A broker like Switch Markets will easy convince traders because their websites is currently advertising mouth-watering features such as tight spreads, free VPS hosting for EA users, trading in minor, major and exotics including stocks, CFDs and so on.
The truth is that this broker’s reputation is not well-known compared to some of the most established brands that we’ve always recommended here.
So today, our review will let you know whether Switch Markets, which is operating from the domain Switchmarkets.com, can be trusted or even used in conjunction with these highly profitable trading services.
Switch Markets review
Currently the broker is offering 2 account types which can be used together with the popular MT4 trading software.
They claim that trading on the MT4 platform will enable their clients to execute orders in 1 millisecond.
Although MT4 trading platform is fast, efficient and accommodative, this is not always the case when using it with some brokers.
Their website is quite professional, giving the impression that the broker is serious about providing the features they claim to offer.
The broker is currently running their website under the name of a company called Switch Markets Pty Ltd.
This company is overseen by another company called Royal Financial Trading Pty Ltd.
It’s not clear where this service is being operated from, although it appears that the broker had strong links with Kenya.
When we traced the origins of their domain, we found out that it was live on the internet as early as 2011.
It appears to have changed hands sometime in 2018 when it was acquired by the new owner.
How expensive is it to trade with Switch Markets?
The broker has provided a list of Forex pairs and the typical spreads they charge on the pairs.
As at the time of writing this review, the broker was charging 0.2 pips on a pair like EURUSD.
We could say that this is quite acceptable as anything below 1.3 on the EURUSD is good.
Nevertheless, one has to test their live account (not demo) to establish whether it is true that these spreads will be applicable in a live environment.
Deposits and withdrawals
The broker accepts the most common payment processors such as Visa, MasterCard and eWallets.
Nowadays most brokers accommodate these payment methods, so we don’t see any uniqueness in the way they process their deposits and withdrawals.
They claim that support is active 24/7 which means traders can engage them even during the weekends.
When perusing their website, we only saw a contact form. No live chats or phone numbers.
If they provide 24/7 support, we believe it would have been appropriate to offer live chat and telephone support for quick communication.
Is Switch Markets regulated?
After all has been said and done, we narrow it down to whether or not this broker is regulated.
On their website, they claim to be a representative of Royal Financial Trading Pty Ltd.
Royal Financial Trading Pty Ltd changed its name to OneRoyal.
OneRoyal is an Australian broker with an ASIC license.
Since Switch Markets is under them, it simply means that the owners of SwitchMarkets set up a white label solution from OneRoyal.
Anybody can purchase a white label solution from regulated brokers and offer the service as if they owned the license and rights to run a financial service.
It comes at a cheaper price and setup of the service is almost instant.
It’s easier to see why Switch Markets chose to partner with the Australian broker through a white label setup.
Sometimes dealing with brokers that are directly regulated by an established financial oversight authority will come with some advantages that cannot be found with brokers who use white label solutions.
Another thing is that the current owners of Switch Markets don’t appear to have been running this service for a very long time.
Their website is receiving very little traffic and there are literally no reviews on the internet about this broker.
The only reviews and endorsements we could find are on the Trustpilot website.
Due to the reputation of TrustPilot, it is not worth believing everything you see on that platform as some reviews are fraudulently produced.
All in all, we would like to hear your feedback regarding Switch Markets. Are you trading with them? What is your experience?