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The WikiFX Score of this broker is reduced because of too many complaints!

SOHO MARKETS

Cyprus|2-5 years|
Straight Through Processing(STP)|MT4 Full License|Regional Brokers|High potential risk|

https://www.sohomarkets.eu/

Website

Rating Index

MT4/5 Identification

MT4/5 Identification

Full License

6
Server Name
VstarandSohoMarkets-Demo MT4
Server Location Hong Kong

Contact

+357 25323 120
support@sohomarkets.asia
https://www.sohomarkets.eu/
Spyrou Kyprianou 41 Avenue, Steratzias Court 2, 1st Floor, Flat 101, 4003, Mesa Geitonia, Limassol, Cyprus
The WikiFX Score of this broker is reduced because of too many complaints!

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

Open Now

Contact number

English

+357 25323 120

Broker Information

More

Company Name

Vstar & Soho Markets Ltd

Company Abbreviation

SOHO MARKETS

Platform registered country and region

Cyprus

Company website

Pyramid scheme complaint

Expose

Check whenever you want

Download App for complete information

WikiFX Risk Alerts
Previous Detection : 2024-05-19
  • The number of the complaints received by WikiFX have reached 6 for this broker in the past 3 months. Please be aware of the risk and the potential scam!

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Pyramid scheme complaint
Expose
Unable to Withdraw

Unable to withdraw money_The floor automatically deducts all profits.

My MT4 is 5102473. On January 13, 2024, I placed an order with the code IRUNI and achieved a profit of 88,012.49 USD, but on January 14, 2024, the floor automatically deducted all of my profits. I'm out of the account. Soho Markets sent an email explaining that it was due to a pricing error on January 13, 2024. But in reality, the price of the IRUNI code has been fluctuating up and down like that for the past 2 months. I asked the exchange to return my money but received no response, and the person in charge of the account could not be contacted. I asked the floor to contact me but no one contacted me. I asked Soho Markets to return my profits.

2024-01-21 00:45
Unable to Withdraw

Soho Markets cancelled all profits-can not withdraw

My MT4 is 5102473, On January 13rd, 2024, I placed some orders with the code IRUNI and achieved a profit of 88,012.49 USD. But on January 14th, 2024, Soho Markets deducted all of my achievement profits in my account. They sent an email to explain that it was due to a incorrect quotation price of the IRUNI on January 13rd, 2024. However actually the price of the IRUNI has been fluctuating up and down like that during the past 2 months. I required Soho Market to add back their deduction, but I did not receive any response and also can not contact to the person in charge my account. I asked them to contact me, but no one contact. I require Soho Markets to return my profits of 88,012.49 USD.

2024-01-22 13:36

    SOHO MARKETS · Company Summary

    Aspect Information
    Company Name SOHO MARKETS
    Registered Country/Area Cyprus
    Founded Year 2-5 years
    Regulation Cyprus Securities and Exchange Commission (CYSEC)
    Minimum Deposit $100
    Maximum Leverage Up to 1:30
    Spreads N/A
    Trading Platforms MetaTrader4 (MT4)
    Tradable Assets Currency pairs, indices, commodities, metals, energy, cryptocurrencies
    Account Types STP Account, ECN Account
    Demo Account Available
    Customer Support Phone and Email
    Deposit & Withdrawal Wire transfers, credit/debit cards (MasterCard, VISA, Maestro), e-wallet processors (Skrill, Neteller, PayPal)
    Educational Resources Market analysis, financial calendar, Forex Trading Academy, trading calculator, webinars

    Overview of SOHO MARKETS

    SOHO MARKETS is an online forex broker based in Cyprus. Established within the past 2-5 years, the company operates under the regulation of the Cyprus Securities and Exchange Commission (CYSEC), ensuring compliance with industry standards and providing a level of credibility and trustworthiness to its clients. With a minimum deposit requirement of $100, SOHO MARKETS offers accessible entry to the forex market.

    The broker provides traders with the opportunity to access a wide range of financial instruments. This diverse selection allows clients to explore various markets and diversify their trading portfolios. Traders can utilize the popular MetaTrader4 (MT4) platform. SOHO MARKETS offers two types of trading accounts: STP Account and ECN Account. The broker also provides a demo account, allowing users to practice trading strategies and explore the platform without risking real money.

    In terms of customer support, SOHO MARKETS offers assistance through phone and email channels. Clients can reach out to the broker's support team for general inquiries or contact the trading desk for trade-related matters. Additionally, the broker provides educational resources to support traders in their journey. These resources aim to empower traders with knowledge and insights to make informed trading decisions.

    basic-info

    Is SOHO MARKETS legit or a scam?

    SOHO MARKETS is an online forex broker headquartered in Cyprus. It is registered with and regulated by the Cyprus Securities and Exchange Commission (CYSEC). This regulatory body oversees the operations of financial services companies, ensuring compliance with legal and ethical standards.

    Being regulated by CYSEC brings several benefits for SOHO MARKETS. Firstly, it enhances the credibility and trustworthiness of the broker among its clients. The regulatory framework provides assurance to customers that the company operates within established guidelines and is subject to oversight by a recognized authority. Secondly, regulation helps protect the interests of traders and investors. This reduces the risk of fraud, mismanagement, or insolvency, thereby safeguarding the funds and investments of the broker's clients. Furthermore, regulation promotes transparency and fairness in the forex market.

    SOHO MARKETS is required to disclose relevant information about its services, fees, and trading conditions. It must also implement measures to prevent market manipulation, insider trading, and other unethical practices.

    regulation

    Market Instruments

    Currency pairs, indices, commodities, metals, energy, cryptocurrencies..... SOHO MARKETS allows clients to access a huge range of trading markets. Soho Markets provides a diverse selection of financial products for trading.

    The Forex category includes major currency pairs such as EUR/USD, GBP/USD and USD/JPY, among others.

    The Metals consists of commodities like gold, silver, and platinum.

    The Energy section offers trading in oil and natural gas.

    The Commodities category includes agricultural products such as wheat and coffee.

    The Stocks category provides users with access to popular company shares from around the world.

    The Indices category provides users with exposure to the performance of a particular stock index, for example, the S&P500 or the Dow Jones Industrial Average.

    Lastly, the Crypto CFDs allows users to trade in cryptocurrencies such as Bitcoin, Ethereum and Litecoin.

    products

    Pros and Cons

    SOHO MARKETS is a regulated forex broker based in Cyprus, ensuring a level of safety and credibility for traders. The broker offers access to a diverse range of financial instruments, including currency pairs, indices, commodities, metals, energy, and cryptocurrencies. Traders can utilize the popular MetaTrader4 (MT4) trading platform, which is known for its user-friendly interface and customizable features. Additionally, SOHO MARKETS provides a range of educational resources, including market analysis, financial calendar, Forex Trading Academy, trading calculator, and webinars. SOHO MARKETS offers multiple deposit and withdrawal methods, including wire transfers, credit/debit cards, and various e-wallet processors such as Skrill, Neteller, and PayPal. The broker also offers a demo account, allowing traders to practice and test their strategies without risking real money. Furthermore, SOHO MARKETS provides customer support through phone and email channels, and their physical address is also available for any inquiries.

    While SOHO MARKETS offers a comprehensive trading experience, there are still some areas for improvement. The broker does not provide information on the spreads offered on their website, which may be a concern for some traders. Additionally, the maximum leverage offered by the broker is only up to 1:30, which may not be sufficient for more experienced traders looking for higher leverage options. The lack of live chat support may also be a downside for traders who prefer instant messaging for assistance. Lastly, the broker does not offer commission-free trading options for some account types, which may result in additional costs for traders.

    Pros Cons
    Registered and regulated by CYSEC, ensuring safety and credibility Lack of information on spreads offered
    Access to a wide range of financial instruments Maximum leverage offered is only up to 1:30
    User-friendly MetaTrader4 (MT4) trading platform available Limited customer support options (no live chat)
    Variety of educational resources available Lack of transparency regarding deposit and withdrawal process
    Multiple deposit and withdrawal methods available Lack of commission-free trading options for some account types

    Account Types

    Demo Account: SOHO MARKETS provides a demo account that allows you to try out the financial markets without the risk of losing money.

    demo

    Live Account: SOHO MARKETS offers a total of 2 account types: STP, and ECN. The minimum deposit to open an account is $100 and $10,000 respectively. If you are still a beginner and don't want to invest too much money in Forex trading, a STP account will be the most suitable option for you.

    account-types

    How to Open an Account?

    To open an account with SOHO MARKETS, you can follow these steps:

    1. Visit the SOHO MARKETS website and click the “START TRADING NOW” button.

    open-account

    2. Fill out the registration form with your personal information, including your name, email address, and phone number.

    open-account

    3. Choose your account type and select the base currency you want to use.

    4. Provide additional information, such as your address and identification documents, to complete the verification process.

    5. Fund your account with the minimum deposit required for your chosen account type.

    6. Start trading on the platform.

    It is important to read and understand the terms and conditions of the broker before opening an account. Additionally, you should compare the fees, trading products, and customer support options with other brokers to ensure that SOHO MARKETS is the right choice for your trading needs.

    Trading Platforms

    The trading platform being described is MetaTrader4 (MT4), which can be downloaded and used to trade CFDs in over 100 financial instruments. The platform is known for being user-friendly and offering custom indicators to enhance the trading experience. Soho Markets provides access to this platform.

    trading-platform

    Leverage

    SOHO MARKETS offers a maximum leverage of up to 1:30. However, it is important to note that the use of leverage can magnify profits and losses, especially for inexperienced traders. As such, traders should carefully consider their risk tolerance and choose an appropriate amount of leverage. It is also recommended to use risk management strategies when using leverage to mitigate potential losses.

    Deposit & Withdrawal

    SOHO MARKETS offers several deposit and withdrawal methods, including wire transfers, credit/debit cards (MasterCard, VISA, Maestro), and various e-wallet processors such as Skrill, Neteller, and PayPal. While the broker does not provide detailed information on their website regarding the deposit and withdrawal process, it is important to note that the speed of withdrawing funds is an important factor in evaluating a broker's reputation. Traders should review the broker's terms and conditions regarding deposits and withdrawals and confirm transaction times with the broker's customer support team before choosing to trade with SOHO MARKETS.

    payment-methods

    Educational Resources

    SOHO MARKETS offers a range of educational resources to support traders in their journey. They provide market analysis, which includes regular updates and insights into market trends, news, and potential trading opportunities. A financial calendar is also available, allowing traders to stay informed about important economic events and their potential impact on the markets. SOHO MARKETS has a Forex Trading Academy, which provides educational materials, tutorials, and guides to help traders enhance their knowledge and skills in forex trading. Additionally, they offer a trading calculator, a useful tool for calculating potential profits, losses, and risk management parameters. Traders can also benefit from webinars conducted by industry experts, providing valuable insights, strategies, and interactive learning sessions. These educational resources provided by SOHO MARKETS aim to empower traders with the necessary knowledge and tools to make informed trading decisions.

    education
    education

    Customer Support

    SOHO MARKETS provides multiple channels for customer support. They can be contacted through various means. Firstly, their physical address is located at Spyrou Kyprianou 41 Avenue, Steratzias Court 2, 1st Floor, Flat 101, 4003, Mesa Geitonia, Limassol, Cyprus. Additionally, customers can reach out to them via phone by dialing +357 25323 120. For any inquiries or assistance needed, customers can also send an email to support@sohomarkets.eu. If there are specific trading-related matters, such as order execution or trade-related inquiries, customers can contact the trading desk at dealing@sohomarkets.eu. These customer support channels offer various options for clients to seek assistance or address any concerns they may have with SOHO MARKETS.
    contact

    Conclusion

    In summary, SOHO MARKETS is a regulated online forex broker based in Cyprus, offering accessible entry to the forex market with a minimum deposit requirement of $100. The broker provides a diverse range of tradable assets through the MetaTrader4 (MT4) platform and offers STP and ECN account types, as well as a demo account for practice. With customer support available via phone and email, as well as educational resources and multiple deposit and withdrawal options, SOHO MARKETS aims to provide a comprehensive trading experience for traders of various levels of expertise.

    FAQs

    Q: Is SOHO MARKETS a regulated forex broker?

    A: Yes, SOHO MARKETS is regulated by the Cyprus Securities and Exchange Commission (CYSEC) which ensures compliance with industry standards and provides a level of safety and credibility for traders.

    Q: What trading platforms are available on SOHO MARKETS?

    A: Traders can access the popular MetaTrader4 (MT4) trading platform on SOHO MARKETS, which is known for its user-friendly interface and customizable features.

    Q: What financial instruments can I trade on SOHO MARKETS?

    A: SOHO MARKETS provides access to a diverse range of financial instruments, including currency pairs, indices, commodities, metals, energy, and cryptocurrencies.

    Q: Does SOHO MARKETS offer demo accounts?

    A: Yes, SOHO MARKETS offers a demo account for traders to practice and test their strategies without risking real money.

    Q: What are the customer support options for SOHO MARKETS?

    A: SOHO MARKETS provides customer support through phone and email channels, and their physical address is also available for any inquiries. However, live chat support is not currently available.

    Q: Does this broker offer demo accounts?

    A: Of course. Like most brokers, SOHO MARKETS offers a demo account where you can try trading without risk.

    News

    TYPE OF FOREX BROKERS

    NewsTYPE OF FOREX BROKERS

    2023-03-21 11:27

    Forex brokers are an essential component of successful trading. They provide you with the trading platforms and tools required to trade the markets and usually are the first ones to reach out to in times of trouble.

    WikiFX
    2023-03-21 11:27
    News
    TYPE OF FOREX BROKERS

    User Reviews

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    User comment

    8

    Comments

    Write a review

    Willem Dekker
    more than one year
    Their prices aren't exactly rock bottom, that's for sure. But they give generous 500x leverage on standard accounts! That's pretty sweet.😊😊😊
    2024-05-11 10:26
    Reply
    0
    0
    fhx
    more than one year
    How to contact customer service? There is no reply at all on the website.
    2024-03-12 10:17
    Reply
    0
    0
    vgbn
    more than one year
    Stay away from SOHO MARKETS. I lost over 24,000 euros with this company. Initially, I was lured in by the promise of huge profits. I made small profits on many trades, but every time I tried to hold a trade for over 60 seconds, I never won.
    2024-03-08 18:23
    Reply
    0
    0
    慧优体
    more than one year
    I love brokers like Soho Markets very much! In a nutshell, Soho Markets satisfied all of my needs: comfortable trading environment, low spreads, rich educational resources, and more importantly, professional and patient customer service.
    2022-12-19 12:29
    Reply
    0
    0
    Zhang Xue Shen
    more than one year
    Very good, the service is in place, the deposit and withdrawal are fast, and there is a physical office
    2022-12-15 14:02
    Reply
    0
    0
    小陈333
    more than one year
    very good! The deposit and withdrawal are fast, and the service is also very good!
    2022-12-14 14:33
    Reply
    0
    0
    老拙
    more than one year
    Fortunately, there was no deposit, and they seemed to run away. A friend introduced this platform to me a long time ago. At that time, I felt that the spread was a bit high and the leverage was a bit low, so I hesitated. As a result, my friend suddenly told me that this platform ran away 😂
    2022-12-13 10:38
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