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Sonaf Review - is it scam or safe?

Sonaf Review - is sonafx.com scam or good forex broker?

RATING: 3 / 1 REVIEWS ForexBrokerz Sonaf
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Trading Accounts and Conditions

 

Trading account Min. deposit  Max. leverage  Spread
Standard  N/A 1:100 1.6 pips

  

Cypriot brokerage Sonaf appears to offer a single trading account type with access to the MetaTrader4. The broker holds a license with CySEC, which brings along significant advantages for its clients. For more details, read our thorough and unbiased review on Sonaf.

 

 

Sonaf Advantages

 

Licensed in Cyprus, part of an international group

The brokerage is a trademark of Sonaf Business Ltd. – a Cypriot Investment Firm (CIF), licensed by the Cyprus Securities and Exchange Commission (CySEC).

 

 

 

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CySEC- regulated brokers should meet a number of requirements, which significant assurance for the security of their funds. For example, they have to keep clients’ funds in segregated accounts, to  report transactions on a regular basis, maintain a minimum capital of EUR 730 000, participate in the Investor Compensation Fund (ICF), and also adhere to all rules introduced on a EU level. The latter include provision of negative balance protection, leverage cap of 1:30, disclosing the percentage of clients who suffer losses, etc.

 

Access to MT4

As was mentioned above, Sonaf uses the MetaTrader4, simply known as MT4. This platform is preferred by most traders, beginners and professionals alike, because it provides perfect trading environment with great functionality.  The software is light, fast, easy to use and reliable. Furthermore, it offers top-notch charting and is praised for the support of Expert Advisors – automated trading bots.

 

 

>> Choose some of the best MT4 brokers <<

 

 

Up to 1:100 in leverage, wide range of assets offered

Forex brokers legally operating in the European Union need to comply with ESMA’s rules, so they are not allowed to offer leverage higher than 1:30 to retail clients. Yet, many of them provide professionals with higher ratios, and Sonaf is no exception to that. When we tested its demo MT4, the maximum leverage levels available were 1:100.

 

Furthermore, the broker’s offer seems quite broad in terms of assets available for trade. Sonaf’s product portfolio covers currency pairs, CFDs on indices, commodities, precious metals, and some stocks.

 

 

Sonaf Disadvantages

 

Unpolished presentation of trading conditions

Sonaf has actually not shared with (potential) clients some important details of its offer, such as the initial investment required, the typical spreads, transfer fees, etc.  Although one can sign up for a demo account, this does not leave a good impression, especially on the part of a well-regulated broker.

 

Demo spreads not that good

As indicated on Sonaf’s website, the broker offers spreads as low as 1 pips on EUR/USD, which is an attractive pricing. When we tested the broker’s MT4 in demo mode, however, we found the spread on this pair floating around 1.6 pips, which is slightly above the average in the sector.

 

 

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For further information and comparison, you can look up the spreads of some of the best forex brokers in real time.

 

 

>> Real-time spreads of top-rated forex brokers here <<

 

 

Limited payment methods

Bank wire and cheque seems to be the only way to deposit and withdraw funds to and from Sonaf. This is not a significant flaw, but still may be inconvenient for those who are used to the modern instant payment methods, like credit cards and e-wallets such as Skrill, Neteller, Bitcoin and others.

 

 

Conclusion

 

Sonaf is a Cypriot brokerage whose offer is not bad. It supports the widely used MT4 platform, and offers a good selection of tradeable assets. Although there are several things we don’t like about this broker, the solid regulation outweighs them.

 

Holding a CySEC license means that the brokerage meets a number of requirements, which safeguard consumers against financial crimes and abuse. Besides, now that the UK is exiting the EU, Cyprus is becoming the most popular forex destination in Europe. 

 

>> Check out the best Cypriot brokers <<

 

 

Here are the highlights of our review on Sonaf:

 

Pros Cons
Licensed in Europe Unpolished presentation of trading conditions
Access to the MT4 Demo spreads not that good
High leverage, many trading instruments Limited payment methods

 

 

Unpolished presentation of trading conditions

Demo spreads not that good

Limited payment methods

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Traders` reviews for Sonaf

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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