Swgmarkets.com claims to be an active brokerage firm with over 240K transactions daily. This website, however, is an offshore broker website and should be avoided. Read this SWGMarkets broker review to understand why you should avoid this broker.
In a bid to reduce the rate of online scams in the forex market, we have made it our duty to review forex broker websites. This will help us criticize and advise you on which one is legit and which one’s not. This review tells you all you need to know about SWGMarkets Broker.
About SWGMarkets Broker
SWGMarkets is the trade name of Swiss Group Markets. This broker, contrary to it’s name, is located in Munchen, Germany. OrbiCapital is the trade name of Orbicapital Ltd., a brokerage company located in St. Vincent and the Grenadines. They claim to be legalised by the SVG Financial Servics Authority to trade in forex CFDs. Orbicapital.com also claims somewhere at the footer of the site, to be located and registered in England, by the Financial Conduct Authority.
The two claims above were able to draw our attention to look further. What we found did not impress at all.
Swgmarkets.com: Red Flags Detected
Your fund won’t be safe if you trade with orbicapital and here’s why;
SWGMarkets Withdrawal and Deposit
When it comes to minimum deposit amount, Orbicapital is impressive. They stick to the $100 for wire transfers, and $10 for every other method. This almost makes it seem like they’re trying to convince you to use other methods.
The payment methods orbicapital.com accepts include; debit/credit cards, NeTeller, wire transfer, bitcoin and etherum. The last two methods are cryptocurrencies, payment methods only used by scam brokers. Crypto transactions are untraceable, hence you cannot request for cashback in case of fraud.
The terms and conditions section of orbicapital is incredibly short, and does not reveal any form of useful info. There’s no withdrawal fee, dormancy fee or anything else that’s important to forex brokers. This is a very important part of brokers that only scam brokers can take for granted.
SWGMarkets Trading Platform
SWGMarkets.com had to have one positive thing to it’s name; it uses the Metatrader 5 trading platform, the best in the business. There is no legit broker out there that doesn’t support the MT5 or their predecessor, the MT4. These two platforms support a lot of features you hardly find anywhere including the use of forex robots and expert advisors.
Orbicapital offers demo accounts, and from there we discover that their maximum leverage is 1:500. This is a worrisome number, for a company that claims to located in the UK. For a long time, the FCA has set their maximum allowable leverage at 1:30 in the UK.
SWGMarkets Licensing and Regulation
SWGMarkets does not outrightly state anywhere that they have been licensed to operate as a broker. However, the ‘Contact Info’ section of their website points us to an address in Munchen, Germany. We proceeded to check with BaFin, the German Financial regulator and found no record of Swiss Group Markets.
This just proves that SWGMarkets operates outside of brokerage laws and regulations. Hence, they are an offshore brokers. Offshore brokers are illegal and a complete risk to forex traders.
Conclusion: Is Swgmarkets.com a Legit Broker?
Sadly, no! Orbicapital is an unlicensed broker, the MT5 platform it provides won’t change that. Hence, any funds you deposit with them is at maximum risk. We cannot recommend this broker to you, and we advise you deal with a transparent broker who’s licensed by a reputable agency.
If however, there’s something else you wish say about this broker, do mention it in the comments section.
Our Recommendation For You
You can make money online by trading with reputable, reliable and trustworthy brokers. We’ve been trading with the Fortrade broker below for sometime now and we have no regrets!
FORTRADE- One of the Top rated brokers and a good choice for new traders. This broker is Licensed in UK(FCA), Australia(ASIC) and Belarus(NBRB). Guess what? you can trade from any part of the world as it accepts Traders Worldwide. Interested in trading with one of the best Forex brokers? Head Over to Fortrade and start trading!