Switch Markets Forex Broker

Switch Markets Review SummaryFounded2018Registered Country/RegionAustraliaRegulationASIC (Revoked)Market InstrumentsForex, Indices, Digital Currencies, Commodities and CFD SharesDemo Account✅Islamic Account✅LeverageUp to 1:500SpreadFrom 1.4 pips (Standard account)Trading PlatformMT4/5Min Deposit$50Customer Support24/5 live chat, contact formEmail: support@switchmarkets.comWhatsApp, WeChat, Twitter, Facebook, and InstagramSocial media: X, Facebook and InstagramRegional 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.Pros and ConsPros Cons Various trading assetsRevoked ASIC licenseDemo and Islamic accounts offeredRegional restrictionsCommission-free account offeredPopular trading platform MT4/5Low minimum depositMultiple payment options24/5 live chat supportIs Switch Markets Legit?Regulatory Status Revoked Regulated by Australia Securities & Investment Commission (ASIC)Licensed Institution SWITCH MARKETS PTY LTDLicensed 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.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$50PRO$50Leverage 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 LeverageForex1:500Indices1:200Commodities1:50Share CFDs1:20Spread and CommissionAccount Type SpreadCommissionStandardFrom 1.4 pips❌PROFrom 0.0 pips$3.5/lotTrading PlatformTrading PlatformSupported Available Devices Suitable for MT4✔Web, DesktopBeginnersMT5✔Web, DesktopExperienced tradersDeposit and WithdrawalPayment MethodMinDeposit FeeProcessing Time Visa $50 or base currency❌Within the nearest working dayMastercard Bank transfer Within 3-5 business daysDigital currencies 0.8%Within the nearest working dayNeteller ❌Almost instant once processedSkrill Fasapay nganluong.vmPerfect money Pay trust88Within the nearest working dayUnion pay Interac Within 3-4 business daysDragonpay Almost instant once processedVertupay