Sway Markets is an online trading brokerage that allows its clients to trade in different financial instruments such as Forex, commodities, cryptocurrencies, stocks, and finally indices. Established in 2022 in the year 2022 and headquartered in Australia, this brokerage does its trading services channels through the MetaTrader5 (MT5) platform. However, there are growing concerns about its reliability, with users reporting withdrawal issues and technical problems.
Regulation and Legitimacy
One of the most important concerns regarding Sway Markets broker is its regulation status. Despite the company’s assertion that it is registered with ASIC, there is no comprehensive evidence to support this claim. This creates a question mark: Is Sway Markets regulated? Traders need to exercise caution when transacting with brokers that fail to offer clear-cut regulatory information.
Trading Conditions and Account Types
Sway Markets features a variety of account options: ECN, No Commission, VIP, and Islamic. The leverage granted is as high as 1:500. The portal supports sway markets MT5, part and parcel of its advantages since this is what traders rave about concerning effective charting tools and automated trading features. Yet, such great offers have been under threat by strong reviews from traders indicated by frequent outages or operational issues on the part of this platform.
User Reviews and Trustpilot Ratings
Trustpilot Overview
SwayMarkets has received 418 reviews on Trustpilot and has a 4.0 rating on average.
Common Complaints and Issues
However, many of the real reviews are quite recent bad reviews complaining of withdrawal problems, technical problems, and non-supportive customer service. One reviewer reported:
“I attempted to withdraw three times, but I kept getting error messages that something went wrong. The support was not helpful.”
Platform Stability Concerns
One trader complained about platform crashes, saying:
“The system crashes at the exact time of the NY market open, rendering it impossible to handle trades. I’ve lost hundreds because of this problem!”
These are severe operational issues traders need to keep in mind when they use the platform.
Website and Service Availability
A big red flag is that swaymarkets.com is not working at the moment. One of the traders on Sway Markets Review Reddit reported that he could not log in to view tax documents, and it seems the broker may not be working anymore. If a broker’s website is not working, it raises questions about its legitimacy and solvency.
Is Sway Markets a Legit Broker?
With the absence of verified regulations, nonavailability of the websites, and unfavorable reviews from customers, Sway Markets is being questioned by many traders: “Is Sway Markets a legit broker?” The Trustpilot rating of this broker is 2.4, and there have also been reports of withdrawal failures, suggesting that it may not be a wise choice. Some other traders have expressed concerns regarding the broker’s trading policies along with the lack of supportive customer support.
Final Thoughts
Although Sway Markets appeared to be a good trading platform at first, recent feedback and functionality problems tell a different story. Unclear regulation, technical glitches, and withdrawal issues render it a risky option for traders. Any potential trader who thinks about using this broker should be cautious and consider more established options.
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