FxSway review and ratings

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

• 1:100 leverage offered for cryptocurrency trading.
• Simple registration and verification process.
• PAMM accounts accessible for investing.
• Bitcoin funding accepted.

Trading instruments

Forex broker offers the following underlying assets for trading.

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 a range of cryptocurrencies, among other things.

Relatively unique for FxSway is that this broker is pretty much entirely based on crypto, given that this is 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 hold crypto, as the broker also has a solution in place that allows anyone to buy crypto via a credit or debit card and have it transferred directly to the broker.

Moreover, the broker not only accepts crypto 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.

The maximum leverage on the most liquid of the traditional assets is 1:500, which is similar to what most other offshore forex brokers offer.

With FxSway, all assets the broker offers are traded on the TradeLocker platform, which is now the only platform FxSway supports after recently dropping MT4. TradeLocker is a modern trading platform with advanced charts from TradingView integrated, which means that almost all technical analysis and charting tools imaginable are available. Despite giving access to all these advanced features, however, TradeLocker is still intuitive enough for even beginners to use, which we of course appreciate.

Like most trading platforms these days, TradeLocker can be used as a web platform for use on any type of computer and 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.