Sway Markets is a forex broker established and registered in Australia on November 18, 2022. The company primarily offers financial trading services, including forex, stocks, commodities, futures, and indices, to traders. The company's headquarters are located in Australia. Investors can visit their official website at https://swaymarkets.com/, and the website primarily supports English-language services. Sway Markets does not provide services to residents of any country or jurisdiction that may violate local laws or regulations.
Company Background and Regulatory Status:
In Australia, the registered entity for Sway Markets is Sway Markets Pty Ltd, with its registered address in Miami, QLD 4220, and an ABN number of 16 663 928 158. This entity is an authorized representative of Pulse Markets Pty Ltd (ABN 91665910538), with a CAR license number of 001300469. Sway Markets Pty Ltd is not a product issuer for over-the-counter (OTC) derivatives, and it does not act as a market maker or execute trades on behalf of clients. Its authorization is limited to providing financial services to wholesale clients.
In Saint Vincent and the Grenadines, the registered entity for Sway Markets is also Sway Markets Pty Ltd, registered on February 8, 2023, with a registered address at Euro House, Richmond Hill Road, Kingstown, P.O. Box 2897, and a registration number of 1661. However, the Saint Vincent and the Grenadines Financial Services Authority (SVGFSA) does not regulate or license commercial companies (BCs) engaged in forex trading or brokerage activities. Their regulatory scope is limited to ensuring that BCs comply with the obligations set out in the Revised and Consolidated Business Companies (Amendment and Consolidation) Act of 2009. In other words, Sway Markets does not have legitimate regulation in place.
Account Types:
Sway Markets offers four different types of trading accounts: VIP, ECN, NO COMMISSION, and ISLAMIC. All four account types use 2-tier pricing with STP execution, offering a maximum leverage of 1:500.
- The VIP account has spreads starting from 0.0 pips, offers trading in currencies, metals, indices, and more, with commissions starting at $3.5 per lot. The minimum deposit is $100,000, and it provides access to 200+ currency pairs.
- The ECN account also has spreads starting from 0.0 pips and offers trading in various asset classes, with commissions starting at $7.00 per lot. It supports 200+ currency pairs.
- The NO COMMISSION account has spreads starting from 1.2 pips and mainly trades major and minor currencies and exotic currencies without charging commissions.
- The ISLAMIC account has spreads starting from 0.0 pips, offers trading in currencies, metals, indices, stocks, and commodities, with commissions starting at $7.00 per lot. It supports 200+ currency pairs and has no overnight interest charges.
Trading Platform:
Sway Markets provides users with the MT5 trading platform, which is available in web, desktop, Android, and iOS versions. The company providing the servers for users is Sway Markets Pty Ltd, but it is unclear whether this company is registered in Saint Vincent and the Grenadines or Australia.
Deposits and Withdrawals:
Sway Markets supports deposits and withdrawals through Skrill. When making a deposit, users should log into their Sway Markets account, navigate to the deposit section, select Skrill as the preferred deposit method, confirm the deposit amount and currency, and complete the transaction on the Skrill dashboard.
For withdrawals, users should navigate to their Sway Markets account, click on "Accounts," scroll down to the investment account section, and click on the "Investments" tab. Near the "Current Earnings" section, there are three vertical dots; click on them to access four options. Choose the third option to withdraw your investment. After selecting "Withdraw," the system will prompt you with two options: either withdraw a specific amount or withdraw all funds and close your investment. Upon successful withdrawal, the funds will be transferred to your wallet.
Customer Support:
Users can contact Sway Markets through phone at +61 8 9516 1777 or via email at support@swaymarkets.com. Additionally, investors can use the online contact form available on the broker's website under the "Contact Us" section.
Summary:
It's important to note that Sway Markets, while holding a CAR license, has limited regulatory oversight, and it is authorized to provide financial services to wholesale clients only. Moreover, the company is registered under the same name in two different countries, making it difficult to determine whether it operates in Saint Vincent and the Grenadines or Australia. The Saint Vincent and the Grenadines Financial Services Authority does not regulate forex trading or financial businesses, meaning that Sway Markets lacks legitimate qualifications to provide financial services to retail clients. As of now, the broker is flagged as "suspected fraud" on Traderknows.
