Thinking of getting into business with Swinexmarkets? Here is what you must know about this broker. Carefully read this review to find out if swinexmarkets.co is the trading platform you will want to trade with.
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About Swinexmarkets Broker
Swinexmarkets is an offshore brokerage company with a lot of promises for traders. The broker provides us with an address showing it is from Kohlmarkt, 1010 Vienna.
There are different account types the broker offers. See below.
Added, the broker claims regulations from various renowned financial authorities like CySEC, ASIC and IFSC.
To clarify, in spite the trading instruments Swinexmarkets claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
swinexmarkets.co: Reasons to Avoid This Broker
Firstly, swinexmarkets.co is a platform with no financial authority overseeing its financial services. The regulation claim is not legit as CySEC does not recognize this broker among its licensed entities.
Secondly, we noticed swinexmarkets.co has no demo account for traders. Since traders can’t test broker on a free account, we can’t know its viability in the forex market.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are cons for forex traders to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Withdrawal and Deposit
Withdrawal process
Under the withdrawal policy, Swinexmarkets leaves us with no information on what fees forex traders will be charged for any withdrawal nor processing days on each withdrawal. Truly, this broker is a scam and its fraudulent schemes are clear.
Minimum Deposit
The broker minimum deposit is pegged $5 something that is quite interesting.
As for the payment methods, Swinexmarkets mentioned Debit/ Credit card, Wire Transfer and other ePayment. But, you should not consider making any payment with this broker because it is a risk. So beware!
Swinexmarkets Platform
RoyalFX24 claims to offer MT4 as well as MT5 (Industry standard trading platforms). The presence of MT4/MT5 doesn’t make this broker legit because any scam broker can do the same to lure forex traders.
As for the leverage, the broker mentioned something unacceptable which is 1:888. In fact, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Swinexmarkets Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation that means your money is at risk. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
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Minimum Trade Deposit $100
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Licensed in Australia(ASIC) and Cyprus(Cysec)
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
1:500
Conclusion: Is swinexmarkets.co a Reliable Broker?
No, swinexmarkets.co does not seem like a reliable broker for traders even though it promises offers that look good to be true.
Most importantly, the broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.
Because we have taken it as a duty to review scam forex brokers and also share reasons, we will not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.
