Switch Markets Review

About Switch Markets

Switch Markets is a relatively young broker, which entered the OTC market in 2019. In addition to standard trading products, the company is developing unique technical trading solutions. The company already has its proprietary risk management system, author’s trading advisors, and auxiliary calculators. All this is available to every client of Switch Markets.

Company Overview

Switch Markets is a relatively new broker on the scene, having been established in 2019. It is located in Australia but operates internationally. The Australian arm is regulated by the Australian Securities and Investments Commission (ASIC), a globally respected financial regulator.

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

Switch Markets Spreads and Commissions

Spreads

As mentioned, the spreads and commission charged vary depending on the account opened. Standard accounts are commission-free, while pro accounts have the lowest spreads.

Commission

There is a commission on open trades, which are carried over to the next trading day.

A broker gets a commission upon successful completion of a trade. Almost all the brokers do that. Switch Markets also follow this practice. Apart from this, Switch Markets also provide the option of ‘’$0 Commission Account’’.

A $0 Commission Account is an account where the broker (Switch Markets) does not charge any commission – his type of account has only one drawback – the spread is wider in the $0 commission account. Depending on your trading style, you can pick a low spreads account or a zero commission account.

Fees

In addition to the commissions of payment systems for the withdrawal of money, there are broker’s commissions from 0.5%-2%. There are no restrictions on the amount of withdrawal and the number of withdrawal requests.

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.

Withdrawal Options

The broker supports over 10 variants of payment methods, including bank payment systems and virtual electronic wallets. In the future, cryptocurrency payment functionality is expected to be added. Also:

• Receipt of funds takes from 1 to 3 business days depending on the method chosen. The longest processing time is for withdrawal requests via bank systems. Requests for withdrawal to electronic wallets are processed within a few hours.

• Payment methods and systems: Visa/MasterCard, bank transfer, Neteller, Skrill, FasaPay, UnionPay, Perfect Money, PayTrast, Globe Pay, NganLuong.vn, Interac, wire transfer.

• Currencies for deposits and withdrawals: USD, EUR, AUD, GBP, CAD, NZD, SGD, CHF, PLN.

Is SwitchMarkets safe or a scam ?

Is SwitchMarkets Legit?

Technically speaking no, because an offshore broker with no legit forex license can not be described as legit. Still, because Switch Markets are apparently linked to a regulated Australian company, we should give them some credit for that as well. In any case, here you may always check our list of brokers, properly licensed in Australia indeed.

Customer Service

SwitchMarkets always ready for help and they are polite. Customer support is available 24/5 and can be reached via the following methods:

• Email: support@switchmarkets.com
• Live chat

Education

Switch Markets provides traders with a good selection of educational resources — seminars, webinars, trading guides, and more — to help them make knowledgeable trading decisions.

Trading Guides

There is a good selection of free trading guides on the Switch Markets website that you can go through at your own pace. These can be useful to help you improve your trading knowledge and skills.

• Make difficult decisions with clarity
• Learn at your own pace
• Find information about a wide variety of topics
• Don’t get overwhelmed by information
• Clearly assess the strengths and weaknesses of different areas of Forex, Stocks and other markets

HowToTrade.com

Switch Markets have teamed up with HowToTrade to offer you the opportunity to access quality education. From the basics all the way to advanced areas of trading, get ready to evolve your senses with a learning experience like no other. Completely free which is great considering I have seen such content being sold for thousands elsewhere.

• 50+ free online trading lessons
• Track your progress and success
• Video lessons from pro mentors
• Learn at your own pace

Knowledge is key when it comes to trading and HowToTrade can offer you just that. If you are looking to improve your knowledge on trading, open an account at HowToTrade.com and follow their free, self-paced educational courses followed by interactive quizzes. You can open an account and start learning instantly.