Sway Markets Forex Broker

Sway Markets Review Summary in 10 PointsFounded2022HeadquartersAustraliaRegulationASICMarket InstrumentsForex, Crypto, Stocks, Indices, Commodities and FuturesLeverage1:500EUR/USD SpreadFrom 0.3 pipsTrading PlatformsMT5Minimum deposit$10Customer Support24/7 Live chat, phone, emailWhat is Sway Markets? Sway Markets is an online broker offering trading services in forex, commodities, and cryptocurrencies. The company was established in 2022 and is headquartered in Australia. Sway Markets provides clients with access to the financial markets through the MetaTrader5 (MT5) trading platform. They offer ECN, No Commission, VIP, and Islamic account types with leverage up to 1:500.Pros & ConsProsCons• ASIC regulated• Only accepts crypto deposits and withdrawals• Competitive spreads and commissions• Limited educational resources• No commission accounts available• Relatively new brokerage with limited track record• MT5 platform available• High leverage of 1:500• Variety of account types, including Islamic accounts• Responsive customer supportIs Sway Markets Safe or Scam? Sway Markets is licensed by the Australian Securities and Investments Commission (ASIC), which is a reputable financial regulatory agency. This means that Sway Markets is required to adhere to certain standards and regulations, which can provide some level of assurance to traders.Market Instruments Sway Markets offers a diverse range of trading instruments, including forex, crypto, stocks, indices, commodities, and futures. This can be beneficial for traders who are looking to diversify their portfolio and take advantage of different market opportunities. However, different trading instruments come with different levels of risk and volatility, and traders should ensure that they understand the risks involved before trading any particular instrument.AccountsAccount TypeVIPECNNo CommissionIslamicTarget AudienceExperienced traders looking for a great dealAll-around traders needing a solid trading accountTraders who want zero commission on tradesTraders seeking an account with no swap feesLeverageUp to 1:500Up to 1:500Up to 1:500Up to 1:500Typical SpreadsFrom 0.0 pipsFrom 0.0 pipsFrom 1.2 pipsFrom 0.0 pipsExecution TypeSTP execution with Level 2 PricingSTP execution with Level 2 PricingSTP execution with Level 2 PricingSTP execution with Level 2 PricingTrading InstrumentsCurrencies, Cryptos, Metals, Indices, Stocks, Commodities, Crypto Perpetual FuturesCurrencies, Cryptos, Metals, Indices, Stocks, Commodities, Crypto Perpetual FuturesCurrencies, Metals, Indices, Stocks, CommoditiesCurrencies, Cryptos, Metals, Indices, Stocks, Commodities, Crypto Perpetual FuturesCommission per LotFrom $3.5From $7.00$0 (Zero Commission)From $7.00Minimum Deposit$100KNot specifiedNot specifiedNot specifiedNumber of Pairs200+200+Not specified200+Negative Balance ProtectionYesYesYesYesSwap FeesStandard fees applyStandard fees applyZero Commission, but standard swap fees applyNo Swap FeesLeverage While Sway Markets may offer leverage up to 1:500, it is crucial that traders fully understand the risks involved and use appropriate risk management strategies.Spreads & Commissions Sway Markets offers different account types with varying spreads and commissions. The ECN and Islamic accounts seem to have the lowest spreads starting from 0.8 pips, while the No Commission accounts have slightly higher spreads starting from 1.2 pips. The VIP accounts seem to have the lowest spreads starting from 0.3 pips and a commission per lot of $3.50. On the other hand, the ECN and Islamic accounts seem to have the highest commission per lot starting from $7.50, while the No Commission accounts have no commission charges. It's important to note that these values may depend on the trading instrument and the trading volume. Overall, Sway Markets seems to offer competitive trading conditions with various account types to cater to different trading needs. Below is a comparison table about spreads and commissions charged by different brokers:BrokerEUR/USD SpreadCommissionSway MarketsFrom 0.3 pipsvary on the account typeeToroFrom 1.0 pipsNoIGFrom 0.6 pipsNoPlus500From 0.8 pipsNoPepperstoneFrom 0.0 pips$3.5 per lotXMFrom 0.0 pipsNoTrading Platforms Sway Markets offers the popular MetaTrader5 (MT5) platform. The MT5 platform is available for download on desktop and mobile devices, allowing traders to access their accounts and trade from anywhere with an internet connection. The platform features a wide range of trading tools and indicators, as well as the ability to use automated trading strategies through Expert Advisors (EAs). See the trading platform comparison table below:BrokerTrading PlatformsSway MarketsMetaTrader5 (MT5)eToroeToro Platform, MetaTrader4 (MT4)IGIG Trading Platform, MetaTrader4 (MT4)Plus500Plus500 Platform, WebTraderPepperstoneMetaTrader4 (MT4), MetaTrader5 (MT5), cTraderXMMetaTrader4 (MT4), MetaTrader5 (MT5), XM WebTraderDeposits & Withdrawals Sway Markets only accept deposits via cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Dogecoin (DOGE), and Tether (USDT), and withdrawals are also processed in Bitcoin (BTC).Sway Markets Money Withdrawal To withdraw from Sway Markets, you need to follow these steps: Step 1: Log in to your Sway Markets account and navigate to the Withdrawal section. Step 2: Select cryptocurrency (BTC) as the withdrawal method. Step 3: Enter the amount you wish to withdraw in BTC. Step 4: Confirm the withdrawal request and wait for it to be processed. Step 5: Once the withdrawal is processed, the BTC will be sent to the wallet address you provided during the withdrawal request. It is important to note that Sway Markets only accepts withdrawals via BTC, so you must have a BTC wallet to receive the funds.Customer Service Sway Markets states on their website that they offer 24/7 customer support through live chat, email, and phone. They also have a frequently asked questions (FAQ) section on their website which covers various topics related to account opening, funding, trading, and more. You can also follow them on some social networks such as Facebook, Twitter, Instagram, YouTube and Telegram. It is not clear how responsive or helpful their customer service team is, as there are not many user reviews available to draw from.Conclusion To sum up, Sway Markets is an ASIC-licensed broker that offers competitive trading conditions through multiple account types and the popular MT5 trading platform. Their customer support is available around the clock, which is a positive aspect for traders who need assistance at any time. However, it's worth noting that Sway Markets only accepts crypto payments, which may not be convenient for all traders. Additionally, the lack of educational resources may be a disadvantage for those looking to improve their trading skills and knowledge. Overall, Sway Markets may be a good option for traders who are comfortable using crypto payments and are experienced enough to not rely on educational resources. However, for those who prefer more traditional payment methods and would like access to educational materials, other brokers may be a better fit.Frequently Asked Questions (FAQs)Q 1:Is Sway Markets regulated?A 1:Yes. It is regulated by Australia Securities & Investment Commission (ASIC).Q 2:At Sway Markets, are there any regional restrictions for traders?A 2:Yes. The services and information provided by Sway Markets are not directed at and do not intend to elicit citizens and/or residents of the USA, and are not intended for distribution to or use by any person in any jurisdiction where such distribution or use would be contrary to local law or regulation.Q 3:Does Sway Markets offer the industry-standard MT4 & MT5?A 3:Yes. It supports MT5.Q 4:What is the minimum deposit for Sway Markets?A 4:The minimum initial deposit to open an account is $10.