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Sway Markets group includes 2 related companies.
Sway Markets AU - located in Australia, regulated by the Australian Securities and Investments Commission (ASIC).
Sway Markets SVG - legally registered entity located in Saint Vincent and the Grenadines, but not regulated by any government agency.
Unfortunately, AU company has been imposed with trading leverage limitations by ASIC since the end of March 2021.
At the same time, SVG company is free from such restrictions.
Sway Markets group accepts clients from all over the world, excluding Afghanistan, Botswana, Burma (Myanmar), Congo, Crimea, Cuba, Ethiopia, Iran, Iraq, Japan, Lebanon, Libya, Malta, North Korea, Kenya, Pakistan, Russian, Somalia, Sri Lanka, Sudan, Syria, Tunisia, Vietnam, Yemen, Zimbabwe, Trinidad and Tobago.
Forex broker offers the following underlying assets for trading.
| 50+ Currency Pairs | Based on major and minor world currencies. |
| 20+ Crypto Pairs | Based on Avalanche, BasicAttentionToken, BinanceCoin, Bitcoin, BitcoinCash, Cardano, Dash, Dogecoin, EOS, Ethereum, EthereumClassic, Iota, Litecoin, Monero, Neo, OmiseGO, Polkadot, Ripple, ShibaInu, Solana, Stellar, TRON, Zcash. |
| 10 Indice CFDs | Based on baskets of different blue-chip stocks and US Dollar Index. |
| 4 Metal CFDs | Based on Gold, Silver, Platinum, Copper. |
| 3 Energy CFDs | Based on Crude Oil (WTI, Brent) and Natural Gas. |
| 35+ Stock CFDs | Based on share of top-rated US companies. |
Sway Markets is a forex broker registered internationally in Saint Vincent and the Grenadines, an offshore jurisdiction where forex brokers are not regulated by the government. Due to this, Sway Markets is able to offer high leverage of up to 1:500, as well as deposits and withdrawals with crypto.
In addition to its offshore registration, Sway Markets also has a presence in Australia with offices located in Sydney and Gold Coast. In Australia, the broker is licensed and regulated by the Australian Securities and Investments Commission (ASIC), as is required for all forex brokers in the country.
It's worth noting that despite being registered in Australia, Sway Markets appears to allow all clients to register under its offshore branch to enjoy the high trading leverage offered there.
The main thing that differentiates Sway Markets from many other brokers we have reviewed here on FX-List is probably that it relies entirely on crypto (Bitcoin and the stablecoin Tether) for customer deposits and withdrawals. However, client accounts are still denominated in US dollars, and commissions, minimum deposit amounts, and so on are also quoted in dollars.
Before making the first deposit, it's necessary to choose which type of trading account to go with. For this, Sway Markets offers four choices:
– ECN account, with spreads from 0 pips and commissions from $7 per lot
– No Commission account, with spreads from 1.2 pips and commission-free trading
– VIP account, with spreads from 0 pips, commissions from $3.5 per lot, and a $100,000 minimum deposit
– Islamic account, with spreads from 0 pips, commissions from $7 per lot, and no swap fees (suitable for Muslim traders)
All trading accounts offer the same maximum leverage of 1:500. They also all offer access to the full selection of 200+ trading instruments.
The list of trading instruments that is available from Sway Markets is fairly standard, with about 50 forex pairs, 20 cryptocurrency pairs, a number of the most popular stock indices, as well as some metals and energy commodities. It also offers stocks from about 35 companies listed in the US, but unfortunately not stocks listed anywhere else.
In sum, the selection of trading instruments is good, although there are certainly other brokers with more instruments available for their clients.
As its trading platform, Sway Markets has developed its own system known as Sway Charts. Like other platforms such as MT4 or MT5, Sway Charts can be downloaded on both Mac and Windows computers, or be used as a web version directly in the browser. As of this writing, the mobile versions of the platform for Apple and Android devices are still in development and will be “coming soon,” according to the broker.
To reach Sway Markets' support department, anyone can use the live chat feature on the broker’s website 24 hours per day. Besides that, other ways to contact the broker is through an Australian phone number or by email.
In conclusion, we believe Sway Markets has some good things going for it, and we like that it is possible to rely on Bitcoin for both deposits and withdrawals. However, to make the offering even better this broker should focus on offering even lower spreads and commissions, and probably also add some more exotic trading instruments that make it stand out from the many other brokers that exist.
