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Sinosoft Fx Review - is it scam or safe?

Sinosoft Fx review - Is sinosoftfx.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz Sinosoft Fx
Sinosoft Fx is an offshore broker. Your money is not safe.

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Sinosoft Fx is presented as an award winning broker from Dubai, offering  forex pairs and CFDs on commodities, indices and stocks, with a choice of three account types, leverage as high as 1:300, trading bonuses, and the MetaTrader5 platform.

 

Account type Min. deposit Max. leverage Spreads/ Payout
Silver Account $100

1:300

1,6 pips
Gold Account $2000 1:300 1,2 pips
Platinum Account $20 000 1:100 0,2 pips +$4/lot

 

And Sinosoft Fx also claims to be regulated, and to offer asset management services for clients willing to deposit at least 10 000 USD.

 

As fine as all of this may sound, it turned out the broker is nowhere to be found in the registers of the local financial regulator - the Central Bank of United Arab Emirates (CBUAE), so if you are still considering whether it would be a good idea to deposit your funds with them, better read the following paragraphs.

 

Sinosoft Fx Advantages:

 

Except for their minimum deposit requirement, which is just 100 USD and the generous leverage, there are no other notable advantages about the broker. Besides, with some big and popular brokers like FBS and IG you will be able to open a trading account with just 5 USD or so.

 

Sinosoft Fx Disadvantages:

 

No license, shady background

 

Sinosoft Fx is said to be owned and operated by Sinosoft Global Company Limited, a company supposedly based n Dubai, the United Arab Emirates. And they also say to be regulated. So we diligently checked the registers of the Central Bank of United Arab Emirates, but were unable to find nether the company nor the broker there. 

 

That means Sinosoft Fx are deliberately trying to mislead investors that they hold a legit license, while in reality they are just another unregulated website with shady ownership. We were not able to confirm that Sinosoft Global Company Limited is incorporated in the UAE either.

 

Bear in mind that proper regulation is of utmost importance for the safety of your funds and depositing any money with unregulated websites like Sinosoft Fx sounds like a recipe to get scammed.

 

So our best advice here is to trade only with legit and properly regulated brokers like the once licensed and authorized by the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission ASIC). 

 

Here we would also suggest that you check our list of FCA regulated brokers, where your funds will even be covered by a special client compensation fund, basically insuring your trading account for up to 85 000 GBP:

 

>>FCA Regulated Forex Brokers<< 

 

Managed accounts

 

Sinosoft Fx offers a fund management services and that is yet another worrisome sign. Bear in mind that like virtually all other brokers Sinosoft Fx acts as a market maker, which means that they make money whenever traders lose. So you can easily imagine that if you trust market makers like Sinosoft Fx to manage your account, they will surely have an incentive to mismanage your money and lose them in their own pockets.

 

Trading bonuses 

 

The reason why we do not like trading bonuses is quite simple – they always come with strings attached – some minimum trade volume requirement, which scammers handily use as a pretext to cancel your withdraw requests. Besides, such promotions are altogether banned on regulated market like the European Union for example.

 

No real demo account, unbranded trading platform

 

Sinosoft Fx says to be offering a demo account, but when we tried to download their trading platform – we were redirected to the MetaQuotes homepage, which is the developer of MetaTrader5, and were offered to download a unbranded, default version of the platform, which has nothing to do with  Sinosoft Fx and in no way represents the real trading conditions of the broker. In fact we can not even be sure that Sinosoft Fx really offers MetaTader5.

 

In any case MetaTader5 is one of the leading trading platform on the market, featuring numerous market indicators and trading robots with the help of which one can easily run algorithmic trading sessions. Also, MeaTrader5 comes with an excellent set of advanced charting tools, so here you may check as well our list of brokers, which do support the platform:

 

>> MT5 Brokers <<

 

High spreads

 

The spreads that are advertised on the Sinosoft Fx homepage does not look attractive. Bear in mind that spreads are generally considered acceptable with a standard account only if the start below 1,5 pips. Here you may check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Conclusion:

 

Sinosoft Fx is a low credibility, unregulated website, which according to our expertise is most probably involved in scam. So once again here we will repeat our usual advise to avoid unregulated brokers, and to trade only with companies that are licensed and authorized by well known institutions like the FCA in the UK, CySEC in Cyprus or ASIC in Australia. 

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Traders` reviews for Sinosoft Fx

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