SW Markets is a forex broker that claims to offer a variety of trading products and services to traders around the world. However, there is a growing body of evidence that suggests that SW Markets is a scam broker. In this article, we will take a closer look at SW Markets and why you should avoid it.
Company Overview
SW Markets is a relatively new forex broker, having been founded in 2019. The company is headquartered in Seychelles, which is a known tax haven and does not have any regulations for forex brokers.
Does SW Markets Have Any Licenses?
No, SW Markets does not have any licenses from any reputable regulatory bodies. They only show a certificate from the Vanuatu Financial Services Commission. But, this commission actually does not have any power to regulate or license any firm.
Is SW Markets Regulated By Any Authority?
No, SW Markets is not regulated by any authority. This is another major red flag, as it means that the company is not subject to any oversight or regulation. This leaves traders with no recourse if they have any problems with SW Markets.
SW Markets Pros and Cons
Pros
- Offers a variety of trading products and services
- Low minimum deposit
Cons
- Not regulated by any reputable authority
- No customer support
- Negative reviews from previous traders
- High withdrawal fees
- How Does SW Markets Reach To Their Prey?
SW Markets spreads its reach through a variety of channels, including:
- Online ads
- Social media
- Forex forums
- Word-of-mouth
SWMarkets targets unsuspecting traders with promises of easy profits. They often offer unrealistic returns and low minimum deposits to lure traders in. Once a trader has opened an account with SW Markets, they are often bombarded with calls and emails from the company’s representatives. These representatives will pressure the trader to make trades, even if it is not in their best interest.
Technical Details of SW Markets
Minimum Deposit
The minimum deposit for SWMarkets is $250. This is relatively low compared to other forex brokers. However, it is important to remember that SW Markets is not a regulated broker, so there is no guarantee that you will get your money back if you lose it.
Trading Platform
It offers its own proprietary trading platform. The platform is user-friendly and easy to use. However, it does not offer as many features as some of the other trading platforms on the market.
Spread
The spreads offered by SW Markets are competitive. However, they are not the lowest on the market. The average spread for EUR/USD is 1.5 pips.
Leverages
SWMarkets offers leverage up to 1:500. This is very high leverage and can be risky for traders. It is important to remember that leverage is a double-edged sword. It can magnify your profits, but it can also magnify your losses.
Packages and Products They Offer
SW Markets offers a variety of trading packages and products, including:
- Micro account: This account has a minimum deposit of $250 and offers a leverage of up to 1:500.
- Standard account: This account has a minimum deposit of $1,000 and offers a leverage of up to 1:200.
- VIP account: This account has a minimum deposit of $20,000 and offers a leverage of up to 1:100.
SW Markets also offers a variety of trading products, including:
- Forex
- CFDs on stocks, indices, and commodities
- Cryptocurrencies
Withdrawal and Deposit Method
SWMarkets offers a variety of withdrawal and deposit methods, including:
- Credit cards
- Debit cards
- Wire transfers
- Skrill
- Neteller
The withdrawal fees charged by SW Markets are relatively high. There is a flat fee of $25 for each withdrawal, plus a percentage fee that depends on the withdrawal method.
What Do Their Previous Traders Say?
There are many negative reviews of SW Markets online. Former traders have complained about the company’s high withdrawal fees, poor customer service, and rigged trading platform.
Summing Up- Why Should Not You Trust SW Markets
There are many reasons why you should not trust SW Markets. Here are just a few:
- SW Markets is not regulated by any reputable authority. This means that there is no guarantee that you will get your money back if you lose it.
- it has a history of negative reviews from former traders.
- SW Markets charges high withdrawal fees.
- This Markets has a rigged trading platform.
- SW Markets uses aggressive marketing tactics to lure traders in.
If Bad Things Happen, Where Can You Get The Quick Solution?
If you have lost money to SW Markets, you are not alone. There are many people who have been scammed by this broker. If you have fallen victim to a forex scam, there are a few things you can do:
- File a complaint with the Financial Authority.
- Report the scam to the police.
It is important to remember that these processes take time and most of the time these steps don’t bring any result. You can contact us to get a free consultation and service recommendations to help you in recovering the lost fund.
File A Complaint Against Scam Broker's
Final Thoughts
SWMarkets is a scam broker that should be avoided. If you are thinking about trading with SW Markets, please reconsider. There are many other forex brokers that are more reputable and reliable. Do your research and choose a broker that you can trust.
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