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Switch Markets

Australia|2-5 years|
Regulated in Australia|Appointed Representative(AR)|Medium potential risk|

https://www.switchmarkets.com/

Website

Rating Index

Influence

Influence

B

Influence index NO.1

Philippines 4.18

Surpassed 13.73% brokers

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Contact

https://www.switchmarkets.com/
https://www.facebook.com/switchmarketscom
https://twitter.com/Switch_Markets

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

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Broker Information

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Company Name

Switch Markets International PTE Ltd

Company Abbreviation

Switch Markets

Platform registered country and region

Australia

Company website
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WikiFX Risk Alerts
Previous Detection : 2024-02-24
  • The current information shows that this broker does not have a trading software. Please be aware!

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Switch Markets · Company Summary

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.

General Information & Regulation

Feature Information
Registered Country/Region Australia
Found 2019
Regulation ASIC
Market Instrument forex, metals, indices, CFD shares, cryptocurrencies, and more
Account Type Standard and Pro
Demo Account yes
Maximum Leverage 1:500
Spread Vary on the account type
Commission Vary on the account type
Trading Platform MT4
Minimum Deposit $50
Deposit & Withdrawal Method Visa, MasterCard, Bank Wire, Digital Currencies, Neteller, Skrill, Fasapay, NganLuong.vn, Globepay, Perfect Money, PayTrust, UnionPay and Interac

Switch Markets, a trading name of Switch Markets International PTE Ltd, is a relatively new retail trading broker established in Australia in 2019 that gives you easy market access to buy and sell various financial instruments.

You can trade online via the intuitive MT4 trading platform, which is available for desktop, web and mobile devices. I like how the broker has various trading account options for all trading strategies. There is a small minimum deposit of just $50 and convenient account funding methods with no fees.

Here is the home page of this brokers official site:

home page

Other advantages of this broker include a free VPS for new clients, helpful trading tools, plenty of educational resources and 24/5 multilingual support. I think they can be a great choice for anyone looking to trade with minimal fuss and in a regulated environment.

Switch Markets International PTE ( 202040285G) Ltd is an authorized representative of its parent company, Royal ETP LLC, which is based in St Vincent and the Grenadines.

General Information & Regulation

Note: The screenshot date is February 9, 2023. WikiFX gives dynamic scores, which will update in real-time based on the broker's dynamics. So the scores taken at the current time do not represent past and future scores.

Market Instruments

Switch Markets have a great range of financial markets right at your fingertips. Choose from more than 180+ tradable instruments available with Switch Markets at just the click of a button. The broker offers the following assets: forex, metals, indices, CFD shares, cryptocurrencies, and more.

• Forex–Over 60 currency pairs, including a range of majors, minors and exotics

• Indices–21 indices, including the FTSE 100, Nasdaq 100 and Nikkei 225

• CFD Share–Over 80 CFD shares, including popular stocks like Twitter, Facebook and Amazon

• Commodities–8 commodity CFDs, including gold, silver and energies like crude oil and natural gas

• Cryptocurrency CFDs–Four cryptocurrency CFDs: Bitcoin, Litecoin, Ethereum and Ripple

Market Instruments

Account Types

Switch Markets offers a choice of trading account types, including Standard and Pro accounts. Both accounts require a minimum deposit of $50, so clients are at liberty to choose the account types that suit them. There are accounts suitable for Day traders, trend followers, scalpers, EA traders, High-frequency and Discretionary traders. No matter your trading type and style, they have got you covered!

Account Types

Demo Accounts

A demo account is available for practice purposes. This can be a useful way to familiarize yourself with the brokers platforms, products and services. Many traders start by testing trading strategies on a demo account until they gain the confidence to switch over to a real account.

• Zero risk trading

• Build your confidence as you trade

• Develop trading strategies

• Practice skills, mindset and discipline needed to trade live

• Get familiar with the MT4 platform and how it works with Switch Markets

• Test your strategy without any stress

There are no limits on the demo accounts. You can try two account types; Pro and Standard and see which suits your trading needs better. A demo account with Switch Markets is accessible forever, there is no limit as long as you trade. Then, when youre ready you can open a live trading account by clicking “Start trading today” at any time. Please be aware that inactive demo accounts are deactivated after 45 days of inactivity.

Leverage

The leverage offered varies depending on the market. Customers can trade forex with leverage up to 1:500. Indices are offered up to 1:200, commodities up to 1:50, and share CFDs up to 1:20.

It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.

Spreads & Commissions

Spreads and commissions with Switch Markets are scaled with the accounts offered. For example, the Standard account has spread from 1.4 pips with no commission, while the Pro account holders can enjoy spreads as low as 0.0 pips but have to pay an unspecified low commission.

Trading Platform

With Switch Markets you have the opportunity to trade on the award-winning MetaTrader4 platform. Traders can use the industry-renowned MetaTrader4 (MT4) platform which is available as both a browser-based WebTrader and a desktop application that can be downloaded to Windows or Mac. Since being released in 2005, MT4 has become one of the most popular platforms among traders and brokers.

Despite being slightly dated from a UX perspective, the platform is still easy to use and navigate. Opening and closing trades is simple and intuitive, and on top of this, it is packed with additional features to improve the overall trading experience. There is a range of technical tools and charts to assist with market analysis. Plus, you have the option of setting up price alerts to notify you when assets hit a value of your choosing.

Deposit & Withdrawal

Switch Markets allows traders to deposit and withdraw funds to and from their trading accounts using a generous selection of payment methods. You can choose from any of the following funding methods: Visa, MasterCard, Bank Wire, Digital Currencies, Neteller, Skrill, Fasapay, NganLuong.vn, Globepay, Perfect Money, PayTrust, UnionPay and Interac.

The minimum initial deposit is equivalent to $50 or base currency, while no limits for the maximum deposit. 0.8% fee for digital currency deposits, while no fees for other deposits. There is a flat network fee (0.0005 BTC, 0.0035 ETH, 0.02 XRP, 25 USDT, 2.50 USDTRC20) for digital currency withdrawals, while no fees for other withdrawals. Most deposits are instant, while withdrawal processing usually takes 3-5 business days.

More details can be found in the below screenshots.

Deposit
Withdrawal
Deposit & Withdrawal

Bonuses

Switch Markets claims to offer a 100% first-deposit bonus. Deposit as little as $100 and they will match you up to $5,000. In any case, you should be very cautious if you receive a bonus. First of all, bonuses aren't client funds, they're company funds, and fulfilling the heavy requirements that are usually attached to them can prove a very daunting and difficult task.

Customer Support

The broker provides you with access to a multilingual client support team, who are polite and prompt in response. You can contact the Switch Markets support team 24/5 via email or by chatting with them on their 24/5 live chat accessible from the brokers website. You can also fill in the online contact form so that their customer service will respond to you. Email: support@switchmarkets.com. You can also follow this broker on social networks such as WeChat, Twitter, Facebook, and Instagram.

Pros & Cons

Pros Cons
• ASIC-regulated • Regional restrictions
• Multiple tradable assets and funding options • No direct customer support
• Demo accounts available
• Minimum deposit (50)
• MT4 supported

Frequently Asked Questions (FAQs)

Q 1: Is Switch Markets regulated?
A 1: Yes. It is regulated by Australia Securities & Investment Commission (ASIC).
Q 2: At Switch Markets, are there any regional restrictions for traders?
A 2: Yes. Switch Markets does not provide trading services to anyone residing in the U.S.A, Japan, Iran and North Korea nor any other countries where the offer of our products is prohibited or restricted by laws. You must satisfy yourself that dealing with our products is permitted under the laws of the country that you reside.
Q 3: Does Switch Markets offer demo accounts?
A 3: Yes.
Q 4: Does Switch Markets offer the industry-standard MT4 & MT5?
A 4: Yes. Switch Markets supports MT4.
Q 5: What is the minimum deposit for Switch Markets
A 5: The minimum initial deposit to open an account is $50.
Q 6: Is Switch Markets a good broker for beginners?
A 6: Yes. Switch Markets is a good choice for beginners because it is regulated well and offers various trading instruments with competitive trading conditions on the leading MT4 platform. Also, it offers demo accounts that allow traders to practice trading without risking any real money.

News

WikiFX report: 4 Steps to Becoming an Introducing Broker

NewsWikiFX report: 4 Steps to Becoming an Introducing Broker

2022-04-15 15:39

Becoming an Introducing Broker can be the easiest method to increase your income, process, and explain all the benefits of being a CWG Markets Client. New forex brokers have different ways to enter and offer forex trading services in one of the most fascinating and lucrative markets in the world. One way to do so is by becoming an introducing broker (IB). Switch Markets shows you how to become an IB.

WikiFX
2022-04-15 15:39
News
WikiFX report: 4 Steps to Becoming an Introducing Broker

User Reviews

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✨LL✨
more than one year
Switch Markets offers a diverse range of tradable instruments and account types to accommodate various trading styles. The demo account serves as an effective practice tool, and the MT4 platform is well-supported. The broker maintains transparency in spreads and commissions, with fair options for different account types. Deposits and withdrawals are smooth, and the 24/5 multilingual support enhances the overall reliability of the platform. It's important to note the regional restrictions when considering this broker.
2023-12-05 14:12
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0
0
Judyedge
more than one year
Switch Markets provides a user-friendly experience with the MT4 platform, offering flexibility across devices. The demo account, with no time limit, is a valuable tool for building confidence. The $50 minimum deposit is accessible, and the free VPS for new clients is a notable benefit. The broker's customer support has been consistently responsive, contributing to a positive overall experience.
2023-12-04 18:45
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0
0
梧桐树下
more than one year
This company seems to be quite reliable, registered in Australia and regulated by ASIC. But when I looked up user reviews on the Internet, I found that there are very few user reviews... so I will not trade here to be safe.
2023-02-20 15:34
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0
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David Low
more than one year
So far so good, but the broker seem new, a lot functionality not complete yet, including lot rebate reward system. By the way, I would like to know what's ASIC appointed representative meant???
2023-01-13 18:29
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0
0
简单化
more than one year
Finally, I have found Switch Markets. By accident but this broker has become my top one! I hope we will work in many years. Great work and thanks a lot!
2022-12-07 17:00
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0
0
Joe. Adam
more than one year
Wats the meaning of Appointred representatives AR??
2022-12-04 20:37
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