SOFX Review – Is SOFX a scam or trustworthy
Are you planning to trade with an SOFX broker? Scams Report advises to read this SOFX Review before making the trade. SOFX is a suspicious scam based on the following facts we have gathered from authentic sources.
According to the CNMV authority, SOFX is not authorized to provide investment services, and a public warning is also issued by them against this broker.
Website – https://so-fx.com/
Official Address – Roman Landing, 35-37 St Mary’s Place, Southampton SO14 1AU
Warned by standard regulating authority – Comisión Nacional del Mercado de Valores (Spain)
Regulation Status- Unregulated
|Date Registered||July 06, 2017|
|Domain Age||6 years, 11 days, 16 hours, 21 minutes, 15 seconds|
What are the signs of a scam broker?
Regulatory compliance is vital for any legitimate business, particularly in the financial sector. Regulatory authorities raise concerns about the company’s failure to meet licensing requirements, inadequate disclosure of information, and potential violations of securities laws. These regulatory issues not only cast doubt on scam brokers’ operations but also indicate a lack of adherence to legal and ethical standards.
Lack of Transparency
One of the primary concerns regarding scam brokers is the lack of transparency in their operations. Transparency is crucial in establishing trust and credibility, especially in the financial industry. This lack of transparency may leave potential investors and customers skeptical about the legitimacy of the company.
Another concerning aspect of scam brokers is the difficulty in verifying their credentials. Legitimate companies usually provide clear information about their founders, management team, and employees, allowing interested parties to conduct due diligence. This opacity creates skepticism and casts doubt on the legitimacy of the company.
What makes people suspicious of scam brokers?
The SOFX review raises suspicion about the legitimacy of the broker, signaling a potential scam. The following are some of the fraudulent activities that any scam broker engages in:
- The terms and conditions of scam brokers are such, that it makes withdrawal impossible. Even if it is not possible to bonus. The rules and regulations condition are kept purposefully in such a way as to defraud traders/investors.
- The scam broker calls you umpteen times to invest more and more amounts in the account.
- Claims made through the website are untrue and are virtually not possible to achieve, execute or discharge.
- Returns on investments (ROI) promised by scam brokers on their websites are nearly impossible to achieve.
- Risk warnings while trading is not declared/disclosed on the webpage or would be disclosed in very small fonts at some corner of the page which is hardly readable/noticeable.
- The scam brokers are active in the initial period; later on, they may not communicate with you or avoid replying altogether. They may change the URL or company’s name without notifying traders.
- The broker may be operating from those countries where regulation rules are lenient or vague. More often than not these countries are heaven for scam brokers.
- In the initial period, SOFX may show you that you are making huge gains/profits, but as soon as you submit a withdrawal request, your trades start making losses. Or they will point out some of their illegitimate rules of withdrawals whereby it will be impossible to withdraw.
SOFX broker has one or more of the above-mentioned fraudulent activities and hence we included this broker in the list of scam brokers 2023.
Scammed by the SOFX broker? Here is how you can get full help in recovery.
Many investors feel that it is impossible to get their money back from these fraud/scam brokers. Let me assure you there is nothing like impossible. Many victims feel they are alone, be assured you are not alone; the scam broker has scammed many innocent investors and disappeared into thin air. He has scammed people in the past, is presently scamming, and will continue his activity in the future. Even the most cautious traders/investors make mistakes and fall into the booby trap laid by the scammers.
The best route to recover your stolen/lost money from scams is the Scams Report Team.
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Note: The information provided in the above SOFX review is derived from existing web SOFX reviews. Please be aware that we cannot be held liable for any legal action taken by SOFX company. If you have any inquiries or concerns, kindly reach out to us via email at firstname.lastname@example.org.