Switch Markets Review
Richard Montana | November 17, 2022
Switch Markets is an established and regulated retail trading broker that gives you easy market access to buy and sell various financial instruments such as Forex, Stocks, Indices, Commodities, CFD Shares, Cryptos, Metals and Energies. The broker can provide you with very good trading conditions including tight spreads from 0 pips, commission free accounts and fast order execution speed at the best possible prices. You can trade online via the intuitive MT4 trading platform, which is available for desktop, web and mobile devices. I like how the broker has various trading account options for all trading strategies. There is a small minimum deposit of just $50 and convenient account funding methods with no fees. Other advantages of this broker include a free VPS for new clients, helpful trading tools, plenty of educational resources and 24/5 multilingual support. I think they can be a great choice for anyone looking to trade with minimal fuss and in a regulated environment.
Pros & Cons
- User-friendly MetaTrader 4 platforms for all of your devices
- Good selection of 180+ trading instruments including Forex, Stocks and Cryptos
- Plenty of deposit and withdrawal methods to fund your account
- Low commission and tight spreads from 0.0 pips
- Zero commission accounts available
- Free VPS for all live accounts
- Free quality educational resources and useful trading tools
- Signup and start trading in just a few minutes
- Islamic accounts for Muslim traders
- Demo accounts so you can practice trading online
- No inactivity fees
- Multilingual 24/5 real-human expert support
- Cannot accept clients from certain countries
- No managed account options at the moment
- Would be good if they could add Autochartist and Trading Central
- No MetaTrader 5 or cTrader platforms
- Do not have FIX API connectivity
Since they were founded back in 2019, Switch Markets has grown steadily into one of the fastest evolving brokers and is now trusted by clients worldwide. Today, the broker comprises a successful team of around 100 members, scattered around 21 countries across the globe. You are provided with the popular MT4 trading platform to ensure seamless access to multiple financial markets. In addition, there is a plethora of learning materials and helpful trading tools on their website. Other essential features of the broker include low spreads, multiple payment methods, different account types, leverage of up to 1:500, and much more.
At Switch Markets, they want traders to be able to trade with the most competitive prices. That’s why their pro pricing offers some of the lowest spreads possible. With the combination of deep liquidity and lightning-fast execution, Switch Markets pro pricing is an ideal option for day traders, scalpers and algorithmic traders. The brokers MT4 server is located in the Equinix NY4 data centre in New York. Highly regarded, the data centre is the home of exchanges, trading venues, and market data.
I appreciate how the broker 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. I found them to have 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 you’ll have the right tools to make the most of every market opportunity.
The broker is regulated which gives me plenty of confidence to trust them. I have held an account with them for a while now and have yet to run into any problems. The fact that they are regulated means that they must follow rules and procedures that are put in place to protect investors. I would always prefer to use a regulated brokerage firm as it allows me to focus on my trading without worrying about the safety of my funds. 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 the broker receives 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 client’s money. They follow all relevant regulations, requirements and laws whilst implementing robust security measures to ensure your transactions are secure.
Switch Markets does not provide trading services to anyone residing in the USA, Japan, Iran, and North Korea, nor any other countries where the offer of their products are prohibited or restricted by laws. If they do not accept clients in your country, you could always find an alternative option in our broker reviews.
With Switch Markets you have the opportunity to trade on the award-winning MetaTrader 4 platform. All you need to do is hit the download button and you’ll be set up in no time. You can trade in confidence with the world’s most popular trading platform on your laptop, tablet or phone. I have been an avid user of MT4 for many years now. It was the first trading platform that I became accustomed to and I have never felt the need to switch to anything else. It can do everything that I need it to from in-depth market analysis to quickly and easily placing and managing trades without any hassle. I personally think it is one of the best trading platforms for anyone who wants to trade online. You will also find it is available through most brokers which means you won’t need to learn a new platform from scratch should you switch providers down the line.
MetaTrader 4 (MT4) Platform
Launched way back in 2005 by MetaQuotes, the MetaTrader 4 platform is packed with advanced trading tools, including technical analysis tools, expert advisors for automated trading, trading signals and more. It is an ideal choice for anyone who appreciates an innovative and convenient trading platform.
The ability to customise charts using chart studies and indicators is unmatched, with literally tens of thousands of options for forex traders to choose from. This means that no matter your trading style or system, the MT4 platform has a custom charting option exactly for you.
Forex traders have countless forex robots available to install directly from their MT4 platform, as well as the ability to custom program their own forex trading system into what could possibly be the next best thing in automated forex trading. The auto trading feature is one of my favourite things about the platform. I have been developing and running EAs on MT4 for many years and think it is an excellent platform for automated trading. If you have an idea for a startegy, you can code it yourself or hire someone from the MQL community to do it for you.
With a large number of professional forex traders choosing MT4 as their charting platform of choice, MT4 makes it possible for traders to follow their every order in real time! Through the forex trading signals tab, you are able to tap directly into the minds of professional traders, making trading decisions alongside them in real time via their signal service.
MT4 signals can be filtered, studied and applied to your account directly from the trading platform, with this streamlined process allowing you to follow the most profitable forex traders while focusing your attention elsewhere in the markets.
The Switch Markets MT4 trading platform is available as a desktop application for Windows and Mac computers, WebTrader that runs directly in your web browser, and handy mobile trading apps that are compatible with Android and iOS devices and can be downloaded from the respective app stores.
Key features of the MT4 platform include:
- Real time price quotes
- Instant and pending orders
- Market analysis with technical indicators & drawing tools
- 3 chart types & 9 timeframes to trade on
- Automated trading with expert advisors
- Trading signals & price alert notifications
- Easy to use platform for all trading styles
- Free to use on web, desktop & mobile trading app
Traders are provided with a superb selection of useful standalone trading tools to help them get the most out of their trades. These tools include the lot size calculator, currency strength meter, forex profit calculator, and an economic calendar that shows the schedule of future market events and their expected impacts on the financial markets.
Switch Markets offers all live trading account customers a free VPS. All you need to do is let the support team know once your account is live and they will get you set up. They will even help you switch from your existing VPS provider at no extra cost.
- Execute trades at 1 millisecond latency time
- Next-level security and networking ensuring 100% up-time
- VPS optimised for Switch Markets MetaTrader platform
- Trusted by thousands of traders worldwide
- Specialist 24/5 multi-lingual tech support
A Virtual Private Server, more commonly known as VPS, is a virtual computer that functions independently, just as a real computer does. A VPS is specifically designed according to your needs and is especially beneficial to forex traders due to the security and flexibility it provides. It enables you to run your trading platform 24/7 without needing your home computer switched on. They are particularly popular with traders who are running automated trading systems. I have my own VPS that is perfect for me to remotely run multiple instances of the MT4 platform so I can compare brokers and test my automated strategies. There are other brokers that provide a free VPS such as Blueberry Markets.
Social trading is a form of trading that enables traders and investors to observe and copy someone else’s trades. Typically, new or intermediate traders are interested in social trading as it offers a way to reduce the amount of time the individual spends placing their own trades. Many describe social trading essentially as a form of social network that enables traders and investors to interact with each other, copy each other’s trades and follow their decision-making processes. If you are looking for a social trading network, eToro is the market leader in this respect.
- Open a live account at Switch Markets
- Fund your live trading account
- Register at MQL5.com community
- Choose the Strategy Providers and start copying
Social trading is not suitable for everyone so do your own research. When copying trades, it is recommended you have at least some basic information and knowledge of the trading strategy the signal provided you copy from uses. It is extremely dangerous to copy trades blindly. Unfamiliarity can lead to a level of discomfort and potentially result in unnecessary trading losses. There can be no guarantees on how well social signals will perform. Past results should not be taken as an indication of future performance.
Live Currency Strength Meter
You can use this tool to try and identify the strength (or weakness) of various currencies relative to others in real time directly in your trading platform. I think this is a great way to get a feel for what other market participants are doing and a useful tool to have in your trading toolkit.
Value-at-risk (VAR) Calculator
This tool lets you calculate and measure how much money you can lose over a given time period and for a given level of confidence from the positions you hold.
Forex Profit Calculator
Calculate potential profits and losses before or after executing a trade with the free Forex Profit Calculator.
Forex Lot Size Calculator
Use the simple yet powerful Forex Lot Size Calculator to calculate the exact position size for each trade and manage your risk per trade like a pro.
Forex Economic Calendar
Access the free economic calendar and explore key global events on the horizon that could subtly shift or substantially shake up the financial markets.
Market Heat Map
Measure the strength of major currencies relative to others in real-time and quickly and easily determine when a currency is moving strongly in one direction or another.
Calculate the Compound Annual Growth Rate (CAGR) of your investments with the easy-to-use CAGR Calculator.
Forex Compound Calculator
Use the Forex compound calculator and simulate the profits you might earn on your trading account.
Pivot Point Calculator
This Pivot Point Calculator can help you to quickly and easily identify possible daily, weekly, and monthly support and resistance price levels on your chart. Pivot points are a technical analysis indicator used by traders to determine potential support and resistance levels and how prices could potentially turn.
There are different types of pivot point calculation methods. To calculate either of these, the following variables are required: previous high price (H), previous low price (L) , previous open price (O) and previous close price (C). Some formulas also require Resistances levels (R) and Support levels (S).
They are calculated based on the previous day’s low, high, and closing prices. Traders often use pivot points and the support and resistance levels they provide to identify potential entry or exit points, and stop-loss prices for their trades. I have implemented them within my day trading strategies and notice that price does tend to react around these levels.
Switch Markets EAs
You can automate aspects of your trading with the Switch Markets EA’s that have been specifically designed by the brokers trading mentors with over 50 years’ experience to help try and improve your overall trading experience.
Support & Resistance Indicator EA
The Support & Resistance Expert Advisor for MetaTrader 4 is an automated trading system designed to help traders spot possible Support & Resistance levels by drawing them directly on the charts as horizontal lines.
Live Currency Strength Meter EA
The Live Currency Strength Meter is an automated trading system developed to try and identify the strength (or weakness) of various currencies relative to others in real time from directly inside of your trading platform.
Value-at-risk (VAR) EA
You can use the Value-at-risk (VAR) EA to measure the risk of loss for the positions you hold. It can calculate your potential losses at just a click of a button.
Risk Management EA
The Risk Management EA automatically calculates the ideal size of your trading position based on your selected variables. Simply fill in a fixed sum or a percentage of your trading account you want to risk, your take profit, stop loss and entry levels and the EA will give you a trade position size.
Switch Markets provides traders with a good selection of educational resources — seminars, webinars, trading guides, and more — to help them make knowledgeable trading decisions.
There is a good selection of free trading guides on the Switch Markets website that you can go through at your own pace. These can be useful to help you improve your trading knowledge and skills.
- Make difficult decisions with clarity
- Learn at your own pace
- Find information about a wide variety of topics
- Don’t get overwhelmed by information
- Clearly assess the strengths and weaknesses of different areas of Forex, Stocks and other markets
Switch Markets have teamed up with HowToTrade to offer you the opportunity to access quality education. From the basics all the way to advanced areas of trading, get ready to evolve your senses with a learning experience like no other. Completely free which is great considering I have seen such content being sold for thousands elsewhere.
- 50+ free online trading lessons
- Track your progress and success
- Video lessons from pro mentors
- Learn at your own pace
Knowledge is key when it comes to trading and HowToTrade can offer you just that. If you are looking to improve your knowledge on trading, open an account at HowToTrade.com and follow their free, self-paced educational courses followed by interactive quizzes. You can open an account and start learning instantly.
Switch Markets have a great range of financial markets right at your fingertips. Choose from more than 180+ tradable instruments available with Switch Markets at just the click of a button. The broker offers the following assets: forex, metals, indices, CFD shares, cryptocurrencies, and more. If you want an even larger selection to further diversify your portfolio, then you will find that Firstrade have thousands of financial instruments available for you to trade.
- 60+ FX currency pairs
- 21 Indices
- 86 CFD Shares
- 8 Commodities
- 6 Cryptos
The world’s largest and most liquid financial market, Forex, is accessible 24/5. With over $6.6 trillion in traded volume daily, the Forex market far surpasses any other exchange-based market. Foreign exchange, or forex for short, involves trading one currency pair against another. Traders predict the direction of one currency against another in pairs like Euro vs US Dollar (EUR/USD).
Switch Markets offers competitive spreads across the board for all foreign exchange pairs. Tight spreads combined with lightning-fast execution times and deep liquidity make them one of the top choices of forex brokerages market.
Trading commodities involves buying, selling, or trading a raw product or asset, such as gold, oil, coffee or sugar. Commodity markets are driven almost exclusively by supply and demand. They are an attractive field for speculators and traders looking for markets susceptible to volatile changes. Commodities can be a great way to diversify your portfolio beyond securities and today, there are a variety of options for participating in the commodity markets. Commodities are usually grouped into three main categories. These are metals, energies and agriculture.
Indices allow you to speculate on the performance of a market or a sector of a market, rather than individual shares. Indices are assets that are grouped together and represent the collective price performance of a number of shares, specific sectors of a market or a whole market. Indices are generally traded with financial derivatives such as CFDs or spread bets.
Speculate on the performance of some of the world’s most popular companies. Share CFDs are derived from the underlying asset, the price of the shares of the given company. This means that CFD traders can speculate long (buy) or short (sell) on the share price without actually needing to physically own the share.
Digital currencies or cryptocurrencies are digital coins, designed to be transferred between traders and investors in virtual transactions. It is important to note that digital currencies only exist as data and not physical objects. The price of the world’s most popular digital currencies is mainly driven by supply and demand, community sentiment and news.
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
A demo account is available for practice purposes. This can be a useful way to familiarise yourself with the brokers platforms, products and services. Many traders start out by testing trading strategies on a demo account until they gain the confidence to switch over to a real account.
- Zero risk trading
- Build your confidence as you trade
- Develop trading strategies
- Practice skills, mindset and discipline needed to trade live
- Get familiar with the MT4 platform and how it works with Switch Markets
- Test your strategy without any stress
There are no limits on the demo accounts. You can try two account types; Pro and Standard and see which suits your trading needs better. A demo account with Switch Markets is accessible forever, there is no limit as long as you trade. Then, when you’re ready you can open a live trading account by clicking “Start trading today” at any time. Please be aware that inactive demo accounts are deactivated after 45 days of inactivity.
Islamic Trading Account
Islamic Trading Account, also known as ‘No Swap Account’ is a specific type of trading account that follows the Sharia laws and therefore allows Muslims to engage in trading activities. Unlike conventional finance, finance in Islamic countries is mainly driven by ethical goals and considerations. As such, it comes with different rules and regulations.
These are all considered with the Switch Markets Swap free accounts and therefore Muslim traders do not pay swap, interest or overnight charges on any trades for Forex, Stocks, Metals and Indices. However, it is important to note that if a trader holds a position open for over five days, a flat rate fee will be charged. Please see the fixed rates on the brokers website for more info.
Islamic Accounts allow you to trade markets from around the world with 180+ tradable instruments at your fingertips.
To open an account, click on the ‘Create Live Account’ button on the homepage of the broker’s website and provide all the requested details. You will need to fill in the questionnaire to complete your profile and upload your documents for verification purposes. Once approved, you will be ready to deposit and start trading! It only took my a few minutes to complete the form and receive my login details.
The broker provides you with access to a multilingual client support team, who are polite and prompt in response. You can contact the Switch Markets support team 24/5 via email or by chatting with them on their 24/5 live chat accessible from the brokers website. I have always found them to be very quick to answer my questions and would happily reach out to them again.
Switch Markets allows traders to deposit and withdraw funds to and from their trading accounts using a generous selection of payment methods. You can choose from any of the following funding methods: bank transfer, credit/debit cards, cryptocurrency, online payment gateways, such as Neteller, Skrill, FasaPay, PerfectMoney, and more. The commission is always 0%. You can get fast and easy withdrawals with no limits using one of the many options provided in around three days.
Switch Markets Deposits
Switch Markets supports instant account funding in a great selection of 11 major currencies including USD, AUD, GBP, EUR & CAD. Currency fees will be applicable if you are using a currency different from that of your trading account.
You can choose from an impressive 14+ deposit options and get started in minutes with a minimum deposit of just $50. When you make a deposit into your trading accounts, the commission is always 0% as the broker covers all of the fees.
Switch Markets covers all deposit fees on Westpac, AstroBank and Hellenic Bank wires, plus up to $30 (or base currency equivalent) of any intermediary fees on deposits over $500. Switch Markets covers all deposit fees on FasaPay deposits over $1000 (or base currency equivalent). Switch Markets covers all deposit fees on deposits over $1,000 (or base currency equivalent). Neteller is not available to EU residents.
The funds must be deposited from an account / credit card in the same name as your Switch Markets trading account. The broker does not accept third party payments; in such instances, the funding fees apply. In the case of a joint account, they accept funding using one account / credit card pertaining to one or both of the approved parties on the joint trading account.
Switch Markets Withdrawals
At Switch Markets, they believe all traders are entitled to a hassle-free experience when it comes to withdrawing your funds. After all, it is your money, so it is logical that you should be able to access it with ease! Clients can withdraw money easily using one of the many options provided by the broker. Processing usually takes 3-5 business days.
There is no maximum withdrawal limit, you can request to withdraw as much as you want, whenever you want. The amount you’re going to withdraw needs to be enough to cover any processing fees. Currency Conversion Fees are applicable upon conversion to Digital Currencies.
Switch Markets enable clients to withdraw or convert their money into an excellent range of 19 account currencies. These include: EUR, GBP, USD, CHF, AUD, SGD, VND, CNY, PLN, IDR. This is a brilliant variety of options that you would be hard pressed to find elsewhere.
Compare Broker Features
|This Broker||AvaTrade||IG||IC Markets|
|Regulated||ADGM FRSA, ASIC, BVIFSC, CBI, FFAJ, FSCA, IIROC, JFSA||ASIC, BaFin, CFTC, DFSA, FCA, FINMA, FMA, FSA, FSCA, JFSA, MAFF, MAS, METI, NFA||ASIC, CySEC, FSA, SCB|
|Commission||From $0||From $0||From $0|
|Instruments||Forex, Commodities, Crypto, Stocks, Indices, Options, Bonds, ETFs||Forex, Commodities, Crypto, Stocks, Indices, Options, Bonds, ETFs||Forex, Commodities, Crypto, Stocks, Indices, Bonds|
|Platforms||MetaTrader 4, MetaTrader 5, AvaTradeGO, AvaOptions, AvaSocial, DupliTrade, ZuluTrade||MetaTrader 4, IG Platform, IG Progressive Web App, ProRealTime (PRT), L2 Dealer, FIX API||MetaTrader 4, MetaTrader 5, cTrader|
|Funding||Bank Transfer, Credit/Debit Card, E-Wallets||Bank Transfer, Credit/Debit Card, E-Wallets||Bank Transfer, Credit/Debit Card, E-Wallets|
Overall, I am really impressed with Switch Markets and the excellent range of trading products and service they provide. They are a multi-asset brokerage firm that enable you to trade multiple financial instruments via the easy to use yet powerful and advanced MT4 trading platforms for all of your devices. I found them to have very competitive trading conditions, such as various account types, low spreads from just 0.0 pips, leverage of up to 1:500, zero commissions, flexible funding options and more. There are various learning materials and powerful trading tools to assist you along your trading journey, including a free VPS for all new clients. The minimum deposit required to start trading is only $50 whereas demo and Islamic accounts are available. If you need any help, a multilingual client support team is on hand to aid traders 24/5. I believe they are a great option for anyone who wants to trade in a modern and regulated environment.