FxSway Review 2025

UPDATE: March 29th, 2025

We exposed FxSway in this review, and are proud to announce that this unregulated broker has officially shut down shortly after our investigation of them. The firm stopped all trades on March 21st, 2025.

Traders were told to withdraw funds before March 21st but reports suggest many faced delays or unresolved withdrawal requests. This was to be expected as one of the main dangers of unregulated brokers is them vanishing without accountability. This collapse validated the critical risks we flagged in our investigation including its lack of regulation, predatory 1:500 leverage, and reliance on crypto-only funding to obscure financial trails. 
FxSway’s closure reinforces the CLEAR™ framework’s value: Unregulated brokers will always fail and eventually vanish with trader’s funds. If you wish to protect your capital, then trade wisely. If you’re a victim of FxSway, follow these action steps.

Debunking FxSway’s “True ECN 100% A-Book” Claims

Our investigation started with fact checking FxSway’s claim at being a “true ECN 100% A-Book brokerage,” promising traders direct market access and basically masquerading as a legitimate and reputable financial institution. We dismantled this façade piece by piece. Spoiler: It’s a lie. Here’s why:

1. No Proof of Liquidity Providers

While FxSway claims to be a “true ECN broker” connecting traders directly to liquidity giants like banks or hedge funds, our investigation yielded a glaringly different reality. We couldn’t find a single liquidity partner anywhere on their site. Legitimate ECN brokers like IC Markets or Fusion Markets proudly list partnerships and they are normally household names JP Morgan, Citibank, or BNP Paribas to back their credibility.  However, all we found was FxSway’s vague talk of “deep liquidity” that felt more like smoke and mirrors. In reality, no self-respecting financial institution would partner with an unregulated offshore entity like FxSway, leaving their ECN claims dead in the water.

2. Suspicious Spreads and Execution

FxSway boldly touts “raw spreads” and “superfast execution,” but their numbers are completely off. While real ECN brokers like IC Markets offer spreads as low as 0.1 pips on AUD/USD as verified by the CleaRank execution tracker tool, FxSway slaps traders with absurd spreads like 9.2 pips—nearly 100x wider. While testing their services we experienced frequent slippage and phantom requotes (where orders get mysteriously delayed or repriced), and it was immediately apparent that they’re running a B-Book scheme, manipulating prices behind the scenes. True ECNs execute trades instantly at market rates, but FxSway’s “execution” feels rigged.

3. TradeLocker: A Platform for Fake Markets

FxSway claims you’ll “trade with real market prices” on TradeLocker, but you have to call spade a spade, its Monopoly money. Unlike MetaTrader or cTrader (used by legit brokers), TradeLocker lacks Depth of Market data—so you can’t see real liquidity or order flow. It’s the go-to platform for unregulated brokers to fake markets and trap traders in synthetic manipulated pricing. There’s no official third-party audits, and no transparency—just a basic platform with quotes to hide the fact your trades never leave FxSway’s basement server.

4. 1:500 Leverage: A Dead Giveaway

The FxSway website screams boldly “Maximize profits with 1:500 leverage!” Sounds thrilling until you realize no real ECN broker offers this due to regulatory constraints. Regulated brokers cap leverage at 1:30 (EU) or 1:50 (U.S.) to protect traders. FxSway’s 1:500 is a predatory trap, designed to liquidate your account with extreme risk, because they profit when you lose. High leverage combined with no regulation is the perfect storm for erasing your account before you even know what happened. True ECN’s earn small commissions per trade, and they never take the opposite side. It’s in their interest to see you profit, as the more you trade the more they earn.

5. No A-Book Paper Trail

FxSway swears it’s “100% A-Book.” To test this claim we opened a live account and got trading. We contacted their support team and asked for proof that our orders hit the real market. Unfortunately we did not  receive a response and we’re sure that’s because our trades never left their playbook.

The St. Lucia Offshore Trap: No Regulation, No Accountability

FxSway claims registration in Saint Lucia (Company No. 2023-00291) and Bulgaria, but our investigation revealed no valid financial regulation from any reputable authority. Saint Lucia’s Financial Services Regulatory Authority (FSRA) does not license FxSway, making its operations illegal under local law. Offshore registration is a classic red flag, enabling FxSway to evade oversight while targeting unsuspecting traders, particularly U.S. citizens that are lured by a possible tax-haven. 

Targeting U.S. Traders Illegally

During our investigation we ran a website audit via Ahrefs, a popular SEO tool, that exposed that over 90% of FxSway’s traffic originates from the U.S.—despite their disclaimer claiming they “do not solicit U.S. clients.” If this were true, why’re there no IP blocks implemented to prevent U.S. citizens from visiting their website? The answer is clear, FxSway prioritizes profit over legality. U.S. traders are lured by the promise of tax havens and high leverage, unaware that they’re dealing with an unregulated entity that is profiting from their losses and that could vanish with their funds overnight.

No Paid Search Google Ads

Our Ahrefs website audit confirmed more problematic facts such as FxSway’s glaring absence from Google Paid Ads. If you’re wondering that this could just be an oversight by FxSway, it’s not! It’s a neon sign screaming unregulated. Legitimate brokers pour significant budgets into Google Ads (just type into google search “trade online” and you’ll see many brokers promoting their services such as: “Trade with X Broker!”). So why is this a problem? Because Google forces brokers to prove they’re licensed and compliant before approving ads. FxSway? Zero paid campaigns as you can see below. Our Ahrefs audit confirmed that they’re relying solely on deceptive social media tactics and organic traffic from unsuspecting Googlers. Think about it this way: if they were legit, they’d be shouting from the Google rooftops.

Crypto-Only Funding: Tracing the Untraceable

During testing, the only option to fund our FxSway account was through cryptocurrency deposits. While crypto is popular for its speed, its pseudonymous nature makes it ideal for obscuring fund trails. Legitimate brokers also offer bank transfers or credit cards—methods that are easily traceable and provide some form of accountability. FxSway’s crypto exclusivity suggests an ulterior motive such as making it nearly impossible for traders to recover funds once deposited. Otherwise there’s no reasonable explanation why not to offer the standard funding methods as well.

Our Pro Tip: If a broker avoids traceable payment methods, assume the worst.

Ghosted Support and Withdrawal Nightmares

FxSway’s “customer support” is a ghost town. The website lists a Bulgarian phone number (+359-2-4928462) and email ([email protected]), but our team received zero responses after multiple attempts. Many traders reported similar radio silence, especially when requesting withdrawals. Hidden fees, delays, and outright refusals are a common occurrence, leaving investors stranded. In addition to our own personal testing, these trader complaints were verified using our proprietary Verified Feedback™ tool.

TradeLocker: Playground for the Unregulated

FxSway uses the TradeLocker platform, notorious for its ties to unregulated brokers. MetaTrader platforms (MT4/MT5) dropped FxSway years ago due to regulatory crackdowns by U.S. authorities, forcing them to adopt TradeLocker—a platform lacking basic features and stability. TradeLocker has garnered an unsavory reputation amongst professional traders for being a haven for price manipulation and fake liquidity.

Branding Deception: Copying Sway Markets

FxSway’s name and logo suspiciously mimic Sway Markets, a well known Australian broker with institutional regulation through Pulse Markets Pty Ltd. We believe that this isn’t a coincidence, but rather a calculated ploy to confuse traders. The resemblance is a trap, not a tribute. 

Sway Markets side note: Sway Markets ceased its operations on 7th February 2025 and rebranded recently as Liquid brokers. 

Action Steps for FxSway Traders

If considering trading with FxSway, we suggest that you choose a regulated and safer alternative. More importantly, never trade with a broker or platform that has received a failed CLEAR™ score. If you’re unfortunately trading with FxSway, we suggest you act swiftly:

1. Document Everything: Save trade histories, deposits, and communication.
2. Report to Authorities: U.S. traders should file complaints with the CFTC/NFA. If you’re an international trader, research who your local financial regulator is and report your case immediately.
3. Consult with Blockchain Forensics: Firms like Chainalysis might trace crypto transfers if funds reached KYC-compliant exchanges.
4. Legal Subpoenas: Target TradeLocker for FxSway’s KYC records via legal action. That will help you identify the individual or entity responsible.

Our Verdict for FxSway

FxSway isn’t a broker, it’s a predator feeding off newbie traders. Sounds harsh? Well, that’s saying it mildly. The lack of regulation, crypto-only funding, deceptive branding, and reliance on TradeLocker make it a ticking time bomb for traders. With a CLEAR™ Score of 0.3/5, it’s among the riskiest “brokers” we’ve reviewed. Your capital deserves protection, not peril. Always prioritize safety.

Disclaimer: This review underscores the dangers of unregulated brokers but isn’t financial advice. Always verify a broker’s licenses and seek professional guidance before trading.

FxSway FAQs