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SorosFX Review - Is it scam or safe?

SorosFX Review - is sorosfx.com scam or good forex broker?

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

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 Trading Accounts

Account Type Minimum Deposit Maximum Leverage Spread
Standard Unknown 1:200 Fixed, from 2 pips

 

SorosFX is a forex broker, which also offers a few CFDs on stocks, commodities and indices. The company offers a standard account and an Islamic (swap-free) account. Despite being named after a world famous speculator, the company appears to not be connected with him in any way.

 

The Company. Security of Funds

 

Company Country Regulation
Soros Capital ltd. New Zealand N/A

 

SorosFX is a trademark of Soros Capital Limited, which is registered in New Zealand. The company claims to be registered with the Financial Service Provider Register (FSPR) and as such being regulated by the FMA. Our investigation with the register's website didn't yield any results, meaning either the company's claim is false or they were regulated and have subsequently lost their license. In our opinion this is an unregulated company.

 

New Zealand used to be an attractive destination for shady forex brokers, as the regulatory environment was fairly loose, while the country as a whole has a positive reputation. The requirements were tightened at different stages, with the 2013 Financial Markets Conduct Act being a major stepping stone. Now companies are required to have at least $ 1 million in capital holdings, as a sign of long-term intention, before receiving a license. This is quite high, and forced some of the smaller (and most of the dishonest) companies out.

 

The sheer name of SorosFX sounds fishy. It alone shouldn't be an issue, but when combined with the regulatory situation, it becomes a bit of a concern. Had the company been associated with the "man who broke the Bank of England" in 1992, they would have probably been famous throughout the world.

 

Trading Conditions

 

Minimum Initial Deposit

No information on the minimum deposit requirement is provided by SorosFX. Some brokers, who have low requirements, state them out loud as a tool to attract new potentially unsophisticated clients, who just want to see what trading is all about. For instance FXTM requires only $5 for a new cent account.

 

That being the case, the minimum initial deposit shouldn't be a major factor for serious traders. In order to succeed in the markets, one must be disciplined and have adequate capital to follow his strategy.

 

Average spreads & Commissions

SorosFX offers fixed spreads, starting from 2 pips on EUR/USD. This is at the high end of the current industry averages, when it comes to fixed spreads. Some brokers offer much better conditions, like EasyMarkets who go as low as 1 pip for this pair, if you deposit $250 or more.

 

Leverage

SorosFX provides a maximum leverage ratio of 1:200 for currency trading. This is more than enough for a serious trader, who follows strict risk management.

 

 While some brokers may offer even higher levels, you should not consider this as such an important criteria. Higher leverage can tempt you into taking bigger trades than you initially desired. This is oftentimes the main reason why new traders blow their first accounts. Be sure to fully understand the risks associated with margin trading before participating in it.

 

Trading Platforms

 

SorosFX offers MetaTrader 4 (MT4) to its clients. This platform is the choice of many brokers, as it is a solid solution, when compared to the alternative of developing your own in-house system. From a trader's point of view, MT4 is also a great option. The charting capabilities are great, especially considering the multiple custom made indicators, which are readily available. Furthermore a lot of automated systems are also being created on a daily basis. You can see our reviews on some of them here.

 

MetaTrader is also present in both major smartphone app stores, allowing traders to catch-up with the markets and their positions, while on the go. That being said, the desktop version does not support multiple monitors, a feature which veteran day traders desperately desire.

 

Methods of Payment

 

No information on payment methods is available on SorosFX, other than the logos of quite a few payment methods being placed at the bottom of the website. They include: Bank Transfer, Credit/Debit Card, Fast Pay, China UniounPay, Skrill, Netteler, Webmoney, BCA and Mandiri. We can not confirm nor deny if they are truly available.

 

 Screnshot from the website

Conclusion

 

SorosFX is a New Zealand based broker. We couldn't confirm the company's claim to be part of the Financial Service Provider Register (FSPR), so we believe it to be unregulated. Despite the catchy name, this broker is not connected with George Soros in any way. Spreads at SorosFX are fixed and higher than what is provided by most other brokers. Some crucial information is not mentioned on the website. Here are this broker's pros and cons:

 

Pros Cons
MetaTrader4 Platform Unregulated company, claiming regulation
  High fixed spreads
  Missing important information on website
  "Borrowing" a famous trader's name

 

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Traders` reviews for SorosFX

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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