The Forex market is a highly risky market and all traders who decide to enter the market should be aware of that. Sometimes, broker companies hide behind the risk factor and scam over traders under the excuse of market volatility. Therefore, traders have to research thoroughly to find the right broker who is not going to manipulate price quotes and the trading environment. The market is hard to define since there are no clear-cut rules and that is what many Forex companies use to their advantage. The good news is that there are also many brokers out there who proved that their work is transparent and honest. This review is going to deal with yet another CySEC broker who seems to offer a standard service package. How it looks like to trade with Sonafx can be found below in this Sonafx review.
Forex Brokers We Recommend
Sonafx is known under the name of Sonaf Business Ltd, but its official website is sonafx.com. Even if the broker seems alright, the fact that their website is not encrypted and has no https protection or validation raises some confusion. This means that the website is not secure, and if the website is already not secure, how can we be sure that our data will be safe with this broker. This is not the first broker who lacks proper website safety, and unfortunately, not the last one. On the other side, Sonafx is registered with CySEC and runs its main office form Cyprus. According to our findings, the broker has never had issues with its license or license renewal since it was established. The broker was founded in 2012 which means that the broker is relatively new in the business in comparison to more experienced brokers who have been in business for the last ten years. Despite the website issue, we will give you an insight into the brokers’ offers and their dealings in this Sonafx review.
Sonafx uses the highly customizable, cutting-edge, modern Meta Trader 4 to equip its clients with the best platform in the market. The MT4 has been making traders happy for more than a decade now and offers more than any other platform. The MT4 is convenient for market making and ECN/STP services. It helps you hedge your positions, sends you free trading signals and can even carry out trades for you via Forex robots which are a part of the magnificent platform. Sonafx also offers the appropriate Sonafx mobile app for more convenient trading and around-the-clock access. Every broker has to offer a mobile trading app if they want to compete in the overcrowded market.
The broker offers ECN services which means that you get to trade only against liquidity providers and not the broker. ECN services made it possible to avoid conflict of interest between the broker and traders, which was a huge step. Sonafx offers CFDs, Forex, commodities, and indices as tradable assets. It seems that the broker offers only two types of accounts, a demo, and a universal account. You can apply for the account on the Sonafx website but there is no available information on minimum deposit amount, trade volume or maximum deposit. The only information we have got is that leverage can go up to 1:500. Probably, traders can get the information if they contact the customer support service which will break down the details. It is strange that the broker keeps the information to themselves and does not announce them publicly. Traders are usually not comfortable with such brokers who do not share publicly general information. This might be a reason to raise a red flag, but still, we do not have full information on the situation, so we will restrain from any comments. If you are intrigued by the whole situation, you might contact Sonafx customer support for more information.
As far as we know, the broker does not offer any bonuses or promotions. We also doubt that a secret unannounced bonus is waiting for you. There is no welcome, deposit, or no-deposit bonus. The broker does not run promotions or seasonal contests. Lately, brokers massively exclude bonuses form their service packages and do not use it anymore as an advertisement tactic to attract clients. Many traders frown upon such decisions, but yet they know that it is far more important to have a reliable than generous broker. Both in one is always a welcome solution, but it is not essential.
The broker offers limited payment methods, e.g. bank transfers, credit cards, and Neteller. This is not enough to cover all preferences of traders who like to have more payment options. Nevertheless, this is not a surprise since the broker failed to provide many other things as well.
The customer support is available 24/5 and probably very busy with calls from confused traders who lack general information. The Sonafx support team is available via e-mail, phone, and live chat. You can also contact them via: