SinoSoft FX was established in 2018 and it is a Forex and Commodities broker. An excellent thing about it is that founders want to make a difference in the Forex industry by simplifying things a little bit. But we also have some big statements and honestly, I do not believe anyone can fulfill them. For example, SinoSoft wants to provide to the clients an option to be active fewer hours and make more money. Forex is not such a secure thing, and nobody can promise you more money. The only way to make a profit is to continuously educate yourself and work on your skills.
Quality of service
If this broker wants to help you make more money in less time, the quality of service has to be at the highest level. This means that you need to have excellent trading conditions and the possibility to choose between different accounts.
For now, I like what I see. There are three different accounts (Silver, Gold, and Platinum). Spreads start from 0.6 Pips (for Platinum Account), leverage is up to 1:300, minimum trading volume is 0.01, and EA Trading is allowed on each account.
Aside from great conditions, you will be able to download the famous MT5. This platform is optimised, you can use it on every device and that’s the reason it’s a perfect choice.
Speed of response
This broker has many great things to offer, but responsive customer support is not one of them. The office is in Dubai and you can call them there if you wish fast response (still, it’s not available 24 hours). You can also fill in an online form, send an email, or use the Live Chat.
Apparently, I got excited too soon when I saw the Live Chat option. The thing is, you need to fill in a form before you reach out to them and that complicates things a lot. But that is not my main concern. I provided all information that was required and sent my question to one of the representatives. Sadly, I never got a reply. I checked my email, that chat, came back the day after, and nothing. So, this is quite a disappointing part that I did not expect.
When it comes to transaction speed, this broker is quite transparent. You can see that an average deposit request time is 14 minutes, the average ID verification time is 287 minutes and an average withdrawal request processing time is 209.5 minutes.
Depending on a method you choose, after the processing time, you will see money on your account the same day (for eWallet payments) or within two to six business days (for Credit Cards).
This is excellent and I cannot find any negative things about transaction speed. Everything works fast and smoothly.
As usual, there are certain fees you need to pay. What I like is that those fees are not very high, but what I dislike is the fact that you need to pay them when you deposit funds and when you withdraw them.
For Neteller that fee is 2%, for Skrill it is 1%, for WebMoney, it is 0.8% and for Perfect Money, it is 0.5%. If you do not choose eWallets and you go with a Credit card instead, the fee is $2.5 plus 2.5%. For Bank Wire Transfer you need to pay $40 (€20).
I assume that there are more commissions aside from deposit/withdrawal ones, but this broker doesn’t have a Terms and Conditions page, which is strange. You cannot find other information that should always be available and that’s something that worries me a bit. Yes, until now this broker showed full transparency, but it’s not a common thing to omit Terms and Conditions.
The broker we are discussing today is not a regulated one. On one hand, the absence of a license is not such a big deal. But on the other hand, this broker does not provide proper customer service and if some problem occurs you won’t be able to contact assistance or ask help from authorities. So, you are on your own.
Variety of payment methods
With SinoSoft FX you can choose between different payment methods and the diversity really surprised me. Available options are Neteller, Credit Card (Visa, Maestro, and MasterCard), FastPay, PayPal, Skrill, WebMoney, QiwiWallet, Yandex Money, and Bank Wire Transfer.
Selection is excellent, as you can see, and I have to give an additional plus to this broker for implementing all of this on the website.
To conclude everything we saw in this SinoSoft FX review, I can tell you that this is not the worst broker ever, but it’s not the best one either. I truly believe this is not a scam broker, but I also believe that you can find a much better one.