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Switch Markets
Suspected Fraud
Suspected Fraud

Switch Markets

🇦🇺
  • Forex
  • Brokerage
2-5 years
Website

Current Rating

3.46

Industry Tier

C

Profile

Switch Markets is an Australian forex broker that was established on March 30, 2020. It primarily provides trading services in forex, commodities, indices, and stocks. The company is headquartered in Brookvale, Australia, and has a branch in Singapore. Their official website is https://www.switchmarkets.com/, and their services are primarily offered in English. It's important to note that Switch Markets does not offer services to residents of the United States, Yemen, Iran, North Korea, or any other country or jurisdiction where such services may violate local laws or regulations.

Company Background and Regulatory Status:

Switch Markets Pty Ltd is the Australian entity registered in Brookvale, with an ABN number of 73 640 033 727. It used to be an authorized representative of Royal Financial Trading Pty Ltd (License Number 420268), regulated by the Australian Securities and Investments Commission (ASIC). However, the authorization for Switch Markets Pty Ltd was terminated on August 7, 2020, and since then, it has been operating without any valid regulation.

Switch Markets

Switch Markets

In Singapore, Switch Markets operates under the entity Switch Markets International PTE Ltd, which was registered on December 15, 2020. They represent ROYAL ETP LLC and act on its behalf to issue products. ROYAL ETP LLC will be the counterparty for all trades. It's important to note that ROYAL ETP LLC is registered in St. Vincent and the Grenadines and is regulated by the Financial Services Authority (FSA). However, FSA regulates activities like banking, insurance, or mutual funds and does not oversee forex margin trading activities or issue forex licenses. This means that Switch Markets International PTE Ltd and ROYAL ETP LLC are operating without effective regulation in the forex trading and brokerage business.

Switch Markets

Switch Markets

Switch Markets

Account Types:

Switch Markets offers two different types of trading accounts: Standard and Pro. Both accounts support multiple base currencies (USD, EUR, AUD, GBP, CAD) and provide free VPS and up to $5,000 in credit bonuses. They offer a maximum leverage of 1:1000 and require a minimum deposit of $50.

Switch Markets

Trading Platform:

Switch Markets provides the MT4 trading platform for its users, with the company Switch Markets Pty Ltd serving as the server provider.

Switch Markets

Deposits and Withdrawals:

Switch Markets supports deposits and withdrawals through credit cards, bank wire transfers, and blockchain transactions, with no fees for deposits. However, the broker does not provide specific details regarding the withdrawal process on their official website.

Switch Markets

Customer Support:

Users can contact Switch Markets via phone at +61 480 094 684 (Australia) or +44 1902 943 383 (United Kingdom). Additionally, investors can use the "Contact Us" form on their website to reach the broker.

Switch Markets

总结:

It's important to note that Switch Markets is an unregulated forex broker. They have been operating without valid regulation in Australia and Singapore. When trading with unregulated brokers, there may be limited legal recourse in case of disputes or financial losses. It is advisable for investors to choose brokers with stronger regulatory oversight when engaging in trading activities to safeguard their assets. As of the current information, Switch Markets is marked with "suspected scam" on the Traderknows.

User Reviews

3.46

Rated by 0 people

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FAQ About Switch Markets

01

What is the official website of Switch Markets?

The official website of Switch Markets is https://www.switchmarkets.com/.

02

Is Switch Markets legit or scam?

Switch Markets is currently listed as Suspected Fraud on TraderKnows.

03

What kind of company is Switch Markets?

Switch Markets is a Forex, Brokerage company.

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Australia
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Forex
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