There are more and more new services specialising in brokerage services on the web, and SOTFX is one such broker. But young age does not necessarily indicate fraudsters. SOTFX promises to take trading to a whole new level, but is this really the case?
What is known about the company?
The broker did not want to share information about its team and SOTFX developers – the ‘About the Company’ section only describes the platform’s mission and its advantages. The date of foundation is 2020, and the legal address of registration is an offshore zone – the Marshall Islands. There is no information about whether the service has a brokerage licence. The platform is also not regulated.
There is not much to say about the SOTFX company itself – it does not seek to disclose personal data and does not even provide a phone number for communication. How, then, to get an answer from the support service? For this purpose, an email address is specified in the corresponding section. There are no other ways to contact the broker. The documents section contains the user agreement, privacy policy and AML policy.
SOTFX trading platform review
As noted in the reviews left about SOTFX, the broker contacts the client himself, as during the registration process the user is asked for a phone number and email address, but is not offered to read the agreement. We cannot say that this is convenient. The site is simple and modern, with information about trading terminals, brief trading conditions and markets available for trading
Other features One-click trading, the use of trading advisors and about 80 tools for analysis
It cannot be said that the trading conditions presented by SOTFX on the official website provide a complete picture. Whether the broker has several types of accounts is unknown. Nevertheless, after registration, the client can choose a demo account or a real one called MetaTrader 5 Agent and set the leverage size. The account currency is just one – USD. Most of the data, which should be presented in public form, are opened only after the client has ‘flashed’ his phone number. So, in the personal cabinet, the user can find the following functions:
- live support chat and ticket system. It is strange that SOTFX does not provide online chat with the operator for all visitors;
- access to the referral programme, which guarantees about 20% profit from referred clients;
- security settings – only password change;
- FAQ and current news from the world of finance.
The main disadvantage of the broker is the lack of important information in the public domain. Some details regarding accounts are not spelled out anywhere, except for the user agreement – only from there you can find out that swaps are present. SOTFX does not have an Islamic account. Nor are there any economic calendars, calculators or tutorials – it is difficult for a trader to analyse the economic situation based only on news, which is also only available in the personal account.
What can be said about the withdrawal of funds available with SOTFX? There is no information about it on the platform itself. After registration and activation of the account, the client can realise deposits and withdrawals by bank transfer, credit or debit cards VISA/MasterCard, as well as electronic wallets of payment systems.
Customer feedback about the broker SOTFX
Of course, most of the disadvantages, including the lack of a licence, can be justified by the young age of the broker – in fact, sometimes it can take several years to obtain the relevant right. However, registration in an offshore zone and the broker’s reluctance to get in touch raises a lot of questions.
Due to the fact that the service has been operating for less than a year, clients have left few reviews about SOTFX. Opinions are divided – some are satisfied with the profit from the affiliate programme and earnings on trading, while others claim that it is impossible to withdraw funds from the platform. It is not uncommon to note the intrusiveness of managers, who literally discourage withdrawals and instead recommend funding the account.
Based on the analysis of the official website and customer reviews, we can conclude that you should not trust SOTFX. In situations with young brokers who are reluctant to share personal and legal information, you should be cautious.
