FxSway Review: Who Is Behind the FxSway Broker?
FxSway LLC, whose country of registration in Saint Vincent and the Grenadines runs the FxSway scheme. SVG has been known as a famous hub for online fraudsters ever since the FSA declared itself unauthorized to regulate Forex and CFD markets. If you were wondering if FxSway is regulated, now you know.
For all other questions, customers must file a form on the home page and the company will call them back. Basically, if you have any crucial questions about your funds or the owner, you won’t get an answer.
On top of that, avoid brokers who are out to take advantage of you, such as Tradebaionics, Antrush, and Keler Group.
|Address||Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, SVG.|
|Regulation||Unregulated Offshore Scam|
FxSway Regulation and Funds Security
At first glance, the FxSway site looks very attractive, including conditions and the amount of money which could be withdrawn.
However, when we look into the regulations, we see that the firm has no license, and the owner is not registered with any Tier1 authority body, such as FCA, ASIC, or BaFin.
Concerning deposit and withdrawal, it is stated that FxSway LLC shall neither receive nor disburse the customer’s funds in cash currency or cash equivalents.
This is pretty standard but doesn’t ensure the fund’s safety. Instead of naming banks where your funds are held, you’re being informed that you cannot make cash deposits but only wire transfers and credit card payments.
All in all, FxSway is unsafe, and you should avoid it.
Supported Trading Platform at FxSway
FxSway uses the MetaTrader 4 (MT4) trading platform, a standard platform for this branch of the industry. This platform can be used on computers and also on mobile devices.
There are 3 versions for desktop devices, including Windows, macOS, and WebTrader, and two mobile applications for iOS and Android.
There’s a good reason this platform is a preferred choice of 80% of retail traders. It has a vast number of trading tools and allows social trading.
The powerful and trusted trading platform doesn’t change the broker’s operating status, nor can it save your funds from unscrupulous fraud.
Deposit and Withdrawal Options at FxSway
Depositing funds is advertised as very easy. It can be done by depositing different crypto (BTC, ETH, XRP, LTC, USDC & USDT) for as little as $10.
The deposit is higher when the customer deposits via a third-party platform to purchase crypto, then transfers it to the firm. In this case, the deposit is $25 or $50, respectively.
Since the option for fund transfer is limited to only crypto, it’s clear that FxSway doesn’t have legit intentions. Instead, they’re ensuring that you use the only method not subject to any chargeback procedures.
How Fraud has Conducted
Most illegal brokers open their websites, and customers can file a form and register an account through the site. However, there’s usually no way to contact the brokerage or get any information about your funds.
As a matter of fact, you may be contacted by account managers all day long, as far as you’re buying their stories and are ready to deposit more. Once you wish to get the money back, you’ll face the silent treatment.
FxSway is a subtle scammer whose website is well organized; all offers on the main page are desirable for potential customers, a trading platform is well-known and reliable, but its business is not regulated.
Highly Suggested Forex Brokers
Instead of risking your funds with scammers, you should find a legit, Tier 1 registered firm. These ensure fund safety, and if something goes wrong, you have a right to be reimbursed from the compensation fund.
Below, we’ve outlined the best of the best — several trading firms with good ratings and reputable licenses. Take a look.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus and Saint Vincent and Grenadines||4.4||$100||OctaFX.Com|
|FP Markets Broker||Australia, Cyprus, SVG||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Australia, Belize||4.7||$5||XM.Com|
|HFM HF Markets Broker||Cyprus, SVG, South Africa, UAE, UK||4.3||$5||HFM.Com|
|FBS Broker||Cyprus, Australia, Belize||4.85||$1||FBS.Com|
FxSway review shows that the founder is an offshore company, and its operations are not regulated by local financial authorities.
Concerning withdrawal issues, FxSway, at first glance, has favorable rules without any fees. However, this looks good only on paper.
In reality, the firm doesn’t allow any withdrawals, and thanks to crypto deposits, tracking funds is virtually impossible.
Because of all this, it is essential to think twice before starting to trade with this potential scam broker. Do your research and ensure that you’re in the right place.
FAQs About FxSway Broker
What Methods Can I Use to Deposit Funds?
Customers can use only cryptocurrencies: Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Ripple (XRP), Dogecoin (DOGE), USDT, and USDC.
What is FxSway Leverage?
The FxSway leverage is up to 1:500, going against all regulations and regulatory demands.
What Trading Instruments are Available at FxSway?
Customers can trade in the Forex market, cryptocurrencies, commodities, indices, and share market.