Switch Markets Broker Review: License Revoked, Trust Undermined

Switch Markets, a broker offering forex, indices, crypto CFDs, and commodities, presents itself with a sleek website, multi-platform support, and up to 1:500 leverage. However, beneath the surface lies a serious regulatory issue that traders must not overlook.

Regulation: License Revoked

According to WikiFX, Switch Markets currently holds a score of 2.25/10, flagged as “Danger”. The platforms ASIC license (Australia Securities and Investment Commission) — once a hallmark of trust — has officially been revoked.

Further inspection shows that Switch Markets previously operated as an Appointed Representative (AR) under OneRoyal (ASIC license number: 001283063). However, this arrangement expired on January 1, 2024, and is now revoked per ASICs registry.

License status confirmation:

This means that Switch Markets is currently operating without a valid license from any top-tier regulator, putting user funds at significant risk, especially in the event of disputes or fund withdrawal issues.

Business Overview

Despite the revoked license, Switch Markets remains active online and claims to offer:

• Trading Instruments: Forex, indices, crypto, commodities
• Platforms: MT4 / MT5
• Leverage: Up to 1:500
• Account types: Standard & Pro
• Minimum deposit: 50
• Client support: Live chat and email
• Dormant policy: Accounts may be deactivated after 60 days of inactivity

Platform summary:

However, some features, such as deposit and withdrawal methods, seem limited or non-functional, including failure to support major card systems and unclear fund processing timelines.

User Complaints

Across review platforms, numerous complaints have surfaced regarding Switch Markets behavior after its regulatory license lapsed:

• Withdrawal Delays: Traders report slow or rejected withdrawal attempts
• Account Freezing: Some users state their accounts were locked without explanation
• Slippage and Spread Manipulation: A recurring concern noted by experienced traders

Screenshot from user feedback:

These reviews paint a picture of growing dissatisfaction and reinforce concerns about the brokers current unregulated status.

Whats the Risk?

Operating without active oversight means:

• There is no legal framework to protect your deposits
• No guarantee that trades are executed fairly
• No recourse if funds are withheld or accounts suspended

Many traders are unaware that once a license is revoked, the company no longer has the authority to legally onboard or serve clients in jurisdictions like Australia or the EU.

Final Recommendation

Switch Markets may appear professional on the surface, but with its ASIC license revoked and user complaints rising, caution is strongly advised.

Before depositing funds or opening an account with any broker, always verify their regulatory status on independent sources like WikiFX.

Your funds deserve protection. Dont trade without it.