Beware! SO FX is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
SO FX, the name implies that the guys behind this entity are soo much into the matter. But are they really? We want to start with the fact that there is an official warning against them issued by the British FCA.
SO FX is not a true Forex broker, but a proven scam instead, confirmed by FCA. They operate educational websites and offer Forex courses starting from 399 GBP for Beginners. The Advanced course costs 995 GBP. So far so good, nothing illegal, but why did FCA issued warning against them. Read the following review to find out.
The other website related to the group is sofx.education where courses in different languages are to be found.
SO FX REGULATION AND SAFETY OF FUNDS
As already clarified, SO FX is simply an educational center awarded with a warning from FCA. We have to admit, not many scholars can put on display such an achievement. Does not make sense at all, but behind the educational wall there has been practices that caught the attention to the British watchdog.
It is connected with their signals business. SO FX is a signal company, providing their clients with potential winning trades. The web is filled with similar providers, many of them free to use or to follow, there are even social trading platforms established, which constantly gain popularity. Let’s not forget that many of the brokers themselves provide plenty of market information.
But all of them are doing it openly, while SO FX are hiding behind the educational wall. SO FX is fishy and you should stay away from them. In fact, from what we know, many of them force the people to take certain trades, acting like account managers. The difference is, that the account manager provides the information needed, also take the responsibility for the account managed, while the signal providers like SO FX simply instruct their subscribers to buy or sell, with certain TP and SL levels. The cyberspace is full of people who lost money because of the SO FX signals.
SO FX TRADING SOFTWARE
SO FX trading platforms are Facebook, Instagram and Telegram. No joke, they use the Telegram messenger to provide signals to its customers, Facebook and Instagram to show lush life. There are some free signals group chat, but many of the clients might be offered exclusive services if they agree to pay extra.
In Instagram and Facebook the members of the company do not post successful trades, instead they post cars, beaches, fancy restaurants etc. and too few photos of successful trades. In fact, even if they post a chart or a receipt of a winning trade, it doesn’t mean that it’s real. Looks funny, but they actually complain and claim to have been scammed.
SO FX is a marketing scam masked by their educational service. Actually the courses offered aren’t cheap at all, the basic training they provide includes nothing which cannot be found for free, there are hundred and thousands complimentary ebooks and videos, covering the same topics.
Their signaling business itself is wrapped in darkness. On their website there is only a hint in one of their educational videos. Supposedly, once you enroll in their courses they start offering you extended service which cost more money. If they provide signals they have to openly announce it. The cover-up is one of the reasons that caught the eye of FCA.
Some of their customers report that SO FX made them open accounts with certain brokers. In fact, we couldn’t find sufficient information about the brokers being promoted by SO FX, but if it’s true we might be dealing with the conventional “signal seller scam”.
The web is filled with discontented customers which assure that SO FX is a scam and this is only the tip of the iceberg. Actually they do delete negative comments about them, if you examine them online you will find out mostly happy clients, by the hundreds. Not surprisingly all of the positive comments sound way too similar to each other, and none of them provide real information regarding actual trades undertaken. All of the good opinions are simply praising different individuals, reassuring how helpful they are, what a great service they offer etc.
Some of the victims claim that it is is an affiliate scheme, even calling it a ponzi scheme. SO FX demands from their customers to post positive reviews as soon as they sign up. In fact, by the way it looks, one can easily conclude that there might be some multilevel marketing in action. But none of it is announced by SO FX.
SO FX DEPOSIT/WITHDRAW METHODS AND FEES
There aren’t any deposit/withdrawal methods or fees available. However, the basic course costs 399 GBP while the Advanced one is at 995 GBP. Only debit or credit cards are accepted and the transfer goes only through their own payment system. The signal service is not listed and we do not have enough information about it. There aren’t any fees known.
HOW DOES THE SCAM WORK
There are too many people who believe that they can make money by using trading signals, copy trading or social trading. In fact, it’s possible, because many of the signal providers are highly experienced professionals with many years behind their back. But the scammers are not sleeping and they make use of the inflating copy trading market. They will create a series of false signals which aim to send the trader in the wrong direction. Doing this they are making profits for the market maker brokers, which are usually some shady entities, quite often offshore registered.
The signal seller scam widely use the social media platforms including Facebook and Instagram. Often they will showcase a lifestyle of a successful trader who owns the fastest cars, the largest yachts while beautiful bikini models are always around him. The scammers will persuade the victims that the dream life is possible, making them believe and subscribe to their services. Upon sign-up the signal seller might provide a few successful trades, insisting that the client will earn more money if he increase the deposits. The final chapter of the story is always the same, a naive investor who has been taken advantage of. Stay away of SO FX!
The signal seller scam might be extremely difficult to spot, because there are certainly worthwhile signals within the mix. Make sure not to rely only on signals provided, expand your market knowledge, trade demo with different brokers, compare, practice, read reviews! And most importantly, learn how to detect scam before it’s too late.
WHAT TO DO WHEN SCAMMED
The scammers are constantly changing their strategies and no one must feel safe. If being scammed the first thing you should do is to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you important instructions to follow and will help you, if possible, recover your money.
Report what have happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing. Seek help actively!
Share online your experience, it is important to protect others, as well. Be responsible!