Sway Markets Review: Is This Broker Legit?

Introduction to Sway Markets:

Sway Markets got registered in Australia on November 18, 2022. They mainly offer trading services for financial assets like forex, stocks, commodities, futures, and indices. Based in Australia, they provide users with the MT5 trading software, plus their own Sway Charts platform. They've got a range of account types to choose from, including four real accounts: ECN, NO COMMISSION, VIP, and ISLAMIC, with leverage going up to 1:500.

Company Registration Information

In Australia, Sway Markets goes by Sway Markets Pty Ltd, based in MIAMI QLD 4220, with ABN 16 663 928 158. Over in Saint Vincent and the Grenadines, there's an entity with the same name, registered on February 8, 2023, at Euro House, Richmond Hill Road, Kingstown, P.O. Box 2897, with registration number 1661. TraderKnows says their official website domain was registered back on April 19, 2021—almost two years ago now.

Trading information provided by sway

Sway Markets offers a diverse range of market instruments, covering forex, stocks, commodities, futures, and indices. Below is a brief introduction to each:

1. Forex: As one of the largest and most active financial markets globally, the forex market offers trading opportunities across various currency pairs. Investors can trade between different national currencies, leveraging exchange rate fluctuations for trading and investment.
2. Stocks: This broker supports stock trading, allowing investors to buy and sell different companies' shares. Stock trading provides opportunities to participate in corporate performance and market development.
3. Commodities: Investors can trade in the commodities market, including major commodities such as gold, silver, and oil, typically influenced by global supply and demand and economic factors.
4. Futures: The futures market offers contract trading for delivery at a future date. This includes various commodities, financial instruments, and indices. Futures trading can be used for hedging risks or speculation.
5. Indices: Investors can engage in trading various stock indices, such as the S&P 500 or Dow Jones Index. Index trading provides exposure to the overall market or specific industry performance.

Introduction to Trading Software

Sway Markets gives users access to the MT5 trading software, along with its own Sway Charts platform.

You can use MT5 on the web, desktop, Android, or iOS, and it comes with plenty of tools and indicators to help you make smart trading decisions. Plus, the company provides server support for users.

Plus, Sway Markets has its own trading platform called Sway Charts, which works on iOS, Android, Windows, Mac, and even through a Web Trader. Sway Charts gives you access to over 55 forex pairs, stocks, indices, commodities, oil, gold, silver, futures, Bitcoin, and other cryptocurrencies. With all these platforms, it’s super flexible and can easily fit the needs of all kinds of traders.

Introduction to Account Types

Sway Markets has a few different account types to choose from—four main real accounts, plus the option for an Islamic account. Right now, they don’t offer demo accounts, though. The ECN account is all about giving users a complete trading experience. If you go for the zero-commission account, you can trade without having to worry about extra fees. The VIP account is for those seasoned traders looking for something a bit more special. And as for the Islamic account, it’s swap-free, designed to meet the needs of Islamic traders. Here’s a closer look at each account:

ECN:

• Leverage up to 1:500
• Spreads starting from 0.0 pips
• Trading multiple assets, including currencies, cryptocurrencies, metals, indices, stocks, and commodities
• Commission of $7.00 per lot traded
• Support for negative balance protection

NO COMMISSION:

• Maximum leverage of 1:500
• Spreads starting from 1.2 pips
• Trading major, minor, and exotic currency pairs
• Commission per lot traded from $0
• Support for negative balance protection

VIP:

• Maximum leverage of 1:500
• Spreads starting from 0.0 pips
• Trading currencies, cryptocurrencies, precious metals, indices
• Commission per lot traded from $3.5
• Minimum deposit $100,000
• Support for negative balance protection

ISLAMIC

• Maximum leverage of 1:500
• Spreads starting from 0.0 pips
• Trading currencies, cryptocurrencies, precious metals, indices, stocks, and commodities
• Commission per lot traded from $7.00
• No Swap fees charged
• Support for negative balance protection

How to Open an Account?

Steps to open an account are as follows:

1. Visit the official Sway Markets website.
2. Find and click on the registration option, where you need to fill in some basic information such as name, email address, and contact details.
3. Select an account type suitable for your trading needs and experience.
4. Deposit the initial funds to start trading.
5. If opting to use MetaTrader5, download and install MT5.

Leverage Ratio:

Sway Markets offers four types of real accounts: ECN, NO COMMISSION, VIP, and ISLAMIC, all with leverage up to 1:500. Basically, if you choose the 1:500 leverage option, it means you can trade with 500 times the amount of money you actually have in your account. This lets you trade at a much larger scale. Just keep in mind, while leverage can boost your potential profits, it also means your risks are increased too.

Risk Warning: Leveraged products such as forex carry a high-risk level and may not be suitable for all traders. Be sure to fully understand the potential risks involved, considering your investment goals and experience level, and seek independent advice if necessary before starting to trade.

Deposits/Withdrawals

When users initiate deposit and withdrawal operations, they can opt to use Skrill as a channel. Here are the brief steps for depositing and withdrawing via Skrill:

Deposit:

1. Log in to your personal account.
2. Navigate to the deposit option.
3. Select Skrill as the deposit method.
4. Enter the amount to deposit and the currency type.
5. Click "Confirm" and then "Continue".
6. The page will redirect to your Skrill dashboard to complete the transaction.
7. Ensure your Skrill account has sufficient balance for the transaction.

Withdrawal:

1. Log in to your personal account.
2. Go to "Account" and scroll to the investment account section.
3. Click the "Invest" tab and find the "Current Earnings" section.
4. Nearby the "Current Earnings" section, click on the three vertical dots to display options.
5. Select the third option "Withdraw Investment".
6. After clicking "Withdraw", you will be prompted to select to withdraw part or all of the funds.
7. Enter the amount to withdraw, then click "Withdraw".
8. Upon successful withdrawal, the funds will be transferred to your wallet.

After completing the transaction, the status on the client interface will change from "Pending Funds" to "Approved". Ensure verification is completed and there’s sufficient balance in your account before any deposit or withdrawal operations.

Is Sway Markets Safe and Legitimate? Does it Have Proper Financial Regulation Licenses?

Sway Markets claims to be regulated by the Australian Securities and Investments Commission (ASIC) and licensed to conduct financial services business. TraderKnows has researched the regulatory information of this broker.

Sway Markets is basically just an authorized representative for Pulse Markets Pty Ltd and MGF CAPITAL PTY LTD, with CAR license number 001300469. They bought the licenses from these two companies, but that’s where the relationship ends—there’s nothing deeper going on. Plus, MGF CAPITAL PTY LTD gives out licenses to other brokers too. TraderKnows wants to point out that this entity isn’t an issuer of OTC derivative products, so it won’t act as a market maker for those products or trade as a principal with clients. Its role is strictly to provide financial services to wholesale clients.

The Financial Services Authority (SVGFSA) of Saint Vincent and the Grenadines does not regulate, monitor, enforce, or license companies involved in forex trading or brokerage. The regulatory body's duties are limited to ensuring Business Companies comply with obligations under the Commercial Code (Amendment and Consolidation) Act Chapter 149 of the Revised Laws of Saint Vincent and the Grenadines 2009. Therefore, the company is not legally regulated.

Minimum Deposit Requirement

Sway Markets only needs a $10 minimum deposit to get started, and you can trade with as little as 0.01 lots. They offer 37 stock options, support trading in 55 different currencies, and have 18 cryptocurrency options. Plus, with leverage up to 1:500, you can really boost your trading potential.

Website Traffic

According to Ahrefs, Sway Markets' website receives about 11.9K visits monthly, with the majority coming from the United States, accounting for 93.0% of total traffic, roughly 11.1K visits. Besides the U.S., Canada also contributes some traffic, about 309 visits, making up 2.6%. Other traffic comes from South Africa (99 visits, 0.8%), Nigeria (90 visits, 0.8%), and the UK (66 visits, 0.6%). Although most traffic is concentrated in the US, there is some international reach, indicating a certain level of global interest in Sway Markets.

Pros and Cons:

Pros:

1. Innovative trading platform
2. Wide range of trading pairs
3. Instant trade execution and low spreads
4. Various account types offering no commission and Islamic accounts
5. 24/7 customer support
6. Promise of low commissions

Cons:

1. Unregulated platform
2. Lacks transparency
3. Restricted service regions
4. High-risk leveraged products
5. Services limited to wholesale customers

Contact Information

Sway Markets supports various contact methods, including email, phone, and online services.

Conclusion

Sway Markets is a forex broker conducting illegal financial operations by leveraging false regulatory information and has not disclosed any critical details concerning user fund security. It does not have the legitimate qualifications to offer financial services to retail clients, and there are doubts concerning its registration information. Currently, this broker is flagged as "suspected fraud" on TraderKnows. TraderKnows warns that this platform is a highly risky forex trader and advises staying away to avoid personal financial losses.