Thinking of getting into business with Switch Markets? Here is what you must know about this broker. Carefully read this review to find out if switchmarkets.com is the trading platform you will want to trade with.

About Switch Markets Broker

Switch Markets broker is an offshore brokerage company with a lot of promises for traders. The broker address shows it is from St. Vincent & the Grenadines.

There are different account types the broker offers. See below.

Account Types

To clarify, regardless of the trading instruments Switch Markets claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.

switchmarkets.com: Reasons to Avoid This Broker

Firstly, switchmarkets.com is a platform with no financial authority overseeing its financial services. We believe this broker is not worth your money because Financial Services Authority SVG does not monitor or regulate brokers.

FSASVG Warning

Secondly, we noticed switchmarkets.com has a free account for traders. We advise you don’t waste your time on that, so you don’t get lured into trading real fund with this unregulated broker.

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 withdrawal policy, Switch Markets withdrawal process takes 3 to 5 business days. There are various fees the broker charges on different withdrawal options.

Withdrawal fees

Minimum Deposit

Switch Markets minimum deposit is pegged at $50 according to the account type.

As for the payment methods, the broker accepts Wire Transfer and Credit/Debit cards, Neteller and more. Truly, you should not consider making any payment with this broker because it is a risk. So beware!

Switch Markets Platform

Switch Markets claims to offer both MT4 and Web Trader (Industry standard trading platform), however, the option of MT4 doesn’t make the broker legit because any scam broker can do the same to lure forex traders.

As for the leverage, the broker discusses 1:500. Nevertheless, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.

Switch Markets 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 which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.

Instead, Trade with TOP RATED BROKERS



Accounts

Free Trial

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Licensed in UK(FCA), Dubai(DFSA), St Vincent and the Grenadines, Cyprus(Cysec) and Cayman Islands

Accepts Traders Worldwide

Minimum Trade Deposit $100

Maximum Leverage
1:500

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Licensed in UK(FCA), Australia(ASIC), Belarus(NBRB) and Canada(IIROC)

Accepts Traders Worldwide

Minimum Trade Deposit $100

Maximum Leverage
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BEGINNER FRIENDLY

Licensed in Australia(ASIC) and Cyprus(Cysec)

Accepts Traders Worldwide

Minimum Trade Deposit $100

Maximum Leverage
1:500

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Conclusion: Is switchmarkets.com a Reliable Broker?

No, switchmarkets.com 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 find out 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.

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By Dan

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