SinoSoft FX Review 2020

General Information

Website URL: https://sinosoftfx.com/

Founded: 2018

Regulation: n/a

Languages: Translate option is implemented

Deposit Methods: 

Minimum Deposit: $100

Free Demo Account: Yes

Types of Assets: Forex, Metals, Futures, Stocks, CFDs

Trading Platform

When it comes to the platform, we will be quick. SinoSoft FX made a great choice. This Forex broker offers MT5 and you can download it on your computer or mobile phone. Although the website is not optimised for smartphones, MetaTrader has a separate app so you will be able to trade without interruptions.

Account Types

Each client gets to choose between three account types. Within each account, you get risk protection and security, fast trade execution, local language support, and online support. Another same thing for every account are spreads that go from 1.6 PIPs, a minimum trading volume that is 0.01, and EA trading.

What makes these accounts different are commissions. For Silver and Gold, you do not pay commission, but for Platinum, you have to pay $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 last different thing is the minimum deposit. This is the part where we got a little bit confused. There is an account comparison on the landing page and the minimum deposit for Silver Account is $100, for Gold $5,000, and for Platinum $15,000. But there is another account comparison page and things are written differently there. The minimum deposit for Silver is $100, for Gold $2,000 and for Platinum $20,000. So, we cannot tell for sure which information is correct. 

This broker also provides a Demo Account, but there is one problem with that — it’s not working. No matter how you try, you won’t be able to access the Demo page.

The good thing about accounts is bonuses. With each account, you will receive two of them automatically. The $20 No deposit bonus and 30% tradable bonus on every deposit you make. The first one has a deadline, and it is 10 calendar days (if you trade commodities or metals, you cannot withdraw the bonus money). In other cases, the maximum withdrawal amount is $100. The second one is not limited by time, but the maximum bonus amount you can get is $500. 

Customer Support

Again, we have a similar situation as with accounts. There are two different pieces of information when it comes to customer support. SinoSoft FX has customer support that is available 27 hours, 7 days a week. Or at least that’s what they say at the beginning. But once you spend more time on the website you will see that support is available from Monday to Friday (from 8 AM to 6 PM).

You can send them a Skype message, an email, or a message on Live Chat. Also, there is a phone number listed if you prefer to call them. We tested out the Live Chat option and got disappointed instantly. Although it looks like a chat, it’s nothing more than a contact form. You need to fill in the details and someone will reply to you on the email you provided. So, no instant answers when it comes to this broker.

Deposits and Withdrawals

This part is very good, just like a trading platform. There are different payment methods such as  Neteller (2% fee), Skrill (1% fee), WebMoney (0.8% fee), Perfect Money (0.5% fee), Credit Card ($2.5 + 2.5% fee) and Bank Wire ($40 fee if you use USD or €20 if you use Euros). An average deposit request time is 14 minutes. 

The method you chose for deposit must be the one you will use for withdrawals. The fees are the same, but there are certain limitations. The minimum amount for Neteller is $2 and the maximum is $2,500. For Skrill and WebMoney the minimum is $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 minimal amount is $20, and the maximum is $2,000, but the withdrawal process lasts from two to six business days, it’s not instant. Lastly, the minimum for Bank Wire is $150 and the maximum is unlimited.

Of course, there is an additional security step. If you want to deposit or withdraw more than $1,000 SinoSoft FX asks for ID verification. The verification time is 287 minutes and we have to say, that’s not bad at all.

Education

What SinoSoft promises is an excellent free education for beginners and pro traders. But can you find that? The answer is no. The only page is the Economic Calendar and that is not really an educational section.

This broker also has social media platforms and since it doesn’t have a News section on the website, we thought someone will post daily news there. But we got excited too soon since there are no social media platforms in reality. Once you click on the icon, it will redirect you to the Economic Calendar instead of the desired platform.

Apparently, the only good thing about SinoSoft FX is the platform and that is not enough. This broker won’t teach you different strategies or give you good leverage and that’s the reason we cannot recommend it.