Company Summary
| Switch Markets Review Summary | |
| Founded | 2018 |
| Registered Country/Region | Australia |
| Regulation | ASIC (Revoked) |
| Market Instruments | Forex, Indices, Digital Currencies, Commodities and CFD Shares |
| Demo Account | ✅ |
| Islamic Account | ✅ |
| Leverage | Up to 1:500 |
| Spread | From 1.4 pips (Standard account) |
| Trading Platform | MT4/5 |
| Min Deposit | $50 |
| Customer Support | 24/5 live chat, contact form |
| Email: support@switchmarkets.com | |
| WhatsApp, WeChat, Twitter, Facebook, and Instagram | |
| Social media: X, Facebook and Instagram | |
| Regional Restrictions | Yemen, 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 Cons
| Pros | Cons |
| Various trading assets | Revoked ASIC license |
| Demo and Islamic accounts offered | Regional restrictions |
| Commission-free account offered | |
| Popular trading platform MT4/5 | |
| Low minimum deposit | |
| Multiple payment options | |
| 24/5 live chat support |
Is Switch Markets Legit?
| Regulatory Status | Revoked |
| Regulated by | Australia Securities & Investment Commission (ASIC) |
| Licensed Institution | SWITCH MARKETS PTY LTD |
| Licensed Type | Appointed Representative (AR) |
| Licensed Number | 001283063 |
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 | $50 |
| PRO | $50 |
Leverage
Switch Markets' leverage is up to 1:500 for both account types. High leverage brings not only high profits but also high losses.
| Asset Class | Max Leverage |
| Forex | 1:500 |
| Indices | 1:200 |
| Commodities | 1:50 |
| Share CFDs | 1:20 |
Spread and Commission
| Account Type | Spread | Commission |
| Standard | From 1.4 pips | ❌ |
| PRO | From 0.0 pips | $3.5/lot |
Trading Platform
| Trading Platform | Supported | Available Devices | Suitable for |
| MT4 | ✔ | Web, Desktop | Beginners |
| MT5 | ✔ | Web, Desktop | Experienced traders |
Deposit and Withdrawal
| Payment Method | MinDeposit | Fee | Processing Time |
| Visa | $50 or base currency | ❌ | Within the nearest working day |
| Mastercard | |||
| Bank transfer | Within 3-5 business days | ||
| Digital currencies | 0.8% | Within the nearest working day | |
| Neteller | ❌ | Almost instant once processed | |
| Skrill | |||
| Fasapay | |||
| nganluong.vm | |||
| Perfect money | |||
| Pay trust88 | Within the nearest working day | ||
| Union pay | |||
| Interac | Within 3-4 business days | ||
| Dragonpay | Almost instant once processed | ||
| Vertupay |
brolinkfx
Italy
I made a deposit to switch market but more than 10 hours gone and my deposit is yet to be credited withdraw section is not open too
Exposure
abu sary
Israel
The best broker so far in terms of spreads and pro accounts, and they have a deposit bonus of up to $5000. The minimum deposit is $50. I have been dealing with them for a whole year and have not encountered any problems.
Positive
Summery
Turkey
Switch Markets shines with its customer support and trading platforms! Their team is always available and helpful, and the platform is smooth and intuitive.
Positive
Virat Kohli
Malaysia
Switch Markets is good platform for trading. And customer support and assistance is quick and upto mark most of time which is actually needed in this type of trading platform. ❤❤❤
Positive
✨LL✨
Peru
Switch Markets offers a diverse range of tradable instruments and account types to accommodate various trading styles. The demo account serves as an effective practice tool, and the MT4 platform is well-supported. The broker maintains transparency in spreads and commissions, with fair options for different account types. Deposits and withdrawals are smooth, and the 24/5 multilingual support enhances the overall reliability of the platform. It's important to note the regional restrictions when considering this broker.
Neutral
Judyedge
Malaysia
Switch Markets provides a user-friendly experience with the MT4 platform, offering flexibility across devices. The demo account, with no time limit, is a valuable tool for building confidence. The $50 minimum deposit is accessible, and the free VPS for new clients is a notable benefit. The broker's customer support has been consistently responsive, contributing to a positive overall experience.
Neutral
梧桐树下
New Zealand
This company seems to be quite reliable, registered in Australia and regulated by ASIC. But when I looked up user reviews on the Internet, I found that there are very few user reviews... so I will not trade here to be safe.
Neutral
David Low
Malaysia
So far so good, but the broker seem new, a lot functionality not complete yet, including lot rebate reward system. By the way, I would like to know what's ASIC appointed representative meant???
Neutral
简单化
Malaysia
Finally, I have found Switch Markets. By accident but this broker has become my top one! I hope we will work in many years. Great work and thanks a lot!
Positive