Soho Markets 2025 Review: Everything You Need to Know
Soho Markets, a relatively new player in the online trading arena, has garnered attention for its regulatory status and the trading conditions it offers. Established in 2022 and regulated by the Cyprus Securities and Exchange Commission (CySEC), the broker aims to provide a diverse range of trading services. However, user experiences and expert opinions reveal a mixed bag of advantages and drawbacks that potential clients should consider before committing their funds.
Note: It's important to recognize that the broker operates under different entities in various regions, which can impact user experience and regulatory compliance. Thus, thorough research is essential to ensure you engage with the correct entity.
Rating Overview
We assess brokers based on a combination of user feedback, expert analysis, and factual data from reputable sources.
Broker Overview
Soho Markets operates under Vstar & Soho Markets Ltd and is headquartered in Limassol, Cyprus. The brokerage is regulated by CySEC, which is a positive aspect for traders looking for some level of security. While the broker has only been in operation for a short time, it offers the widely used MetaTrader 4 (MT4) platform, allowing traders to access various financial instruments, including forex, commodities, indices, shares, and cryptocurrencies.
Detailed Breakdown
Regulatory Regions
Soho Markets is regulated by the Cyprus Securities and Exchange Commission (CySEC), which ensures compliance with specific financial standards. However, it lacks Tier 1 licenses from regulators like the FCA or ASIC, which may raise concerns for some traders.
Deposit/Withdrawal Currencies/Cryptocurrencies
Traders can deposit and withdraw funds using various methods, including credit cards, Skrill, Neteller, PayPal, and wire transfers. However, a notable drawback is the 2% fee on deposits below $2,000, which can deter potential clients.
Minimum Deposit
The minimum deposit required to open an account with Soho Markets is $200 for the standard STP account and $10,000 for the ECN account. This is relatively high compared to other brokers that offer lower entry points.
Currently, Soho Markets does not appear to offer any promotional bonuses or incentives, which is a common practice among many brokers to attract new clients.
Tradable Asset Classes
Soho Markets provides access to a wide range of asset classes, including:
- Forex: Major currency pairs like EUR/USD and GBP/USD.
- Commodities: Natural gas, crude oil, and precious metals.
- Indices: Major indices such as the S&P 500 and FTSE 100.
- Shares: Stocks from well-known companies like Facebook and Mastercard.
- Cryptocurrencies: Bitcoin, Ethereum, and others.
Costs (Spreads, Fees, Commissions)
The spreads offered by Soho Markets start at 1.2 pips for the standard account and can go as low as 0.2 pips for the ECN account. However, these spreads are considered higher than those offered by Tier 1 brokers, which can provide spreads as low as 0.1 pips. Additionally, the broker imposes withdrawal fees for transactions exceeding $2,000.
Leverage
Soho Markets offers a maximum leverage of 1:30, which complies with EU regulations. While this is considered safe for beginner traders, experienced traders looking for higher leverage options may find this restrictive.
Soho Markets exclusively offers the MT4 platform, which is known for its user-friendly interface and robust trading tools. The platform is accessible on desktop and mobile devices, enabling traders to manage their accounts on the go.
Restricted Regions
While Soho Markets claims to operate in various regions, including the EEA and Southeast Asia, it does not hold licenses in certain jurisdictions like the UK and the US, which may limit its accessibility to traders in those areas.
Available Customer Service Languages
The broker provides customer support in multiple languages, including English, Greek, Spanish, Italian, and Romanian. However, the quality of customer service has received mixed reviews, with some users reporting slow response times.
Repeated Rating Overview
Detailed Evaluation
Account Conditions
The account conditions at Soho Markets are decent but not exceptional. The minimum deposit requirements are higher than average, which could deter new traders. The limited number of account types (only two) also restricts flexibility.
Soho Markets provides access to the MT4 platform, which is a significant advantage. However, the lack of additional trading tools or educational resources may limit traders' opportunities to enhance their skills.
Customer Service and Support
Customer support is an area where Soho Markets could improve. While they offer various channels for support, including email and phone, the response times have been criticized. The absence of live chat support is also a drawback.
Trading Setup (Experience)
The trading experience on the MT4 platform is satisfactory, with good execution speeds and a range of available assets. However, the high spreads and deposit fees can detract from the overall trading experience.
Trust Level
Soho Markets is regulated by CySEC, which adds a level of trustworthiness. However, the absence of Tier 1 regulation and mixed user reviews may affect traders' confidence in the broker.
User Experience
User experiences have been varied, with some praising the platform's functionality while others express concerns about deposit fees and customer service. The lack of a free demo account is particularly frustrating for potential clients.
In conclusion, while Soho Markets presents a promising option for traders looking for a regulated broker, the high minimum deposit, limited account types, and mixed feedback on customer service should be carefully considered. Potential clients are encouraged to conduct thorough research and weigh their options before committing their funds.
