterer can apply it at any point once that year has passed, and it applies retroactively.

Why this matters

You cannot know what the account owes until Demeterer decides to collect. A balance you thought was shrinking by $25 a month can be billed $400 for the year instead.

Exhibit 11WarningRarely seen$100

In cases where your account remains Inactive for a period exceeding 12 months, an Annual Inactivity Fee shall apply, which will be deducted at a rate of one-hundred US Dollars ($100) or equivalent per quarter, minus any monthly inactivity fees already charged.
Clause 16.5 in Terms and Conditions, p.19
Read from the broker's site on Open the reference

Where it sits: section 31 of 59 in the Terms and Conditions, 53% of the way through.

What it costsFour quarters at $100 is $400 for a year of inactivity. Twelve monthly charges of $25 come to $300, so the retroactive top-up is $100.

Our readingCharging a fee backwards over a period that has already passed is unusual. The amount owed is not fixed when the account goes quiet, it is fixed when Demeterer chooses to apply it.

  • Worse together with Exhibit 2Both charges run on the same inactive account, and the yearly one is worked out after the monthly ones have taken their cut.

The broker is gone and so are its documents

swissco.com now shows a page offering the domain name for sale. All twelve legal documents Swissco published there, the client agreement among them, are no longer available. Clause 31.3 still makes a change binding once Demeterer posts it on that website, and clause 29.2 still sends a complaint to an address that now sells the domain.

Publication1 clause flagged

Clause 8.1 says your trading funds are held in Demeterer's name, or in the name of a payment institution it uses. Clause 26.5 then removes its liability if that bank or institution fails and the money is lost.

Why this matters

Money held in the firm's own name is harder to separate from the firm's own money if it collapses. No compensation scheme is named anywhere in the contract, and clause 8.4 pays you no interest.

Exhibit 23WarningHarder than usual

By accepting this Agreement, you authorize Demeterer to make any necessary reconciliation transfers in order for the bank account balance to match the trading account balance
Clause 8.1 in Terms and Conditions, p.8
Read from the broker's site on Open the reference

Where it sits: section 14 of 59 in the Terms and Conditions, near the start.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must keep retail client money in segregated accounts identified as client money, and their clients are covered by a statutory compensation scheme. This contract names no scheme.

Swissco is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

A bonus with no value and terms that can change

Clause 11.2 tells you a Swissco promotion has no actual value except while it sits in your account. It also says the terms of any bonus can change after you accept it. The Bonus Policy it points you to is no longer published.

Promotions1 clause flagged

Clause 11.2 tells you a Swissco promotion has no actual value except while it sits in your account. It also says the terms of any bonus can change after you have accepted it.

Why this matters

A credit you counted as part of your balance can be withdrawn or rewritten at Demeterer's choosing. The Bonus Policy the clause sends you to is no longer published.

Exhibit 25NoticeHarder than usual

Please note that by accepting the terms and conditions when registering with our Company, you acknowledge that these promotions are limited, and have no actual value except while in your account.
Clause 11.2 in Terms and Conditions, p.11
Read from the broker's site on Open the reference

Where it sits: section 20 of 59 in the Terms and Conditions, 34% of the way through.

Every price comes from one unnamed market maker

Clause 11.17 says the prices Swissco shows come from its market maker, and the contract never names that firm. The definition of execution routes your orders to the same market maker. The Conflict of Interest Policy that would explain the relationship is no longer published.

Price source1 clause flagged

The prices Swissco shows come from its market maker under clause 11.17, and the contract never names that firm. The definition of execution routes your orders to the same market maker.

Why this matters

Your profit and loss is measured against a price with no outside benchmark in the contract. The Conflict of Interest Policy that would explain the relationship is no longer published.

Exhibit 24NoticeStandard wording

The levels we present on our site are the ones received from our market maker.
Clause 11.17 in Terms and Conditions, p.14
Read from the broker's site on Open the reference

Where it sits: section 23 of 59 in the Terms and Conditions, 39% of the way through.

Where the marketing and the contract disagree

A promise made in public, set against the clause that governs it

01

The Japanese page names only the United States as restricted, while the English contract refuses residents of Japan.

Said in public, in Japanese

当社は、米国を含む特定の法域の居住者、またはそのような配布や使用が現地の法律や規制に反するような特定の国や法域の居住者には口座を開設しません。

Word for word in English: We do not open accounts for residents of certain jurisdictions including the United States, or for residents of particular countries or jurisdictions where such distribution or use would be contrary to local law or regulation.

Footer of Swissco's Japanese homepage, which also carries an account opening button and a deposit step in its signup guide

In the contract · clause 3.2.a

persons who are residents of countries whose jurisdiction requires prior registration of issue of securities or information obligations of the Issuer, such as Canada or Japan;

02

The site named one restricted country while clause 3.2 lists two dozen places, including Australia, New Zealand, Hong Kong, Israel and Singapore.

Said in public, in English

Restricted Jurisdictions: We do not establish accounts to residents of certain jurisdictions including United States or any particular country or jurisdiction where such distribution or use would be contrary to local law or regulation for more information about restricted jurisdictions please read our Terms & Conditions.

Footer of the regulation page, the page that listed every legal document

In the contract · clause 3.2.b

residents of: Crimea and Sevastopol, Cuba, Ecuador, Iran, Iraq, Myanmar, North Korea, Pakistan, South Sudan, Syria, Australia, Democratic Republic of Congo, Eritrea, Hong Kong, Israel, Libyan Arab Jamahiriya, New Zealand, North Cyprus, North Korea, Singapore, Somalia, Sudan, all USA jurisdictions, Russian Federation.

03

Transparency is the homepage promise, while the contract charges a currency mark-up whose percentage it never states.

Said in public, in English

Swissco is a trade mark regulated by the financial authority FSCA with the aim of transparency and a safe trading environment for our clients.

Who We Are section of the English homepage

In the contract · clause 10.5

The conversion will include a fixed percentage on the conversion rate applicable at the time as a mark-up.

04

The site claimed service since 2013, while the contract's own company number dates the company to 2016.

Said in public, in English

We are a regulated securities dealer offering capital markets trading to our clients since 2013.

Who We Are section of the English homepage, repeated in Japanese as 当社は、2013 年以来、お客様に資本市場取引を提供している規制対象の証券ディーラーです。

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of web.archive.org

In the contract · clause 1.2

Demeterer (operating under the brand name „Swissco“) is a company incorporated under the laws of South Africa, with registration number 2016/366171/07.

What changed quietly

This is our first reading of Swissco, so there is nothing to compare it against.

  • REWRITTENClause 24.1 · 02.06.2023 to 18.06.2024

    A notice period both sides shared became ten days for you and immediate effect for Demeterer.

    Unless required by Applicable Regulations, Client may terminate this Agreement (and the relationship between us) by giving ten [10] days written notice of termination and Demeterer may terminate this Agreement (and the relationship between us) with immediate effect according to article 1.4.

  • ADDEDClause 1.4 · 02.06.2023 to 18.06.2024

    The licence holder carved payouts and refunds out of its own responsibility and gave them to a Cyprus company.

    Demeterer (PTY) retains responsibility for all services provided, excluding the actual sale transactions such as the sale and/or purchase of instruments, refunds, returns, redemptions, payouts, etc.

  • ADDEDClause 28.1 · 02.06.2023 to 18.06.2024

    Exclusive South African jurisdiction and a waiver of any objection to that forum were added to the governing law clause.

    waives any objection which the Customer may have at any time to the bringing of any proceedings in any such court, including under the doctrine of forum non convenes or other similar doctrines.

  • REMOVEDClause 28.1 · 02.06.2023 to 18.06.2024

    The immunity waiver the 2023 version imposed on clients was dropped.

  • REMOVEDClause 1.2 · 02.06.2023 to 18.06.2024

    The statement that Swissco is authorised and regulated by the FSCA, and its licence number, left the contract.

The documents this reading is based on

13 files, all published by Swissco. Each shows when we read it and a fingerprint of its wording.

WIKILIX keeps the copy of each file it read, and does not republish it: what is published is the fingerprint of its wording. Download the file yourself and hash its text, lowercased with runs of whitespace collapsed, and a matching fingerprint means the wording quoted above is still the wording Swissco publishes.

How this reading was done

Every clause above was read out of a document Swissco publishes itself

This reading was published on .

Documents
0 of 13downloaded from the broker's site, none of them read end to end
Pages opened
36pages walked to find those documents, footer links included
Older copies
6earlier versions downloaded, 5 identical to the copy we hold by fingerprint
Languages
EN vs JAthe language it advertises in, against the language it contracts in
Position measured
26clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

DEMETERER (PTY) LTD

A client contracts with DEMETERER (PTY) LTD, a South African company in Johannesburg. The contract gives its registration number as 2016/366171/07, and it trades as Swissco and as GINFI. From the 18.06.2024 version, Demeterer Europe Ltd of Nicosia, Cyprus, company number HE448684, is named as part of the same Company. It handles client payments, support and marketing. Clause 1.4 then takes payouts, refunds and redemptions out of the South African company's responsibility and leaves them with the Cyprus one. The documents never say the Cyprus company holds a licence anywhere. The 02.06.2023 version named the South African company alone and carried its FSCA licence number 50354 on every page. The 18.06.2024 replacement names no regulator and no licence number.

Quotations are copied verbatim from the documents named above, with the clause number and the page each one came from. Where a clause is quoted in another language, the original is shown first and the English is a translation.

The plain-language parts, what a clause means for a client, how ordinary it is, and how it reads against a regulated standard, are WIKILIX's analysis and are labelled as such on every card. This is a reading of public documents, not legal advice and not an allegation of wrongdoing.

In fairness, and what we could not check

A reader who knows the edges of the work can trust the middle of it

Demeterer put a dated version marker on the front page of both contracts, so a client can tell which text they agreed to. Clause 11.12 states plainly that you cannot lose more than your initial investment. Clause 15.5 commits Demeterer to explaining any withdrawal delay and giving an expected timeframe, in words that are fair, clear and not misleading. Clause 3.2 lists the barred countries by name instead of leaving them vague, which is more than many brokers publish.

We could not open any of the twelve legal documents published at swissco.com, because that address now shows a page offering the domain name for sale. Every clause quoted here comes from an earlier copy of the contract held by an independent web archive. Two copies were readable: the Terms and Conditions dated 18.06.2024, which Swissco's own regulation page linked as the client agreement, and the Terms and Conditions and Client Agreement dated 02.06.2023. We did not read the Risk Disclosure Statement, the Bonus Policy, the Conflict of Interest Policy, the complaints handling policy or the Cookies Policy in any version. Swissco's privacy policy in Arabic, Czech, Spanish and Japanese is not available in any version we could read, and we read the Hindi page from a copy taken in August 2025. The marketing claims quoted here come from pages we opened ourselves, captured between March and July 2025, the last months the site was trading.

How to check any of this yourself

Every quote above links to the Swissco file it came from. This is what to do with it.

Open the three stepsFind the words in the source, work out the fingerprint, and read what a difference does and does not prove.

Open the source and search for the words

Every quote has a link under it. Open the file, or the web page, and search it for the words we quote. The clause number next to the quote tells you where to look.

If the words are not there any more, the source may have changed after we read it. That is worth knowing too. We keep the date we read it, and a code worked out from its wording, so the quote stays checkable.

What a fingerprint is

A fingerprint is a code worked out from what a source says. Change one word and the code changes completely. We keep two codes for every file we read, and the panel on each source shows both.

The first is the code of the exact file we downloaded. The second is the code of its wording alone, with capital letters lowered and runs of spaces collapsed. When the same words are saved as a new file, the first code changes and the second one stays the same.

Only the first code can be worked out on your own computer. Save the file, then run one of these, putting the name of the file you saved where the example is. The panel on each source prints the command with that source's real file name already in it.

macOS or Linux:
  shasum -a 256 the-file-you-saved.pdf

Windows:
  certutil -hashfile the-file-you-saved.pdf SHA256

The two codes are different from each other, and they are not meant to match. Comparing one against the other proves nothing.

What a difference means, and what it does not

A different file code on its own proves nothing. A PDF saved again with a new date inside it is a new file saying exactly the same thing.

A different wording code means the words themselves changed. That is the one that matters, and it is why we keep it.

Even then, a change is not proof of bad faith. Companies update their documents. What this report says is what the document said on the day we read it, and every quote carries that date.

A source that is a web page and not a file has no file to save, so only the code of its wording is shown.

How this report is made

Every clause quoted above comes from a document Swissco publishes on its own website, downloaded and hashed on the date shown, with the clause number and page recorded so any reader can check it. We do not allege anything the documents do not say, and we do not judge Swissco on anything other than its own published terms and its own public marketing. Where a clause has a qualifier that softens it, the report says so. Last read Oct 2, 2026.

If you represent Swissco and a clause has changed, been withdrawn, or is being read out of context, tell us and we will re-read the documents and update this page. Corrections from the broker are welcome and are published with the reading they change. Contact us.

This is a reading of a contract, not legal advice and not a ruling on Swissco. Whether its licence is real and current is a separate check on the broker profile.

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