Safe Online Trading or SotFX is a platform relying heavily on using a dark interface. Although it can look appealing, it’s a huge distraction. Scam artists are turning to dark interfaces to throw off naïve investors. It turns out that SOT FX is also using this tactic to throw suspicion away from them. Safe Online Trading is an offshore broker based in the Marshall Islands. And this means your funds and security is far from being a guarantee. Read this post for more on this offshore broker.
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Brief Review of SotFX
Creating an account is easy, and the process takes less than five minutes to complete. You will need to give your personal details such as an address, contact, and name. With the platform being offshore, it’s hard to say what they will do with your information.
Such platforms can’t be trusted with personal data. They will likely sell it to third parties for a price. Later, you start getting emails and phone calls from all types of salesmen and women. Be careful of who you trust with your personal information.
Available assets and trading instruments sotfx.com
On their market’s page, we can see that the platform offers four trading instruments. The four include CFDs, Crypto, Forex, and precious metals. Most of the CFDs include shares from leading companies such as Coca Cola, Google, JPMorgan Chase, Tesla, and more.
Six Cryptocurrency pairs are paired with USD. There are 11 forex pairs, which are mostly major currency pairs. When it comes to precious metals, Silver is paired against major currencies.
Business ownership SOT FX
With the broker claiming to offer CFDs and Forex trading instruments, we had to know the owner. Safe Trading Solutions Ltd is the company behind this platform. The broker is not regulated anywhere, which means your funds are at risk. There’s no professional broker who is openly associating with the platform.
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And this means that the entire platform is anonymous. Any anonymous online investment option is a sign that we are dealing with fraud. Anonymity is a dangerous character to associate with.
Comments and feedback from users
Although the platform is fairly new to the scene, there has been chatter about it. Most of the chatter is from Europe as more and more victims pop up. The victims are crying foul over what they term as mistreatment by the broker. Some claim that they can’t get access to their funds. The broker may have frozen these accounts.
Offshore brokers are notorious for freezing accounts once holders demand to make withdrawals. It’s the same case with SOT FX.
Credentials, License, and Registration of SotFX
With the broker claiming to be located in the Marshall Islands, credibility is out of the window. SotFX is not a legally licensed broker and should not operate in any jurisdiction. The broker does not pass the required tests for getting a license.
And this is the reason why we insist on flagging the broker down. There’s way too much risk that comes with this broker. Your funds won’t be safe as the broker might shut down the website at any given moment.
There’s another problem, and the broker does not bother to inform users of their license status. All we have is a registration number at the bottom of their page. It’s just a random number that tries to sell the platform’s legitimacy.
We followed up on it and found no company in the Marshall Islands with this registration number. The broker does not even bother posting copies of their license documents if they indeed have them. It’s a clear indication of worse things to come.
Domain insights sotfx.com
According to a leading domain checker, the website went live on 13th March 2020. The IP’s location is in Germany. We immediately spot a red flag with their IP history, which points to a serious breach. There have been 8 changes on their IP for the past 7 years.
And this means that the broker has been using the IP for other scam websites. Once they get exposed, the owners switch to a new website. It seems that SOT FX is the current scam that Safe online trading LTD is working on.
Features of SotFX
SotFX is furnishing members with two account types to choose from. You can either choose a Standard or Pro account. We don’t have the specifics in terms of features. The website does not indicate the features that come with this platform.
We even don’t know the minimum required deposit to start trading with the platform. The broker has left this out to get a high amount from members as possible. You might deposit $100,000 and another $100 for the same account.
Their contact page has an email address, no other point of communication. Members don’t get a direct line such as chat or phone number. One reason for this is that the scammers are afraid of being tracked down by authorities.
Why else would they minimize contact to just an email? With an email, they know when you want to make withdrawals. And this gives them a chance to block your account. Get a broker who is available at all times for easy communication.
There’s a desktop platform that they claim is compatible with all devices. The platform’s page also claims that users can use the MT5 trading platform. You get a link to download the MT5 system, but it’s only for a demo. There’s no way you will use the platform on their trading website.
And this is another indication we are dealing with a scam. Please stay away from the platform as it will only bring discomfort.
Safety of funds with SOT FX
With the broker lacking any credentials, there’s no safety of funds. The broker does not deposit the minimum capital requirement with regulators. And this means that the regulator is not around to ensure a fair and safe trading environment.
All liability falls on the hands of members, which is sad. Immediately you deposit funds, you are at their mercy. You either do as they please, or they block your account. And this is the reason why we believe that this is a fraud.
Scam or legit SotFX
SotFX is a complete fraud that is taking advantage of online investors. Be on the lookout for such platforms that don’t have a valid license. Brokers who use a dark interface are most likely trying to cheat users of their funds.
The broker has a lot of questions to answer, and they are not available for comment. Please stay away from SOT FX, which is now becoming clear that they are scamming investors.
We won’t be recommending the use of an offshore broker any time soon. There is way too much risk involved with joining such a platform. Stay away and use only recommended options.
Start the signup process today and join commendable brokers. These brokers help you increase your chances of making it big with online trading. Sign up with a transparent broker and start your trading success.
We wish you all the best in your trading.
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