WikiFX Review: traders need to be aware of this broker

What FXSway is

FXSway is an online forex broker offering a large range of market instruments, including Forex, Crypto, Stocks, Indices, and Commodities. Fund your account using Bitcoin and trade assets and access market data 24hrs a day, 7 days a week. Their top-notch trading solutions are shaped to help traders achieve their trading goals. FXSway claimed itself to be a broker that you can trust, it promises low commissions and financing rates, the best price and speed execution, expert support, and technology built to help you get ahead.

Regulation

According to WikiFX, FXSway doesn't hold a legitimate license, which means it is not regulated by any regulatory institution. We also can not find the regulation information on its website. We urge you to be aware of the potential risks as the unlicensed broker may take your money away fraudulently. Thus, WikiFX has given FXSway a very low rating of 1.2/10.

Trading Platform

This broker uses the MT4 platform as its main trading platform.

Customer Support

There is no information about email or phone numbers provided by FXSway customer support, the only way to get in touch with this broker is through live chat.

Account Types & Leverage

The maximum leverage for this broker is 1:500, which is considered high. Please note that a high leverage ratio can amplify profits as well as losses. you need to be aware of the risks, especially if you are an inexperienced trader. FXSway provides traders with four different accounts, they are MINI account, Pro account, Var account, Standard account.

Standard

• Typical spreads from0.8 pips

• STP execution with Level 2 Pricing

• TradeForex, Cryptos, Metals, Indices, Stocks & Commodities

• CommissionPer Lot from $7.00

• 200+ Pairs

Var

• Typical spreads from1.2 pips

• STP execution with Level 2 Pricing

• TradeForex, Cryptos, Metals, Indices, Stocks & Commodities

• CommissionPer Lot from $0

• 200+ Pairs

Pro

• Typical spreads from0.4 pips

• STP execution with Level 2 Pricing

• TradeForex, Cryptos, Metals, Indices, Stocks & Commodities

• CommissionPer Lot from $9.00

• 200+ Pairs

MINI

• Typical spreads from1.0 pips

• STP execution with Level 2 Pricing

• TradeForex, Cryptos, Metals, Indices, Stocks & Commodities

• CommissionPer Lot from $1.00

• 29 Pairs

Spreads&Commissions

Their competitive spreads are as low as 0.1 pips. FxSway is a no-dealing desk broker, meaning there is no human intervention in your trades. Competitive spreads are at the core of our best execution promise.

Deposit, Withdrawal& Fund Safety

On its website, FXSway has a specific page to emphasize the safety of clients‘ funds. Account segregation is imperative since it allows traders to have access to their funds all the time. Even if the broker is bankrupt, traders will still be capable of getting their money back. However, it didn’t mention which financial institution these segregated accounts hold.

Conclusion

Since FXSway didn‘t hold a legitimate license, we don’t encourage you to invest in such a broker as it may fraudulently take your money away. We advise you to do more research and make yourself comfortable before making a decision.