What is Sway Markets？
Sway Markets is an online broker offering trading services in forex, commodities, and cryptocurrencies. The company was established in 2022 and is headquartered in Australia. Sway Markets provides clients with access to the financial markets through the MetaTrader5 (MT5) trading platform. They offer ECN, No Commission, VIP, and Islamic account types with leverage up to 1:500.
Pros & Cons
Sway Markets Alternative Brokers
There are many alternative brokers to Sway Markets depending on the specific needs and preferences of the trader. Some popular options include:
eToro: A popular social trading platform that allows you to copy the trades of successful traders.
IG: A well-established broker with a strong reputation, offering a range of trading instruments and platforms.
Plus500: A user-friendly platform that is easy to use and offers a range of trading instruments.
Pepperstone: A well-regulated broker with low spreads and fast execution speeds.
XM: A global forex broker with a wide range of trading instruments and competitive trading conditions.
Is Sway Markets Safe or Scam？
Sway Markets is licensed by the Australian Securities and Investments Commission (ASIC), which is a reputable financial regulatory agency. This means that Sway Markets is required to adhere to certain standards and regulations, which can provide some level of assurance to traders.
That being said, it's always important to conduct your own research and due diligence before choosing a broker. This can include reading reviews from other traders, checking for any regulatory or legal issues, and ensuring that the broker's terms and conditions align with your trading goals and preferences.
Market Instruments
Sway Markets offers a diverse range of trading instruments, including forex, crypto, stocks, indices, commodities, and futures. This can be beneficial for traders who are looking to diversify their portfolio and take advantage of different market opportunities.
However, different trading instruments come with different levels of risk and volatility, and traders should ensure that they understand the risks involved before trading any particular instrument.
Accounts
Sway Markets offers four different account types, including ECN, No Commission, VIP, and Islamic accounts.
ECN Account: This account type offers spreads starting from 0.8 pips and commission from $7.5 per lot.
No Commission Account: This account type offers spreads starting from 1.2 pips and no commission fees.
VIP Account: This account type offers spreads starting from 0.3 pips and commission from $3.5 per lot.
Islamic Account: This account type is designed for traders who want to trade in accordance with Shariah law. Islamic accounts have no swap or rollover fees, but they have wider spreads compared to the other account types.
The minimum deposit is $10. Each account type has its own advantages and disadvantages, and traders can choose the one that best suits their trading needs and preferences.
Leverage
It is important to note that leverage is a risky tool that can amplify both profits and losses. While Sway Markets may offer leverage up to 1:500, it is crucial that traders fully understand the risks involved and use appropriate risk management strategies.
Spreads & Commissions
Sway Markets offers different account types with varying spreads and commissions. The ECN and Islamic accounts seem to have the lowest spreads starting from 0.8 pips, while the No Commission accounts have slightly higher spreads starting from 1.2 pips. The VIP accounts seem to have the lowest spreads starting from 0.3 pips and a commission per lot of $3.50.
On the other hand, the ECN and Islamic accounts seem to have the highest commission per lot starting from $7.50, while the No Commission accounts have no commission charges. It's important to note that these values may depend on the trading instrument and the trading volume.
Overall, Sway Markets seems to offer competitive trading conditions with various account types to cater to different trading needs.
Below is a comparison table about spreads and commissions charged by different brokers:
Note that the spread and commission information listed in the table is subject to change and may vary depending on market conditions, account type, and trading volume. It's recommended that traders check with each broker for the most up-to-date information and carefully evaluate the trading costs before making a decision.
Trading Platforms
Sway Markets offers the popular MetaTrader5 (MT5) platform. The MT5 platform is available for download on desktop and mobile devices, allowing traders to access their accounts and trade from anywhere with an internet connection. The platform features a wide range of trading tools and indicators, as well as the ability to use automated trading strategies through Expert Advisors (EAs).
See the trading platform comparison table below:
Deposits & Withdrawals
Sway Markets only accept deposits via cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Dogecoin (DOGE), and Tether (USDT), and withdrawals are also processed in Bitcoin (BTC).
Sway Markets minimum deposit vs other brokers
Sway Markets Money Withdrawal
To withdraw from Sway Markets, you need to follow these steps:
Step 1: Log in to your Sway Markets account and navigate to the Withdrawal section.
Step 2: Select cryptocurrency (BTC) as the withdrawal method.
Step 3: Enter the amount you wish to withdraw in BTC.
Step 4: Confirm the withdrawal request and wait for it to be processed.
Step 5: Once the withdrawal is processed, the BTC will be sent to the wallet address you provided during the withdrawal request.
It is important to note that Sway Markets only accepts withdrawals via BTC, so you must have a BTC wallet to receive the funds.
Customer Service
Sway Markets states on their website that they offer 24/7 customer support through live chat, email, and phone. They also have a frequently asked questions (FAQ) section on their website which covers various topics related to account opening, funding, trading, and more. You can also follow them on some social networks such as Facebook, Twitter, Instagram, YouTube and Telegram. It is not clear how responsive or helpful their customer service team is, as there are not many user reviews available to draw from.
Note: These pros and cons are subjective and may vary depending on the individual's experience with Sway Markets' customer service.
Conclusion
To sum up, Sway Markets is an ASIC-licensed broker that offers competitive trading conditions through multiple account types and the popular MT5 trading platform. Their customer support is available around the clock, which is a positive aspect for traders who need assistance at any time.
However, it's worth noting that Sway Markets only accepts crypto payments, which may not be convenient for all traders. Additionally, the lack of educational resources may be a disadvantage for those looking to improve their trading skills and knowledge.
Overall, Sway Markets may be a good option for traders who are comfortable using crypto payments and are experienced enough to not rely on educational resources. However, for those who prefer more traditional payment methods and would like access to educational materials, other brokers may be a better fit.
Frequently Asked Questions (FAQs)
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