Looking for a genuine broker for a safe investment? Then Switch Market is not the one for you. Investment with Switch Market is risky.
In the world of financial markets, major monetary gains and losses are common. It may be tempting to invest into trading markets however, one should be always cautious. It should be kept in mind whether the investment is legal, moral or safe before investing. Consequently, it is the broker and brokerage company which plays a vital role in making our investments safe and secure. Switch Market is one such company which claims to be holding safe investments however, this is not true. This review will provide a clear picture of how investments with Switch Market are unsafe.
Is Switch Market Trust-Worthy?
The simple answer to this is no and this review will tell you why. Switch Market is a brokerage firm which is held by two stakeholders. One is a legitimate broker based in Australia (registered as Pty Ltd), while the other is an unregulated offshore broker (registered as PTE Ltd). Switch Market Pty Ltd an Australian firm is indeed a genuine company however, Switch Market PTE Ltd based in Singapore, is affiliated with an unregulated offshore broker.
The reason many offshore brokers use brand names of firms is to hide their true intentions. Switch Market PTE Ltd, is not registered as a broker in Singapore. In fact, it is representing another company Royal ETP LLC, which is a firm originally based in Saint Vincent and the Grenadines (SVG). SVG is a huge company representing numerous brokers and due to lack of check and balance it represents many disreputable brokers as well. The reason Switch Market is associated with this company offshore is because such brokers work in countries where trading laws are not strict and regulations are not applied, especially in third world countries. As a result, they would not be bound to make our investments safe in the absence of any regulatory body.
Switch Market is not trust-worth because their website depicts false claims that it seems to be having “regulated by leading regulatory bodies”. Have a look
This may be true for the broker who is regulated in the Australian domain, nevertheless, even a quick analysis can tell us that these claims of the offshore broker of Switch Market are false. Switch Market PTD Ltd itself claims that they are authorized under the license of SVG only however, it is clearly indicated multiple times by the Financial Services Authority (FSA) of St. Vincent and the Grenadines that CDA and Forex brokers are not regularized by FSA. Hence, technically Switch Market offshore broker can be considered as an illegitimate firm as it is working without a forex license and cannot be trusted.
Strategy of Switch Market With User-Friendly Interface
No matter how easily the illegitimacy of Switch Market is proven, the offshore firm has indeed attracted many clients. One of the reason Switch Market has been able to tempt its clients is by their digital manifestations. The company presents its best foot forward and provide the best possible platform for its investors. Switch Market uses the best software used by many reputable trading companies which is MetaTrader 4 (MT4). This software is not only user-friendly but is also available in all operative systems and browsers making it easily accessible for all. Moreover, MT4 has maintained its standard in the trading market and well-established firms use MT4 for its trading operations. Similarly, MT4 also offers variety of web trading features for its users such as graph based technical analysis, consistent market watch, multiple account usage and technical indicators.
Hence Switch Market offshore broker uses this software to make their website more appealing to their clients and appear to be professional to cover their underlying defaults.
Enticement of Analytical tools
Another way of alluring the clients it’s through providing them with various tools on their website free of cost to make them seem like an enticing enterprise. Analytical tools such as pip calculator, currency strength meter and economic calendar are some of the many analytical tools which are offered on the website. Moreover, another option of social trading is also available for the clients. With the help of this medium many people can follow the market trends of their peers and engage in the same trade with the same broker. This helps specifically those who are new to the trade market practices. Nevertheless, such perks are given by Switch Market to tempt the investors and to make the firm seem like it has promising prospects which is not true in the long run.
Spur Of The Trading Platform
Some more incentives which Switch Market provides to lure the investors is that they offer to open a live trading account with them for as low as 50 USD and standard and Pro account with the limit of 1000USD. The vast difference between the two price indicates that the live trading account is just a temporary account which is introduced as a promotion to grab the investors. Once the trading mechanism comes into action then the conditions would be put forward. Additionally, the standard account can be used with zero commission and with earning from raw spreads while, Pro account has a commission listed as 5.5 USD but the nature of this commission is not specified whether or not it will be charged on each side or on each lot per side. In the latter case, the client will have to pay double commission even in zero spreads.
Tempting With High Leverage
Switch Market offers leverage as high as 1:500. However, it should be known that high leverage can not only increase the scale of the profit earned but also of the losses. Such high leverage can be misleading to many traders specifically to those who are new in the market. Consequently, is crucial for a novice trader to be very careful while managing such high leverage in trading as it could result in whooping losses. For this reason, many trading regulatory bodies have made rules on the maximum leverage. Countries with trading regulators like Australia, US and EU countries have limited the leverage from the range of 1:30-1:50
Alluring Payment Facilities
In order to seemingly facilitate its clients, Switch Market also offers wide range of payment systems such as credit/ debit cards, e-wallets, cryptocurrencies and bank transfers along with zero transfer charges. It does make the process of money transfer easy with so many options however, such payments methods are of no use when the investment itself is not safe and secure.
In today’s world where online scams are common, these offshore brokers create a fantasy picture of investment opportunities which tend to have emerging markets and promising returns. Switch market is one such brand used by offshore brokers who are not regulated by any regulatory authority and give the impression of providing a lot of benefits and bonuses without any strings attached which sounds too good to be true. Switch Market is one such offshore company which is illusory. Hence, it’s better to be safe than suffer from frustrating disappointment.
- User interface
- Questionable Marketing Tactics
- Horrible Market Reputation