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The WikiFX Score of this broker is reduced because of too many complaints!
SovyFX
Australia|5-10 years| Suspicious Regulatory License|Suspicious Scope of Business|High potential risk|
https://sovyfx.com/
Website
Rating Index
Contact
https://sovyfx.com/
The WikiFX Score of this broker is reduced because of too many complaints!
Licenses
No valid regulatory information, please be aware of the risk!
VPS Standard
No restriction on the broker account. Support service provided by WikiFX
Single Core
1G
40G
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Contact number
Broker Information
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Company Name
SovyFX
Company Abbreviation
SovyFX
Platform registered country and region
Australia
Company website
Pyramid scheme complaint
Expose
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This platform is a Ponzi Scheme. Please stay away!
5
Previous Detection :
2024-06-16
- This broker has been verified to be illegal and all of its licences have expired, and it has been listed in WikiFX's Scam Brokers list. Please be aware of the risk!
- The platform is a Ponzi Scheme, which refers to the use of "principle of value multiplication". In the form of rolling or static fund circulation, it uses the money of next member to pay to the present one, which is essentially a pyramid scheme with the distinction of hidden, deceptive and socially harmful. By calling common person's desire for money, fraudsters in the platform begin raising funds underground. Since this kind of platform mostly will abscond after 1 or 2 years, the fund-raising mode just can exist less than 3 years.
- It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
- The number of the complaints received by WikiFX have reached 8 for this broker in the past 3 months. Please be aware of the risk and the potential scam!
- The current information shows that this broker does not have a trading software. Please be aware!
WikiFX Verification
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Exposure
9 pieces of exposure in total Pyramid scheme complaint
Expose Others
SovyFX is a rip-off.
SovyFX is scam platform, only to covet your fund.
2020-02-16 00:36
Unable to Withdraw
SovyFX gave no access to withdrawal
I applied for withdrawal many times from February to March, yet my applications were rejected by the platform with many different excuses, such as don’t pass audits. I can’t contact the customer service in the end. I made a loss of over $3000. How can I get compensation??
2020-09-09 16:50
Unable to Withdraw
With the excuse of verification, the platform plans to abscond.
The platform has delayed the withdrawal since February with the excuse of KYC verification. Then it released the notice that the trading is unavailable yesterday, leading to unavailable withdrawal.
2020-04-22 05:23
Unable to Withdraw
Unable to withdraw money
It says that money can’t be withdrawn during the pandemic and the customer service staff are on vacation during the 3rd April to 6th April, the Qingming Festival.
2020-04-04 23:27
Unable to Withdraw
The broker has absconded.
The withdrawal is unavailable for months due to the KYC verification. The broker must have absconded.
2020-04-21 23:08
Scam
With the excuse of wealth management, the platform inveigled clients to join.
The platform encouraged clients to deposit and changed the receipt irregularly. One can view the trading on MT4. It inveigled clients to join through so-called crude oil and WTI trading and lectures about which 2000 person was claimed to attend. With the server located in America, it claimed that it is regulated by the Dubia’s government, with its platform based in Australia and MT4 in HK. I thought it is a fraud. Hope you stay away!
2020-04-22 23:20
Others
SovyFX got us trapped gradually.
The company boasted a fund security of isolated account, i.e., even though it went bankruptcy, we could get our fund back. Now, the fund is doomed. Our hard-earned money was simply scammed by a gang of fraud. So heinous!
2020-05-31 07:22
Unable to Withdraw
Unable to withdraw
The broker kept holding off with the excuse of bank verification covid-19. I paid 30 thousand yuan for VIP registration. Now several billion was gone. Hope this fraud be on exposure.
2020-04-28 23:00
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