At least ten BDSwiss employees have confirmed that they have left the broker in the past few days, but according to an industry insider, the figure is much higher.
"After assessing its global operations, management has decided not to continue operating in certain regions," BDSwiss stated.
Cyprus-headquartered BDSwiss has witnessed the departure of at least ten employees, including several top executives, in the past few days, Finance Magnates has learned. Additionally, dozens of traders on the platform have raised concerns about withdrawal issues.
BDSwiss Discontinuing Operations in "Certain" Regions
Meanwhile, BDSwiss has confirmed to Finance Magnates that they are restructuring their business and will discontinue operations in “certain geographical regions,” without specifying any jurisdiction.
“BDSwiss has made the decision to refocus and restructure its current business,” the broker wrote in a statement shared with Finance Magnates. “After assessing its global operations, management has decided not to continue operating in certain geographical regions. This decision has also impacted the staff at the headquarters.”
Interestingly, the broker secured a new license from the UAE’s Securities and Commodities Authority in the recent months.
The departed employees from the Cyprus offices of the broker include Achilleas Achilleos, the Chief Marketing Officer at BDSwiss; Nicole Heinrich, the former Chief Sales Officer; Marios Morfakis, the ex-Global Head of Sales; Nita Georgiadou, the former Head of Account Opening; and Vanessa Joyce, the former Country Manager. The broker's Head of Business Development at its Dubai office, Hassan Ibrahim, also confirmed on LinkedIn that he stepped down. Finance Magnates confirmed that at least ten people left the broker from its Cyprus and other offices.
There were also some departures among the remote teams of BDSwiss, which include Richard Jones, the broker’s Country Manager for Ghana, and two Market Analysts, Assumang Da-costa and Adnan Rehman, one based in Ghana and the other in Pakistan, according to their LinkedIn profiles.
Finance Magnates confirmed the exit of at least 9 employees, but a source informed the publication that the actual figure is much higher.
Departure of Top Executives
Achilleos was BDSwiss’ Chief Marketing Officer for the past couple of years. His other industry experience includes being the Marketing Executive of Skilling, another CFDs broker, and the Creative Director of ForexTime (FXTM). He also headed the marketing efforts of AGP Law Firm, Impact Tech, and a few other companies.
While Achilleos worked for BDSwiss for just over two years, Heinrich separated from the broker after more than eight years. She joined BDSwiss in mid-2016 as the German Account Manager and then climbed the corporate ladder to hold the position of Chief Sales Officer before her departure.
Georgiadou was another long-time BDSwiss employee who separated after almost six years. Morfakis also exited from BDSwiss’ Cyprus office and was the Global Head of Sales for about two years.
BDSwiss Is Facing Withdrawal Issues
Another interesting development is that the Trustpilot page of BDSwiss has received a wave of negative reviews in the last few days. All the complaints are about withdrawal issues traders were facing on the brokerage platform.
Out of the 36 reviews of BDSwiss on Trustpilot in the last 30 days, 31 were negative and related to withdrawal issues.
"It's been more than a week that I've been waiting for a withdrawal. The only thing that support says is, 'Sorry for the inconvenience, we are processing your withdrawal, we are having technical difficulties,'" one trader from Bolivia wrote on Trustpilot. "You are not a serious broker."
Another trader from Nigeria wrote: "I think BDSwiss is about to fold up anytime soon because most of the affiliate managers that work with them no longer pick up their calls nor respond to messages."
BDSwiss continued in its statement: "The industry has been facing challenges in recent months and only the most competitive brokers will survive. As part of its restructuring process, BDSwiss has experienced difficulties with delayed payments and withdrawals. However, all issues are being reviewed and will be resolved. We expect to share further positive news in the near future".
Cyprus-headquartered BDSwiss has witnessed the departure of at least ten employees, including several top executives, in the past few days, Finance Magnates has learned. Additionally, dozens of traders on the platform have raised concerns about withdrawal issues.
BDSwiss Discontinuing Operations in "Certain" Regions
Meanwhile, BDSwiss has confirmed to Finance Magnates that they are restructuring their business and will discontinue operations in “certain geographical regions,” without specifying any jurisdiction.
“BDSwiss has made the decision to refocus and restructure its current business,” the broker wrote in a statement shared with Finance Magnates. “After assessing its global operations, management has decided not to continue operating in certain geographical regions. This decision has also impacted the staff at the headquarters.”
Interestingly, the broker secured a new license from the UAE’s Securities and Commodities Authority in the recent months.
The departed employees from the Cyprus offices of the broker include Achilleas Achilleos, the Chief Marketing Officer at BDSwiss; Nicole Heinrich, the former Chief Sales Officer; Marios Morfakis, the ex-Global Head of Sales; Nita Georgiadou, the former Head of Account Opening; and Vanessa Joyce, the former Country Manager. The broker's Head of Business Development at its Dubai office, Hassan Ibrahim, also confirmed on LinkedIn that he stepped down. Finance Magnates confirmed that at least ten people left the broker from its Cyprus and other offices.
There were also some departures among the remote teams of BDSwiss, which include Richard Jones, the broker’s Country Manager for Ghana, and two Market Analysts, Assumang Da-costa and Adnan Rehman, one based in Ghana and the other in Pakistan, according to their LinkedIn profiles.
Finance Magnates confirmed the exit of at least 9 employees, but a source informed the publication that the actual figure is much higher.
Departure of Top Executives
Achilleos was BDSwiss’ Chief Marketing Officer for the past couple of years. His other industry experience includes being the Marketing Executive of Skilling, another CFDs broker, and the Creative Director of ForexTime (FXTM). He also headed the marketing efforts of AGP Law Firm, Impact Tech, and a few other companies.
While Achilleos worked for BDSwiss for just over two years, Heinrich separated from the broker after more than eight years. She joined BDSwiss in mid-2016 as the German Account Manager and then climbed the corporate ladder to hold the position of Chief Sales Officer before her departure.
Georgiadou was another long-time BDSwiss employee who separated after almost six years. Morfakis also exited from BDSwiss’ Cyprus office and was the Global Head of Sales for about two years.
BDSwiss Is Facing Withdrawal Issues
Another interesting development is that the Trustpilot page of BDSwiss has received a wave of negative reviews in the last few days. All the complaints are about withdrawal issues traders were facing on the brokerage platform.
Out of the 36 reviews of BDSwiss on Trustpilot in the last 30 days, 31 were negative and related to withdrawal issues.
"It's been more than a week that I've been waiting for a withdrawal. The only thing that support says is, 'Sorry for the inconvenience, we are processing your withdrawal, we are having technical difficulties,'" one trader from Bolivia wrote on Trustpilot. "You are not a serious broker."
Another trader from Nigeria wrote: "I think BDSwiss is about to fold up anytime soon because most of the affiliate managers that work with them no longer pick up their calls nor respond to messages."
BDSwiss continued in its statement: "The industry has been facing challenges in recent months and only the most competitive brokers will survive. As part of its restructuring process, BDSwiss has experienced difficulties with delayed payments and withdrawals. However, all issues are being reviewed and will be resolved. We expect to share further positive news in the near future".
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
Former Exness Marketing Head Assumes CMO – Asia Pacific Role at MultiBank
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
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As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
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Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
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In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
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Ready to Scale? Regtech in Australia, A Global View | FMPS:24
Ready to Scale? Regtech in Australia, A Global View | FMPS:24
In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
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In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
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Resilience in Trading: From Third Class To World Class | FMPS:24
Resilience in Trading: From Third Class To World Class | FMPS:24
Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
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Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
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IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
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For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
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