Switch Markets -Overview of Minimum Deposit, Leverage, Spreads
abstrak：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 Review Summary | |
| Founded | 2018 |
| Registered Country/Region | Australia |
| Regulation | ASIC (Revoked) |
| Market Instruments | Forex, Indices, Digital Currencies, Commodities and CFD Shares |
| Demo Account | ✅ |
| Islamic Account | ✅ |
| Leverage | Up to 1:500 |
| Spread | From 1.4 pips (Standard account) |
| Trading Platform | MT4/5 |
| Min Deposit | $50 |
| Customer Support | 24/5 live chat, contact form |
| Email: support@switchmarkets.com | |
| WhatsApp, WeChat, Twitter, Facebook, and Instagram | |
| Social media: X, Facebook and Instagram | |
| Regional Restrictions | Yemen, 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.
Pros and Cons
| Pros | Cons |
| Various trading assets | Revoked ASIC license |
| Demo and Islamic accounts offered | Regional 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 Type | Appointed Representative (AR) |
| Licensed Number | 001283063 |
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.
What Can I Trade on Switch Markets?
| Tradable Instruments | Supported |
| Forex | ✔ |
| Indices | ✔ |
| Digital Currencies | ✔ |
| Commodities | ✔ |
| CFD Shares | ✔ |
| Bonds | ❌ |
| Options | ❌ |
| ETFs | ❌ |
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 |
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 Class | Max Leverage |
| Forex | 1:500 |
| Indices | 1:200 |
| Commodities | 1:50 |
| Share CFDs | 1:20 |
Spread and Commission
| Account Type | Spread | Commission |
| Standard | From 1.4 pips | ❌ |
| PRO | From 0.0 pips | $3.5/lot |
Trading Platform
| Trading Platform | Supported | Available Devices | Suitable for |
| MT4 | ✔ | Web, Desktop | Beginners |
| MT5 | ✔ | Web, Desktop | Experienced traders |
Deposit and Withdrawal
| Payment Method | MinDeposit | Fee | Processing 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 trust88 | Within the nearest working day | ||
| Union pay | |||
| Interac | Within 3-4 business days | ||
| Dragonpay | Almost instant once processed | ||
| Vertupay |
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