Switch Markets Review: Discover a Dependable Choice for All Traders
Regulation and transparency are the two things that a broker must have to be trusted. This Switch Markets review will delve deep into the broker’s license information, account types, fees, services, and more. With their regulations and well-designed, information-rich website, they provide security and transparency.
See our TradeZero review for additional trustworthy alternatives if Switch Markets is not for you.
Who Is Switch Markets? All About Switchmarkets.com
A brokerage firm named Switch Markets International PTE Ltd and Royal ETP LLC was established in 2019. The Equinix NY4 data center in New York is where the broker’s MT4 server is situated.
First and foremost, we appreciated Switch Markets’ transparency. Their website includes a list of spreads and an explanation of their cost structure. The broker is competitive with others because they don’t charge a commission. Switch Markets offers services to traders worldwide and is regulated.
|Switch Markets International PTE Ltd, Royal ETP LLC, Switch Markets International PTE
|Warnings from Financial Regulators
|St. Vincent and the Grenadines
|Majority of clients are from
|24/5 support over live chat
Switch Markets Regulation Info
Royal ETP LLC has designated Switch Markets International PTE Ltd (202040285G) as an approved representative. Switch Markets is a young broker, thus the problems with getting licenses from authorities are still being worked out.
Two divisions make up the business. One of the divisions has an ASIC license and is registered in Australia. Through its offices and the offices of linked companies, the second division in Singapore is registered in Saint Vincent and the Grenadines. Overall, Switch Markets and all of the broker’s branches are subject to a wide range of regulations.
Switch Markets Broker Profile
With Switch Markets, you may trade forex, virtual currencies, commodities, indices, and CFD shares on the dependable MT4 trading platform. The broker doesn’t charge a commission and the spreads start at 0.0 pip. The maximum leverage available is 1:500.
The available instructional resources and tools, such as the calculators for pip, lot size, CAGR, and other metrics, are helpful. The fact that they provide a demo account and you may test out their platform before entering the market blindly speaks for itself. What a trustworthy broker!
|Financial Instruments On Offer
|0% commission for Standard, $7 commission for Pro/100% first deposit bonus
|Education or Extra tools
|Lot Size Calculator, Economic Calendar, Currency Strength Meter, Forex Profit Calculator, Market Heat Map, Pip Calculator, Forex Swap Calculator, Forex Margin Calculator, Free Resources, EA Tools For Traders, CAGR Calculator
Switch Markets Account Types
There are 2 account types in offer; Standard and Pro. For both of them, the maximum leverage is 1:500 and the minimum you need to deposit is $50. The broker also offers a demo account which is available at the Switch Markets login page. As for benefits, they are as followed:
- Standard account: Pay raw spreads only; don’t add any fees. Day traders, trend watchers, scalpers, EA traders, and high-frequency and discretionary traders can all use this account type. Spreads begin at 1.4 pip, there is no commission fee, and the credit incentive is up to $5,000.
- Pro account: No matter the state of the market, pay for traded volume. The commission for this account type is $7, but spreads begin at 0.0 pips, a free VPS (worth $497), and a credit bonus of up to $5,000 are all included.
The only real distinction is in the commission and spreads. While spreads for Standard accounts begin at 1.4 pips and commission is not charged, spreads for Pro accounts begin at 0.0 pips and commission is $7.
Switch Markets Promotions
We thought that the Switch Markets no deposit bonus offer is still active but the broker offers up to $5,000 in credits as a 100% first deposit bonus. However, even though the minimum deposit is $50, to become eligible for this promotion, you must deposit $100.
With the Switch Markets affiliate program aka Introducing a Broker program, you can get paid for sending clients to the broker. Both the number of accounts you can refer to and the amount of trade for which you will receive a commission are unlimited.
All of these advertisements favorably portray the broker, especially the Switch Markets bonus. They were intended to be called Green Markets due to the abundance of green flags. As much as we suggest, “Avoid this broker,” we can now just as quickly say, “Run to Switch Markets and get your bonus.”
Is Switch Markets Safe To Trade With?
All things considered, Switch Markets is a trustworthy broker that you can trade with safely. They not only have ASIC as their top regulatory body, but they also have a transparent structure for their fees, spreads, leverage, and other costs. Nothing makes us happier than a broker who is open and honest.
The broker also provides some beneficial incentives, such as IB and a 100% deposit bonus, and the feedback from traders speaks for itself. Overall, using this broker allows you to trade easily and enjoy successful trades. The most important thing is to be aware of your costs so that, should you make a profit, there won’t be any withdrawal issues. Reach out today for more safe alternatives and check our Trading Pips Ltd review for a similar option.
Switch Markets Review: Traders’ Thoughts and Opinions
Switch Markets has received 4.3 stars overall on Trustpilot. With almost 300 reviewers, there are a lot of positive comments. 3% of the evaluations are unfavorable, and they mostly complain about the delays involved in opening an account. Although the broker is good and has a wonderful platform, the majority of the other 1-star ratings wrote favorable comments but still rated the broker with 1-star.
One review did catch our attention saying:
“I deposited 796.29 USD from okx to my trading account but I got 787.08 USD. They are scammers so don’t use their platform, they said that there is no fee for depositing and withdrawing so they are scammers.”
Overall, the broker has received positive evaluations, which makes us think that Switch Markets is a trustworthy broker. For more trustworthy options, contact us right away or read our review of Tradingexpo.
A Look at Switch Markets’ Traders They Serve
Switch Markets has been able to attract the interest of a wide range of traders by offering an alluring selection of incentives. The “Introduce a Broker” scheme and the alluring 100% deposit bonus are only two of the incentives that entice traders to this platform.
In countries like South Africa, India, the US, the UK, and Canada, the broker has a particularly powerful magnetic draw. However, it is important to note to operate from the UK, the broker must be regulated by the Financial Commission Authority (FCA) or the Securities Commissions Exchange (SEC) in the US.
Deposits and Withdrawal Methods
Your money is easy to manage with Switch Markets. Deposit with 0% commission through PayPal, credit/debit cards, online banking, or bank wire transfers. And when you’re ready to withdraw money, you can do it without limits in just three days and without any Switch Markets fees.
A Switch Markets withdraw option is confirmed to be simple, and no problems have been mentioned. The wait time for a withdrawal is merely three days, and the broker doesn’t charge any fees. You are welcome to put your faith in Switch Markets.
Switch Markets Pros and Cons
Long Story Short – Switch Markets
The positive ratings of Switch Markets are one of their main selling points. They continue to establish itself as a center where traders from various backgrounds converge, each looking for a trustworthy and lucrative trading experience. This is because of its combination of alluring incentives, excellent reviews, regulation, transparency, and a diverse worldwide reach.
Whether you’re a novice trader or an experienced one, Switch Markets is a dependable choice. Switch Markets might not be the best option for you, but it doesn’t imply they’re a bad brokerage. Your trading preferences will determine everything, so get in touch with us right away, and we’ll discover a broker who can meet your needs.
What is Switch Markets?
Switch Markets is a branch of Royal ETP LLC, a brokerage company based in St. Vincent and the Grenadines.
What is the minimum deposit for Switch Markets?
The Switch Markets minimum deposit needed to start trading on the MT4 platform is $50.
How To Contact Switch Markets?
They offer 24/5 live chat support, an email [email protected], and a web form.