SinoSoft FX review – is this broker trustworthy?
SinoSoft FX Forex broker markets itself as a well established Forex and commodities brokerage. According to the website, the company behind SinoSoft FX is Sinosoft Global Company Limited which is located in Dubai. There is no mention of license and regulations, meaning that the broker does not have any license. SinoSoft offers traders to trade currency pairs and CFDs on indices, cryptocurrency, and commodities. The minimum deposit required to open an account with the broker is 100 USD for the standard account. Traders are allowed to use leverage up to 1:300 depending on the account type. This SinoSoft FX review will discuss the features and offerings of the broker in details to see if the broker is legit and worth trusting or not.
Is SinoSoft FX legit?
The award-winning broker and industry leader – this is how the broker characterizes itself on its own website, but as you could already guess it is not quite the case. SinoSoft FX was established in 2018 and has only one year of experience at operating on the Forex industry market. It is not a long time for the newly established brokerage to get the title of an industry leader. The broker is simply claiming this title, so can SinoSoft FX be trusted? Let us see. The company that operates SinoSoft FX is called Sinosoft Global Company Limited. According to the website, the brokerage is located in Dubai. However, seemingly it is not regulated by the Dubai Financial Service Authority (DFSA) and by any other financial authorities. Despite being unauthorized Forex broker, SinoSoft FX claims that it has regulated services.
The website of the broker does not create a very good first impression. The main problem of the website is the navigation, it is almost impossible to find necessary information without much hassle. Moreover, the information provided on the website does not cover all the needed subjects, for example, the trading instruments. The technical side of the website is not very good, and contentwise it is poor as well. Another big issue you might face while wandering on the broker’s website is the grammatically incorrect sentences. It is not known if the website was made in English first, or was translated to English, in any case, the website of the international broker should have correct sentences. The language is so poor that some of the content does not make any sense.
While making Sinosoftfx.com review we also checked the social media pages of the broker. Social media accounts of SinoSoft FX can be found on Facebook, Instagram, and Twitter. The broker is not very active on Social media, it has up to 10 followers on Twitter and only one follower on Instagram. The Facebook page of the broker was created in 2019, and according to Facebook is managed from India. The overall review of the website makes us think that SinoSoft FX scam is possible and traders should be aware of the brokerage.
SinoSoft FX trading conditions
The information about trading conditions is very limited on the broker’s websites. It offers ECN accounts where traders can trade with currency pairs and CFDs on commodities, indices, and cryptocurrencies. However, which instruments are offered by the broker is not listed anywhere on the website. The broker offers MetaTrader 5 for PC, IOS, and Android.
The minimum deposit requirement is 100 USD which is considered to be an average minimum deposit on the Forex trading market today. However, there are many regulated and trustworthy brokers who enable traders to open an account with much less minimum deposit than 100 USD.
According to the information about account types, spreads start from 1.6 pips. As usual, the lowest spread is for EUR/USD pair, meaning that other major or minor currency pairs will have much higher spreads with SinoSoft FX Forex broker. As for the leverage, traders can use leverage up to 1:300.
SinoSoft FX account types
Unsurprisingly the account types are not designed well. There are three account types one can choose from Silver, Gold, and Platinum. The accounts do not differ from each other much. They all have the market execution, 0.01 minimum trading volume, and bonus programs. EA and hedging are allowed with SinoSoft FX, but the swap is not allowed.
- The Silver account can be opened with a minimum deposit of 100 USD, the spreads start from 1.6 pips and there is no commission on trades.
- The minimum deposit requirement for the Gold account is 2000 USD, spreads start from 1.2 pips, and the commission is not applied.
- The Platinum account has spread from 0.4 pips and has 4 USD commission both sides per lot traded. The account can be opened with 20.000 USD. Traders are allowed to use leverage only up to 1:100.
SinoSoft FX Withdrawal
On the front page of the website the broker claims that it has no commissions for deposit and withdrawal, it is unlimited, and withdrawals take 24 hours. However, the reality is different from it which creates very negative SinoSoft FX opinion. For depositing money to the account traders can use Debit/Credit cards, wire transfer, and several payment methods – Skrill, Neteller, Webmoney, and Perfect Money. The fees for deposit and withdrawal varies from 0.5 to 2 percent when using electronic payment systems. for bank cards fees are 2.5 USD/EUR + 2.5 percent of the money. For the bank wire transfer, the fee is 40 USD or 20 EUR. There are also minimum withdrawal and maximum withdrawal limits for most of the payment methods. SinoSoft FX withdrawal might take from 2 to 6 business days.
SinoSoft FX rating
Based on the detailed review of SinoSoft Fx we can say that the broker is not trustworthy. It is not regulated by any financial regulators but claims to have authorized services. The website of the broker looks sketchy and scammy and indicate the possibility of SinoSoft FX fraud. Apart from it, the service and features of the broker are not designed very well. Some of the necessary information is absent from the website, meaning that the broker chooses to hide it which is never a good sign. At the same time, the broker has a lot of misleading information on the website that is intended to lure the customer into opening an account with SinoSoft FX. Hence, it is not recommended to start trading with SinoSoft FX as you might end up being scammed by the shady broker.