SohoMarkets Review 2023 – Is This Broker Reliable?

Soho Markets broker is under the ownership of Vstar & SohoMarkets Ltd. They operate since 2022 with registration and licensing in Cyprus. From trading services, there are available all 5 major fields and Meta Trader 4.

But to see if you should trust your hard-earned money to this broker, continue reading this SohoMarkets review.

In addition, we recommend reading our reviews about brokers Xpro Markets, Mex Atlantic and VantageMarkets.

Does SohoMarkets Operate as a Regulated Broker?

SohoMarkets has Cyprus Securities and Exchange Commission (CyESC) license since January 2022. That put’s them in the group of trusted brokers. The positive side of CySEC regulation is that traders are entitled to a 20.000 EUR compensation fund. Moreover, the broker claims to provide negative balance protection and segregated bank account for deposits.

The rather disappointing fact is that this broker doesn’t have any Tier 1 regulations like FCA, BaFin or ASIC. We did our research like with their domestic one, but we couldn’t find any records. Such a shame for, at first glance, good company.

They have CySEC regulation but they are only 1 year in business. Not enough time to properly evaluate the broker. They claim to offer a demo account, but the deposit is required first. They don’t have any Tier 1 licenses like FCA or ASIC.

SohoMarkets Offers MetaTrader 4

SohoMarkets has done its due diligence. Traders most of the time trade on trusted platforms like Meta Trader. Whether it’s MT4 or MT5, you won’t have any issues. SohoMarkets for instance, provides access to MT4. It allows traders to use advanced charting options and indicators. Moreover, they can use watch multiple charts and have fast executions.

Above all, it’s available for any mobile device. Whether it is Android or iOS. But even more importantly, traders don’t lose any essential functions there.

SohoMarkets ‘s Trading Assets and Instruments

 As for the trading instruments, SohoMarkets has really good coverage. All 5 major instrument classes are available. Traders can choose from:

• Currency pairs (Forex)           USD/AUD, NZD/HKD, GBP/NOK
• Commodities                        natural gas, crude oil, silver
• Indices                                  AU200, FTSE 100, S&P 500
• Shares                                  American Airlines, Master Card, Facebook
• Cryptocurrencies                   BTC, XRM, ADA

Important to realize is that broker offers quite unattractive spreads. Whereas some Tier 1 regulated brokers offer spreads from 0.1 pips.

SohoMarkets Countries Of Service

SohoMarkets trading company claims to operate only in certain areas. Mostly the EEA zone and Southeast Asia. But we discovered that they are targeting countries like:

• United States
• United Kingdom
• Sweden
• Australia
• United Arab Emirates

In general, some countries have even stricter regulations than CySEC. For example, to trade in the UK you need to have TPR or FCA license. That is a requirement since the UK left the European Union. However, this broker doesn’t have an FCA license.

Which Types Of Accounts Does SohoMarkets Offer?

There are only 2 account types available with SohoMarkets broker. Those are:

• Standard STP   $200
• ECN account $10.000

The only difference here comes from spreads. While Standard account traders get spread from 1.2 pips, for ECN they get from 0.2 pips. But don’t take it for granted, because those are just the lowest limits. Yet, that doesn’t mean you will get those conditions.

Can a Trader Use a Demo Account?

An annoying and quite misleading fact about this broker is their demo account. They require you first to submit a registration form. Afterward, to get access to a demo account, you need to make a deposit. Which is nonsense. Mostly that is a trick to get you in with real money. Instead, you can find FCA licensed broker and open a demo account freely without any limitations.

Terms of Service for SohoMarkets

The good option about this broker is range of funding methods. SohoMarkets broker accepts:

• Credit Cards
• Skrill
• Neteller
• PayPal  
• Wire transfers

On the contrary, a quite disappointing fact is the depositing fee. For any transaction below $2000 into your account broker will charge you additional 2%. Moreover, it is charged non-regarding the funding method.

If we check any SohoMarkets reviews, we can see only positive things. But that is mostly due to their short lifetime on the market. It’s just a matter of time before people will complain about these features. Most importantly, to ask themselves why to fall for that when they have better conditions somewhere else. Especially with some Tier 1 regulated brokers.

Leverage, Spreads and Fees

Even though leverage complies with EU regulations, it’s still higher than recommended for beginners. Even 1:30 leverage can wipe your account in a blink of an eye. Especially with very volatile cryptocurrencies.

As shown above, spreads start from 1.2 pips. With an industry average of 1.5, this is still very high. Especially because this is spread for Forex pairs.

Besides depositing fees of 2% for lower amounts, traders have withdrawal fee. However, the withdrawal fee comes with amounts higher than $2000. This is where traders might see potential issues. Because it looks like it’s designed to make you deposit more but prevent you from withdrawing more.

What Should I Do If I Have a SohoMarkets Problem?

First and foremost, let others hear your story. Maybe you can help someone with the same issue. Secondly, you can always reach out to their regulator. There is even a form on the company website for that. We can see that with some other companies, traders couldn’t fix their issues that way.

To be honest, if you are seeking help it means you have a funds issue. Our fund recovery team is at your disposal at any time. If you can’t get a withdrawal, you can file a chargeback and reverse the debit/credit card transaction. If you are insecure about anything, get back to us. Our specialized team can advise you on the next steps. Book your consultation now!