Score
SOHO MARKETS
Cyprus|2-5 years| https://www.sohomarkets.eu/
Website
Rating Index
MT4/5 Identification
MT4/5 Identification
Full License
JapanContact
Licenses
Licensed Institution：EVBX LTD
License No.：409/22
- The number of the complaints received by WikiFX have reached 11 for this broker in the past 3 months. Please be aware of the risk and the potential scam!
Basic Information
Cyprus
Formal full license MT4/5 traders will have sound system services and follow-up technical support. Generally, their business and technology are relatively mature and their risk control capabilities are strong
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Website
sohomarkets.net
Server Location
United States
Website Domain Name
sohomarkets.net
Server IP
172.67.208.193
-
sohomarkets.eu
Server Location
United States
Website Domain Name
sohomarkets.eu
Server IP
172.67.186.49
-
sohomarkets.asia
Server Location
United States
Website Domain Name
sohomarkets.asia
Server IP
172.67.191.89
Company Summary
| Aspect | Information |
| Company Name | SOHO MARKETS |
| Registered Country/Area | Cyprus |
| Founded Year | 2-5 years |
| Regulation | Cyprus Securities and Exchange Commission (CYSEC) |
| Minimum Deposit | $100 |
| Maximum Leverage | Up to 1:30 |
| Spreads | N/A |
| Trading Platforms | MetaTrader4 (MT4) |
| Tradable Assets | Currency pairs, indices, commodities, metals, energy, cryptocurrencies |
| Account Types | STP Account, ECN Account |
| Demo Account | Available |
| Customer Support | Phone and Email |
| Deposit & Withdrawal | Wire transfers, credit/debit cards (MasterCard, VISA, Maestro), e-wallet processors (Skrill, Neteller, PayPal) |
| Educational Resources | Market analysis, financial calendar, Forex Trading Academy, trading calculator, webinars |
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
| Pros | Cons |
| Registered and regulated by CYSEC, ensuring safety and credibility | Lack of information on spreads offered |
| Access to a wide range of financial instruments | Maximum leverage offered is only up to 1:30 |
| User-friendly MetaTrader4 (MT4) trading platform available | Limited customer support options (no live chat) |
| Variety of educational resources available | Lack of transparency regarding deposit and withdrawal process |
| Multiple deposit and withdrawal methods available | Lack of commission-free trading options for some account types |
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.
| Account Type | Standard STP Account | ECN Account |
|---|---|---|
| Minimum Deposit | $50 | $20,000 |
| Account Currency | USD | USD |
| Minimum FX Spread | 1.5 | 0.2 |
| Maximum Leverage | 1:500 | 1:200 |
| Contract Size (FX) | 100,000 | 100,000 |
| Trading Platform | PC, Mac, iOS, Android | PC, Mac, iOS, Android |
| Minimum Trade Size | 0.01 | 0.01 |
| Maximum Trade Size | 100 | 100 |
| Maximum Position Limit | 200 | 200 |
| Commission | 0 | $6 |
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.
Keywords
- 2-5 years
- Regulated in Cyprus
- Straight Through Processing(STP)
- MT4 Full License
- Regional Brokers
- High potential risk
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FX2221222950
Australia
My account has made a withdrawal request since 4/10/2024 and it has not been resolved yet. I have sent multiple emails for assistance but no one has responded. Sohomarkets staff called and threatened me to follow their instructions or else I won't be able to withdraw the money. My account is currently suspended from trading until the withdrawal request is resolved. I request Soho to resolve my withdrawal request for account 5108142.
Exposure
2024-10-21
FX2221222950
Australia
I made a withdrawal request on 4/10/2024 and it has been over 2 weeks now. I have sent multiple emails but no one cares to explain the withholding of my investment funds. Support@sohomarkets.com support_vn@sohomarkets.com Are these two support emails not real? Why is there no response? Is Sohomarkets scamming and stealing money from investors? If it is a reputable platform, why can't I withdraw money and cancel the withdrawal request? The withdrawal request has been unresolved for 17 days. I demand that Sohomarkets resolve my withdrawal request and currently my account is suspended from trading until the withdrawal request is resolved.
Exposure
2024-10-20
FX3729718297
Vietnam
Sohomarkets Exchange is a scam, the advisors deceive players into joining the exchange and require them to follow their orders in order to withdraw money, but if they follow their orders, their accounts will be burned. My account is also threatened and has been suspended for 16 days, and no one responds to the email contact. My account number is 5108142 and currently there are no pending transactions, I request Sohomarkets to resolve my withdrawal request. I don't understand why they openly deceive people without fear of the law.
Exposure
2024-10-20
FX2221222950
Australia
My account has been suspended for 16 days for withdrawal, Sohomarkets staff contacted me and threatened that I had to follow the trading order or else I couldn't withdraw money. I also couldn't cancel the withdrawal order to make another withdrawal order, I sent an email to Support@sohomarkets.com; Support_vn@sohomarkets.com I asked for support but Sohomarkets did not respond to any information.
Exposure
2024-10-19
Michael Lam
Vietnam
The floor automatically canceled winning orders, cut losses, went against the market, and issued orders that burned the account
Exposure
2024-07-16
十七994
Hong Kong
The spread was serious, and I lost more than 10,000 yuan. It is recommended not to choose this platform, and the service is also poor.
Exposure
2024-04-14
Sveta6440
Belarus
Hello! The Vstar & Soho trading platform first classified my wallet as SPAM (limiting the ability to withdraw funds) for 96 hours. Afterwards, I completely blocked the ability to enter the wallet with my money (when I log in, it says “incorrect login and password”). I contacted the support service, but after the last call they promised to call me within 60 minutes, but after that they simply blocked me from Telegram. Now I don't know how to get my money back. The company did not conduct any investigations - it blocked without explanation.
Exposure
2024-03-27
Tuan2654
Vietnam
My MT4 is 5102473. On January 13, 2024, I placed an order with the code IRUNI and achieved a profit of 88,012.49 USD, but on January 14, 2024, the exchange automatically deducted all of my profits. I'm out of the account. Soho Markets sent an email explaining that it was due to a pricing error on January 13, 2024. But in reality, the price of the IRUNI code has been fluctuating up and down like that for the past 2 months. I asked the exchange to return my money but received no response, and the person in charge of the account could not be contacted. I asked the exchange to contact me but no one contacted me. Ask Soho Markets to return my profits.
Exposure
2024-03-19
FX1998266731
Vietnam
My MT4 is 5102473, On January 13rd, 2024, I placed some orders with the code IRUNI and achieved a profit of 88,012.49 USD. But on January 14th, 2024, Soho Markets deducted all of my achievement profits in my account. They sent an email to explain that it was due to a incorrect quotation price of the IRUNI on January 13rd, 2024. However actually the price of the IRUNI has been fluctuating up and down like that during the past 2 months. I required Soho Market to add back their deduction, but I did not receive any response and also can not contact to the person in charge my account. I asked them to contact me, but no one contact. I require Soho Markets to return my profits of 88,012.49 USD.
Exposure
2024-01-22
FX1998266731
Vietnam
My MT4 is 5102473. On January 13, 2024, I placed an order with the code IRUNI and achieved a profit of 88,012.49 USD, but on January 14, 2024, the floor automatically deducted all of my profits. I'm out of the account. Soho Markets sent an email explaining that it was due to a pricing error on January 13, 2024. But in reality, the price of the IRUNI code has been fluctuating up and down like that for the past 2 months. I asked the exchange to return my money but received no response, and the person in charge of the account could not be contacted. I asked the floor to contact me but no one contacted me. I asked Soho Markets to return my profits.
Exposure
2024-01-21
YP666
Malaysia
All my positions have been hedged. In the morning, I saw that there was 4400-4500 US dollars left in my account, and the margin ratio was also higher than 100, but I was still able to liquidate the position. The most outrageous thing is that my GBPJPY was different in bid and ask price at the same time. The price difference is close to 1800 pips. MT4 account: 5101870 I hope someone can explain this to me.
Exposure
2023-07-30
山丘之王7718
Hong Kong
My client name: Wang Xiuying, account number: 503303 This afternoon, she applied for a withdrawal of 2026.4 US dollars, but the customer service refused to withdraw.
Exposure
2023-07-26
thảo9948
Vietnam
Good deposit and withdrawal, professional advice
Positive
2024-08-21
Fabrice Benoit
Vietnam
SOHO MARKETS is a great option for traders looking for a low-cost entry into the market. Their minimum deposit is reasonable and their commission rates are highly competitive, making it a smart choice for investors.
Positive
2024-07-19
CX40877
United Kingdom
Started trading with them recently and I'm impressed. Setting up was quick, the spreads are tight, and the platform options, especially MT4/MT5, are great.
Positive
2024-06-27
Willem Dekker
Netherlands
Their prices aren't exactly rock bottom, that's for sure. But they give generous 500x leverage on standard accounts! That's pretty sweet.😊😊😊
Positive
2024-05-11
慧优体
Indonesia
I love brokers like Soho Markets very much! In a nutshell, Soho Markets satisfied all of my needs: comfortable trading environment, low spreads, rich educational resources, and more importantly, professional and patient customer service.
Positive
2022-12-19
Zhang Xue Shen
Malaysia
Very good, the service is in place, the deposit and withdrawal are fast, and there is a physical office
Positive
2022-12-15
小陈333
Malaysia
very good! The deposit and withdrawal are fast, and the service is also very good!
Positive
2022-12-14
老拙
Hong Kong
Fortunately, there was no deposit, and they seemed to run away. A friend introduced this platform to me a long time ago. At that time, I felt that the spread was a bit high and the leverage was a bit low, so I hesitated. As a result, my friend suddenly told me that this platform ran away 😂
Positive
2022-12-13