Switch Markets -Overview of Minimum Deposit, Leverage, Spreads

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.

General Information & Regulation

Switch Markets, a trading name of Switch Markets International PTE Ltd, is a relatively new retail trading broker established in Australia in 2019 that gives you easy market access to buy and sell various financial instruments.

You can trade online via the intuitive MT4 & MT5 trading platform, which is available for desktop, web and mobile devices. I like how the broker has various trading account options for all trading strategies. There is a small minimum deposit of just $50 and convenient account funding methods with no fees.

Here is the home page of this brokers official site:

Other advantages of this broker include a free VPS for new clients, helpful trading tools, plenty of educational resources and 24/5 multilingual support. I think they can be a great choice for anyone looking to trade with minimal fuss and in a regulated environment.

Switch Markets International PTE ( 202040285G) Ltd is an authorized representative of its parent company, Royal ETP LLC, which is based in St Vincent and the Grenadines.

Note: The screenshot date is February 9, 2023. WikiFX gives dynamic scores, which will update in real-time based on the broker's dynamics. So the scores taken at the current time do not represent past and future scores.

Market Instruments

Switch Markets have a great range of financial markets right at your fingertips. Choose from more than 180+ tradable instruments available with Switch Markets at just the click of a button. The broker offers the following assets: forex, metals, indices, CFD shares, cryptocurrencies, and more.

• Forex– 65 currency pairs, including a range of majors, minors and exotics

• Indices CFD – 26 indices, including the FTSE 100, Nasdaq 100 and Nikkei 225

• Shares & ETFs CFD –Over 1829 CFD shares and ETFs, including popular stocks like Twitter, Facebook and Amazon

• Commodities–15 commodity CFDs, including gold, silver and energies like crude oil and natural gas

• Cryptocurrency CFDs– 41 cryptocurrency CFDs: popular cryptos like: Bitcoin, Litecoin, Ethereum and Ripple

Account Types

Switch Markets offers a choice of trading account types, including Standard and Pro accounts. Both accounts require a minimum deposit of $50, so clients are at liberty to choose the account types that suit them. There are accounts suitable for Day traders, trend followers, scalpers, EA traders, High-frequency and Discretionary traders. No matter your trading type and style, they have got you covered!

Demo Accounts

A demo account is available for practice purposes. This can be a useful way to familiarize yourself with the brokers platforms, products and services. Many traders start by testing trading strategies on a demo account until they gain the confidence to switch over to a real account.

• Zero risk trading

• Build your confidence as you trade

• Develop trading strategies

• Practice skills, mindset and discipline needed to trade live

• Get familiar with the MT4 platform and how it works with Switch Markets

• Test your strategy without any stress

There are no limits on the demo accounts. You can try two account types; Pro and Standard and see which suits your trading needs better. A demo account with Switch Markets is accessible forever, there is no limit as long as you trade. Then, when youre ready you can open a live trading account by clicking “Start trading today” at any time. Please be aware that inactive demo accounts are deactivated after 45 days of inactivity.

Leverage

The leverage offered varies depending on the market. Customers can trade forex with leverage up to 1:500. Indices are offered up to 1:200, commodities up to 1:50, and share CFDs up to 1:20.

It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.

Spreads & Commissions

Spreads and commissions with Switch Markets are scaled with the accounts offered. For example, the Standard account has spread from 1.4 pips with no commission, while the Pro account holders can enjoy spreads as low as 0.0 pips but have to pay a commission at $7 round lot.

Trading Platforms

With Switch Markets you have the opportunity to trade on the award-winning MetaTrader4 platform and MetaTrader5. Traders can use the industry-renowned MetaTrader4 (MT4) platform which is available as both a browser-based WebTrader and a desktop application that can be downloaded to Windows or Mac. Since being released in 2005, MT4 has become one of the most popular platforms among traders and brokers.

Despite being slightly dated from a UX perspective, the platform is still easy to use and navigate. Opening and closing trades is simple and intuitive, and on top of this, it is packed with additional features to improve the overall trading experience. There is a range of technical tools and charts to assist with market analysis. Plus, you have the option of setting up price alerts to notify you when assets hit a value of your choosing.

Trading Tools

equips traders with a robust array of trading tools to facilitate strategic and informed trading. Highlights include a complimentary VPS for automated trading, an Economic Calendar for tracking market events, and a Currency Strength Meter for gauging currency dynamics. Practical calculators for profit estimation, swap costs, and margin requirements ensure traders can make well-informed decisions. For risk management, the broker offers a suite of Expert Advisors, including a Value at Risk EA, alongside educational resources through free access to HowToTrade.com. Additionally, the platform supports social trading with PAMM and MAM systems, providing a comprehensive toolkit that caters to traders' diverse needs in an accessible and professional manner.

Deposit & Withdrawal

Switch Markets allows traders to deposit and withdraw funds to and from their trading accounts using a generous selection of payment methods. You can choose from any of the following funding methods: Visa, Mastercard, Bank Wire, Digital Currencies, Neteller, Skrill, FasaPay, Ngan Lurong, Perfect Money, PayTrust, Union Pay, Interac, and DragonPay (PaymentAsia).

Deposit:

Most deposit methods, including bank wire transfers for EUR, GBP, and USD, are fee-free. Digital currency deposits incur a small 0.8% fee and are processed within one working day, supporting a wide range of cryptocurrencies such as ADA, BCH, BTC, ETH, and USDT. The platform provides near-instant processing for many e-wallet and local payment system deposits, covering currencies like CAD, EUR, GBP, USD, IDR, VND, THB, and MYR. Some options, including CNY deposits, may take up to one working day to process. Switch's deposit services are characterized by their efficiency, broad currency support, and competitive processing times, offering users a seamless experience for funding their accounts across various payment systems.

Withdrawal:

Switch offers over 10 withdrawal options with no fees for most methods. Bank wire transfers are available in EUR, GBP, and USD, typically processed within 3-5 business days. Digital currency withdrawals incur only a flat network fee and are processed within one working day for multiple cryptocurrencies. Several e-wallet and local payment options provide almost instant transfers once processed, supporting various currencies including CAD, EUR, GBP, USD, IDR, VND, THB, and MYR. For CNY, PHP, and some other currencies, processing times range from the next working day to 1-3 business days.

Bonuses

Switch Markets claims to offer a 100% first-deposit bonus. Deposit as little as $100 and they will match you up to $5,000. In any case, you should be very cautious if you receive a bonus. First of all, bonuses aren't client funds, they're company funds, and fulfilling the heavy requirements that are usually attached to them can prove a very daunting and difficult task.

Customer Support

The broker provides you with access to a multilingual client support team, who are polite and prompt in response. You can contact the Switch Markets support team 24/5 via email or by chatting with them on their 24/5 live chat accessible from the brokers website. You can also fill in the online contact form so that their customer service will respond to you. Email: support@switchmarkets.com. You can also follow this broker on social networks such as WeChat, Twitter, Facebook, and Instagram.

Pros & Cons

Frequently Asked Questions (FAQs)