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SoarFX Review - is it scam or safe?

SoarFX Review - is soarfx.com scam or good forex broker?

RATING: 1 / 3 REVIEWS ForexBrokerz SoarFX
SoarFX is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

 

Account type Minimum deposit Maximum leverage Spread
Classic $250 1:200 Fixed
Standard $2,500 1:200 Fixed
Premium $20,000 1:200 Fixed or floating
VIP Undisclosed 1:200 Adjustable


SoarFX is an unregulated forex and CFD broker that offers the account types in the table above. As you can see, the most important element of the trading conditions of a forex broker, the spreads, are not disclosed on the company’s website.

 


SoarFX Advantages



Web platform and MetaTrader 4 supported

SoarFX offers its clients a downloadable version of the MetaTrader4 (MT4) platform, as well as a web-based trading interface.


The MT4 has been around for over a decade and is the favorite of many traders. This is due to the great charting, speed of execution and the popular Expert Advisors (EAs) – automated trading strategies. The platform also provides access to the MQL marketplace – an online store where you can get for free or buy wide range of technical analysis indicators and EAs.


Considering the fact that SoarFX is not regulated and that we weren’t able to register a demo with it, we suggest that you chose another MT4 broker.



>> Searching for a better MT4 broker here <<

 

 

Sufficient leverage
The maximum leverage ratio provided by this broker is not very high, but will be sufficient for most trading styles. That being said, we would advise caution whenever you trade on margin, and especially with levels higher than 1:200. Leverage is a double-edged sword - higher ratios can both multiply your profits and your losses.

 

Many cryptocurrencies available

It seems that SoarFX focuses on crypto trading, as it offers wide range of coins in the form of CFDs – Bitcoin, Ethereum, Ripple, and many others, including some exotic ones. What is more, these can be traded against several fiat currencies – USD, GBP and EUR.


That being said, a lot of forex brokers jump the cryptocurrency wagon since the Bitcoin spike last year. However, most of them, like SoarFX, are not licensed and not to be trusted. In fact, some of these companies are pure scams.

 

 

>> Trade Bitcoin with a regulated forex broker <<



SoarFX Disadvantages


 
Not licensed, regulatory warning against it

SoarFX is allegedly owned and operated by Bluestar International Acquiring Ltd., but its website contains no information about the company – headquarters, license, etc. It seems to be based in the UK, but is not authorized by the local Financial Conduct Authority (FCA), nor by any other authority. On top of that, we found that the Swedish Financial Supervisory Authority – the agency responsible for financial regulation in country, has issued a warning against the broker.


 

Besides, when searching info in the internet about SoarFX, we came across some negative user reviews. Considering the above said, you’d better not risk being scammed by this broker.


High spreads
As we mentioned, spreads at SoarFX are not announce the spreads on its website, but when one opens their web platform, it seems that the spread on EUR/USD is fixed at 3 pips, which is not a competitive value. Most fixed-spread brokers have a spread of 2 pips for this pair, and variable ones are usually lower.


Comparatively high entry deposit
In order to open a live account with SoarFX, one has to deposit at least $250. This may not seem like a huge amount to some of you, but a lot of decent brokers have lower deposit requirements. Some, like major brokerage IG, have none at all.

 

No demo accounts

All decent forex brokers provide free demo accounts in order to prove the transparency of their services. This, however, is not the case with SoarFX. It does not specify its spreads, nor offers demo accounts.

 




Conclusion


Overall, SoarFX seems like a very shady broker. Its corporate presentation is very poor and it does not disclose all of its trading conditions, nor provides free demo accounts. What is worse, the broker is obviously not regulated and considering the warning of the Swedish regulator against it and the negative user reviews, it is probable that SoarFX is a scam.

 

In cases as this, we advise our readers to select among properly regulated companies, which are under the supervision of a trustworthy governmental agency, like UK’s FCA.

 


>> FCA-licensed forex brokers<<




Here are the strong and weak sides of this broker:

 

Pros Cons
MetaTrader 4 supported No regulation, regulatory warning against it
Many cryptocurrencies available High spreads
Up to 1:200 in leverage No demo accounts
  Comparatively high deposit levels

 

Latest news about SoarFX
No news about SoarFX . Check back later.
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Traders` reviews for SoarFX

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Soarfx är ett bluff företag

Soarfx är ett bluff företag de har lurat av mej en stor summa pengar dessutom sista kontakten så hotade Gustavsson mej jag har de 6 sista samtalen med dem inspelade inkl.hotsamtalet och är det någon som kan tipsa mej om var dom befinner sig (troligen i Sverige) ganska säker på det det är polisanmält.och har gått till åklagare den som kan tipsa mej om var dom eller någon av Larsson, Gustavsson, andersson, Lotta braganza eller Karlsson finns så väntar en stor summa pengar 20.000:- när jag får en adress så de kan fällas 30.00:- till när dom blir fällda.

PS Helmer Abrahamsson ser du det så vore det trevligt med en kontakt

Translated by Google:

Bluff companies
Soarfx is a scam company they have been cheating on me a large amount of money besides the last contact so Gustavsson threatened me I have the last 6 conversations with them recorded incl.hot call and is there anyone who can tell me where they are (probably in Sweden ) pretty sure it is police report.And have gone to prosecutor who can tell me about where they or any of Larsson, Gustavsson, andersson, Lotta braganza or Karlsson are there so a large amount of money is waiting 20,000: - when I get an address so they can be dropped 30.00: - until when they are felled.

PS Helmer Abrahamsson you see it so it would be nice to have a contact

Jan Lööf 10/17/2019

Soarfx scams

Hi,

Couple of minutes ago a television program about Soarfx scam ended.

Soarfx has been exposed on Malta!!! Most probably it was an Israelic group (journalist talked Hebrew language with them) and some other nationalities were added to this group. For sure there are some Dutch people in it!!!

Be aware of Soarfx! These people are thieves!

Steven 03/26/2019

SoarFX - Complaint

Some time ago I joined this SoarFx. The acc mangers I had contact with were two Swedish men.This elemineted language misunderstandings as we talked by phone almost every day. They persuaded me ti make a very big investment promising good profit. But just a few days after this i got a call from another man in this company. And he told me that the stockmarket had blocked my investment and I had to invest € 500 more to unblock my earlier investment. Of course I did not do that, I have never heard of that a stock market can block investments. And after this nothing has happened so they have stolen € 32000 from me.I deepöy regret that I invested without to make a research at first. I don´t know if it is possible to get my money back. I am aware of that I have behaved like a fool.

Best regards
Helmer

Helmer Abrahamson 10/20/2018
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