Sonafx.com Review Is Sonaf A Legit Forex Broker

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Sonafx.com Review: Is Sonaf A Legit Forex Broker?

Sonaf Review: this is the name of a Forex and CFD broker that is located in Cyprus. Is sonafx.com a legit broker or a scam?

On the website of this broker, we found an address that places the brokerage in Cyprus. We are aware that all Cypriot Forex brokers are under the authority of Cyprus Securities and Exchange Commission (CySEC). All legit brokers located in the region are mandated to have licenses from this commission and when we checked the register, we found that Sonaf is licensed truly by the CySEC.

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This proves that the Forex broker is not illegitimate. Further, since there exists a regulatory commission supervising Sonaf, clients can be rest assured. Funds that are invested would be traded within the conditions the broker outlines. Any misconduct will be looked into by the authority above.

The brokerage offers clients access to the world’s largest financial market using a user-friendly trading platform. Many world currencies are available to clients and there is a demo account as well. Commissions are said not to apply when carrying out trades. Their workstation allows their clients to overcome geographical limitations in terms of currencies.

It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.

However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.

Sonaf Trading Platform

Sonaf offers traders the MetaTrader 4 trading platform. The MetaTrader platforms are commonly used because they allow the use of trading robots.

Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.

These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.

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Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.

Trading instruments offered to traders are: Forex currencies, CFDs on major international indices, oil, gas and precious metals. We find that it does not offer crypto option to clients. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.

Maximum leverages offered is 1:100 and while this may seem generous but they could pose danger. High leverages can lead to huge loss of funds as well. Spreads are 1.6 pips on the EURUSD pairs.

Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.

Deposit and Withdrawal methods on Sonaf

We do not find many options provided for making payments and withdrawals on the website. It seems the only methods are via Bank wire and cheque. The missing e-Wallet option is a worrying sign.

This is because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.

Minimum deposit required is not mentioned making it difficult to know if it is within the obtainable average of $100 – $250 among brokers or not. Withdrawal charges are not stated for this broker. We found that deposits are processed in 1 day while it takes 3-5 days to complete withdrawal requests.

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

Is Sonaf Licensed?

Yes. Like we have stated when we started, Sonaf is licensed by the Cyprus Securities and Exchange Commission (CySEC). It is wise to trade with brokers that have a license from these kind of commission.

Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.

Support

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Conclusion

Sonaf is a duly licensed broker that is licensed by one of Europe’s top Forex regulatory authority. They offer the popular MetaTrader platform as well as generous leverage. However, the spreads are a bit higher than the average and we find no information on the minimum deposit requirement.

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Fortrade

Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website

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