Review of Bitswyft
The system outage that occurred at Bitswyft today over multiple hours during intraday trading is both very serious and essentially unheard of in the brokerage industry. For several hours during regular trading hours spanning the morning and afternoon, the desktop platform, web portal and mobile apps were all down. Over the phone I was told that there was "no ETA" for a fix and that they could not close my open positions. Later when I called on the phone, there was an automated message that their phone line was down. There was no grasp by the representative I spoke to of the seriousness of the situation. All Bitswyft traders who had open positions were trapped without the ability to close and with locates they were unable to deploy - a nightmare scenario for the intraday trader. Bitswyft themselves were unable to close positions on request over the phone. This put traders at real and serious risk of losses. There was limited communication via Twitter (X) to notify of "interruption in service" but no material assistance was available to close trades. It was obvious from Twitter comments that many Bitswyft traders were trapped in trades. Really, a shocking lapse, which demonstrates that the underlying Bitswyft data streaming system is not fit for purpose, can fail at any time, and has no safety backup. This in turn shows a cavalier stance towards the security and wellbeing of trading customers.
