Is SinoSoft FX fraud possible? This review will show
SinoSoft FX is Forex and CFDs broker that claims to be the leading Forex broker worldwide. We are already used to such bold announcements from the scam brokerages that try to convince inexperienced traders and make them open an account with them. SinoSoft FX Forex broker seems to be that kind of brokerage. While it claims to provide regulated and fully authorized services it does not have a license from any financial regulators. At first glance, the broker’s service looks average, it has 100 USD minimum deposit requirement, 1:300 leverage, and spreads from 1.6 pips. I think you would agree that these offerings do not look very exciting, especially since there are a lot of regulated international brokerages that offer far better trading conditions. But the more you learn about the brokerage, the worse things get. This detailed SinoSoft FX review will let you know what the broker really has to offer and if it is a good idea to trade with it.
Can SinoSoft FX be trusted?
The company behind SinoSoft FX is SinoSoft Global Company Limited which was founded in 2018. The website does not tell where the broker is registered, however, according to the front page, the brokerage is located in Dubai. The registration number or place, as well as the license number or regulator, is not mentioned anywhere on the website. Obviously, there is no reason to hide this information if the regulatory side of the brokerage is in order. The fact that it does not disclose such information makes us think that SinoSoft FX scam can be real.
Another concerning thing about SinoSoft FX is that it makes false claims about the brokerage. For example, the website shows that the broker is an award-winning brokerage, and is named to be the leading broker in the Forex industry. Needless to say, none of them are true, especially if you consider that the broker is relatively newly established. The need question such claims and the legitimacy of the broker being the leader is supported by the absence of the SinoSoft FX opinions. There are no opinions or reviews made by the customers of SinoSoft FX which means that the broker is not as well established as it claims to be.
The first impressions one might get about SinoSoft FX is that the broker does not care much about its customers. The website of the broker does not serve the purpose to keep the traders and simple visitors well-informed about the brokerage and its services. There is no information about the broker itself, only the claims that it is a good and reliable broker. The navigation is very bad while making Sinosoftfx.com review we could hardly find the information about the features of the broker. Another concerning thing is that the content on the website is written in very bad English. It means that the broker did not put much effort into making the website useful for the worldwide audience while claiming to be an international broker.
What does the broker offer
SinoSoft FX broker offers customers to trade Forex and CFDs on three trading asset classes: commodities, indices, and cryptocurrencies. Unfortunately, there is no list of the trading instruments that show which currency pairs or cryptocurrencies are offered by SinoSoft FX. Other trading conditions that can actually be seen on the website are not very satisfactory. For example, the broker features that the lowest spread is 1.6 pips for the standard account which is higher than what other brokers offer on average, such high spreads lower SinoSoft FX rating a lot. One can open a standard trading account with 100 USD minimum deposit and trade with the leverage up to 1:300.
Trading account types
SinoSoft FX offers Silver, Gold and Platinum accounts. The trading conditions are almost similar for these three accounts. All of them have market execution, the minimum trade volume of 0.01 lots, the maximum trade volume of 500 lots, and the bonus program. The silver account can be opened with a minimum deposit of 100 USD, the gold account is from 2000 USD, and the platinum account can be opened with 20000 USD. The spreads are different for each account as well, the silver account has spread from 1.6 pips, gold from 1.2 pips, and the platinum account from 0.4 pips, however, this account has 4 USD commission per lot traded.
SinoSoft FX withdrawal
As you could already understand, the broker likes to make false claims about its services and quality of them. The same goes for SinoSoft FX withdrawal. The website shows that withdrawals are made in one day, there is no commission applied and there are no limits for withdrawal. However, the page for withdrawals and deposits gives different information.
According to it, the withdrawal can be made by the Debit/Credit cards, bank wire transfer, and electronic payment systems such as Webmoney, Perfect Money, Neteller, and Skrill. There are commissions applied for the deposit and withdrawal, the amount of commissions depends on the payment methods. So does the withdrawal limit and time. The commissions vary from 0.5 percent to 2.5 percent of the money deposited and withdrawn, and the withdrawals take from two to six business days.
SinoSoft FX opinion
While SinoSoft FX wants to be seen as the legit and trustworthy brokerage, the website and the features of it makes it obvious that the broker is nowhere near to a good broker. Even more, as it seems there is a big possibility of SinoSoft FX scam. First things first, the broker is not regulated by any financial authorities, hence traders are not protected from the scam and wrongdoing of the broker. The website, as well as the basic features of the broker, is not well-designed and cannot be satisfactory for any trader. The spreads are too high and overall trading experience with SinoSoft FX seems to be very poor based on the features. Last but not least, the broker has spread misleading information about its services on the website. So can SinoSoft FX be trusted? The answer is obviously no, every trader should be very careful when coming across to the brokers like SinoSoft FX and stay away from it.