SWGMarkets.com Review: this is the website of a Forex broker that claims to be affiliated with Swiss Group Markets and offers an excellent trading platform. Is it safe to invest funds in SWGMarkets? Consider our reviews and see our expert take on this.
The most vital part of our reviews is uncovering if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.
SWGMarkets does not disclose where it is based upfront but it seems to be portraying itself as some financial institution that is based in Switzerland. But the broker does not mention that it is regulated.
Trading with a Forex broker that is unlicensed poses many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well. Unlicensed brokerages are not under any rules of traders and this puts traders in more risk than they will be in if they had chosen properly licensed ones.
Advantages of SWGMarkets
SWGMarkets promises traders that it will help them maximize their profit potential. Additionally, it says that it offers a generous bonus credit according to your potential. It also provides trading signals from analysts.
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It is common for Forex brokers to claim that they provide the best trading environment in the market. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
SWGMarkets Trading Platform
The broker provides a web-based platform and an MT4 ‘traditional’ platform as well. However, SWGMarkets trading platform appears to be from a third-party vendor.
We advise readers and traders to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots. Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating systems. All can be used on desktops, Linus, Windows, iOS, and Android.
Tools that come with these trading platforms are also found to be useful for traders. It has proven to be user-friendly as well and helps traders in analyzing the market easily.
It does not mention the types of trading instruments that it offers to traders. This is not advisable of any serious brokerage. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
SWGMarkets does not mention the maximum leverage that it offers to clients, but, traders should be aware that while some may seem generous, it is not advisable. High leverages can lead to huge loss of funds for inexperienced traders.
There is no mention of what spreads the broker uses for clients. Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal Methods SWGMarkets
We found that SWGMarkets allows withdrawal and deposit via Visa, Mastercard, Wires and Cryptocurrencies.
This is encouraging and is one of the characteristics of a legit broker because they usually make deposits and withdrawals available via Visa, MasterCard, and Wire Transfer. Many offer e-wallets like Skrill, Neteller, UnionPay, FasaPay, and so on.
The minimum deposit required is $1. This is within the average minimum obtainable among top brokers. Usually, many legit brokerages require between $100 – $250 or even lesser. The withdrawal conditions of this broker are suspicious.
It says that the minimum amount a trader can withdraw is $50. Since it offers clients a bonus for trading, it means that they must pass a particular trading turnover before they can withdraw. These requirements usually mean that a trader cannot withdraw their funds when they want.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is SWGMarkets Licensed?
No. SWGMarkets is not a licensed brokerage and cannot be trusted. It tries to pass itself off as a Switzerland based broker but this is false.
Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.
To get more information about this broker, contact customer support services via SUPPORT@SWGMARKETS.COM
SWGMarkets has proven to be a broker unworthy of trust and thus, we rate it low. It also does not reveal enough information for us to go on with and tries to falsify some claims. Do not invest with any company promising returns that sound too good to be true.
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- MT4 trading platform
- Affordable minimum deposit
- Many deposit and withdrawal methods
- Withdrawal conditions linked to bonus
- Third-party demo trading platform
- No license
- Unclear trading conditions