Sway Markets review 2023: 5 things you should know about swaymarkets.com

Beware! Sway Markets is an offshore broker! Your investment may be at risk.

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Sway Markets is a broker that can easily be confused with a reputable firm by any inexperienced trader. The reality however is just the opposite, that’s why these kinds of brokers are the most dangerous ones. In this case beware that Sway Markets is not regulated but only tries to mislead its customers with bold, yet false claims. It’s based in a country that doesn’t license forex brokerage and uses another firm’s name and legal details just to look credible.

And if that’s not bad enough, this broker also offers quite high and risky leverage, as well as very insecure payment methods that are mainly associated with fraud. So if you have been considering investing with Sway Markets, better stop right now and read the following lines first.

Sway Markets Regulation and safety of funds

As we mentioned above, Sway Markets’ website may seem credible and user-friendly to unwitting customers, however it hides a lot of dangers of getting scammed out of your money.

First of all, this broker claims to be fully regulated by the Australian Securities and Investments Commission (ASIC) and even posts a license number. Sway Markets however bears a lot of signs of scam, as you are going to see shortly, so we were quite suspicious when it comes to its credibility. So we decided to check the registers of ASIC – there really is a firm with the same name indeed. Note however that no address or domain name is presented in the registers, so it’s highly doubtful if this company has anything to do with the broker we are reviewing. Many scammers use other reputable firms’ legal documents just to seem legit. In this case, Sway Markets can’t possibly be regulated in Australia – for example it offers leverage of 1:500, while the volumes in this country are limited to 1:30.

But that’s not all. Sway Markets actually doesn’t claim to be registered in Australia at all. In fact it is based in the scam haven as they call it – St. Vincent and the Grenadines and this is clearly stated at the bottom of its homepage. Why does this destination have such a notorious reputation when it comes to forex trading? Well, it’s just because this country doesn’t regulate forex brokerage activities at all, that’s why a lot of the fraudsters choose it.

As you see, Sway Markets is obviously not the transparent and reputable broker it pretends to be. Better look for a truly licensed broker instead.

Sway Markets Trading software

Sway Markets claims to offer the industry standard MetaTrader 5 and displays several links for its download, as well as a link for its webtrader. We opened the platform directly through the web before getting registered and entered a demo version of MT5. Take a look:

However, after we registered we couldn’t complete and verify our account due to some personal documentation that was required. In short, without our ID being uploaded, we simply couldn’t see anything in our profile, including the software or the payment methods for instance. For this reason, we can’t confirm if Sway Markets really provides MT5.

Nonetheless, it’s always best to trade with a trustworthy broker with a legit forex license instead. Not to mention that most of the legitimate firms usually offer MetaTrader 4 or MetaTrader 5 as well.

Sway Markets Trading instruments

Sway Markets claims to offer a variety of trading instruments like forex pairs, crypto, stocks, indices, commodities and futures. This is a list of assets that any reputable broker usually offers, so there’s no point in investing here.

Sway Markets Spreads and cost of trading

Sway Markets promises tight spreads of 0.8 pips for its ECN account with a commission of 7.50 USD per lot. There is also a possibility to open a “No commission” account that provides spreads of 1.2 pips without commissions respectively. Apart from that there are also a VIP and Islamic accounts. Take a look at some more details about the first one:

On the trading software we saw spreads of 0.0 pips for EURUSD, however this can’t possibly be true. First of all, this software seems quite questionable, moreover we don’t know what volumes can be seen on the actual platform. Secondly, remember that scammers tend to manipulate their platforms, so never take their words for granted.

Sway Markets Maximum leverage

The leverage this broker offers is said to be 1:500 for all of its accounts. This amount is undeniably too risky and contradicts the rules set in Australia, as we mentioned already. To be precise, there’s a leverage cap of 1:30 in this country, so Sway Markets can’t possibly be licensed there. Any leverage higher than that is considered very tricky and speculative, that’s why it’s not recommended for retail traders. Still, if you want to invest with higher leverage, you can look at some of the offshore subsidiaries of reputable forex brokers.

Sway Markets Deposit and withdrawal methods

On its website Sway Markets claims to accept payments with crypto coins – Bitcoin, Tether, LiteCoin, Ethereum, Dogecoin and more. There are no other alternatives though, so you can’t use traditional payment methods like Visa/Mastercard or e-wallets like Skrill or Neteller. All of this is highly suspicious. Note that crypto transactions are scammers’ favorite because they are completely irreversible and anonymous. In other words, once the transaction is complete, there’s nothing you can do to retrieve your money. For this reason we advise you to refrain from investing here.

Sway Markets Minimum deposit

The minimum deposit with this broker is said to be just 10 USD, which seems quite attractive, we must agree. However, knowing this broker’s flaws and illegitimacy, there’s no doubt that this is just a trick to lure more clients into investing. Eventually however you may realize that it’s impossible to withdraw even a cent and your money’s gone for good.

Not to mention that most regulated brokers usually offer low spreads as well – micro accounts require around 10 or even 5 USD, but this time you can count on the firms’ reliability.

Sway Markets Withdrawal requirements

The minimum deposit with this broker is said to be just 10 USD, which seems quite attractive, we must agree. However, knowing this broker’s flaws and illegitimacy, there’s no doubt that this is just a trick to lure more clients into investing. Eventually however you may realize that it’s impossible to withdraw even a cent and your money’s gone for good. 

Not to mention that most regulated brokers usually offer low spreads as well – micro accounts require around 10 or even 5 USD, but this time you can count on the firms’ reliability.