SOHO MARKETS Forex Broker
Basic Information
Cyprus
2-5 years Suspicious Regulatory License Suspicious Scope of Business High potential riskCompany profile
Rating Index
Soho Markets Forex Broker - Complete Information Guide
1. Broker Overview
Soho Markets, officially known as Vstar & Soho Markets Ltd, was established in 2022 and is headquartered in Limassol, Cyprus. This private company operates within the financial services sector, specifically focusing on retail forex trading and providing access to various financial instruments. Since its inception, Soho Markets has aimed to cater to a diverse clientele, including both novice and experienced traders, primarily in the European Economic Area (EEA) and parts of Southeast Asia.
The company has made significant strides in a short period, achieving regulatory compliance and establishing a reputation for transparency in its operations. As a relatively new player in the forex brokerage market, Soho Markets is still in the early stages of building its brand and client base. The broker operates under the ownership of Vstar & Soho Markets Ltd, which underscores its commitment to providing reliable trading services.
Soho Markets operates primarily in the retail forex market, offering a range of services that include trading in forex, commodities, indices, shares, and cryptocurrencies. The broker's business model focuses on providing a user-friendly trading experience through the use of advanced technology and robust trading platforms.
2. Regulation and Compliance Information
Soho Markets is regulated by the Cyprus Securities and Exchange Commission (CySEC), holding license number 409/22 since January 2022. This regulation places the broker within a framework that mandates compliance with strict financial standards and operational guidelines, ensuring a level of security for traders.
In addition to CySEC, Soho Markets is also registered with various international regulatory bodies, including the Financial Services Commission (FSC) in Mauritius and other entities across Europe. These registrations allow the broker to operate across multiple jurisdictions, enhancing its credibility in the global market.
The broker adheres to several key compliance measures:
- Customer Funds Segregation: Client funds are held in segregated accounts separate from the brokers operational funds, providing an additional layer of security.
- Investor Compensation Fund: As a member of the Investor Compensation Fund, clients are eligible for compensation of up to €20,000 in the event of broker insolvency.
- KYC and AML Compliance: Soho Markets implements Know Your Customer (KYC) and Anti-Money Laundering (AML) policies to prevent fraud and ensure the integrity of its operations.
The regulatory framework ensures that Soho Markets broker operates within the confines of the law, providing clients with a safer trading environment.
3. Trading Products and Services
Soho Markets offers a diverse array of trading products that cater to various investment strategies. The broker provides access to:
- Forex: A wide selection of currency pairs, including major, minor, and exotic pairs.
- CFDs on Indices: Traders can invest in major indices such as the S&P 500, FTSE 100, and AU 200.
- Commodities: Trading options include natural gas, crude oil, and precious metals like silver.
- Shares: Clients can trade shares of prominent companies such as American Airlines, Mastercard, and Facebook.
- Cryptocurrencies: The broker supports trading in popular cryptocurrencies, including Bitcoin (BTC), Litecoin (LTC), and Ethereum (ETH).
The range of products available allows traders to diversify their portfolios and explore various market opportunities. However, traders should note that the broker's spreads may not be as competitive as those offered by tier 1 regulated brokers, which can affect overall trading costs.
4. Trading Platforms and Technology
Soho Markets primarily utilizes the MetaTrader 4 (MT4) trading platform, a well-established choice among traders due to its user-friendly interface and comprehensive trading tools. The MT4 platform supports:
- Advanced Charting Options: Traders can utilize over 30 technical indicators and multiple timeframes to analyze market trends effectively.
- Automated Trading: The platform allows for the use of Expert Advisors (EAs), enabling automated trading strategies and backtesting capabilities.
- Multi-Device Compatibility: The MT4 platform is accessible on desktop, web, and mobile devices, ensuring traders can manage their accounts on the go.
While Soho Markets does not offer a proprietary trading platform, the MT4 environment provides robust functionality and reliability. The broker's infrastructure supports fast execution speeds, which is essential for traders looking to capitalize on market movements.
5. Account Types and Trading Conditions
Soho Markets provides two primary account types for traders:
- Standard STP Account: Requires a minimum deposit of $200 and offers spreads starting from 1.2 pips.
- ECN Account: Requires a minimum deposit of $10,000 and provides access to tighter spreads starting from 0.2 pips.
The leverage offered by Soho Markets is capped at 1:30, which complies with EU regulations aimed at protecting retail traders. This leverage ratio is suitable for both new and experienced traders, allowing for manageable risk exposure.
However, the broker's policy on demo accounts is somewhat unconventional; access to a demo account is contingent upon making a deposit first, which may deter potential clients who wish to explore the platform without financial commitment.
6. Fund Management
Soho Markets supports a variety of deposit and withdrawal methods to facilitate client transactions:
- Deposit Methods: Options include credit/debit cards, bank wire transfers, and e-wallets such as Skrill, Neteller, and PayPal.
- Minimum Deposit: The minimum deposit requirement varies by account type, with a standard account starting at $200.
- Deposit Processing Time: Deposits are generally processed quickly, though the exact time may vary depending on the payment method used.
- Withdrawal Methods: Clients can withdraw funds using the same methods available for deposits, with potential processing fees for transactions under $2,000, which incur a 2% fee.
- Withdrawal Processing Time: Withdrawal requests are typically processed within a few business days, but delays may occur depending on the method chosen.
The fee structure, particularly the deposit fees for lower amounts, may be considered a downside for traders seeking cost-effective trading options.
7. Customer Support and Educational Resources
Soho Markets provides multiple channels for customer support, including:
- Phone Support: Available at +357 25323 120.
- Email Support: Clients can reach out via support@soho markets.eu.
- Live Chat: An online chat feature is available on the broker's website for immediate assistance.
The customer support team is reported to be responsive and available to assist clients in various time zones. The broker supports multiple languages, including English, Greek, Spanish, Italian, and Romanian.
In terms of educational resources, Soho Markets offers a variety of tools to help traders enhance their skills, including:
- Market Analysis: Daily market insights and analysis reports.
- Forex Trading Academy: Educational materials and tutorials for traders of all experience levels.
- Trading Tools: Resources such as calculators, financial calendars, and trading signals are available to assist clients in their trading endeavors.
These resources aim to empower traders with knowledge and tools necessary for informed decision-making.
8. Regional Coverage and Restrictions
Soho Markets primarily serves clients in the EEA and Southeast Asia, with a specific focus on countries such as:
- United States
- United Kingdom
- Sweden
- Australia
- United Arab Emirates
Despite claiming to accept clients from these regions, it is important to note that some jurisdictions have stricter regulations than CySEC. For instance, trading in the UK requires an FCA license, which Soho Markets does not possess.
This may limit the broker's ability to operate freely in certain markets, and potential clients should verify the legal implications of trading with this broker in their respective countries.
In conclusion, while Soho Markets broker presents a range of trading opportunities and regulatory compliance, potential clients should carefully consider the broker's policies, fees, and regional restrictions before proceeding with their trading activities.
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Latest Reviews
FX2221222950
Australia
I made a withdrawal request on 4/10/2024 and it has been over 2 weeks now. I have sent multiple emails but no one cares to explain the withholding of my investment funds. Support@sohomarkets.com support_vn@sohomarkets.com Are these two support emails not real? Why is there no response? Is Sohomarkets scamming and stealing money from investors? If it is a reputable platform, why can't I withdraw money and cancel the withdrawal request? The withdrawal request has been unresolved for 17 days. I demand that Sohomarkets resolve my withdrawal request and currently my account is suspended from trading until the withdrawal request is resolved.
Exposure
2024-10-20
FX3729718297
Vietnam
Sohomarkets Exchange is a scam, the advisors deceive players into joining the exchange and require them to follow their orders in order to withdraw money, but if they follow their orders, their accounts will be burned. My account is also threatened and has been suspended for 16 days, and no one responds to the email contact. My account number is 5108142 and currently there are no pending transactions, I request Sohomarkets to resolve my withdrawal request. I don't understand why they openly deceive people without fear of the law.
Exposure
2024-10-20
FX2221222950
Australia
My account has made a withdrawal request since 4/10/2024 and it has not been resolved yet. I have sent multiple emails for assistance but no one has responded. Sohomarkets staff called and threatened me to follow their instructions or else I won't be able to withdraw the money. My account is currently suspended from trading until the withdrawal request is resolved. I request Soho to resolve my withdrawal request for account 5108142.
Exposure
2024-10-21