FxSway review and ratings

Established 2021
Location Saint Vincent and the Grenadines
Regulation None
Offices Kingstown
Broker type STP
Leverage up to 1:500
Deposit from 10 USD
Spreads mid  mid
Platforms Web MetaTrader 4
Instruments Currencies Crypto Indices Metals Energies Stocks
Funding methods Credit Cards Bitcoin
Best MT4 Test

Equity Growth: 272%

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Company information

FxSway is a legally registered forex broker located in the Saint Vincent and the Grenadines, but not regulated by any government agency.

Availability

FxSway accepts clients from all over the world, excluding Afghanistan, Botswana, Congo, Cuba, Ethiopia, Iran, Iraq, Japan, Lebanon, Libya, Malta, Myanmar, North Korea, Kenya, Pakistan, Somalia, Sri Lanka, Sudan, Syria, Tunisia, Vietnam, Yemen, Zimbabwe.

Distinctive features

Trading instruments

Forex broker offers the following underlying assets for trading.

55+ Currency Pairs Based on major and minor world currencies.
18 Crypto Pairs Based on Bitcoin, Bitcoin Cash, BAT, BNB, Dash, Dogecoin, EOS, Ethereum, Ethereum Classic, Iota, Litecoin, Neo, OmiseGO, Tron, Stellar Lumens, Monero, Ripple, Zcash.
11 Indice CFDs Based on baskets of different blue-chip stocks and US Dollar Index.
4 Metal CFDs Based on Gold, Silver, Platinum and Copper.
3 Energy CFDs Based on Crude Oil (WTI, Brent) and Natural Gas.
35+ Stock CFDs Based on shares of US and EU companies.

Comprehensive review

As an unregulated offshore forex broker based out of Saint Vincent and the Grenadines, FxSway is able to offer very high trading leverage, a large variety of instruments, and account funding in bitcoin, among other things.

Relatively unique for FxSway is that this broker is pretty much entirely based on bitcoin, with the cryptocurrency being the only way to fund a trading account. However, that does not mean it is impossible to trade with this broker for those who don't already have bitcoin, as the broker also has a solution in place that allows anyone to buy bitcoin via a credit or debit card and have it transferred directly to the broker.

Moreover, the broker not only accepts bitcoin for account funding, but it is also possible to trade both bitcoin and other cryptocurrencies with leverage as high as 1:100. This is some of the highest leverage that exists in the world of crypto - much higher than what is offered from many of the crypto-native exchanges.

In terms of other trading instruments, FxSway offers access to all of the usual currency pairs, major stock indices, metals, energy commodities like oil & natural gas, and single stocks of US and EU-listed companies.

With FxSway, all assets the broker offers are traded on the MetaTrader 4 (MT4) platform, which is the only trading platform this broker currently supports. As usual, MT4 can either be downloaded and used as a desktop app on Windows computers, run as a web trader in the browser of any type of computer, or be used as a mobile app.

Before signing up, new clients have the choice between four different types of trading accounts, all depending on their trading style and available capital:
– Standard, with spreads from 0.8 pips and commissions from USD 7 per lot
– Var, with spreads from 1.2 pips and commission-free trading
– Pro, with spreads from 0.4 pips and commissions from USD 9 per lot
– Mini, with spreads from 1 pip and commissions from USD 1 per lot

Worth noting about the trading accounts is that the Standard, Var and Pro accounts all give access to the same trading instruments. However, the Mini account is more limited, with only 29 trading pairs available to users of this account type.

Trading accounts can be denominated in either euros, US dollars, British pounds, Canadian dollars, Australian dollars, or bitcoin.

The minimum deposit to start trading with FxSway is just USD 10, and there are no charges for making deposits or withdrawals.

Looking at the FxSway’s customer service options, the only thing we miss would be the ability to call the broker directly. Unfortunately, only a call-back option is available from the website, and no direct phone number has been provided. As with most brokers, however, FxSway also has a live chat option, which it claims is available 24/7.

And while it is always nice to have the ability to contact the broker, we also appreciate FxSway’s efforts when it comes to having an informative website that has answers to most common questions. The website has an extensive and easy-to-understand FAQ section, while also having an intuitive design in other respects as well. Most information a client would ever need should therefore be readily available from the website.

In summary, we believe FxSway could be an interesting broker to consider for anyone looking for a bitcoin-based forex & CFD broker. Being based on bitcoin also means that there is no need to go via any bank, which ensures a much greater level of privacy for the trader. However, it’s still important to keep in mind that this broker is unregulated, which does come with some extra risks.

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