Sinosoft Fx also claims to be licensed, and provide asset management services to customers who are willing to make deposits of at least 10000 USD.
However nice all of this might seem, the broker’s name is not to be registered with the local financial regulator , The Central Bank of United Arab Emirates (CBUAE) and, therefore, If you’re still pondering whether it’s an appropriate idea to put your money with them, you should go over the next paragraphs.
Sinosoft Fx Advantages:
With the exception of their minimum deposit requirement that is only 100 USD, and their hefty leverage, there aren’t any other noteworthy advantages of the broker. In addition, with some of the biggest and well-known brokers such as FBS and the IG you’ll be able to establish an account for trading with 5 USD or less.
Sinosoft Fx Disadvantages:
No license, shady background
Sinosoft Fx is said to be operated and owned under the control of Sinosoft Global Company Limited, an entity that is believed to be based in Dubai in which is in the United Arab Emirates. It is also said that they are controlled. Therefore, we carefully checked the books for the Central Bank of United Arab Emirates however, we could not find the brokerage firm or the company there.
This means Sinosoft Fx are deliberately trying to deceive investors into believing they have a legitimate license however, they’re simply another unregulated site with suspicious ownership. We haven’t been in a position to verify whether Sinosoft Global Company Limited is registered in the UAE also.
Remember that an appropriate regulation is of the utmost importance to protect your money and putting up money on websites that are not regulated like Sinosoft Fx is an easy way to get fraudulent.
Our best recommendation here is to use only legitimate and legally licensed brokers, such as those that were once licensed and approved through the Financial Conduct Authority (FCA) in the UK and or the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission ASIC).
In addition, we suggest that you look through the list below of FCA licensed brokers, where your money will be protected by a specific client compensation fund. It’s basically covering your trading account with as much as 85000 GBP.
Managed Accounts
Sinosoft Fx offers a fund management service, which is yet another worrying indicator. Be aware that, like many other brokers Sinosoft Fx acts as a market maker. This means they earn money when traders fail. Therefore, it is easy to imagine that If you trust market players such as Sinosoft Fx to manage your account, they’ll have a motive to misuse your funds and end up losing them to their own pockets.
Trading bonuses
The reason we aren’t a fan of trading bonuses is simple : they are always with a stipulation – such as a minimum volume of trades used by scammers as a reason to deny the withdrawal requests. Additionally, these promotions are completely prohibited in markets that are regulated, like that of European Union for example.
No demo account in real Unbranded trading platform
Sinosoft Fx says to be offering a demo account however, when we attempted for download of their platform, we were directed onto the MetaQuotes homepage which is the creator of MetaTrader5 We were then offered to download an unbranded standard version that has nothing to do to Sinosoft Fx and in no way reflects the actual trading practices for the company. In actuality, we cannot verify the authenticity of Sinosoft Fx really offers MetaTader5.
In any event, MetaTader5 is a leading trading platforms in the market. It has a wide range of indicators for markets and trading robots with the assistance of which it is possible to execute trading sessions that are algorithmic. In addition, the platform comes with an the most advanced set of charting tools. So here you can check out this list of broker that support the platform:
Wide spreads
The spreads advertised in Sinosoft Fx’s homepage Sinosoft Fx homepage does not appear attractive. Be aware these spreads will be acceptable for an ordinary account, but however, they must be below 1.5 pip. You can check out this list of broker which offer spreads with a tighter spread:
Conclusion:
Sinosoft Fx is a low trust, unregulated site, which , according to our research is probably involved in a fraud. Therefore, we reiterate our standard advice to stay clear of brokers that are not regulated, and only trade with those who are authorized and licensed by well-known institutions such as The FCA within the UK, CySEC in Cyprus or ASIC in Australia
| SinosoftFX Summary | |
|---|---|
| SinosoftFX Details | Information |
| Regulators | |
| Country |  United Arab Emirates |
| Base Currencies | EUR, USD, GBP |
| Type Of Brokers | ECN, STP |
| Trading Platform | Desktop, Mobile, MT4 |
| Established Year | 2018 |
| Website Language | English |
| US Clients | |
| SinosoftFX Spreads | |
|---|---|
| Option | Information |
| Minimum Spreads | 0.6 |
| Commission | |
| Fixed Spreads | |
| SinosoftFX Payment & Withdrawal Option | |
|---|---|
| Option | Information |
| Acc Funding Methods |  Skrill,  Wire transfer |
| Acc Withdrawal Methods | Skrill, Wire transfer |
| SinosoftFX Suitable For | |
|---|---|
| Option | Information |
| Publicly Traded | |
| Beginners | |
| Day Trading | |
| Weekly Trading | |
| Professionals | |
| Swing Trading | |
| SinosoftFX Trading Account Options | |
|---|---|
| Option | Information |
| Maximum Leverage | 1:300 |
| Mini Account | |
| VIP Accounts | |
| Segregated Accounts | |
| Free Demo Accounts | |
| Managed Accounts | |
| Pro Account | |
| Minimum Deposit | $100 |
| Islamic Account | |
| SinosoftFX Trading Services | |
|---|---|
| Option | Information |
| Hedging | |
| News Trading | |
| Scalping | |
| Automated Trading | |
| Indices | |
| Commodities | |
| Forex instruments | |
| CFDs | |
| ETFs | |
| Stocks | |
| Bonds | |
| Cryptocurrencey | |
| Trading Signals | |
| Educational Service | |
| Copy Tradings | |
| SinosoftFX Contact & Support | |
|---|---|
| Option | Information |
| Telephone No | +971-523567495 |
| support@sinosoftfx.com | |
| 24 Hours Support | |
| Support During Weekends | |
| Address | 108 first floor Atrium Center Bur Dubai. |
