Switch Markets Review 2024 with Rankings By Dumb Little Man

By John V

January 10, 2024   •   Fact checked by Dumb Little Man

Overall Rating

Overall Ranking

Trading Terminals



Evaluation Criteria

Before making any impression of the brokerage firms, our expert panel on the Dumb Little Man platform does a complete analysis of the firm. This panel includes retail traders, financial advisors, and trading experts to ensure an accurate evaluation takes place without any personal biases. Moreover, the evaluation process is also comprised of an algorithm that distinguishes each broker from others based on standardized criteria. This criterion consists of the following factors:

        • Profitability
        • Reliability
        • Broker's Competency
        • Affordability

Furthermore, the final step of the evaluation consists of the user's opinion and feedback. To provide a complete picture of the broker, we combine expert opinion and customer reviews before coming to any conclusion. The reviews of the existing customers provide a clear and objective image of the firm to potential clients as their are no personal bias involved.

After evaluating Switch Markets on the above-mentioned criteria, we discovered that Switch Markets is a reliable platform for traders and investors searching for a credible financial broker. Moreover, with its fast order executions and minimal slippage, Switch Markets is not only a good choice for professional traders, but novice traders can also benefit from the low minimum deposit and demo or cent accounts.

Switch Markets Review

Switch Markets, a relatively novel entity in the over-the-counter market, has made quite a reputation since its establishment in 2019. Offering more than just standard trading products, this young broker is setting itself apart by developing unique, cutting-edge technical trading solutions. The company has integrated a bespoke risk management system and auxiliary calculators and offers proprietary trading advisory services. These advanced features are made accessible to all its clients, ensuring that every trader, regardless of their experience level, has an array of tools at their disposal.

In this in-depth review, we delve into the operations and offerings of Switch Markets. We aim to provide a comprehensive appraisal of this broker, spotlighting its distinctive features and potential downsides. We delve into critical aspects such as the account types available, the process of deposits and withdrawals, fee structures, and other vital details you need to know. By merging expert analysis with first-hand experiences from real traders, we aim to provide a balanced view. This review intends to equip you with all the necessary information to make an informed decision about whether Switch Markets could be your broker of choice.

>> Also Read: Forex Trading Strategies – A Trader Beginners Guide

What is Switch Markets?

Switch Markets, an Australian-based Forex broker, is a recent addition to the trading scene, having established its operations in 2019. Despite being headquartered in Australia, it services clients from across the globe. The broker operates under the strict oversight of the Australian Securities and Investments Commission (ASIC), a globally renowned and respected financial regulator.

The international operations of Switch Markets are overseen by Switch Markets International PTE Ltd, which is an authorized representative of its parent company, Royal ETP LLC. The parent company has its roots in St Vincent and the Grenadines. While the company is relatively new, it has made significant strides in establishing a strong global presence and a reputation for stringent regulatory adherence.

Safety and Security of Switch Markets

Established as a dependable player in the brokerage industry, Switch Markets operates under the vigilant regulation of the Australian Securities and Investments Commission (ASIC), an esteemed global financial watchdog. The ASIC imposes rigorous guidelines and regulations, obliging brokers like Switch Markets to operate transparently and with absolute integrity, thus fostering a trustworthy trading environment.

A notable measure reinforcing the security at Switch Markets is the use of segregated bank accounts in tier-one banks for holding all client funds. This segregation ensures the company’s operational funds and clients’ investment funds never intermingle. This practice serves as a protective barrier, ensuring that clients’ funds are immune to any financial turbulence the company may experience.

Additionally, the safeguarding of funds extends beyond just segregation. Switch Markets has implemented a comprehensive array of security measures to secure its clients’ investments. These precautions reflect their unwavering commitment to ensuring that their clients’ funds receive the highest level of protection available within the brokerage industry. With these security measures in place, traders can engage with Switch Markets with confidence, knowing their investments are securely handled.

Sign-Up Bonus of Switch Markets

Switch Markets has a generous offer for new clientele, with a 100% credit bonus that can reach up to $5,000. To be eligible for this sign-up bonus, however, a minimum deposit of 100 USD is required. This initiative aims to encourage new sign-ups and enhance their initial trading capacity.

However, Switch Markets holds the right to withdraw this offer at its discretion. Therefore, potential clients are urged to stay updated with the firm’s promotional campaigns. It is also important to understand that the credit bonus offered is solely meant for trading activities and cannot be withdrawn as cash. This understanding helps ensure that new clients make the most of this bonus while being aware of its boundaries.

Minimum Deposit of Switch Markets

To engage in trading activities with Switch Markets, a minimum deposit of $50 is required. This relatively low initial deposit requirement ensures that the platform remains accessible to individuals across various economic strata, thus facilitating wider participation in the Forex market.

> Also Read: 5 Basic Options Trading Strategies in 2024

Switch Markets Account Types

Switch Markets operates as a classic Straight Through Processing (STP) broker. It’s particularly geared towards serving traders who are just starting their trading journey or those with a moderate level of trading knowledge. To cater to the diverse trading styles and preferences of its clientele, Switch Markets provides two distinct account types – Standard and Professional.

Standard Account

The Standard Account is designed to offer straightforward, accessible trading with raw spreads and without any additional commissions. The spreads in this type of account start from 1.4 pips. Traders do not incur any commission per lot, which simplifies the cost structure for those just starting their trading journey. This type of account could be an ideal choice for traders who prefer to know upfront what their trading costs will be, without any unexpected charges.

Pro Account

The Pro Account, on the other hand, is tailored for seasoned traders who prefer paying for the volume they trade, irrespective of market conditions. Unlike the Standard Account, this account type carries a commission of $7 per lot. However, it offers the advantage of spreads that start from as low as $0.0. This kind of account could be beneficial for high-frequency traders who can capitalize on the low spreads, even while they pay a per-lot commission.

Both the Standard and Pro trading accounts are versatile and are designed to accommodate a wide range of trading styles. Whether you’re a day trader, trend follower, scalper, EA trader, high-frequency trader, or discretionary trader, these account types offer the necessary flexibility and trading conditions to suit your specific trading strategy. Regardless of your trading style, Switch Markets provides a platform that allows you to leverage your strengths and pursue your trading goals.

Switch Markets Customer Reviews

The general sentiment towards Switch Markets is largely positive, with clients highlighting the impressive speed, efficiency, and professional demeanor of the team, which adds to the overall trading experience. Many customers have expressed their satisfaction with the company’s proactive approach, including the provision of free VPS, credit bonuses, and expert advisors. They particularly appreciated the broker’s effort in reaching out and offering help, indicating a genuine interest in supporting their trading journey. The company’s commitment to covering both deposit and withdrawal fees has also been noted as an added advantage.

However, it’s important to note that a minor proportion of clients have expressed concerns over the account creation process, suggesting it can be lengthy and delay their trading initiation. Despite these isolated concerns, the overall consensus tilts significantly in favor of Switch Markets, praising the company’s professionalism, value-added services, and customer-centric approach. The reviews indicate that Switch Markets is strongly positioned as a preferred broker for many traders.

Switch Markets Fees, Spreads, and Commissions

At Switch Markets, the cost of trading, represented by spreads and commissions, is dependent on the type of account you choose. A Standard Account doesn’t require you to pay any commissions, making it simple and hassle-free, especially for novice traders. The costs are mainly determined by the spread, which is the difference between the bid and ask price.

On the other hand, a Pro Account operates differently. While it does come with a commission per lot traded, it offers the advantage of having lower spreads. This type of account is especially attractive to experienced and high-volume traders who can benefit from tighter spreads, even while they pay a commission on their trades.

When dealing with Contract for Differences (CFDs) on stocks and shares, a slightly different structure comes into play. For traders using Standard Accounts, a commission equivalent to 2% of the share price is applied. For Institutional Accounts, the commission is lowered to 1% of the share price.

The typical spreads for the Standard Account encompass 2.1 pips for AUD/NZD, 1.5 pips for EUR/USD, 1.9 pips for GBP/USD, 2 pips for EUR/GBP, 4.0 for WTI (Crude), 52.5 for BTC CFD, and 2.2 for FTSE 100.

Pro Accounts, in contrast, enjoy substantially lower spreads which are as follows: 0.7 pips for AUD/NZD, 0.1 pips for EUR/USD, 0.5 pips for GBP/USD, 0.6 pips for EUR/GBP, 2.0 for WTI (Crude), 38.5 for BTC CFD, and 1.2 for FTSE 100.

Deposit and Withdrawal

At Switch Markets, the initial financial barrier is kept minimal to encourage new traders. They require a minimum deposit of just $50, but for traders interested in opening an Institutional Account, the minimum deposit is significantly higher at $25,000.

Depositing funds into your Switch Markets account is convenient, with a variety of methods available to you, including e-wallet transfer, Perfect Money, NganLuong.vn, bank transfers, credit cards (Mastercard and Visa), UnionPay, Globepay, PayTrust, Neteller, Fasapay, Interac, and Skrill. Most of these deposit methods don’t involve any charges. However, if you choose to fund your account using cryptocurrency, a charge of 0.8% is applicable.

Processing times for deposits are contingent on the payment method. While credit card payments via Visa and Mastercard are usually processed by the next business day, bank transfers might take a little longer, usually around 3-5 working days. Other deposit methods provide almost immediate account funding.

As for withdrawals, there are no set minimum or maximum limits. The time taken to process withdrawals varies, with the average being around three days. However, some methods may process your withdrawal in as little as 24 hours. Withdrawals incur a 2% fee for most payment methods. For bank transfers, a flat fee of $20 is charged, while cryptocurrency withdrawals attract a 0.8% fee, and for Fasapay and PayTrust, a 0.5% fee applies.

It’s important to note that, in keeping with anti-money laundering policies, Switch Markets stipulates that the method used for withdrawals must match the one used for deposits. This is a measure designed to ensure financial transparency and security.

How to Open a Switch Markets Account

Switch Markets has streamlined the process of opening a trading account, making it easy for individuals to join their trading platform.

Visit Their Website

The journey towards becoming a member of Switch Markets begins on the official website. Here, you’ll find a prominently placed “Create Live Account” button on the center-left of the home page. A click on this button will set you on your path to becoming an account holder.

Fill-Out the Form

The next step involves filling out a form with your personal information. It’s important to ensure that the information provided is accurate and up-to-date as it will be instrumental in the later stages of account verification. This process of data gathering aligns with global standards to ensure client safety and regulatory compliance.

Verify Your Account

Once the form has been filled out and submitted, you’ll receive an account verification email in your registered inbox. This email contains step-by-step instructions on how to verify your account. After completing this verification process, you can log in to your account and begin your trading journey with Switch Markets.

Switch Markets Affiliate Program

Switch Markets has an enticing offer for those who can refer new customers to them. Their Affiliate / Introducing Broker program is specifically designed to reward partners who bring new traders to their platform. The beauty of this program lies in the unlimited potential it offers; there is no cap on the number of accounts you can refer, nor on the trading volume that you can earn a commission on.

The support for affiliates extends to marketing as well. They provide one-on-one marketing support, supplying custom promotional materials such as widgets and banners in various sizes. The ultimate goal is to make your referral efforts more effective and rewarding.

The program also takes pride in its transparency, with no hidden costs attached to its spreads. As such, they can offer spreads as low as 0.0 pips, a truly enticing proposition that sets Switch Markets apart in the crowded field of Forex brokers.

Switch Markets Customer Support

Switch Markets understands the importance of readily available customer support and has taken steps to assist its clients in a timely and efficient manner. Operating five days a week during business hours, their support team is prepared to handle queries and resolve issues.

Traders can reach the customer support team through a variety of channels. There’s a feedback form available directly on the broker’s website for easy access. Additionally, an online chat function provides instant communication with support personnel.

The traditional method of email is also available for those who prefer this mode of communication, while the tech-savvy can connect with them through various social networks. One of the key highlights of their customer service approach is that registration is not a prerequisite for getting your questions answered, making it easier for potential customers to get the information they need.

Advantages and Disadvantages of Switch Markets Customer Support

Available via Live Chat, WhatsApp, and Email

Quick and Relevant Answers

Expert Customer Support Team
Lacks 24/7 Availability

Multilingual Support

Switch Markets vs Other Brokers

#1. Switch Markets vs AvaTrade

Switch Markets and AvaTrade are both reputable brokers in the Forex trading world. However, they have unique differences that could influence a trader’s choice.

Switch Markets, founded in 2019, is a relatively new broker providing a more technologically advanced trading platform, especially beneficial for new or mid-level traders. It offers low minimum deposit requirements ($50), attractive sign-up bonuses, and an easy-to-navigate interface.

On the other hand, AvaTrade, established in 2006, is a veteran in the industry and known for its comprehensive educational resources. AvaTrade has a higher minimum deposit requirement ($100) compared to Switch Markets but offers a wider range of trading instruments.

Verdict: While both brokers have their strengths, if you are a beginner or intermediate trader looking for an intuitive, tech-forward platform with lower deposit requirements, Switch Markets would be a better choice.

#2. Switch Marketss vs RoboForex

Switch Markets and RoboForex each cater to a distinct demographic within the trading population.

Switch Markets has a user-friendly interface and offers proprietary risk management systems, which could be particularly appealing to novice and intermediate traders. It also has a fairly low minimum deposit requirement of $50.

RoboForex, founded in 2009, is renowned for its extensive range of account types and robust algorithmic trading options, catering more to seasoned and professional traders. The minimum deposit for a RoboForex account is $10, lower than Switch Markets.

Verdict: For traders who prioritize a user-friendly platform, a rich set of helpful trading tools, and an attractive minimum deposit, Switch Markets would be a more suitable option. But for experienced traders seeking advanced algorithmic trading opportunities, RoboForex may be the better choice.

#3. Switch Markets vs FXChoice

Switch Markets and FXChoice are both solid choices for traders but offer different advantages.

Switch Markets boasts its proprietary trading solutions and risk management systems. It also offers a $50 minimum deposit, which can be appealing for traders on a budget.

FXChoice, on the other hand, established in 2010, is known for its fast execution speeds and strong customer service. It also supports a broader range of payment options compared to Switch Markets. However, FXChoice requires a higher minimum deposit of $100.

Verdict: If you are a trader seeking innovative trading tools and a lower deposit requirement, Switch Markets is the better choice. However, if fast execution speed and excellent customer service are your priorities, you might find FXChoice more suitable.

Choose Asia Forex Mentor for Your Forex Trading Success

If you have a keen interest in establishing a successful career in forex trading and aspire to achieve substantial financial gains, Asia Forex Mentor stands as the optimal choice for the best forex, stock, and crypto trading course. Ezekiel Chew, renowned as the visionary behind trading institutions and banks, is the driving force behind Asia Forex Mentor. On a personal note, Ezekiel consistently achieves seven-figure trades, a distinction that truly sets him apart from other educators in the field. Here are the compelling reasons that underpin our recommendation:

Comprehensive Curriculum: Asia Forex Mentor offers an all-encompassing educational program that covers stock, crypto, and forex trading. This well-structured curriculum equips aspiring traders with the knowledge and skills necessary to excel in these diverse markets.

Proven Track Record: The credibility of Asia Forex Mentor is firmly established through its impressive track record of producing consistently profitable traders across various market sectors. This achievement serves as a testament to the effectiveness of their training methodologies and mentorship.

Expert Mentors: At Asia Forex Mentor, students benefit from the guidance and insights of experienced mentors who have demonstrated remarkable success in stock, crypto, and forex trading. These mentors provide personalized support, enabling students to navigate the intricacies of each market with confidence.

Supportive Community: Joining Asia Forex Mentor brings access to a supportive community of like-minded traders pursuing success in the stock, crypto, and forex markets. This community fosters collaboration, idea-sharing, and peer learning, enhancing the overall learning experience.

Emphasis on Discipline and Psychology: Success in trading necessitates a strong mindset and disciplined approach. Asia Forex Mentor provides crucial psychological training to help traders manage emotions, handle stress, and make rational decisions during trading.

Constant Updates and Resources: The financial markets are dynamic, and Asia Forex Mentor ensures that students remain up-to-date with the latest trends, strategies, and market insights. Continuous access to valuable resources keeps traders ahead of the curve.

Success Stories: Asia Forex Mentor takes pride in a multitude of success stories where students have transformed their trading careers and achieved financial independence through their comprehensive forex, stock, and crypto trading education.

In summary, Asia Forex Mentor emerges as the premier choice for those seeking the best forex, stock, and crypto trading course to carve a rewarding career and achieve financial prosperity. Through its comprehensive curriculum, experienced mentors, practical approach, and supportive community, Asia Forex Mentor provides the necessary tools and guidance to mold aspiring traders into accomplished professionals across diverse financial markets.





#1 Forex, Crypto and Stocks trading course. Ranked most comprehensive by Investopedia and Best by Benzinga. Free to Try!

Conclusion: Switch Markets Review

In conclusion, Switch Markets has made a substantial impact in the Forex brokerage world despite its relatively recent entrance in 2019. The company has set a benchmark for offering technologically advanced trading solutions such as EAs and automated trading that cater primarily to beginner and intermediate traders, though advanced traders can also benefit from their unique offerings.

The low minimum deposit requirement, attractive sign-up bonuses, and a selection of account types add to its appeal. More notably, its proprietary risk management systems, author’s trading advisors, and auxiliary calculators bring unique value to its platform.

Switch Markets also adheres to regulatory guidelines by the Australian ASIC, ensuring a trustworthy and safe trading environment. Despite some fees associated with various deposit and withdrawal methods, their overall transparent approach to their pricing structure is commendable.

However, like any broker, it’s not without potential areas for improvement. Enhancements could be made to offer a broader range of educational resources and expand their customer service availability beyond the current five business days.

> Also Read: 9 BEST Forex Brokers For 2024: Reviewed By Dumb Little Man

Switch Markets Review FAQs

What is the minimum deposit requirement for Switch Markets? 

Switch Markets requires a minimum deposit of $50, which is relatively lower compared to many other brokers in the industry.

How are the funds of Switch Markets’ clients protected? 

Switch Markets ensures the safety of its clients’ funds by operating under the regulation of the Australian ASIC. They apply protection rules like segregating clients’ funds from the company’s accounts and refraining from using them for operational purposes.

Does Switch Markets offer a sign-up bonus for new customers? 

Yes, Switch Markets offers a 100% credit bonus of up to $5,000 for new customers. However, a minimum deposit of 100 USD is required to avail of the sign-up bonus, and the bonus can only be used for trading, not for withdrawal.

Dumb Little Man Recommends – Top 3 Best Forex Brokers in 2024

John V

John is a digital marketing master's student who enjoys writing articles on business, finance, health, and relationships in his free time. His diverse interests and ability to convey complex ideas in a clear, engaging manner make him a valuable contributor to these fields.

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