Switch Markets is an online forex and CFDs 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 available on desktop, web browsers and mobile devices. Switch Markets provides these instruments from various asset classes such as Forex, cryptocurrencies, commodities, indices and shares.
Tight spreads starting from 0.0 pip and zero commission trading provides Switch Markets with a competitive edge. Social Trading allows investors to replicate professional traders’ portfolios. In addition, Switch Markets provides a pack of useful trading tools, educational and research resources. Moreover, the broker offers free VPS to automate trading.
From no commision orders and flexible funding options to finding an account type that suits you, choosing Switch Markets means you’ll have the right tools to make the most of every market opportunity.
Pros and Cons
Key Switch Markets findings
Switch Markets is regulated by ASIC. Demo accounts and Islamic accounts are offered by the broker. The broker offers tight spreads and low commissions. Multiple deposits 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 to trade easily.
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.
- Regulated broker
- Low minimum deposit
- Tight spreads and zero commissions
- MT4 trading platform
- Free VPS
- Free education and calculators
- Zero spreads accounts
- Multiple funding options, including cryptos
- Near-instant deposits with no fees
- Social Trading / Copy Trading
- 24/5 customer support
- Account opening fully digital
- 180+ trading instruments
- Quick trade execution speeds
- No inactivity fee
- Demo accounts
- Islamic accounts
- No other trading platforms except MT4
- Small withdrawal fee for most payment methods
- Clients from USA not accepted
What investments does Switch Markets offer?
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.
Switch Markets Instruments Summary
Commission and Fees
What are the costs for investing with Switch Markets?
Commission and Spread Fees
Switch Markets offers tight spreads and low commissions. They provide multiple account types to suit each type of a trader.
Regular traders can start trading with zero commissions and tight spreads starting from 1.4 pip on a regular standard account. Alternatively, they can choose a regular pro account to benefit from zero spreads and a $3.5 commission per standard lot per side.
Institutional traders can start trading with zero commission and tight spreads starting from 0.6 pip 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.
|Fee||Regular Standard||Regular Pro||Institutional Standard||Institutional Pro|
|Commission (per standard lot per side)||$0||$3.5||$0||$2.25|
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. 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|
|Electronic Wallets||x||Starting from 0.5%|
|Cryptos||Starting from 0.8%||Starting from 0.8%|
Switch Markets does not charge an inactivity fee from its clients.
Platforms and Tools
What platforms and tools does Switch Markets have?
Switch Markets offers the most well-known MetaTrader 4 trading platform. The broker offers access to its MT4 platform from multiple devices and environments. 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 trading 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.
Strategy tester allows you to test your automated trading strategies on historical data. MetaTrader 4 provides full functionality for expert advisors and custom scripts. In addition, you can also enable push notifications for alerts from the MT4 platform.
Here is the summary of salient 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)
The traders who like to trade on the go can download mobile versions of MetaTrader on iOS and Android devices. The mobile app of MT4 carries almost all the necessary features of the desktop version.
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.
Social trading is typically appealing to beginner or intermediate traders because it allows them to minimise the amount of time they 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 improve the performance of your own trading. 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 24/7 without having to turn on your personal computer. They are especially popular among traders who use automated trading systems.
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
|MetaTrader 4 (MT4)||✓|
|MetaTrader 5 (MT5)||x|
Research and Education
What resources does Switch Markets provide?
Switch Markets offers a wide range of educational and research resources. In addition, the broker offers numerous trading calculators. On the other hand, the broker lacks educational webinars, seminars, videos, podcasts or dedicated research tools such as AutoChartist and Trading Central.
Let’s go through each resource and tool briefly.
Forex Profit Calculator
With the free Forex Profit Calculator, you can calculate your earnings and losses before or after you execute a trade.
Forex Lot Size Calculator
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.
Currency Strength Meter
With our sophisticated Currency Strength Meter, you can compare the performance of major currencies in relation to others in real-time.
Market Heat Map
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.
With this simple CAGR Calculator, you can determine the compound annual growth rate (CAGR) of your assets.
Forex Compound Calculator
Use the Forex compound calculator to simulate the potential gains on your Forex trading account.
Value at Risk Calculator
To evaluate potential losses, use this Value at Risk Calculator.
Using live market quotations, calculate the pip value of your transactions for all major trading pairs.
Forex Swap Calculator
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, 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.
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
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
|Other (Trading Calculator)||✓|
Deposit and Withdrawal
What are the Switch Markets funding options?
Switch Markets offer a wide range of payment options. Traders can deposit and withdraw in over 11 base currencies offered by the broker. 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
Regulation and Safety
Is Switch Markets regulated and safe?
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
|SFC (Hong Kong)||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.
What client support is available with Switch Markets?
Switch Markets offers customer support 24/5 via live chat and ask a question section.
Switch Markets is a multi-asset online broker that lets clients trade a variety of financial products using the MT4 trading platform. They provide traders with competitive trading conditions such as many account types, low spreads, zero commission fees, and flexible payment methods. To help traders, there are a 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 $50, and demo and Islamic accounts are available. If you want assistance, a multilingual customer support staff is available 24/5.