SO FX Review: So-fx.com is not a forex broker, they are an academic institution, or so they claim. In the review below, we take an in-depth look at the features so-fx.com allegedly offers. This review answers the questions: is SO FX legit? Is so-fx.com reliable? Read through our review to see what we and other experts have to say about SO FX.
Table of Contents
SOFX Trading Platform
This body is not a forex broker, it claims to be an educational institution that teaches and provides signals over Facebook, Instagram, and other social media outlets.
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SOFX Account Types
In this portion of the review, we aim to explore the account types a broker might have. We check the account with its corresponding deposit and leverage. Doing this gives a clearer idea how a broker might work.
After checking, we discovered that this broker has no account types, at least not the type that we are used to.
SO FX Deposit and Withdrawal Methods
Deposit and withdrawals are the two most important transactions for us because the end goal of trading is making a profit. In this section, we look at these methods to make sure everything is okay with it.
This broker does not give any depositing method, but their fees are quite exorbitant.
Another thing to keep in mind is that there might also be withdrawal conditions concerning accounts that take advantage of the bonus promotion. Some fraudulent brokers stipulate that a trader must achieve a certain trading volume to be eligible for withdrawal. They do this to stop traders from making a withdrawal.
Is SO FX Licensed?
Licensing is another important part because we can trust a regulated broker to some extent not to do anything fraudulent. We do this part of the review by first checking the name of the company attached to the broker. Then we run that name through various regulatory bodies to discover if it regulates said brokerage.
This so-called academic institution is actually a scam, and it has a warning issued against it by the FCA in the UK.
To get a better understanding of how brokers(both licensed and unlicensed) work, read our review on Fxcryptomine, FTG Markets, Capital GMA, Kiexo.
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Conclusion
We do not advise you to use so-fx.com, as they are clearly a scam.
Trading with them would likely result in you losing your money. There is a tremendous risk on any transactions interested traders may conclude with the brokerage and we deeply recommend they look elsewhere for viable trading option.