Sway Markets Review: Who Is Behind This Broker?
Behind this shady brokerage is a company that is just a representative of a licensed corporation. But if that does make them also legitimate we will discover soon.
Considering all their trading conditions and registration in St. Vincent and Grenadines their services become questionable. Let’s jump right to it and discover exactly what they are doing.
Who Is Sway Markets Broker?
There are two entities that the Sway Markets broker works with. The primary one is Sway Markets Pty LTD with registration in SVG. On the other hand, there is Australian Pulse Markets Pty Ltd.
But to be precise, the SVG entity is just Corporate Authorized Representative. Moreover, they can only offer financial services in Australia. But let’s see if Sway Markets is legit.
|Legal name:||Sway Markets Pty Ltd|
|Regulation:||Unregulated / Offshore broker|
|Registered in:||St. Vincent and Grenadines / Australia|
|Financial Authorities Warnings:||N/A|
|Contacts:||e-mail: [email protected]
phone: +61 8 9516 1777Online chat
|If a withdrawal is possible:||Highly unlikely|
|If Active on Social Media:||Yes – Facebook, Twitter, Instagram, Youtube, Telegram|
Sway Markets Regulation and Funds Security
As an offshore entity, the company should obtain licenses in the countries where they operate. Generally speaking, we are checking only trusted Tier 1 regulators. For instance, FCA, BaFin, and ASIC. If we will be precise, Sway Markets is indeed in the ASIC register, but not in any other. But there is a catch. ASIC doesn’t reveal what website domain can use this license.
But what makes everything questionable is the trading conditions presented by Sway Markets broker. But firstly, the company should meet some requirements. Those are:
- Minimum capital of 1 million AUD
- Negative balance protection
- Segregated bank accounts for deposits
- Regular reports for transparency
However, nowhere on their website is mentioned anything of these mentioned.
Sway Markets Broker Profile
Generally speaking, the broker doesn’t offer anything significantly better than others. Especially not with the ones with Tier 1 regulations.
Listed below you can find all the features of this brokerage. Important to remember is that the broker doesn’t reveal withdrawal fees.
Sway Markets MT5 Trading Platform
Meta Trader 5 software is the best in the industry. With multiple advanced features, it became very quickly the leader. On top of all, it has dedicated apps for all platforms. From Windows and Mac to iOS and Android.
This makes brokers attractive to traders. However, trading software doesn’t define the broker as legitimate.
Sway Markets Leverage
On top of all, the company offers leverage of 1:500 which ASIC would never allow. This makes you wonder if this broker is trying to clone a legitimate one.
The maximum allowed leverage for retail traders is 1:30. In addition to missing negative balance protection, it’s a recipe for a disaster.
|Account types:||VIP, ECN, No commission, Islamic|
|Financial Instruments On Offer:||
|Commissions/bonuses:||Commissions start at $3.5 and $7.5 per lot / No bonuses|
|Education or Extra tools:||N/A|
Is Sway Markets Broker Safe?
Considering everything seen so far there could be potential issues. In some aspects, the broker is not fully transparent as the ASIC regulation requires. Primarily, they miss very important funds protection measures. There is no guaranteed stop-loss or negative balance protection.
Compared to some FCA-regulated brokers this one is quite unattractive. Especially knowing that with FCA brokers you can get compensation of up to 85.000 GBP. Which you can’t get with a Sway Markets broker. To keep your money protected at any time, expand your knowledge by reading our CIBFX, Demaxis and HugosWay reviews.
Sway Markets Traders Reviews – Sharing Experiences
Another key point of this offshore broker is Sway Markets broker reviews. Many traders have complained about their poor customer service.
But what raises suspicion is one specific review that reveals potential withdrawal issues. You can take a look for yourself and decide if you still want to invest here. Good to know that our professional team is there to advise you on any further steps and the trading world overall.
How Sway Markets Platform Reach Clients and Who Are They?
Since the company is highly active on social media it’s not excluded that many traders are persuaded to start through direct contact. Besides standard advertisements, they have also an affiliate program.
Considering the demography of Sway Markets website visitors you can see why traders are suspicious. Visitors are mainly coming from:
- United States 71.6%
- Canada 3.6%
- United Kingdom 3.2%
- Other countries 17.1%
Important to realize is that the broker doesn’t have any UK regulations that are mandatory for providing services to UK traders. Moreover, there is no license from US regulators like CFTC or NFA. If you would like to have a trusted and regulated broker on your side, even in your country get in touch with us.
Sway Markets Deposit and Withdrawal
Information about Sway Markets funding methods is quite poor. If the broker is really complying with ASIC regulations these documents should be way longer. Above all, the broker highly promotes crypto transfers as the main payment option.
In general, regulated brokers provide much more options. Especially ones that are way more transparent like cards and wire transfers. To be honest, they claim that it takes 2-5 business days to process a withdrawal request. But also that it takes another few days to reach a credit card or bank account. But that’s all. If that’s really the option for traders, we would rather not test.
Our Safe Trading experts’ opinion of Sway Markets broker
If you want to keep your money safe, this broker might not be the place for you. Without fully transparent information about licensing, we can’t confirm nor deny their legitimacy. But many negative reviews should be considered. Where’s the smoke there might be a fire.
Instead, you should find yourself a fully transparent broker. Free of charge and without obligations you can reach out to our team. Tailored by your needs we can find you a suitable list of brokers. Book your consultation already today. If you ever had issues with withdrawals we can even build you a strategy to refund your hard-earned money. In case it makes it easier, get in touch through online chat.
Is Sway Markets Trustworthy?
Everything remains unclear with this broker. Incomplete legal information, negative reviews and shady trading conditions that don’t comply with mentioned regulations. Too many risks are involved.
How To Start Trading Safely?
This broker doesn’t have the necessary fund protection measures. If you would like a trusted broker by your side, we can filter those for you. Let’s talk it through.
How Can You Help Me Choose the Best Forex or Crypto Broker?
Tailored by your needs and preferences there are many brokers worldwide. To know which ones you can trust you just have to follow guidelines. Contact us and find out more.