As per the company statement, a broker you can trust. To find it is true, we need to check everything first. For a company that doesn’t provide an office location and phone number where it can be reached, it’s hard to believe.
Получи инструкцию по снятию средств
FXsway broker is owned by FxSway LLC based in St. Vincent and Grenadines. General financial jurisdiction belongs to the FSA of SVG. However, they dissociate themselves from providing FX and CFD trading licenses. Therefore, companies operating in other countries should have a license from local authorities. Let’s dig deeper in our FXsway review.
What is more, we strongly advise you not to invest in Place a Trade, Athens Market and Cryptics fraudulent brokers.
| Broker status: | Unregulated Broker |
| Regulated by: | Unlicensed Scam Brokerage |
| Scammers Websites: | Fxsway.com |
| Blacklisted as a Scam by: | N/A |
| Owned by: | FxSway LLC |
| Headquarters Country: | St. Vincent and Grenadines |
| Foundation year: | 2021 |
| Supported Platforms: | MT4 |
| Minimum Deposit: | 10$ |
| Cryptocurrencies: | YES – BTC, BCH, XRP |
| Types of Assets: | Forex, Indices, Commodities, Shares, Cryptocurrencies |
| Maximum Leverage: | 1:500 |
| Free Demo Account: | No |
| Accepts US clients: | No |
Is FXsway A Scam Broker?
So, we followed the instructions of FSASVG. Based on FXsway reviews, they are scamming traders from the UK, the US, Canada and Australia. Therefore we checked the database of some Tier 1 regulators.
In any of these, from FCA, ASIC or CFTC, we couldn’t find any records of FXsway broker. As that being said, we can say that this broker is fraudulent. Now we are just looking for more confirmations.
FXsway has a very low-quality website with a lot of irregularities, starting from the license, office and ownership information. Whoever is looking a for a stable and reliable trading company already knows that this is not the right choice.
Reasons for Using a Regulated Broker for Trading
Transparency and security are key things in trading these days. Nobody wants to trade with a broker that doesn’t offer clarity on trading conditions and, especially, withdrawing policies. That’s where regulation comes into play. Even if something bad happens, you have someone to reach out to – regulators.
FXsway Software
The very interesting thing about this broker is their trading software – MT4. One of the rare that puts this into a first plan. It’s a very good choice for both experienced and non-experienced traders. Fast executions, a lot of trading tools and many more.
MetaTrader 4 Platform
As an industry standard, this is one of the best programs you can use for FX and CFD trading.
It provides a variety of TA tools, social and copy trading. Everything that you need to become a successful trader.
However, we need to mention that all of that is questionable if the broker is illicit.
MetaTrader 4 Mobile
MT4 mobile is one of the most used options for trading It’s very user-friendly and has fast executions. So, wherever you are you can place your trades and make profits on the go.
FXsway’s Trading Instruments
The availability of the assets is very good. The company offers assets from different classes like:
- Forex USD/GBP, USD/SEK, AUD/SGD
- Commodities natural gas, gold, silver
- Indices BE20, DowJones, AU200
- Shares Apple, Tesla, Microsoft
- Cryptocurrencies BTC, BCH, LTC
Trading instruments are a story in itself. Since the broker is not regulated, all trading conditions about these are speculative. Many trading platforms tend to affect the prices in their favor. That way client is losing money and they have the perfect opportunity for a new pitch.
FXsway Service Countries
According to FXsway reviews, they are scamming traders from:
- US
- UK
- Canada
- Switzerland
All mentioned countries have very high regulations and we doubt the broker will end up without any penalties or punishment in some way. But for now, think about your money and keep it safe.
List of FXsway Account Types
Besides the minimum of 10$, nothing much is presented in these account types. They are offering:
- Standard – Leverage up to 1:500 / Spreads from 0.8pips / Commission from 7$ per lot
- VAR – Leverage up to 1:500 / Spreads from 1.2 pips / Commission from 0$ per lot
- PRO – Leverage up to 1:500 / Spreads from 0.4 pips / Commission from 9$ per lot
- Mini – Leverage up to 1:500 / Spreads from 0.1 pips / Commission from 1$ per lot
All of this would be shiny in bright if it’s confirmed by some license. No reputable license will allow leverage of 1:500.
PAMM Accounts
PAMM accounts are multiple traders combined accounts. The broker trades with a bigger pool and every client gets its percentage based on the interest he deposited.
A very good option in reality, but with a scam broker it can be very dangerous. We suggest you stick with a regulated broker in the first place.
FXsway Promotions
Another luring scheme is on the radar. Becoming an affiliate is easy, especially with their assistance. The more clients you bring, the more money you get as a commission. But think about it twice if you are getting commission from their trades or their deposits.
FXsway Deposit and Withdrawal Policies
The good thing, before depositing any money is that you can use their demo account to check how it all works. However, the company offers only crypto transfers as deposit and withdrawal methods.
These are extremely tricky because they are encrypted and very hardly traceable. Many clients had issues with withdrawals, where the broker is asking for additional documentation, additional fees and taxes and many more excuse. Be careful and look for a licensed broker on time.
FXsway Terms and Conditions
Even though the spreads available for trading are quite interesting, they don’t match standard ones. Because with licensed companies you get fixed spread, here it is floating.
On top of that, the leverage they provide is bizarrely high and it brings a lot of risks. According to ESMA and MiFID rules, only 1:30 is allowed for retail traders.
Were You scammed by an FXsway Broker? – We Want To Hear Your Story.
Many people got caught in this fraudulent scheme. If it was you, let us know. Our expert team can assist you with fund recovery. Contact us today to find your first steps!
What Is the Chargeback Procedure?
A chargeback is a reversal card transaction. It can happen when you report to the merchant and bank fraudulent activity. However, you need to provide the necessary documentation.
Our team is doing that for years now and helping people over the world to recover their money. Don’t waste your time and contact us now!
What Is FXsway?
It’s a non-licensed offshore trading broker operating since 2021 in St Vincent and Grenadines and scamming traders from the UK, US, Canada and Switzerland.
Is FXsway a Scam Broker?
Yes. A lack of regulations, low transparency and negative customer reviews are just some of the confirmations.
Is FXsway Available in the United States or the UK?
According to FXSway research, they provide services to both mentioned countries. It’s not excluded that some more are their targeted countries.
Does FXsway Offer a Demo Account?
Yes. Surprisingly you can check their demo account and find why not to invest anything here.
