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Score

2.24 /10
Danger

Switch Markets

Australia

2-5 years

Suspicious Regulatory License

MT5 Full License

Australia Appointed Representative(AR) Revoked

High potential risk

https://www.switchmarkets.com

Influence

B

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Score

Regulatory Index0.00

Business Index6.76

Risk Management Index0.00

Software Index9.08

License Index0.00

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Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

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Broker Information

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Company Name

Switch Markets International PTE Ltd

Company Abbreviation

Switch Markets

Platform registered country and region

Australia

Company website

X

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Company summary

Pyramid scheme complaint

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Warning: Low score, please stay away! 2
Previous Detection : 2025-02-02
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • AustraliaASIC (license number: 001283063) The regulatory status is abnormal, the official regulatory status is Revoked. Please be aware of the risk!

WikiFX Verification

Switch Markets · Company summary
Switch Markets Review Summary
Founded2018
Registered Country/RegionAustralia
RegulationASIC (Revoked)
Market InstrumentsForex, Indices, Digital Currencies, Commodities and CFD Shares
Demo Account✅
Islamic Account✅
LeverageUp to 1:500
SpreadFrom 1.4 pips (Standard account)
Trading PlatformMT4/5
Min Deposit$50
Customer Support24/5 live chat, contact form
Email: support@switchmarkets.com
WhatsApp, WeChat, Twitter, Facebook, and Instagram
Social media: X, Facebook and Instagram
Regional RestrictionsYemen, US, Iran, North Korea

Switch Markets was founded by Switch Markets International PTE Ltd in 2018 in Australia. It provides various trading assets, like Forex, Indices, Digital Currencies, Commodities and CFD Shares with leverage up to 1:500 and spread from 1.4 pips on the Standard account. Demo accounts are available and the minimum deposit requirement to open a live account is just $50. However, it is not regulated currently.

Switch Markets' homepage

Pros and Cons

Pros Cons
Various trading assetsRevoked ASIC license
Demo and Islamic accounts offeredRegional restrictions
Commission-free account offered
Popular trading platform MT4/5
Low minimum deposit
Multiple payment options
24/5 live chat support

Is Switch Markets Legit?

Regulatory Status Revoked
Regulated by Australia Securities & Investment Commission (ASIC)
Licensed Institution SWITCH MARKETS PTY LTD
Licensed TypeAppointed Representative (AR)
Licensed Number001283063

The regulation of Switch Markets is revoked. The licensed institution SWITCH MARKETS PTY LTD is different from the company Switch Markets International PTE Ltd. Besides, its license type and email address both are different from the broker.

Revoked ASIC license

What Can I Trade on Switch Markets?

Tradable Instruments Supported
Forex✔
Indices✔
Digital Currencies ✔
Commodities ✔
CFD Shares✔
Bonds❌
Options ❌
ETFs❌
What Can I Trade on Switch Markets?

Account Type

Switch Markets offers two accounts types: Standard and PRO. It also offers demo accounts and Islamic accounts. Please be aware that inactive demo accounts are deactivated after 45 days of inactivity.

Account Type Min Deposit
Standard$50
PRO$50
Account comparison

Leverage

Switch Markets' leverage is up to 1:500 for both account types. High leverage brings not only high profits but also high losses.

Asset ClassMax Leverage
Forex1:500
Indices1:200
Commodities1:50
Share CFDs1:20

Spread and Commission

Account Type SpreadCommission
StandardFrom 1.4 pips❌
PROFrom 0.0 pips$3.5/lot

Trading Platform

Trading PlatformSupported Available Devices Suitable for
MT4✔Web, DesktopBeginners
MT5✔Web, DesktopExperienced traders

Deposit and Withdrawal

Payment MethodMinDeposit FeeProcessing Time
Visa $50 or base currency❌Within the nearest working day
Mastercard
Bank transfer Within 3-5 business days
Digital currencies 0.8%Within the nearest working day
Neteller ❌Almost instant once processed
Skrill
Fasapay
nganluong.vm
Perfect money
Pay trust88Within the nearest working day
Union pay
Interac Within 3-4 business days
Dragonpay Almost instant once processed
Vertupay
Deposit and Withdrawal

News

NewsIs Switch Markets trustworthy ?

Switch Markets, a trading name of Switch Markets International PTE Ltd is a relatively new retail trading broker established in Australia in 2019 that gives you easy market access to buy and sell various financial instruments.

WikiFX
2024-03-07 13:52
Is Switch Markets trustworthy ?

NewsWikiFX report: 4 Steps to Becoming an Introducing Broker

Becoming an Introducing Broker can be the easiest method to increase your income, process, and explain all the benefits of being a CWG Markets Client. New forex brokers have different ways to enter and offer forex trading services in one of the most fascinating and lucrative markets in the world. One way to do so is by becoming an introducing broker (IB). Switch Markets shows you how to become an IB.

WikiFX
2022-04-15 15:39
WikiFX report: 4 Steps to Becoming an Introducing Broker
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abu sary
3-6months
افضل وسيط حتى الان من ناحية سبيرد و من ناحية حسابات ال pro و لديهم بونص ايداع يصل ل ٥٠٠٠ دولار اقل ايداع فيها ٥٠دولار مدة تعاملي معها سنة كاملة لم اجد اي مشكلة منها
افضل وسيط حتى الان من ناحية سبيرد و من ناحية حسابات ال pro و لديهم بونص ايداع يصل ل ٥٠٠٠ دولار اقل ايداع فيها ٥٠دولار مدة تعاملي معها سنة كاملة لم اجد اي مشكلة منها
Translate to English
2024-09-27 04:53
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Summery
more than one year
Switch Markets shines with its customer support and trading platforms! Their team is always available and helpful, and the platform is smooth and intuitive.
Switch Markets shines with its customer support and trading platforms! Their team is always available and helpful, and the platform is smooth and intuitive.
Translate to English
2024-07-25 18:16
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