SoroTrade – Can You Trust Them with Your Money?

Website URL: sorotrader.com

Founded: 2020

Regulations: Unregulated

Languages: English

Deposit Methods: Vload

Minimum Deposit: $250

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Forex, Crypto, Stocks, and Options

Trading Accounts and Conditions

SoroTrade is an offshore forex broker that offers five types of accounts that users may choose from, depending on what they need, especially when it comes to depositing amounts. The first one, Explorer, has a minimum deposit amount of $250 and a maximum of $2,000, and they offer 24/7 customer support and a professional chart. They call Basic has a minimum deposit amount of $2,000 and a maximum of $10,000 and provides a personal analyst and introductory private session. Take note that higher levels also have access to the benefits that the lower ones get. The Silver account type has a minimum deposit of $10,000 and a maximum of $25,000 and offers monthly sessions with an analyst and access to weekly market reviews and financial research. The Gold account has a minimum deposit of $25,000 and a maximum of $100,000 and offers a smart money management plan. Lastly, the Platinum account type which has a minimum deposit amount of $100,000 and a maximum of $500,000, and allows you to have a direct line with an analyst, a long term financial plan made by a senior account analyst, and up to 5 protected trades from an account analyst.

Despite them being very open regarding account types and details, SoroTrade doesn’t care about their other conditions, such as the leverage and spreads, which is vital when talking about trading, especially when it is on a broker platform. This one alone is an extraordinary red flag and quickly tells us about the nature behind SoroTrade. Aside from that, they also don’t charge clients who have dormant accounts, which generally, a lot of mainstream and legal ones do, which are usually around $20-$30, depending on the account type and how long the account has been inactive. Not having conditions around this circumstance might even be hazardous as they may implement a complete freeze on these accounts, seizing every fund currently present.

SoroTrade doesn’t offer sign-up rewards or top-up bonuses, which is entirely normal for brokers. Popular ones, however, are known to run such promotions to attract newcomers in investing and forex trading.

SoroTrade – Advantages

There’s no clear advantage to using SoroTrade, and you are better off using other brokers out there because we have proof that this website is a complete scam. Read on to learn more so that you won’t waste your time and money.

SoroTrade – Disadvantages

• False Registration and Regulation Claims

SoroTrade says that they have an official registration in the United Arab Emirates, which doesn’t seem valid upon a close inspection and quick research. UAE’s financial regulator, DFSA, isn’t that strict with their rules and what businesses they give licenses to. However, still, we weren’t able to locate them in their registry, which is very strange, and it could give you a clear hint that they are not legitimate, and they just made up this claim so that they can appear believable in the eyes of their clients and potential ones.

Plus500

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Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

 

AvaTrade

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• Blacklisted Company

SoroTrade is managed by CAPITAL LETTERS LTD., which is a well-known company that faces a ban from different financial regulators, mostly from Europe. The Financial Conduct Authority released their official statement about CAPITAL LETTERS LTD, saying that it is hazardous to do business with them. Using this as a red flag is more than enough to sway more people from getting involved in this company, and we hope that this works for you too. Don’t invest in SoroTrade; instead, find a better one supported and regulated by a strong financial authority.

• No Present Trading Software

MetaTrader4 and MetaTrader5 aren’t available on SoroTrade, which is a shame because these two are mostly deemed as the industry standard when it comes to trading software. It’s not just that, but it seems as if there’s no present trading software installed in their system, and it says on their website that you have to wait for some time before you get to trade. To put it simply, you’re just wasting your time and money if you ever deposited in this website because you can’t do anything to make a profit right away.

• Lack of Trading Conditions

As aforementioned, SoroTrade doesn’t inform its clients when it comes to all of its trading conditions. You must review everything first before committing and depositing any money on a website and research about their offered leverages and spreads as they matter when it comes to trading. A broker that provides very low leverage isn’t ideal, and a broker that also provides very high leverage isn’t as well. You want to look for someone with leverage that isn’t too low and high; look for just right, to be exact.

• High Entry Fee

To open an account and start trading in SoroTrade, according to them, you should deposit $250 first, which is a very high amount to ask for. Even mainstream brokers online only ask for $5-$10, which is an essential thing to have for beginners and those that are just primarily curious about trading and forex.

• Suspicious Deposit Method

SoroTrade doesn’t necessarily state their terms and conditions about their deposit method, but based on their website, we can easily conclude that they use Vload with their transactions. It is a ridiculous way of funding an account since Vload is a voucher-based payment system. What will happen is that you’ll buy a fixed amount of vouchers, and you will forward them to SoroTrade and have them put in your account. It is insane that a top-up method like this exists, and for us, it is an obvious red flag that screams, “this service is a total scam.”

Conclusion

SoroTrade has so many red flags that even an ordinary person can easily catch by looking at their website. For us, the significant throwaway is that they lied about their regulation status so that they can accept payments from people who want to invest in their website. There’s no knowing if there’s someone who was able to cash-out from this service, but knowing their nature and background, it is safe to assume that no one has. Take your cash somewhere safe and distance yourself from SoroTrade because this broker is a proven scam.

sorotrade

2.4

User Experience

3.0/10

Payment Options

2.4/10

Security

2.3/10

Support

2.1/10

Reputation

2.2/10

Pros

• None

Cons

• False Registration and Regulation Claims
• Blacklisted Company
• No Present Trading Software
• Lack of Trading Conditions
• High Entry Fee