Founded in 2017, SoarFX is a non-regulated Forex and CFD broker offering trading from €250, on a high-tech platform, from all devices. Notably SoarFX provides an exceptional number of cryptocurrency CFDs, including exotic and mainstream currencies such as Bitcoin, Dash, Ethereum and Litecoin.
SoarFX is owned and operated by Bluestar Acquiring Ltd. Whilst the address of the company is not disclosed on the website, we saw that clearing and billing services are done by Hermes Solution DOO, Golubovci BB 81000, Podgorica, Montenegro.
Customers can choose from four live account types, Classic, Standard, Premium and VIP, depending on their personal trading objectives and requirements. At the time of writing this review, we saw that a Demo account for risk-free, practice trading is ‘coming soon’. Desktop and mobile Forex trading is available to all account holders at SoarFX, together with 24/7 customer support.
All SoarFX trading account holders have access to financial leverage up to 1:200, considerably lower than most forex brokers offer. Notably the leverage ratio determines how much money can be borrowed from the broker for trading in Forex and CFDs. Whilst leverage enables customers to trade much greater volumes than they could by only using their own capital, it can also magnify losses. The exact leverage ratios at SoarFX depend on the asset class, with traditional currency pairs benefiting from the highest level of leverage. CFD trading in cryptocurrency pairs is limited to the lowest leverage ratio, because of the greater risks arising from highly volatile markets. SoarFX incorporates trading fees into spreads by marking up or down, the difference between Bid and Ask prices of each asset. Alternatively, it charges trading commission per lot, or a combination of commission and spreads.
SoarFX Classic Account
A minimum deposit of €250 is required to open a Classic account with SoarFX, giving part access to video tutorials. Notably, customers are offered a voluntary deposit bonus of 30%. However, the list of tradeable assets is limited to base currencies, gold, silver and oil. Spreads are fixed, with the EUR/USD from 3.0 pips.
SoarFX Standard Account
To open a Standard account, with fixed or floating spreads, requires a minimum deposit of €2,500. Moreover, a deposit bonus up to 50% is offered to Standard account holders, depending on the amount of the first deposit. As with the Classic account, the available assets are limited to base currencies, gold, silver and oil, and customers given only part access to video tutorials. However, Standard account holders are assigned a dedicated account manager and automated ‘robot’ trading possibilities.
SoarFX Premium Account
An initial deposit of €20,000 is required to set up a Premium account with SoarFX with fixed or floating spreads. Customers are assigned a dedicated account manager, offered up to 70% deposit bonus and full access to video tutorials. Significantly, Premium account holders can choose from the full range of currencies on the SoarFX trading platform, as well as CFD trading in shares and indices. Moreover, automated robot trading is made available on the trading platform.
SoarFX VIP Account
To open a VIP account with SoarFX requires an undisclosed initial deposit. To find out the minimum amount required, potential customers need to get in touch with the support team by phone, email or live chat on the interface. The VIP account holder is assigned a dedicated account manager and offered a deposit bonus up to 100%. Moreover, VIP clients get access to the entire range of instruments at SoarFX with adjustable spreads.
Traders at SoarFX can enjoy the benefits of a broad range of educational resources on the website including eBooks and video tutorials, with in-depth learning. However, the extent of video tutorial access depends on the trading account type selected by the customer.
SoarFX Bonuses and Incentives
All new customers are offered a voluntary bonus when they register a trading account and make an initial deposit. Importantly, the bonus can’t be withdrawn as a lump sum from the trading account, but is awarded to boost investment capital and provide the opportunity for making more profits at SoarFX. However, any kind of bonus or incentive accepted by customers, is subject to the non-deposited funds policy at SoarFX. Primarily, bonus funds can only be withdrawn, after a specific minimum trading volume has been executed by the customer. At SoarFX the minimum trading volume is usually 25X the deposit and the bonus amount but may vary according to the individual promotional offer.
Trading Software & Assets
Customers at SoarFX have access to the world’s favourite Forex trading platforms, the MetaTrader4 for desktop, MT4 WebTrader and the MT4 mobile trading app. Tradeable assets include Forex currency pairs (including cryptocurrency pairs), indices, commodities and shares.
SoarFX MT4 Platform Features
The MT4 platform is designed for download to desktop computers. The powerful system is easy to use and takes up few resources on the desktop.
- 3 trade execution modes including market and pending orders
- 30 built-in technical indicators
- 24 graphic objects and advanced charting capabilities
- Symbols displayed in 9 time frames
- High security standards with encrypted data exchange
- Detailed user guide built into the trading platform
- Multiple languages and 24/7 support on the platform
- Real time quotes in Market Watch
- Automated trading with trading robots/expert advisors
- Trading signals copy trading service
- History of trading operations
SoarFX WebTrader Platform Features
With the MT4 web platform, traders can trade from the browser of any internet connected device, irrespective of the operating system.
- No need to download any software, only log in with the SoarFX username and password.
- Convenient and easy to use – compatible with Windows, MacOS and Linux.
- Includes all the features of the MT4 desktop version described above.
SoarFX Mobile Trading Platform Features
The SoarFX mobile trading app provides access to the MT4 mobile trading platform from Android and iOS powered phones and tablets.
- Provides full control over the SoarFX trading account
- Analyze trading information 24 hours a day
- All MT4 order types and execution modes
- 3 chart types
- 30 indicators and 24 analytical objects
- Financial market news
- 9 time frames
- Intuitive interface
Customers can get in touch with customer support 24/7 over live chat on the interface, email and by phoning a UK phone number, indicated on the contact page. Alternatively, a contact form can be submitted directly to the support team with a message, so that an agent can respond rapidly to the enquiry.
Banking & Company Information
Customers can fund their SoarFX trading accounts with credit/debit cards or bank transfer using SWIFT. Whilst a range of alternative payment methods is also accepted, additional fees and restrictions may be applied by the broker. Unfortunately, we cannot report on the payment methods fees schedule as it is only visible to registered customers. However, we were pleased to see that whilst trading accounts must be in either USD, EUR or GBP base currencies, customers may deposit in any currency. Subsequently, the money is converted to a base currency by SoarFX (at rates chosen by the broker). The minimum deposit by credit/debit card is €£$250 and the maximum per transaction is €£$10,000.
Because SoarFX complies with international anti-money laundering regulations, funds can only be withdrawn in the currency used to deposit to SoarFX. Moreover, the amount of money withdrawn to a credit card can’t exceed the amount deposited with that card. Withdrawals exceeding that amount are sent by bank wire transfer to SoarFX customers. To withdraw money from SoarFX, customers must provide scanned colour copies of an official ID document, and a recent utility bill with an address matching the one given on the account registration form.
To make a withdrawal, customers must fill in the ‘withdrawal request’ form on their personal account page, print the form and sign it by hand. Then, the completed form must be scanned and sent to SoarFX for processing. Notably, all withdrawals are charged a processing and handling fee, deducted from the withdrawal amount. We saw that processing usually takes 3-5 business days if all account verification documents were submitted in a timely manner. However, it takes up to 5 business days for funds to be released to customer’s bank accounts or credit cards.