SinoSoft FX is a Forex and Commodities broker and it exists for two years now. From the moment you enter the website, it is clear that this broker wants to make a difference in the Forex industry. But honestly, I do not believe they choose the right way to do that. I am talking about promises to the clients and one of them is to be active fewer hours and make more money. I won’t mark this broker as a scam for saying this, but it is a red flag. No one can promise you more money in less time. Forex is quite unpredictable, and you can grow only if you educate yourself enough. That’s the reason I will go through the education section as well, to see if SinoSoft plans to work on clients’ skills.
Quality of service
Unfortunately, this SinoSoft review won’t begin positively. As I already told, the education section has to be extraordinary if this broker wants to fulfill its promises. Guess what? There is no education section at all.
When it comes to accounts, things are a little bit better. You can choose between three of them and spreads start from 0.6 Pips (for Platinum Account). Leverage is up to 1:300 and the minimum trading volume is 0.01.
The trading platform is also excellent, just like the account offer. You can download MT5 and customise it according to your preferences, which is great.
Speed of response
The main problem I have with this broker are promises versus reality. I wouldn’t expect a lot if I have not seen all those amazing things at the beginning. But now, I am just disappointed. There is no proper customer support that would be available 24 hours.
There are different contact methods, though, but you will wait for a response. I can wait a bit to receive an answer on my email, that’s not a problem at all. But when I see the Live Chat option, I expect an instant answer. In this case, Live Chat is not actually Live. You need to fill in a form before you reach out to them and that complicates things a lot. Even that wouldn’t be a problem if I actually received a reply. Unfortunately, that did not happen.
We finally came to the part that I like — transparency. When it comes to deposit/withdrawal speed, this broker doesn’t hide anything. An average deposit request time is 14 minutes, the average ID verification time is 287 minutes and an average withdrawal request processing time is 209.5 minutes. Everything is written clearly, and you know what to expect.
The money will be on your account within two to six days if you choose a Credit Card and the same day if you go with eWallet. As you can see, I am more than satisfied with this part and it gave me hope this SinoSoft review will turn out to be very positive.
When I talk about commissions, I do not only look at Deposit and Withdrawal Policy. Instead, I go visit Terms and Conditions as well, to make sure everything is transparent. Well, this broker doesn’t have a Terms and Conditions page and I find that very questionable.
The fees you need to pay are for both deposits and withdrawals. If you ask me, that is quite unnecessary. Withdrawal fees are more than enough. For Neteller the fee is 2%, for Skrill, it is 1%, for WebMoney, it is 0.8% and for Perfect Money, it is 0.5%. If you choose a Credit Card, the fee is $2.5 plus 2.5% and for Bank Wire Transfer it is $40 (€20).
I guess there are more fees than this, but since there is no Terms and Conditions page, we are unable to tell that.
SinoSoft doesn’t have a license and in most cases, I am fine with that. But this time, you cannot count on customer representatives if a problem occurs. Also, there isn’t a possibility to use Terms and Conditions as a legal document, since you cannot find it on the website. So, if something happens you can say goodbye to your funds.
Variety of payment methods
This broker provides a variety of payment methods and I am surprised to see that. You can choose between Neteller, Credit Card (Visa, Maestro, and MasterCard), FastPay, PayPal, Skrill, WebMoney, QiwiWallet, Yandex Money, and Bank Wire Transfer.
I am completely satisfied to see this and as my final word, I can say this is not the worst broker I have ever seen. I cannot guarantee you won’t be scammed, but there are decent offers and some parts are quite transparent so it’s totally up to you to decide whether you can trust SinoSoft or not.