SOTFX is this a scam? Review and Customers Reviews

Forex broker ads SOTFX began to appear in the past: reviews by bloggers, discussions on forums, etc. The company confidently burst onto the market and began to gain fame. We couldn’t help but pay attention to such an actively growing broker.

Forex broker SOTFX – is it a scam or a serious and honest project? Is there a reason to trust it and invest financially? As usual, let’s study the facts at our disposal and try to draw conclusions.

Terms of trading with SOTFX

On the SOTFX website it is possible to open two types of forex accounts: Standard and Pro. How they differ from each other is not clear at the pre-registration stage. Both types include 53 currency pairs, the company’s commission of 0.007 c.u. per lot, floating spreads from 0.4 pt. and swaps in pips. You do not need to create a personal account to find out more information about the terms, they can be found on the “Terms” page.

In the personal cabinet only one account option is offered – it is opened in American dollars (USD) and with a leverage of 1:500. The latter can be changed depending on the balance. Verification is required (providing contact and passport information) to get further information. What else is known:

• Available assets – currency pairs, Cryptocurrencies, stocks, stock indices
• Direct access to the interbank market.
• There are no requotes.
• There are financial advisors integrated into the terminal.
• Execution of transactions is market (Market Execution).

There is no analytics or training programs on the website – you will find such materials in the terminal (and they are not provided by the broker, but by the developers of the software). Communication with the SOTFX support is carried out only by e-mail – by direct mail to: supp[email protected] or via the feedback form in the personal cabinet (Forex Trading Training). You can contact the company directly through the “Contact Us” page or through a personal manager. By the way, the office address on the site sotfx.com is real. In general, the Marshall Islands as a place of broker registration is a profitable option in terms of taxes, it is the choice of many companies (Pocket Option, FXSpace, New Financial Center, PMTrade, Akocapitals, etc.).

SOTFX platform

SOTFX for forex trading offers to use the MetaTrader 5 platform – a more modern version of the beloved MetaTrader 4. Unlike its predecessor, it offers not 9, but 15 timeframes, about 80 indicatorsThe MT4 program has the following features: the ability to place in the “Market Watch” previously selected positions, hedging transactions, simpler coding (trading robots and advisors are created faster), setting Stop Loss and Take Profit for each position, etc. However, it loses to MT4 in performance and uptime (as users have noted, it suffers from more frequent “freezes”). In SOTFX you work with 3 platform formats: install for PC, web version and mobile application (for iOS, Android).

Broker quotes sotfx.com

When trading with SOTFX, we have access to 53 currency pairs. Liquidity providers are not named – the terms and conditions say that the broker gives us access to the interbank so that we can choose the best rates on our own. However, when you run the terminal, you can see that it is a standard STP-trading. But for a young broker this is normal.

Demo account sotfx.com

On the site sotfx.com You can not create a trading account right away, but start with a demo account. It opens in virtual currency, “coins”, and does not require material investments, allowing you to hone your trading skills and assess the capabilities of the platform, as they say, on safe ground. Click the “Open Demo Account” button on the main page.

And fill out the registration form, indicating your name, surname, mobile number, e-mail, country of residence / location. We will get a password and agree to the terms of personal data processing. Then you will have to follow the link in the e-mail sent by the broker. After that you will be able to enter your personal account, where you will also be asked to confirm the mobile number with a code from the SMS and fill in the personal data to complete the activation of the account.

In the “Demo Accounts” section select “Open a new account”. We are not offered to choose the currency: only USD. The default leverage is set at 1:500. All set, we get username and password to log in to the training terminal. Download it (on your PC, phone) and start it (“Open a demo account to trade with virtual money without risk”). It is interesting, that the login and password offered to us by the broker here are valid only for opening a trading terminal – by creating a training account we will fill in the form again. As a result we will be given 100 000 virtual (not having material expression) dollars for training. There is no time limit for use – we can use it until all the money is “drained”.

Mobile application

The broker does not have its own mobile application – it uses the MT5 software, represented by versions for Android (from version 5.0) and iOS (no older than 9.0), which can be downloaded from Google Play Market and App Store respectively. In order to use the platform you will need an account at SOTFX – you will need to enter your username and password for the account into the Sign-Up form and specify the SOTSafeOnline-Server as well. The functionality is the same as on the PC:

• Viewing Quotes.
• Order placement.
• Statistics and analytics.
• Chat for discussion.
• Signals, notifications, financial news, etc.

The mobile itself is rated 4.4-4.5 out of 5 (depending on the platform).

Bonuses at SOTFX

SOTFX bonuses are cashback for deposits, contests and affiliate program. Let’s talk about each direction separately.

Deposit Bonus

When making a deposit of 100 USD or more, the company’s clients are credited with cashback in the form of bonus currency, which can be used for betting. In order to save these funds and be able to withdraw them, you must meet the broker’s turnover requirements: as stated in the bonus policy, you must close that number of lots, which is specified in the MetaTrader terminal. There are no specifics. If you fail to meet the condition, the bonus will “burn out” (just like all the money you earned while it was in effect).

Contests

From time to time on the website sotfx.com contests are organized (they are available in the “Promotions” section of the personal cabinet). For example, the last one (which ended on August 21) allowed you to win money to your account. It was necessary to close more profitable trades than other participants. The first, second and third places received $100, $200 and $300, respectively.

Affiliate Program

As part of the SOTFX affiliate program, you earn money by attracting new clients to the broker’s website. In order to participate, you need to register (create an affiliate account) and place a unique referral link to sotfx.com on your resources: website, blog, page/group, forum, conversation, chat, etc. All clicks on this link (which is unique for each partner) will be recorded and shown in the Cube statistics. You will earn 20% with the agent code FX3NC5W1Q5 from the spreads of forwarded users.

Deposit and withdrawal

Depositing an account at SOTFX is available after creating an account – you cannot deposit money to your balance immediately after registering an account. All calculations are made in the “Payments” section of the left menu. The minimum deposit amount is 100 USD for a Standard account, and 500 USD for a Professional account. The broker charges a commission of 1% on each transaction. In addition, you take on bank, tax, conversion and any other fees.

To receive a payout, you leave an application in the same section of the LK, and it is processed manually by the financial department. According to the agreement, the funds must be paid within 10 working days (if the application is approved, of course). Methods of deposit and withdrawal are known only after opening and activation of the trading account, which involves providing contact and passport data. These are bank cards VISA, MasterCard, electronic purses WebMoney, Yandex.Money, QIWI and system Skrill.

Complaints about SOTFH

There aren’t too many reviews about SOTFX. They are divided into positive and negative, the positive ones are more. Those who write that they are satisfied with the broker note direct access to liquidity and good earnings, as well as no problems with withdrawal.

There are serious feedbacks which confirm that SOTFX has a good rating. First of all – because commentators are really clients of sotfx.com and show their examples of earnings at this broker.

The authors of the complaints think the broker is too young. And they say that SOTFX still has room to grow, there are problems that are worth fixing.

If there are any complaints about SOTFX forex broker, we will be sure to post the information on social networks. Sign up so you don’t miss anything!

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SOTFX broker regulator

The site says that SOT Limited, the owner of the resource, is registered in the Marshall Islands (registration number – 104242). This jurisdiction is trusted because it is very easy to confirm or deny the official status of the documentation received there. However, the fact that the legal address indicated by the broker actually exists and not a fake is a good sign. Especially when combined with the fact that there are other SOT Limited contacts, email, online chat and phone (on request) . The only downside is that there are no social media profiles that provide publicity.

sotfx.com User Agreement

The broker’s User (Client) Agreement, referred to as the “Client Agreement and Safe Online Tradings (SOT) Ltd. (individual and corporate accounts)” defines the order of work with the company’s services and servicing traders. Let’s consider a few important points. Thus, item 4 says that you must provide true, accurate, complete and up-to-date information about yourself and update it as necessary. To register an account you must be of legal age and have full legal capacity.

The company is allowed to give instructions on behalf of the client. Of course, it is said that the latter is obliged to warn or coordinate the operation with him. When depositing/withdrawing funds, only the broker’s instructions must be followed (clause 9.1). Any consequences and losses caused by the violation of this rule are the responsibility of the client (clause 9.2).

But these are standard conditions that can be found at any other broker.

In addition, you may be invited to the company office for identification. Before this meeting, the withdrawal is also postponed. Why this meeting cannot be held online and you have to go abroad for your money is again not told. SOTFX can transfer funds from your account to its own without prior notice if necessary to compensate the broker for your service costs (clause 14).

SOTFX is a Scam?

Forex broker SOTFX  has a verified offshore license to operate and is registered, according to the resource, in the Marshall Islands. It is possible to check the registration, because the jurisdiction is already popular among brokers. The company’s website publishes trading conditions: full list of assets and spreads, account currencies, minimum deposits, leverage, etc. Even without registration they tell us everything – it’s better than at other brokers, where we get everything only after the verification (activation) of the account with the passport and address data.

It turns out, that in order to understand whether it is interesting for us to work with a broker or not, it is enough to open a demo account and allow the broker to process the information (in accordance with the privacy policy). The sotfx.com policy contains a number of clauses, which simplify the withdrawal of the earned funds. For example, clauses. 9.15-9.16, which allow the service provider not to delay the withdrawal for the purpose of querying the organization. In addition, it is clear that all these conditions are more or less similar at all existing brokers.

Or clause 9.17, according to which the client has the right to come to the company’s office if he or she considers it necessary to conduct verification in person. This is quite an open step to meet clients. Of course, you can also do it, say, in Skype (many well-known brokers use this practice), where it is easy to see if the right person is in front of you, and check the documents by asking to hold them up to the screen. Reviews about the site are generally positive. Whether or not SOTFX is a scam based on the above is up to you to decide.

Conclusion

SOTFX – is a broker that offers fast registration, a serious verification system and demo access to MetaTrader 5. But this is not the end of the obvious advantages. The broker is sure to have a solid and impeccable reputation and has every chance to become a market leader. The trading conditions are clearly spelled out, the terminal with which the broker works, offers STP trading format, deposits are available to all ($100 or $500 depending on the type of account), the leverage (at least at the beginning) is also quite big – 1:500.

It is a pity that there are not enough training programs and analytical materials – apart from what MT5 itself offers. But the broker promises to help newcomers to reduce the chances of losing a deposit. And in combination with the fact that the direct/fast communication with the support team on the website is present (e-mail or feedback form), it is indeed an attractive offer.