Recently, some investors asked if Sway Markets (Sway Markets Pty Ltd) is safe.

According to the broker information on the FxGecko app, Sway Markets is a high risk broker without a valid forex trading license.

Sway Markets Pty Ltd was registered in St. Vincent and the Grenadines in 2023, but the Financial Services Authority of St. Vincent and the Grenadines does not issue any licenses to engage in the business of forex trading or brokerage or binary options trading.

In addition, Sway Markets also claims to be authorized to conduct financial services business in Australia, but upon verification it can be found that Sway Markets Pty Ltd is in fact only an authorized representative, i.e. Australian Financial Services Authorised Representative. In other words, Sway Markets is not licensed by ASIC to conduct forex trading or brokerage business.

(If you are interested, you can contact ASIC to verify if Sway Markets has the relevant retail forex license https://asic.gov.au/about-asic/contact-us/)

In summary, Sway Markets (Sway Markets Pty Ltd) is in fact an unregulated forex broker without a valid forex trading or brokerage license. When you trade with such unregulated brokers, your funds and personal information are not safe. And because the background and operation of these trading platforms are not subject to regulatory scrutiny, it is very difficult to defend your rights in the event of a loss.

FxGecko reminds you that there are many ways that scam trading platforms package themselves, such as:

-Cloning legitimate brokers;

-Impersonating regulatory information with registration information;

-Using a legitimately regulated company as a signboard, but actually soliciting clients with illegitimate subsidiaries;

-Luring you to invest with fake trading experts and profitability data, etc.

Scammers' methods are endless and often very secretive.

Therefore, FxGecko recommends that you always do your due diligence and check the qualification information of the trading platform before investing.

Stay away from unregulated, low rated and risky trading platforms to avoid potential scams.

You can check the regulatory information and risk information of global brokers on the FxGecko app.

Also, you can make a complaint or inquire about any trading platform on the FxGecko app.

Reminder 1: The trading market is full of uncertainty, do not blindly pursue high returns. And always be cautious when you come across investment opportunities that promise high returns with little or no risk. These are likely to be scams.

Reminder 2: Don't trust individuals or organisations who claim to be able to get your money back - they may be selling hope and scamming you again. This is especially true if they ask you to pay in advance, which is a "recovery scam".

If you've been scammed, your best option is to gather evidence and report it to your local police and law enforcement as soon as possible.

In the meantime, you can also file a complaint on the FxGecko website or app, where staff will further expose the scam to alert others not to be scammed.

Click here to recognize common investment trading scams to avoid being scammed.

Click here to see how to check if a broker is safe and what to do if you encounter a scam broker.