Overview of SOHO MARKETS
SOHO MARKETS is an online forex broker based in Cyprus. Established within the past 2-5 years, the company operates under the regulation of the Cyprus Securities and Exchange Commission (CYSEC), ensuring compliance with industry standards and providing a level of credibility and trustworthiness to its clients. With a minimum deposit requirement of $100, SOHO MARKETS offers accessible entry to the forex market.
The broker provides traders with the opportunity to access a wide range of financial instruments. This diverse selection allows clients to explore various markets and diversify their trading portfolios. Traders can utilize the popular MetaTrader4 (MT4) platform. SOHO MARKETS offers two types of trading accounts: STP Account and ECN Account.
Is SOHO MARKETS legit or a scam?
SOHO MARKETS is an online forex broker headquartered in Cyprus. It is registered with and regulated by the Cyprus Securities and Exchange Commission (CYSEC). This regulatory body oversees the operations of financial services companies, ensuring compliance with legal and ethical standards.
Market Instruments
Currency pairs, indices, commodities, metals, energy, cryptocurrencies..... SOHO MARKETS allows clients to access a huge range of trading markets. Soho Markets provides a diverse selection of financial products for trading.
The Forex category includes major currency pairs such as EUR/USD, GBP/USD and USD/JPY, among others.
The Metals consists of commodities like gold, silver, and platinum.
The Energy section offers trading in oil and natural gas.
The Commodities category includes agricultural products such as wheat and coffee.
The Stocks category provides users with access to popular company shares from around the world.
The Indices category provides users with exposure to the performance of a particular stock index, for example, the S&P500 or the Dow Jones Industrial Average.
Lastly, the Crypto CFDs allows users to trade in cryptocurrencies such as Bitcoin, Ethereum and Litecoin.
Pros and Cons
Account Types
Demo Account: SOHO MARKETS provides a demo account that allows you to try out the financial markets without the risk of losing money.
The Standard STP Account requires a $50 minimum deposit, offers leverage up to 1:500, and charges no commission with a 1.5 pips spread. It supports a contract size of 100,000 and a minimum trade size of 0.01 lots.
The ECN Account requires a $20,000 minimum deposit, offers leverage up to 1:200, and charges a $6 commission with a 0.2 pips spread. It also supports a contract size of 100,000 and a minimum trade size of 0.01 lots.
How to Open an Account?
To open an account with SOHO MARKETS, you can follow these steps:
1. Visit the SOHO MARKETS website and click the “START TRADING NOW” button.
2. Fill out the registration form with your personal information, including your name, email address, and phone number.
3. Choose your account type and select the base currency you want to use.
4. Provide additional information, such as your address and identification documents, to complete the verification process.
5. Fund your account with the minimum deposit required for your chosen account type.
6. Start trading on the platform.
It is important to read and understand the terms and conditions of the broker before opening an account. Additionally, you should compare the fees, trading products, and customer support options with other brokers to ensure that SOHO MARKETS is the right choice for your trading needs.
Trading Platforms
The trading platform being described is MetaTrader4 (MT4), which can be downloaded and used to trade CFDs in over 100 financial instruments. The platform is known for being user-friendly and offering custom indicators to enhance the trading experience. Soho Markets provides access to this platform.
Leverage
SOHO MARKETS offers a maximum leverage of up to 1:30. However, it is important to note that the use of leverage can magnify profits and losses, especially for inexperienced traders. As such, traders should carefully consider their risk tolerance and choose an appropriate amount of leverage. It is also recommended to use risk management strategies when using leverage to mitigate potential losses.
Deposit & Withdrawal
SOHO MARKETS offers several deposit and withdrawal methods, including wire transfers, credit/debit cards (MasterCard, VISA, Maestro), and various e-wallet processors such as Skrill, Neteller, and PayPal. While the broker does not provide detailed information on their website regarding the deposit and withdrawal process, it is important to note that the speed of withdrawing funds is an important factor in evaluating a broker's reputation.
Educational Resources
SOHO MARKETS offers a range of educational resources to support traders in their journey. They provide market analysis, which includes regular updates and insights into market trends, news, and potential trading opportunities. A financial calendar is also available, allowing traders to stay informed about important economic events and their potential impact on the markets. SOHO MARKETS has a Forex Trading Academy, which provides educational materials, tutorials, and guides to help traders enhance their knowledge and skills in forex trading. Additionally, they offer a trading calculator, a useful tool for calculating potential profits, losses, and risk management parameters.
Customer Support
SOHO MARKETS provides multiple channels for customer support. They can be contacted through various means. Firstly, their physical address is located at Spyrou Kyprianou 41 Avenue, Steratzias Court 2, 1st Floor, Flat 101, 4003, Mesa Geitonia, Limassol, Cyprus. Additionally, customers can reach out to them via phone by dialing +357 25323 120. For any inquiries or assistance needed, customers can also send an email to support@sohomarkets.eu. If there are specific trading-related matters, such as order execution or trade-related inquiries, customers can contact the trading desk at dealing@sohomarkets.eu. These customer support channels offer various options for clients to seek assistance or address any concerns they may have with SOHO MARKETS.
Conclusion
In summary, SOHO MARKETS is a regulated online forex broker based in Cyprus, offering accessible entry to the forex market with a minimum deposit requirement of $100. The broker provides a diverse range of tradable assets through the MetaTrader4 (MT4) platform and offers STP and ECN account types, as well as a demo account for practice. With customer support available via phone and email, as well as educational resources and multiple deposit and withdrawal options, SOHO MARKETS aims to provide a comprehensive trading experience for traders of various levels of expertise.
2024-10-21 07:16
