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Is FxSway Scam or Legit Broker?

No, FxSway cannot be considered a secure broker due to its absence of a credible license from a prominent regulatory body. Trading with unregulated or offshore brokers poses a higher level of risk due to the lack of oversight, investor protection, transparency, etc. 

  • Unregulated brokers operate without the oversight and regulations imposed by financial authorities. This absence of regulatory scrutiny can lead to a higher risk of fraudulent activities and malpractices. Not to risk financial investments it is advisable to choose a broker with licenses from top-tier agencies (FCA, CySEC, or ASIC) with good standing in the market and favorable conditions for trading.  

About FxSway
🏢 Registered inNo registration
🗺️ Type of LicenseNo license
🛡️ Is FxSway safe to trade?No
🗺️ Recommended LicensesFCA in the UK 🇬🇧 and ASIC in Australia 🇦🇺
🖥 Alternative BrokerFP Markets - licensed by ASIC in Australia

What is FxSway?

With FxSway traders have access to Forex, Crypto, Stocks, Indices, and Commodities trading. According to the broker's website, FxSway assures low commissions, favorable prices, rapid execution, and expert support. The broker enables access to free trading tools, in-depth market analysis, 100+ order types, trader's calculator, etc.

However, when it comes to closer research, there are always important aspects for traders to know about unregulated brokers like FxSway:

  • Lack of Regulation: FxSpray operates without a proper Forex license, a huge red flag in forex trading. Fx Sway Ltd. address is  Ground Floor, The Sotheby Building, Rodney Village, Rodney Bay, Gros-Islet, Saint Lucia. It is a well-known fact that unregulated brokers unlike regulated brokers are not required to adhere to strict standards to protect traders and their financial investments
  • Feedback from real traders: When selecting a forex broker, it's vital to weigh reviews and feedback from real traders. This provides a deeper understanding of the broker's offerings, trading conditions, and overall standing in the market. According to the existing reviews, FxSway appears to be an unreliable broker, with numerous traders labeling it as a complete scam. The primary concern raised revolves around inappropriate deposit and withdrawal processes. 
  • Inappropriate deposit and withdrawal process: Similar to numerous offshore brokers, FxSway appears to encounter challenges with its withdrawal process. Clients report difficulties in processing their profits, leading to financial losses. In forex trading, the security of funds is a crucial aspect. Therefore, we advise traders to entrust their money solely to reputable companies known for their quality services, ensuring a more reliable environment for generating profits. 

Overall FxSway Ranking

After conducting extensive research, we have uncovered notable apprehensions regarding the reliability of FxSway and its compliance with regulatory standards. As a result, we are unable to provide a positive rating for FxSway.

  • FxSway Overall Ranking is 2 out of 10 based on our testing and compared to 500 other brokers. See Our Ranking below compared to other popular and industry-leading Brokers.

RankingFxSwayTrading 212 TradeStation
Our ranking⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐
Is Broker safe?NoYesYes
AdvantagesNoneTrading ConditionsTrading Environment

FxSway Alternative Brokers

Considering the concerns surrounding FxSway Broker reliability and security, we highly recommend traders to explore alternative options that provide more stringent regulations and enhanced trading conditions. Below is a list of reputable brokers offering trustworthy choices and a secure trading environment for consideration:

Deposits and Withdrawals

To fund their FxSway accounts traders just need to log in to their trading accounts, go to deposits, choose one of the available crypto (BTC, ETH, XRP, LTC, DOGE & USDT), and invest.

  • The minimum deposit is $10. There are no deposit fees. 
  • After completing the deposit procedure, it takes 3-6 confirmations on the relevant network for funds to be released. This usually requires 1 to 3 hours depending on the Blockchain.
  • The only withdrawal option at the moment is Bitcoin. Usually, withdrawals take several hours, however, it depends on the network. Still, our advice is to be careful, especially regarding withdrawals, as there are numerous alerts from traders regarding FxSway's inappropriate withdrawal process. 

Account Types

FxSway offers several account types: Standard, Var, Pro, and Mini. Each account type offers different conditions to meet various trading expectations, FxSway login is easy to process and is accessible via the website.

The highest leverage for all the account types is 1:500. For the Pro account type spreads are considerably low, starting from 0.4 pips. Var accounts do not have any commissions, whereas, for Standard, Pro, and Mini accounts commissions range from $1 to $9 per lot

FxSway Review Conclusion

Analyzing the information collected on FxSway, significant doubts arise regarding the broker's reliability and credibility. The absence of proper regulation raises substantial concerns. Furthermore, the multitude of negative client reviews should not be overlooked. It is recommended to prioritize brokers with stringent regulations, a good market standing, and transparent trading conditions.

To avoid risks often associated with trading through unregulated or offshore brokers, we always recommend choosing a reliable broker that holds licenses from reputable authorities like FCAASIC, or CySEC. There are many regulated brokers that are both reliable and have exceptional offerings, such as BlackBull MarketsGo Markets, and HYCM.

  • Overall ranking and experience for FxSway is Negative

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