SOHO MARKETS
Pros and Cons
Pros
- Regulated by the Cyprus Securities and Exchange Commission (CySEC)
- Diverse range of trading instruments including forex, commodities, indices, stocks, and cryptocurrencies
- Utilizes the widely recognized MetaTrader 4 platform
- Competitive minimum deposit requirement of $50 for account opening
- 24/5 customer support available in multiple languages
Cons
- Lacks tier 1 regulation, raising safety concerns
- High deposit fees of 2% for transactions below $2,000
- Demo account access requires initial deposit
- Withdrawal process issues reported by users
- Limited educational resources and market analysis tools
Basic Information
User Reviews
SOHO MARKETS Overview
SOHO MARKETS is a forex broker founded within the last 5 years, specifically headquartered in Cyprus. Operating under the full name SOHO MARKETS GLOBAL LIMITED, it is regulated by the Cyprus Securities and Exchange Commission (CySEC), ensuring adherence to established financial standards and providing a secure trading environment for its clients. The broker is dedicated to delivering quality services while maintaining compliance with regulatory requirements, which enhances its credibility in the financial market.
The broker offers a diverse range of trading instruments, allowing clients to engage in forex trading among other financial products. SOHO MARKETS provides advanced trading platforms equipped with essential tools for effective trading, ensuring a user-friendly experience. Customer support is available to assist traders, reflecting the broker’s commitment to service excellence. With its strategic focus on competitive pricing and a comprehensive array of trading options, SOHO MARKETS aims to meet the varied needs of traders around the globe.
Is SOHO MARKETS Safe? Regulation Analysis
Regulatory Information
| Regulatory Authority | Country/Region | Fund Protection Measures |
|---|---|---|
| Cyprus Securities and Exchange Commission (CySEC) | Cyprus | Segregated Funds, Investor Compensation Scheme |
Is SOHO MARKETS Regulated and How Are Client Funds Protected?
SOHO MARKETS is regulated by the Cyprus Securities and Exchange Commission (CySEC), demonstrating its commitment to maintaining a secure trading environment for clients. As a regulated broker, SOHO MARKETS adheres to established financial standards, which enhances its credibility in the forex market. Client funds are protected through various measures, including the requirement to maintain segregated accounts, ensuring that client deposits are kept separate from the broker’s operational funds. Additionally, SOHO MARKETS participates in the Investor Compensation Fund, which provides further protection by covering eligible clients up to €20,000 in case of insolvency. Overall, while the regulatory framework provides a level of trust, potential clients should always consider their individual risk tolerance and conduct thorough assessments before engaging in trading activities.
Trading Products and Services
What trading instruments does SOHO MARKETS offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | Major Pairs (e.g. EUR/USD, GBP/USD) | 50+ |
| Commodities | Gold, Crude Oil, Silver | Many |
| Indices | S&P 500, FTSE 100, DAX | Varies |
| Stocks | US (e.g. Apple, Tesla), UK (e.g. BP, Vodafone) | Many |
| Cryptocurrencies | Bitcoin, Ethereum, Ripple | Many |
The diverse range of trading instruments offered by SOHO MARKETS reflects its commitment to cater to a wide array of trading preferences. With access to over 50 forex pairs, including major and minor options, traders can explore numerous market opportunities. The inclusion of commodities, indices, stocks, and cryptocurrencies enhances the broker’s versatility, making it suitable for both beginners and experienced traders. This variety allows traders to implement flexible strategies and diversify their portfolios, effectively managing risk through exposure to multiple asset classes. By providing a robust selection of financial products, SOHO MARKETS supports the diverse needs of its global clientele, ensuring a comprehensive trading experience.
Account Types and Trading Conditions
What Account Types and Fees Does SOHO MARKETS Offer?
| Account Type | Target User Group | Essential Characteristics | Applicability Notes |
|---|---|---|---|
| Standard STP Account | Beginners and casual traders | Low spreads, no commission | Minimum deposit of $50, suitable for small-capital practice |
| ECN Account | Experienced traders | Low spreads, high leverage | Minimum deposit of $20,000, requires trading volume qualifications |
Account Opening Process
To open an account with SOHO MARKETS, follow these steps: visit the official website and click on the “Start Trading Now” button. Fill out the registration form with your personal information, including name, email address, and phone number. Then, choose your preferred account type. After that, you will need to submit additional information and identification documents for verification. Finally, fund your account with the minimum required amount for your chosen account type. Once your account is verified and funded, you can begin trading on the platform. You also have the flexibility to upgrade to a professional account later if needed.
Trading Fees
| Product | Spread (pips) | Commission | Notes |
|---|---|---|---|
| Forex (Major Pairs) | 1.5 | $0 | Tight spreads for majors |
| Forex (Minor Pairs) | Varies | $0 | Competitive pricing |
| CFDs (Stocks) | Varies | $6 per lot | Varied spreads based on market |
| CFDs (Indices) | Varies | $6 per lot | Varied spreads based on market |
| CFDs (Commodities) | Varies | $6 per lot | Varied spreads based on market |
| Cryptocurrencies | Varies | $0 | Variable depending on volatility |
Other Fees
Other fees may include deposit and withdrawal fees, inactivity fees, platform usage fees (if applicable), overnight interest (swap rates), and currency conversion fees. It is advisable to review these aspects before engaging in trading activities.
Trading Platforms and Apps
What Trading Platforms and Apps Does SOHO MARKETS Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| MetaTrader 4 (MT4) | Windows, macOS, iOS, Android | 2FA, market search, multiple order types, price alerts, technical indicators | Demo account, API interfaces |
| Web Version | Web Browsers (PC, Mac) | Encryption, symbol lookup, one-click trading, push notifications | Demo account |
| Mobile App | iOS, Android | Biometrics, price alerts, market search, push notifications | Demo account |
SOHO MARKETS provides access to the widely-used MetaTrader 4 platform, suitable for both novice and experienced traders. The web version offers convenience for those who prefer trading from a browser, ensuring essential trading tools are readily available. The mobile app facilitates trading on-the-go, allowing users to manage their accounts and receive real-time alerts. Each platform emphasizes secure login features and efficient market search tools, enhancing user experience. Overall, SOHO MARKETS supports a comprehensive trading environment across various devices, ensuring flexibility and accessibility for all traders.
Deposit and Withdrawal
Deposit and Withdrawal Options
| Payment Method | Processing Time | Fees | Limits | Base Currency Options |
|---|---|---|---|---|
| Bank Transfer | 3–5 days | No platform fee | Min $50, Max $20,000/day | USD, EUR |
| Credit/Debit Card | Instant | No platform fee | Min $50, Max $5,000 | USD, EUR |
| e-Wallets (e.g., Skrill, Neteller) | Instant | 1.5% charge | Min $50, Max $10,000 | USD, EUR |
Minimum Deposit
To start trading with SOHO MARKETS, the minimum deposit requirement is $50 for the Standard STP Account, which is applicable across all payment methods. There are no variations based on the payment method, account type, or region.
How to Withdraw
- Log in to your SOHO MARKETS account.
- Navigate to the ‘Withdrawal’ section.
- Select your preferred withdrawal method from the available options.
- Enter the withdrawal amount and confirm your request.
- Complete any required verification steps.
- Submit the withdrawal request and wait for processing.
Customer Support
SOHO MARKETS Customer Support Overview
Support Channels
SOHO MARKETS offers a variety of contact methods for customer support, ensuring that traders can easily access help when needed. Clients can reach out via:
- Email: Support can be contacted through the email address provided on the official website.
- Live Chat: An instant messaging option is available on the website for real-time assistance.
- Telephone: Support is accessible via phone, with dedicated lines for different regions.
- Social Media: SOHO MARKETS maintains an active presence on platforms like Twitter and Facebook, where customers can also seek assistance.
Service Availability
Customer support is available 24 hours a day, five days a week, enabling traders to receive help at their convenience. The support team is equipped to assist clients in multiple languages, including English, Spanish, and Italian, reflecting SOHO MARKETS’s commitment to serving a diverse clientele.
Frequently Asked Questions
Yes, SOHO MARKETS is regulated by the Cyprus Securities and Exchange Commission (CySEC), which ensures a secure trading environment and adherence to established financial standards.
SOHO MARKETS protects client funds through several measures, including maintaining segregated accounts to keep client deposits separate from the broker’s operational funds and participating in the Investor Compensation Fund, which covers eligible clients up to €20,000 in case of insolvency.
SOHO MARKETS offers two main account types: the Standard STP Account, which is suitable for beginners and casual traders, and the ECN Account, designed for experienced traders. The Standard STP Account requires a minimum deposit of $50, while the ECN Account has a minimum deposit of $20,000.
SOHO MARKETS provides access to the MetaTrader 4 (MT4) platform, which is compatible with various devices including Windows, macOS, iOS, and Android. Additionally, a web version and a mobile app are available, ensuring traders can access their accounts and trade conveniently.
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Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.