Introduction
Despite SorosBit’s assertion that it has become one of the top providers of online FX trading, everything about this broker suggests the exact contrary. Beware of this company’s brazen claims that it is globally regulated; it lacks the necessary authorization to provide financial services, and there is no genuine oversight of it. Trading with SorosBit would not be the ideal option because the company does not offer any legal paperwork to support its legitimacy. On the other hand, you can find yourself with no spare change. We’ve attempted to explain all of SorosBit’s flaws and the reasons why we don’t think it can be trusted in the review that follows.
SorosBit Review: Regulation
According to this broker, SorosBit is a trading name for SorosBit Limited (for the UK and EU) and SorosBit Markets (for Dubai). SorosBit also says that its registered office is in St. Vincent and the Grenadines. However, keep in mind that, due to a lack of regulation, this nation has a reputation for being a haven for scams. This indicates that there are no rules that brokers must follow and that they are not under the control of any financial body.
Despite this, this broker asserts to be governed by a number of financial regulators, including the Cayman Islands Monetary Authority, the Financial Conduct Authority (FCA) of the UK, CySEC (Cyprus), and DIFC (Dubai). Regulators like these have nothing to do with SorosBit, so sadly, this isn’t the case. SorosBit wasn’t in their registers, even after we searched them.
SorosBit Review: Trading Software
In addition to claiming to offer the well-known Expert Advisors that are only available with MetaTrader 4 and MetaTrader 5, SorosBit calls their trading software “unique.”
At this point, we were interested in finding out more about the platform this broker offers, but as soon as we signed up, our excitement went away. It turned out that SorosBit offered a basic web-based platform and had no connection to the claims it made.
SorosBit Review: Trading Conditions
When it comes to its trading terms, SorosBit is silent. It turns out that this broker, at least according to its website, offers raw spreads starting at 0.1 pips as well as fixed spreads starting at 1.5 pips. There will undoubtedly be some commissions at the end of your trades, even if you use raw spreads.
The EURUSD spread on its trading platform was 0.4 pips, which is acceptable in general because spreads under two pip result in lower trading expenses. Remember, though, that investing with this company is completely illegal. There are numerous trustworthy brokers who provide small spreads and favorable trading conditions.
Additionally, SorosBit asks for a minimum investment of 100 USD. Actually, this is a little less than what reputable brokers typically want (around 250 USD). However, for the reasons outlined above, we do not advise using this broker. Furthermore, several trustworthy brokers offer micro accounts with less money—exactly, about 10 USD.
Deposit and Withdrawal Method
There is no information on the website regarding the payment methods this broker accepts. After we opened an account and tried to add funds to it, it turned out that this broker really hid something shady. It seems like you have many options, but in fact, there is only one type of payment—via crypto coins. You can use different platforms in order to make a deposit – like Coinbase, Bitonic, Binance, and more.
SorosBit Review: Conclusion
To begin with, SorosBit is a mysterious site that needs validity. It isn’t authorized to offer trading services as it does not hold any valid license and is targeting clients of different nations. So, we advise you to stay away from such brokers as your money may be at high risk with them.
Also, to prevent yourself from scams like – Forex scams, Binary scams, Romance/Dating scams, Cryptocurrency scams, or any other scams, you should pick a broker or company regulated by some major regulators like FCA, FINMA, SEC, FMA, ASIC, etc. Check the reviews of brokers and also read the policies and terms and conditions. These small details will prevent you to become a victim of broker scams.
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