SotFX review: Offshore Scam

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Everything on the website, including the legal documents, points toward a registration in the Marshall Islands. The broker seems not to care that the Marshall Islands are an offshore location, but most importantly, that they do not offer an FX regulator. There is no organization in the country to legally legitimize FX brokers. For this reason, SotFX is not regulated there, even though it is located there.


SotFX keeps its distance from other licensing details. So our predictions came true: SotFX is NOT HOLDING A LICENSE and is thus illegally offering trading services. All investments are at risk, as well as any personal details that you may have provided!

Just like, this broker is a scammer.

Be aware that all investments in unregulated brokers are at risk of being lost. Deposit should only e made once you have made sure that the broker is regulated. After that, you should see if the trading conditions fit your preferences! Never be too quick to invest. Take your time! The most common regulators are the FCA or CySEC, which consequently are two of the best FX broker licensors around. Not only do these agencies guarantee the safety of users’ funds, but they also push for a fair and safe trading space. Both the FCA and CySEC offer compensation schemes that cover users who have been victimized by brokers’ inability to pay them back, usually due to bankruptcy. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.

Are you a victim?  CLICK HERE to recover your money.

Overview of SotFx

SotFX offers an MT5 with an accompanying image that has nothing in common with the platform. But to the target audience – novice users- this discrepancy will not be noticed.

Even if the broker offered an MT5, there is no way for us to verify it. We leave things as they are, save for a warning that, and a reminder, that users are dealing with an unregulated broker!

Illicit brokers commonly use bitcoin wallets, or other crypto means. It is never recommended to deposit through crypto-based gateways! The minimum deposit should be $250, yet illegal brokers have all kinds of requirements, from $0.1 to $5000, so one can never predict this.

Withdrawals are usually done via the same methods used for depositing. Processing times are normally between 1 to 5 days. As for fees, each unregulated broker is its own beast.

SotFX is a scam

They are using a cheap trick of luring investors with crazy profits. Whenever a broker is not regulated do not be tempted to put in your money however lucrative the deal may seem to be.

Unregulated brokers are high risk ventures to even think of investing your money in. They are not answerable to any watchdog incase of any misappropriation of investors’ money. All financial services providers must be regulated by the regulator in which they are operating in.

We cannot recommend this broker for now, this is a time bomb and for sure they will scam you!

This broker is very new in the market to promise such rate of return yet they have not even been in the market for a week. Be wary of this scammer.

Have you been scammed by this broker? CLICK HERE to recover your money.

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