In this detailed FxSway review, we will review each aspect of the FxSway Broker to see if this broker is suitable for you.
Summary
| Assets Available | 6 Asset Classes – Forex, Crypto, Indices, Stocks, Commodities and Futures. |
| Regulated by | No Regulation |
| No. of Trading Platforms | 1 |
| Leverage | 1:500 |
| Spreads | Low as 0.1 pips |
| Commission | Depends on the Account Type, for standard account, $7.00 per lot |
| Min Deposit | $10 |
| Demo Account | Provided |
| Education Provided | No Education Provided |
| Methods of Payment | Crypto (BTC, ETH, XRP, LTC, DOGE & USDT) |
Top Forex Brokers
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FxSway is an ECN Broker that claims to provide low commissions and financial rates. FxSway is not a regulated broker which we will discuss later in this review article. First, let’s look at the trading platforms provided by this broker.
Trading Platforms
FxSway provides a trading platform called TradeLocker. TradeLocker is a trading platform which is integrated with TradingView. TradeLocker is a relatively new trading platform.
FxSway does not provide a Metatrader 4 or 5 based trading platform. This is a huge disadvantage to this broker because Metatrader 5 is one of our favourite trading platforms. It is the best trading platform for algorithmic trading as well.
FxSway does not provide a dedicated mobile trading platform for on the go trading. This is a huge disadvantage for traders who wants to trade on mobile.
Instruments Available For Trading
In this section, we will talk about the financial instruments available for trading with the FxSway broker. FxSway broker provides 6 different asset classes. These are Forex, Crypto, Indices, Stocks, Commodities and Futures.
Forex
FxSway provides you with 55 different currencies to trade with. These include both majors and crosses.
Crypto
There are 18 different cryptocurrencies that you can trade with the FxSway broker. These include, BTC, ETH, XRP, EOS and more.
Indices
There are 9 indices that you can trade with FxSway. These are ESP35, EUSTX50, FRA40, DAX, JPN225, NAS100, SPX500, UK100 and US30.
Stocks
There are several stocks that you can trade with FxSway. These include Apple, Amazon, Boeing, Google stocks and much more.
Commodities
There are 6 main commodities that you can trade with FxSway. These are Copper, Silver, Gold, Platinum, Natural Gas and UK Oil.
Futures
There is only one future that you can trade with this broker. That is the Dollar Future – US Dollar.
Regulations
This broker is not regulated, not even an offshore license. It is a huge risk to trade with this broker. We recommend you choose a broker who is regulated by a top tier regulator. Refer to our top broker table at the top of this article.
Account Types
This broker provides you with 4 different account types, the main differences been the spreads and commissions. These are,
- Standard
- Var
- Pro
- Mini
The following table shows the differences between these account types.
Commissions And Spreads
Spreads and commissions depends on the account types. For standard accounts, the spreads starts from 0.8 pips and for pro accounts, the spreads starts from 0.4 pips. For standard accounts the commission per lot is $7 and for pro account the commission per lot starts from $9.00.
Leverage
FxSway provides a leverage of 1:500. This high leverage has become kind of an industry standard. Having access to high leverage can be beneficial if you are confident about your trading.
Education Provided
This broker does not provide any trading education. This is fine because the trading education provided by brokers in general are quite outdated. This broker provides you with some trading tools like calculators.
Minimum Deposit
The minimum deposit required to trade with the FxSway broker is $10. This is great for a beginner since it doesn’t require much capital to trade with. But if you require a broker with even smaller capital such as a minimum deposit of $5, we recommend you to try out the XM Broker.
Awards
FxSway is not an award winning broker. This also makes this broker lose trust in the trading community.
Methods Of Payment (Deposit and Withdrawal)
This broker only allow cryptocurrency as the method of payment for both deposits and withdrawal of funds. There are several available crypto currencies for deposit and withdrawal, these are BTC, ETH, XRP, LTC, DOGE & USDT.
Customer Service
FxSway provides you with 24/7 customer support. This include live chat and email. You can contact FxSway through their “Contact Us” form or the live chat form to the side of their website.
Demo Accounts
FxSway does provide you with a demo account to practice your trading.
Is this broker legit?
No, this broker is not a legit broker because it has no licences. It is hard to trust this broker. It will be risky to trade with a non regulated broker. We recommend you choose a regulated broker from the following table.
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