Sway
Markets, a contract for difference (CFD) broker, announced last week that it is
suspending its operations. The company, which has been online since 2021, has
“cleaned” all its social media accounts, its website is inaccessible,
and its X (formerly Twitter) profile displays “sold.”
However,
the operations of Sway Funded, a prop trading firm launched less than a year
ago under the company’s ownership, remain unaffected. Sway Markets has
reportedly been acquired by Liquid Brokers, a new brand operating under the
Pulse Markets Pty Ltd license.
Sway Markets Suspends
Operations While Prop Firm Continues
The news of
Sway Markets’ market exit emerged on February 7. While it wasn’t the most
recognizable brand, it has been operating the prop brand Sway Funded since
March 2024, which has made several acquisitions of other proprietary trading
businesses in recent months.
The
acquisition list includes Karma Prop Trader, My Flash Funding, and ETF Funding,
which were struggling with various issues, primarily liquidity-related.
The
official Sway Markets website is currently unresponsive, and all current posts
have been removed from the broker’s X account, with “sold” added to
its name.
The Trusted Prop reports that Sway Market clients were supposed to be transferred to the newly launched broker, Liquid Brokers. However, additional information about the company is scarce. According to its official website, Liquid Brokers is not a product issuer of over-the-counter (OTC) derivatives and provides services exclusively to wholesale clients.
The company is licensed to carry on a financial services business in Australia as a representative of Pule Markets Pty Ltd, which holds the AFSL license (220383).
Sway Funded’s Acquisition
History
Sway Funded
has been performing relatively well in the prop trading market, despite its
parent broker’s suspension. In August 2024, Finance Magnates reported that the
company acquired its struggling competitor, Karma Prop Traders, taking over its
clients and their active challenges.
“I just got a mail from sway that Karma is acquired by Sway Funded,” wrote a Discord user with the pseudonym Bunny on Sway Funded’s server.
In July,
the company reached an agreement with MyFlashFunding, which had been
experiencing platform issues. All MyFlashFunding clients were transferred to
Sway Funded, though the brand continued as an educational hub.
The
industry made headlines again at the beginning of this month when FTMO, one of
Europe’s largest players in the prop trading sector, announced its acquisition
of OANDA, one of the longest-operating brokers in the FX/CFD sector.
This article was written by Damian Chmiel at www.financemagnates.com.
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