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.