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Switch Markets is a name that two separate brokers use. One of them uses the switch markets.com.au URL and operates from Australia. The other one is switch markets.com, and this is the firm we shall be reviewing today. It originates from SVG.
We are not fond of offshore schemes as we have seen several individuals lose funds to such entities. The market is highly regulated, and there are numerous financial bodies. If a broker is not licensed, it should have positive reviews from its customers.
Unfortunately, Switch Markets does not have trading results. The entity is new in the industry. Without knowing how the scheme operates, you will be at high risk. We recommend that you trade with legit forex platforms that are transparent and have been in the industry for years.
Nonetheless, the skin purports it has a license, and it is suitable for all types of investors. They allegedly also have free trading education. The company’s information makes them stand out, but there is no sufficient proof.
Switch Markets claims it does not charge commission. There is no fee for the deposit. Additionally, the trading condition of the platform is appealing. Investors who do not understand the risks involved in trading may blindly sign up without understanding the market better.
Once you sign up, you can immediately start trading. They claim that there are no hidden charges. The venture believes in transparent pricing and fast trade execution. They also have a bonus when you deposit $100.
It might look like a generous offer. However, you should note that bonuses are banned in various jurisdictions before you get excited. Scammers tend to apply hefty measures for investors to cash out. Therefore, it is essential that you read the terms and conditions keenly.
Switch Markets claims to offer a free forex VPS for every new account created. There are over 180 products that you can try out. The entity deals with forex, metals, indices, CFDs share, and digital currencies.
Switch Markets offers a leverage of 1:500. The spread is 0 pips. The scheme uses a meta trader interface. The MT4 is a popular trading software that has versatile usage. It is a leading interface with multiple account benefits. Traders can customize trading EAs.
Clients can also participate in social trading. Therefore, one can copy the strategy of the expert investors. The features of the companies are excellent. There are 11 currency pairs to diversify your account with. There are two trading accounts 1 for the institution and the other for general traders.
Each one of them has two sections, 14 standards and the other one for the pro plan. The least amount you can cash in is $50 to $25K. We learned that they are commissions for the pro account. It goes up to $7 for every lot. The EURUSD pair spread is 2.2. This is unfair to investors as they are paying more. Moreover, the average market standard is 1.5 pips.
Switch Markets trading conditions are undesirable. The leverage cap has a more significant opportunity for clients. They will earn high profits, but the market is unpredictable. You could also lose everything in the blink of an eye.
The minimum amount traders can cash in is $50. The listed payment methods include MasterCard, Visa, bank wire, digital currency, globepay, perfect money, paytrust, UnionPay, Skrill, fasapay, and Neteller.
The Switch Markets States it handles the withdrawal request of investors swiftly. We learned that the crypto payment deposits have a fee of -0.8. The withdrawal fees are $20 for bank transfer, 2% for e-wallet.
The parent company of the entity is Switch Markets International PTE LTD. The corporation originates from Singapore and falls under Royal ETP LLC. This is a scheme from Saint Vincent and the Grenadines.
SVG issued a public notice that it does not regulate forex trading activities or other online investments. This was due to the rise of fraudsters stealing from innocent people after deceiving them they have a license from the country.
Hence before signing up, traders should note that if Switch Markets violated its terms, nobody could resolve the issue. We insist that investors should only deal with legit entities. There are a handful of legit offshore entities in the market. However, most of them tend to follow the usual cycle.
Regulatory agencies like the FXA, CFTC, NFA, CySEC, and ASIC have strict rules. These are guidelines meant to protect clients against con artists. With such schemes, you have peace of mind. You are assured of negative account balance protection. For instance, in the UK, you receive compensation if the broker exits the market due to insolvency.
Switch Markets features numerous phone numbers from different countries. However, their office addresses are not available. This does not appear right to us. Companies with a regulatory form will let their customers know where they can find them. Additionally, the scheme is collecting funds from traders all over the world. They are doing this illegally as the platform has not met the set rules.
Additionally, we cannot validate if the venture offers professional support services. What we have seen in the past years is that offshore schemes will exit the market after realizing no funds are coming to the system.
They even disconnect their phone numbers to avoid unnecessary calls from victims. If you deposit money with genuine schemes, you stand a chance of getting professional services. The sales reps of a fraudulent entity will only act professionally when convincing you to deposit more funds.
Switch Markets has reviews from TrustPilot. The info claims the entity is the best in the market. Investors are praising the tight spread and excellent support services. We cannot spot a single customer dissatisfied with the company. The traders upvote the trading software available in the entity. On that, we agree with them.
However, the monitor of the Trust Pilot does not double-check whether those that review a platform are legit customers. Some rogue schemes pay random people to leave positive remarks. Their marketer also helps them get more victims by claiming the entity is winning. Hence, it is essential to double-check the info before getting yourself in trouble.
Additionally, there is no proof of payment. It is hard to believe the entity is profitable as it makes it appear. We can only find more reasons to question them. Approach this entity with caution. Other third-p[arties platform does not have data from their customers. Everyones claims to be earning from the entity but when it comes to showing evidence of payment that where they draw the line.
Switch Markets does not have a license. The scheme is also new in the market. The trading conditions also show that the venture is not worth the trust. Nonetheless, several customers endorse the venture. We are uncertain if these are indeed their customers. However, we are yet to see any complaints.
There are other transparent and legit forex trading entities that you can try out today. These are entities that have been in the market with reputable results. Their endorsements are available in third parties as well. The trading results are also available. Traders can access the perfomance before depositing money.
No, the entity is operating illegally.
Switch Markets has several positive reviews from traders in Trust Pilot
No
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