SinoSoft FX Review
SinoSoft FX is a Forex and Commodities broker that provides services to retail and institutional clients. This broker was established in 2018 and it belongs to Sinosoft Global Company Limited. What people behind this company want to achieve, is to make a difference in the Forex industry. They want you to be active fewer hours and be more efficient, they want to retain high-paying customers and the main target is a phenomenal success.
Well, l have to say those are some big goals and in this SinoSoft FX review, we will see if it is possible to achieve them.
The website is responsive, but it is not easy for navigation. You will lose some time if you want to find information since there are too many tabs. The main problem I have with the website is the fact it is not optimised. When you try to open it on your mobile phone, you won’t be able to see all things. So, that’s a big minus from the beginning but I truly hope things will get better once we see everything this broker has to offer.
When it comes to accounts, each client can choose between three of them. Actually, all three are practically the same. So, what you get within each account is risk protection and security, fast trade execution, local language support, and integrated online support. Also, the spread goes from 1.6 PIPs, minimum trading volume is 0.01, and EA trading is allowed.
There are some different things like commissions. For Silver and Gold Account you do not pay any commission, while Platinum Account has a $4 commission. Execution speed is also different, 0.91 seconds for Silver, 0.97 seconds for Gold, 0.58 seconds for Platinum. The leverage is up to 1:300 for Silver and Gold and 1:100 for Platinum.
The minimum deposit is different as well, but I saved it as the last part because there are certain irregularities about that. When you go to the landing page and see all accounts, you can clearly see that the minimum deposit for Silver Account is $100, for Gold $5,000, and for Platinum $15,000. But the thing is, when you go to the Account Comparison page, things are written differently. The minimum deposit for Silver is $100, for Gold $2,000 and for Platinum $20,000.
Let’s be honest, nobody wants to trade if the conditions are unclear. There is also a possibility for the Demo Account, but don’t get too excited. No matter how you try, the Demo page is not working.
Another thing SinoSoft FX provides is bonuses. Currently, there are two of them, $20 No deposit bonus and 30% tradable bonus on every deposit you make. The first one will automatically appear once you register the account (Get Bonus button becomes active). You have 10 calendar days to use it and if you trade commodities or metals, there is no possibility to withdraw the bonus money. In other cases, the maximum withdrawal amount is $100.
The other one is also automatically created. The trading period is unlimited, but the maximum bonus amount you can get is $500. This is not a bad opportunity, since you receive a decent amount of money to trade with. After the disappointment with account conditions, bonuses came as a pleasant surprise.
Platform and Execution SCORE: 90%
The platform for trading is an excellent choice. If you open an account, you will be able to trade on MT5, which is one of the most famous platforms. I like this one because you can download it for the computer or mobile phone, it is optimised and customisable. If you do not like it visually, you can adjust it to fit your taste.
So far, this is the part I am the most satisfied with.
Withdrawal Speed SCORE: 70%
An average deposit request time at SinoSoft FX is 14 minutes. You can use different payment methods like Neteller (fee is 2%), Skrill (fee is 1%), WebMoney (fee is 0.8%), Perfect Money (fee is 0.5%). Aside from these instant transfers, there is a possibility to choose a Credit Card (Visa and MasterCard) and the fee, in that case, is $2.5 + 2.5% and Bank Wire (fee is $40 if you use USD or €20 if you use Euros).
When it comes to withdrawal, all methods and fees are the same. But you have to be careful about minimal amounts. For Neteller, it is $2, and the maximum is $2,500. For Skrill and WebMoney you can withdraw $1 and the maximum is unlimited and for Perfect Money, the minimum is also $1, but the maximum is $1,000.
For Credit Cards, the withdrawal process lasts from two to six business days, the minimal amount is $20, and the maximum is $2,000. If you go with Bank Wire, you are not limited to the maximum, but you need to withdraw at least $150.
Keep in mind that if you want to deposit or withdraw more than $1,000 you need to provide them with additional documents. This will slow down the process a little bit, but if you ask me, every safety step is more than welcome. An average ID verification time is 287 minutes, so you won’t be waiting too long.
Support and Assistance SCORE: 30%
This part is very interesting. On the landing page, SinoSoft FX claims to have customer support that is available 24 hours, 7 days a week. But when you dig a little deeper on the website, it turns out that support is available from Monday to Friday and you can contact them from 8 AM to 6 PM.
There is an option to send an email or a Skype message. Also, there is a phone number if you want to call and talk to agents, and lastly, Live Chat. The selection is not bad at all, but as soon as you try to reach out to them, you realise things are not as they look.
The Live Chat option is in the bottom corner, just where it is supposed to be. But when you type your message and press the send button, it will ask you to fill in the contact form. So, there is nothing Live about this chat, it is a regular online form you fill in and wait for a reply in the inbox.
Needless to say, I am disappointed with this part a lot, since SinoSoft FX provides customer support that is really hard to get.
Education and Tools SCORE: 10%
The last segment of this SinoSoft FX review is education. One of the most important parts, and unfortunately, one of the non-existing parts of the SinoSoft FX website. Yes, this broker promises good education, even for free. But the thing is, there isn’t any.
There is one part about the Economic Calendar, but that is just a quick explanation of why you should use it. Also, this broker has social media platforms so I hoped people from SinoSoft FX would publish daily news there. Well, they don’t. Actually, if you click on social media buttons it will just redirect you to the Economic Calendar page.
As you can see, this broker has only one good thing — the MT5 trading platform. Unfortunately, everything else is not worth your time, especially if we consider a fact that SinoSoft FX is an unlicensed broker.