Swing Markets – Is It Safe?

Website URL: https://swingmarketscfd.com/

Founded: 2020

Regulations: None

Languages: All Languages in Google Translate

Deposit Methods: Bank Transfer, Debit Card, Credit Card

Minimum Deposit: $300

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Stocks, Currencies, Commodities

Trading Accounts and Conditions

There are 4 different types of trading accounts that Swing Markets offers its clients:

• Bronze: To start trading on this type of an account, you first need to make a deposit of at least $300.
• Silver: To be able to open a Silver account, you first need to deposit at least $500.
• Gold: For you to open a Gold account, you need to first make a minimum deposit of $1,000.
• Platinum: To use Swing Markets’ Platinum account, you need to first deposit at least $3,000.

There is no mentioned anywhere on this broker’s website of what the trading conditions are. Thus, we do not know what the leverage ratios or even the spreads are for trading on Swing Markets’ accounts.

Swing Markets – Advantages

While we try to present both the pros as well as the cons of trading with a particular, sometimes it just isn’t possible. This is one such case. After going through Swing Markets’ website, we can say with certainty that there is nothing advantageous about trading with this broker.

Swing Markets – Disadvantages

Here are the many reasons why it would be a great disadvantage to trade with Swing Markets:

• Conflicting Corporate Information

Swing Markets has presented very little information about its corporate identity, and what little is given is conflicting.

On its home page, the broker has given an address in the United States, along with a phone number. However, when you go through the broker’s Terms and Conditions page, Swing Markets states that its parent company is based out of Italy.

Furthermore, the broker has not mentioned the name of the company that owns and operates them, which essentially means that they are offering their financial services anonymously.

This is a huge red flag for traders, because if you do not know who you’re dealing with, you have no protection against being scammed.

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• Lack of Regulation

Since we know that this broker has an address in the United States, and that its parent company is based out of Italy, we decided to check the online registries of the financial regulators of both countries.

To be able to offer financial services in the US, a broker needs to be regulated by the NFA (National Futures Association). And in Italy, a broker needs to be licensed to operate by the CONSOB (Commissione Nazionale per le Societa e la Borsa).

However, when we check both regulators’ registries, we found that Swing Markets was not listed anywhere. This means that this broker is not regulated and is therefore operating illegally.

This is another clear indication that it would be best not to contract with this broker.

• Unclear About Financial Services Provided

Swing Markets is particularly vague about the types of financial services they provide. After going through their website, we are not sure whether this broker provides services in forex trading or in binary options. There is also some reference to crypto-trading, but once again, we cannot tell for sure.

The trading platform is not designed for forex trading; it seems more suited to binary options trading.

This lack of clarity is another cause for concern.

• No Trading Conditions Given

The lack of information seems prevalent throughout the broker’s website. We also have no information about the trading conditions offered by Swing Markets.

Other than providing us with the different types of accounts and the minimum deposit requirement, this broker has not given any other information. We don’t know what the cost of trading would be, which is yet another huge red flag that warn us that this broker is not honest.

• No Real Trading Platform

Like we mentioned earlier, when we checked Swing Markets’ trading platform, it did not look like a real trading platform. In fact, it actually looks and behaves more like a market dashboard.

Most legitimate brokers offer their clients the MetaTrader 4 (MT4), and more recently, the MetaTrader 5 (MT5) trading platforms.

These platforms have been designed to optimize trading, and also support traders through a plethora of charting options, market indicators and trading bots. Traders can make changes to all the features to suit their trading strategies.

In contrast, what we have here is a simplistic dashboard, where the only thing that you can apparently do is deposit money.

All of these features indicate that Swing Markets is a scam.

• Trading Volume Requirement for Withdrawals

In the FAQ (Frequently Asked Questions) section of Swing Markets’ website, there is a strange condition. To be able to withdraw their funds, traders need to reach a 100% turnover of the amount they deposited – whether or not they have accepted the bonuses offered by the broker.

Setting a turnover requirement as a condition for withdrawal is just not done in the trading world since this means additional risk for the trader. Such conditions are usually placed on traders when they have availed of trading bonuses offered by a broker.

So, the fact that Swing Markets is insisting on a turnover requirement even for regular trades simply goes to prove that this broker is a scammer and that you stand to lose your money if you contract with them.

• High Fees

Swing Markets seems to want to make money in any way that it can! Here is another troublesome condition. You will be charged $50 upfront for bank transfers – for both withdrawals and deposits.

And then you have to pay a maintenance fee, which is 20% on the withdrawal amounts if you have not made at least 1 turnover.

Conclusion 

Swing Markets is a scammer and we would like to warn all traders to steer clear of this broker.

Rogerfin

2.7

User Experience

3.6/10

Payment Options

2.4/10

Security

2.3/10

Support

2.5/10

Reputation

2.6/10

Pros

• None

Cons

• Conflicting Corporate Information
• Lack of Regulation
• Unclear About Financial Services Provided
• No Trading Conditions Given
• No Real Trading Platforms