Switch Markets-Overview of Minimum Deposit, Spreads & Leverage

GENERAL INFORMATION AND REGULATION

Switch Markets is a relatively new broker on the scene, having been established in 2019. It is located in Australia but operates internationally. The Australian arm is regulated by the Australian Securities and Investments Commission (ASIC), a globally respected financial regulator.

Switch Markets is an established and regulated retail trading broker that allows traders to buy and sell various financial instruments such as Forex, Stocks, Indices, Commodities, CFD Shares, Cryptos, Metals and Energies. The broker provides clients with very good trading conditions including tight spreads from 0 pips, commission free accounts and fast order execution. You can trade with Switch Markets via the intuitive MT4 trading platform, which is available for desktop, web and mobile. They have various trading account options with a minimum deposit of just $50 and flexible account funding methods with no fees. All new clients get a free VPS, helpful trading tools, plenty of educational resources and 24/5 multilingual support.

Switch Markets ensures you have optimal trading conditions no matter what type of trader you are. They are an ideal broker for scalpers and high-frequency trading thanks to their freeze level of 0 and the ability to place orders between the spread.

Switch Markets offers some of the tightest spreads on the market which means you will always be trading on the best available price.

From no commission accounts and flexible funding options to finding an account type that suits you, choosing Switch Markets means youll have the right tools to make the most of every market opportunity.

The Australian arm of Switch Markets is regulated by the Australian Securities and Exchange Commission (ASIC). On the other hand, Switch Markets International PTE Ltd (202040285G) is an authorized representative of Royal ETP LLC.

Switch Markets is registered with relevant regulatory institutions. All the funds that Switch Markets receive from clients are securely held in segregated funds accounts with tier one banks. All is done in accordance with the Rules and Regulations of the jurisdiction the clients chose to open an account with.

Safety and security are top of the list for Switch Markets when it comes to dealing with clients money. They follow all relevant regulations, requirements and laws whilst implementing robust security measures to ensure your transactions are secure.

MARKET INSTRUMENT

Switch Markets offers a great range of assets, including forex, CFDs and more:

• Forex – Over 60 currency pairs, including a range of majors, minors and exotics

• Indices – 21 indices, including the FTSE 100, Nasdaq 100 and Nikkei 225

• CFD Shares – Over 80 CFD shares, including popular stocks like Twitter, Facebook and Amazon

• Commodities – 8 commodity CFDs, including gold, silver and energies like crude oil and natural gas

• Cryptocurrency CFDs – Four cryptocurrency CFDs: Bitcoin, Litecoin, Ethereum and Ripple

ACCOUNT AND LEVERAGE

Switch Markets offers a choice of trading account types, including Standard and Pro accounts. Both accounts require a minimum deposit of $50, so clients are at liberty to choose the account types that suit them. For example, while some traders prefer the Standard account with no commission and competitive spreads, others feel the Pro account with razor-sharp spreads as low as 0.0 and a commission of $3.5 per side is a better option. There are accounts suitable for Day traders, trend followers, scalpers, EA traders, High-frequency and Discretionary traders. No matter your trading type and style, they have got you covered!

The Switch Markets account types are as follows:

Regular Standard Account

• Spreads from 1.4

• No commission fees

• Maximum leverage of 1:500

• Minimum deposit of $50

Institutional Standard Account

• Spreads from 0.6

• No commission fees

• Maximum leverage of 1:500

• Minimum deposit of $25,000

Regular Pro Account

• Spreads from 0.0

• Commission from $7

• Maximum leverage of 1:500

• Minimum deposit of $50

Institutional Pro Account

• Spreads from 0.0

• Commission from $5.5

• Maximum leverage of 1:500

• Minimum deposit of $25,000

Switch Markets also offers an Islamic account. The swap-free account is Sharia-compliant.

The leverage offered varies depending on the market. Customers can trade forex with leverage up to 1:500. Indices are offered up to 1:200, commodities up to 1:50, and share CFDs up to 1:20.

Switch Markets offers a demo account for clients that open an account and deposit funds. There are no time limits or restrictions on the amount of trading you can do. However, if the demo account is left inactive for 45 days, it will be deactivated.

TRADER SECURITY

Switch Markets‘ strapline is ’Not just another broker, but a broker you can count on, and they work hard to ensure traders feel safe. In line with ASIC regulation, all funds are held in segregated accounts with tier one banks. Plus, ASIC regulation means traders have an extra level of trust in the firm.

SPREADS AND COMMISSIONS

As mentioned, the spreads and commission charged vary depending on the account opened. Standard accounts are commission-free, while pro accounts have the lowest spreads.

Stocks and shares CFDs work slightly differently on Switch Markets. For regular accounts, there is a commission of 2% of the share price. For either institutional account, this drops to 1% of the share price.

For the standard regular trading account, typical spreads are:

• AUD/NZD – 2.1 pips

• EUR/USD – 1.5 pips

• GBP/USD – 1.9 pips

• EUR/GBP – 2 pips

• WTI (Crude) – 4.0

• BTC CFD – 52.5

• FTSE 100 – 2.2

For the standard institutional trading account, typical spreads are:

• AUD/NZD – 1.3 pips

• EUR/USD – 0.7 pips

• GBP/USD – 1.1 pips

• EUR/GBP – 1.2 pips

• WTI (Crude) – 3.0

• BTC CFD – 44.5

• FTSE 100 – 1.6

For either pro trading account, typical spreads are:

• AUD/NZD – 0.7 pips

• EUR/USD – 0.1 pips

• GBP/USD – 0.5 pips

• EUR/GBP – 0.6 pips

• WTI (Crude) – 2.0

• BTC CFD – 38.5

• FTSE 100 – 1.2

TRADING PLATFORM AVAILABLE

Traders can use the industry-renowned MetaTrader 4 (MT4) platform. It is available as both a browser-based WebTrader and a desktop application that can be downloaded to Windows or Mac. Since being released in 2005, MT4 has become one of the most popular platforms among traders and brokers.

Despite being slightly dated from a UX perspective, the platform is still easy to use and navigate. Opening and closing trades is simple and intuitive, and on top of this, it is packed with additional features to improve the overall trading experience. There is a range of technical tools and charts to assist with market analysis. Plus, you have the option of setting up price alerts to notify you when assets hit a value of your choosing.

DEPOSIT AND WITHDRAWAL

Switch Markets requires a minimum deposit of $50. This increases to $25,000 on the institutional account. For most deposit methods, there are no charges. However, if you transfer cryptocurrency to your account, there is a 0.8% charge.

Processing speeds vary between payment types. Visa and Mastercard are processed within the nearest working day, while bank transfers take 3-5 working days and most other methods are processed almost instantly. Deposits can be made using the following methods:

E-wallet transfer, Perfect Money, NganLuong.vn, Bank Transfer, Mastercard, UnionPay, Globepay, PayTrust, Neteller, Fasapay, Interac, Skrill and VISA.

There are no minimum or maximum withdrawals. The average processing time is three days, though, for many methods, this can be as quick as 24 hours. For most payment options, there is a 2% fee. In particular, for bank transfers, the fee is $20, for crypto, it is 0.8% and for Fasapay and PayTrust, it is 0.5%. Withdrawals must be made using the same method as deposits to comply with anti-money laundering policies.

CUSTOMER SERVICE

Switch Markets aims to provide a polite and prompt support team. Whether you have encountered an issue when trading or have simply forgotten your login details, they are on-hand to help. Customer support is available 24/5 and can be reached via the following methods:

• Email: support@switchmarkets.com

• Live chat