Switch Markets Review
Switch Markets is a licenced retail trading broker that enables traders to trade a wide range of financial products such as Forex, stocks, indices, commodities, CFD shares, and cryptos. Clients benefit from narrow spreads starting at 0 pips, commission-free accounts, and seamless order executions. Switch Markets accepts trades using the user-friendly MT4 trading platform, accessible for desktop, web browser, and mobile. Switch Markets provides various trading accounts with a low minimum deposit of $50 and flexible account financing methods with no fees.
Switch Markets is an online forex and CFD broker founded in 2019. Switch Markets Pty Ltd is a subsidiary company of Royal Financial Trading Pty Ltd that is registered and regulated by ASIC. The broker is located in St. Vincent and the Grenadines.
Switch Markets offer to trade over 180 trading instruments with the most popular Meta Trader 4 platform. The MT4 platform is intuitive and versatile, enabling you to trade with flexibility on desktop, web browsers and mobile devices. The broker provides convenient access to instruments from various asset classes such as forex, cryptocurrencies, commodities, indices and shares.
Tight spreads starting from as low as 0.0 pips and zero commission trading provides Switch Markets with a competitive edge. They also have social trading which allows investors to replicate other traders’ portfolios which can be useful for those who do not currently have the time or knowledge required to trade.
In addition, Switch Markets provides a pack of useful trading tools, educational and research resources. Moreover, the broker offers free VPS to remotely run your platforms 24/7 which can be great for those of you who are planning on using automated trading strategies.
Switch Markets is regulated by ASIC. Free demo accounts and Islamic accounts are offered by the broker. The broker has tight spreads and low commissions. Multiple quick and easy deposit and withdrawal options are available mostly at zero transaction cost. Cryptocurrencies are available to trade and use as a payment option as well. Social trading helps investors to copy other traders’ trading decisions. The account opening process is swift and fully digital, and there is no inactivity fee. Free educational and research resources help beginners to learn how to trade and make informed decisions.
On the other hand, Switch Markets does not accept clients from the US and a few other countries. The broker is not traded as a public company in any stock exchange. Plus, the company does not hold a banking licence. The broker charges a withdrawal fee for most payment options. The broker only offers MT4 trading platform in multiple environments, although this should be sufficient for the majority of traders and investors. Finally, the broker does not offer 24/7 customer support.
Here is a summary of the broker’s pros and cons.
Switch Markets offers a diverse product portfolio of more than 180 trading instruments. The broker offers popular trading pairs from various asset classes such as forex, stocks, indices, commodities and cryptocurrencies. However, the broker lacks some other popular asset classes such as options, bonds and ETFs. If you are looking for these financial instruments, then you may wish to consider AvaTrade instead.
Switch Markets Instruments Summary
| Instruments | Switch Markets |
|---|---|
| Forex | ✓ |
| Stocks | ✓ |
| Indices | ✓ |
| Commodities | ✓ |
| Cryptos | ✓ |
| Options | x |
| Bonds | x |
| ETFs | x |
| CFDs | ✓ |
Commission and Spread Fees
Switch Markets offer tight spreads and low commission fees. They provide multiple account types to suit each type of a trader. You can choose an account depending on your trading strategy.
You can start trading with zero commissions and spreads starting from 1.4 pip on a regular standard account. These are not the lowest spreads but you have to consider that there is no commission fee charged on top as it is already accounted for via a spread mark-up.
Alternatively, you can choose a regular pro account to benefit from zero pip spreads and a $3.5 commission per standard lot per side. This may be better if you are planning on scalping or using any spread sensitive strategy. The $7 commission per round turn is more or less the industry standard.
Institutional traders can start trading with zero commission and tight spreads starting from 0.6 pips with a standard account. Alternatively, they can choose a pro account and benefit from 0.0 pip and the lowest commission of $2.25 per standard lot per side.
Overall, I would say that the Switch Markets accounts are very versatile and in line with industry average. The institutional pro account does have the best conditions overall in my opinion. However, you can get similar conditions and save some on the commission with RoboForex.
| Fee | Regular Standard | Regular Pro | Institutional Standard | Institutional Pro |
|---|---|---|---|---|
| Commission (per standard lot per side) | $0 | $3.5 | $0 | $2.25 |
| Spreads from | 1.4 | 0.0 | 0.6 | 0.0 |
Deposit and Withdrawal Fees
Switch Markets does not charge any deposit fee while using any payment option except cryptocurrencies where a blockchain fee will apply. If you do plan on using crypto payments, make sure you check the blockchain fee because I have been stung before where it was so high, it ate into the majority of the funds that I was depositing and almost left me out of pocket. On the other hand, the broker charges a certain withdrawal fee for using different payment options. The summary of deposit and withdrawal fee is as follows:
| Payment Method | Deposit Fee | Withdrawal Fee |
|---|---|---|
| Wire Transfer | x | $20 |
| Credit/debit Card | x | 2% |
| Electronic Wallets | x | Starting from 0.5% |
| Cryptos | Starting from 0.8% | Starting from 0.8% |
Inactivity Fees
Switch Markets does not charge an inactivity fee from its clients which is an advantage they have over some competitors.
Switch Markets offers the most well-known MetaTrader 4 trading platform for buying and selling various instruments. The broker offers access to its MT4 platform from multiple devices and environments so you can access your account as and when you need to. In addition, Switch Markets offers useful trading tools such as free VPS hosting.
MetaTrader 4 (MT4) Desktop
Switch Markets provides trading over 180+ financial products via the most user-friendly MetaTrader 4 trading platform from MetaQuotes. MT4 is third-party and yet the most used and provided trading platform by numerous CFD brokers and institutions because of its user-friendly and stable interface.
MetaTrader 4 offers 3 chart types (Bar, Line, Candlesticks) and up to 9 timeframes to have a more in-depth technical analysis. The trading platform has a dedicated market watch window where you can see real-time market quote prices (Bid & Ask with spreads). You can execute orders directly from the charts with one-click trading. Multiple order types like market, instant and pending orders allow traders to sophisticate their entry and exit techniques. You can use stop-loss, profit, and trailing stop orders options for exits in either a loss or profit.
You can access your complete account history from the trading history window. In addition, you can join the MetaQuotes community. Moreover, there is a MetaQuotes marketplace where you can buy and sell custom indicators, expert advisors and scripts.
With MetaTrader 4, you also get an MQL4 editor, where you can build custom scripts for indicators and expert advisors. You could even hire a freelancer to do it for you if you do not have the coding skills required. Whatever your trading strategy idea, chances are that you can make it happen in MT4.
The powerful strategy tester allows you to test your automated trading strategies on historical data, with some limitations. MetaTrader 4 provides full functionality for expert advisors and custom scripts. I think it is the ideal platform for both manual and automated trading for users of all experience levels.
In addition, you can also enable push notifications for alerts from the MT4 platform. This is a great way to get informed when your desired price or indicator level is reached, without needing to watch charts all day long.
I think that it would be beneficial to many users if the broker would also provide support for the newer version of the platform, MT5. You can get free access to both MetaTrader platforms via other brokers including Pepperstone, who also happen to have the excellent cTrader platform for professional trading.
Here is the summary of key features of MetaTrader 4:
- 3 chart types
- 9 timeframes
- Pro Pricing
- Equinix NY4 data centre
- Scalping and high-frequency trading
- Spread from 0.0 pips
- 40+ technical indicators and drawing objects
- Full functionality Expert Advisor’s
- MetaQuotes community
- MetaQuotes Marketplace
- Multiple order types
- Market and pending orders
- Limit, stop and trailing orders
- MQL4 editor
- Trading history
- One-click trading from charts
- Push Notifications
Mobile Trading (MT4)
For the traders amongst you who like to trade on the go, you can download mobile versions of MetaTrader on iOS and Android devices. This is a great way to keep track of your trades and follow the latest market movements from anywhere at any time. The mobile trading app of MT4 carries almost all the necessary features of the desktop version. However, it is not capable of running automated systems. You will need the MT4 desktop version for that.
WebTrader (MT4)
You can also access WebTrader, a web version of MT4, from all popular browsers. You will just need an internet connection and a device with an internet browser to log in to your account without downloading any additional software or app. The advantage of this platform over others is that you can get quick and easy access to your account from any device and will always be running the latest version of the platform.
Social Trading
Social trading is typically appealing to beginner or intermediate traders because it allows them to minimise the amount of time that they need to spend placing their own orders. MetaTrader Trading Signals is a copy-trading service that allows users to replicate the most effective methods used by thousands of traders globally. You can benefit from the abilities and expertise of other traders to try and improve the performance of your own trading. Just keep in mind that there are no guarantee of results and past performance is by no means any indication of what will happen in the future. Social Trading provides you with the following benefits:
- Allow your money to work while you are still practising or on vacation
- Diversify your portfolio by replicating different strategies
- Subscription rates start at $0
- Subscribe to a range of Signal Providers
Virtual Private Server (VPS)
Switch Markets provides a free VPS to all active trading account users. All you have to do is notify the support team once your account has gone live, and they will get you set up. They would even assist you in switching from your current VPS provider at no additional cost.
A VPS is a custom-built host according to your specifications and is very useful for forex traders owing to the security and flexibility it provides. It allows you to run your MetaTrader 4 trading platform 24/7 without having to turn on your personal computer. They are especially popular among traders who use automated trading systems. You can also get a free VPS from LMFX if you are an active trader.
Risk Management tool (EA)
The Risk Management EA estimates the optimal size of your trading position depending on the factors you choose. Simply enter a fixed amount or a percentage of your trading account to risk, as well as your take profit, stop loss, and entry levels, and the EA can calculate the relevant trade position size.
Switch Markets Platforms Summary
| Platform | Switch Markets |
|---|---|
| MetaTrader 4 (MT4) | ✓ |
| MetaTrader 5 (MT5) | x |
| cTrader | x |
| Proprietary | x |
| Desktop | ✓ |
| Web | ✓ |
| Mobile | ✓ |
| Social Trading | ✓ |
| Other | x |
Switch Markets offers a wide range of educational and research resources to help bring you up to speed with the markets. In addition, the broker offers numerous handy trading calculators which can save you lots of time from doing complex calculations. On the other hand, the broker lacks educational webinars, seminars, videos, podcasts or dedicated research tools such as Autochartist and Trading Central. If you are looking for some high quality analysis tools, then you might want to consider GO Markets as an alternative option.
Let’s go through each resource and tool briefly.
Forex Profit Calculator
With the free Forex Profit Calculator, you can calculate your potential earnings and losses before or after you execute a trade. This can help you to decide if it is worth taking a position or not.
Forex Lot Size Calculator
You can use this straightforward yet effective Forex Lot Size Calculator to determine the proper position size for each transaction and manage your risk for each trade like a pro.
Forex Economic Calendar
Explore crucial global events on the horizon that might quietly affect or significantly shake up the financial markets by using this free economic calendar. I think this is a vital tool that I always like to reference before making any trade decision.
Currency Strength Meter
With the sophisticated Currency Strength Meter, you can compare the performance of major currencies in relation to others in real-time. This can be a great way to get a feel for the overall sentiment to help determine in which why the markets may be heading.
Market Heat Map
The market heat map measures the strength of key currencies relative to others in real-time and quickly and simply discern whether a currency is substantially moving in one direction or another.
CAGR Calculator
With this simple CAGR Calculator, you can determine the compound annual growth rate (CAGR) of your assets.
Forex Compound Calculator
You can use the Forex compound calculator to simulate the potential gains on your Forex trading account.
Value at Risk Calculator
To evaluate potential losses, you can make use of this Value at Risk Calculator.
Pip Calculator
Using live market quotations, you can easily calculate the pip value of your transactions for all major trading pairs.
Forex Swap Calculator
This useful Forex calculator enables you to calculate the swap fee charged on your trading account for holding positions overnight, depending on the instrument, account currency, and trade amount.
Forex Margin Calculator
Depending on the position size and trading account leverage, you can use this Forex margin calculator to calculate the precise margin required to establish a trading position.
Expert Advisor (EA) Tools
Automate your trading with free EAs provided by Switch Markets, which have been carefully built by their trading mentors with over 50 years of expertise to help enhance the entire trading experience.
Support & Resistance Indicator EA
The Support & Resistance Expert Advisor is an automated trading system meant to assist traders in identifying Support & Resistance levels by drawing them as horizontal lines on the charts. It is not always clear where to mark these important price levels which is where this EA can come in handy.
Live Currency Strength Meter EA
The Live Currency Strength Meter is an automated trading system designed to determine the strength (or weakness) of specific currencies in relation to others in real-time, straight within your trading platform.
Value-at-risk (VAR) EA
The Value-at-risk (VAR) EA assesses the risk of loss on your assets. With a few clicks, you can confidently calculate your prospective losses.
Risk Management EA
You can download the Risk Management EA, and immediately within your trading terminal, compute the correct lot size depending on your preferred risk-reward ratio.
Pivot Point Calculator
Pivot points are a technical analysis indicator that traders use to predict probable support and resistance levels as well as how prices may flip. They are computed using the previous day’s low, high, and closing prices. Traders utilise pivot points, as well as the support and resistance levels they give, to identify possible entry and exit positions, as well as stop-loss prices for their trades.
Free Forex Cheat Sheet Library
You can unlock a free trading cheat sheet library after opening an account with Switch Markets and learn more about chart types, methods, indicators, analysis, and other topics. This section contains different guides and educational content in downloadable form.
Here is the list of downloadables:
- Top 10 Candlestick Patterns
- Using the Average True Range (ATR)
- Using the Stochastic indicator
- Moving averages
- Risk-on & Risk-off indicators
- Fibonacci cheat sheet
- Understanding the 4 types of charts
- Ultimate MT4 shortcuts cheat sheet
Switch Markets Research and Education Summary
| Resources | Switch Markets |
|---|---|
| Market Analysis | x |
| Guides | ✓ |
| Videos | x |
| Webinars | x |
| Autochartist | x |
| Trading Central | x |
| Economic Calendar | ✓ |
| Other (Trading Calculator) | ✓ |
Switch Markets offer a wide range of convenient payment options. Traders can deposit and withdraw in over 11 base currencies offered by the broker. This is great as it means that you could save in currency conversion fees when using an account in the same currency. The payment options offered by the broker are debit/credit cards, wire transfers, e-wallets and cryptocurrencies.
Transactions may take anywhere from instantly to 3-5 business days, depending on the payment method you use. In addition, there might be a conversion fee charged while making a transaction in a currency other than the base currencies offered by the broker.
Switch Markets Funding Summary
| Payment Method | Deposit | Withdrawal |
|---|---|---|
| Wire Transfer | ✓ | ✓ |
| Credit/debit Card | ✓ | ✓ |
| Electronic Wallets | ✓ | ✓ |
| Cryptos | ✓ | ✓ |
Switch Markets Pty Ltd is a subsidiary company of Royal Financial Trading Pty Ltd that is authorised and regulated by the Australian Securities and Investments Commission (ASIC), which provides a huge advantage to the broker in terms of reputation.
Switch Markets Regulation Summary
| Regulator | Switch Markets |
|---|---|
| ASIC (Australia) | ✓ |
| IIROC (Canada) | x |
| CySEC (Cyprus) | x |
| SFC (Hong Kong) | x |
| JFSA (Japan) | x |
| MAS (Singapore) | x |
| FINMA (Switzerland) | x |
| FCA (UK) | x |
| CFTC (USA) | x |
| Other | x |
Switch Markets Safety
Switch Markets is not listed on any stock exchange. Consequently, it does not disclose its financial information to the public. In addition, the broker does not hold a banking licence. However, Switch Markets claims to have its clients’ funds in segregated accounts to keep them safe from the broker’s bankruptcy and make sure that clients’ funds are never used for the operational costs of the broker. Plus, ASIC regulation makes Switch Markets a reputable online broker.
Switch Markets offers customer support 24/5 via live chat and ask a question section. I think they could improve in this area by extending support hours to weekend to keep up with competitors such as FP Markets.
Switch Markets is a multi-asset online broker that lets you trade a variety of financial products using the intuitive MT4 trading platforms for all of your devices. They provide you with very competitive trading conditions such as many account types, low spreads, zero commission trading, and flexible payment methods. To help traders, there is a good variety of research tools, educational resources and trading tools available, including a free VPS for all new clients. The minimum deposit to begin trading is just $50, whilst demo and Islamic accounts are available. If you want assistance, a multilingual customer support staff is available 24/5. Overall, I think they can be a good choice of broker for anyone who is looking to trade in a regulated environment with minimal hassle. However, I feel the that the broker could improve by adding support for the MT5 platform, FIX API connectivity, further market analysis tools and 24/7 support.
