Switch Markets -Overview of Minimum Deposit, Leverage, Spreads

WikiFX | 2024-12-19 17:20

概要：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			Within the nearest working day
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			Within the nearest working day
Interac			Within 3-4 business days
Dragonpay			Almost instant once processed
Vertupay			Almost instant once processed