You have a problem with your online foreign exchange dealer

Foreign exchange dealers domiciled in Switzerland must hold a banking licence. Since the threshold for a banking licence is high, many foreign exchange dealers have ceased operating in Switzerland. However, FINMA regularly receives customer complaints regarding non-Swiss foreign exchange dealers offering their services via online platforms. These foreign companies frequently have a contact address in Switzerland and use Swiss bank accounts for their transactions.

The business model described above can constitute a de facto branch office of a foreign company which must therefore be authorised by FINMA. If FINMA becomes aware of illegal foreign exchange dealing, it takes action. However, if these companies are merely pretending to have a presence in Switzerland in order to exploit the good name of the Swiss financial centre, FINMA cannot proceed directly against them. FINMA publishes the names of such illegal foreign exchange dealers in its warning list.