Reason to avoid: no license
Listed Date: November 13, 2018
Top 3 Regulated Forex Brokers
Beware SoarFX is a Non-Licensed Broker. It is NOT SAFE to trade.
- Company name:
Bluestar International Acquiring Ltd. SoarFX.
- Registration Address/ License:
Address is not clear. No License, No Regulation.
The potential client of SoarFX gets an opportunity to trade on the currency market (FOREX) and in CFDs, shares and indexes through an MT4 platform. The SoarFX is a trading name used by the Bluestar International Acquiring Ltd and that is all information available about the broker. There is no any mentioning on the official website about an address, registration or whatsoever, while the only address mentions a payment provider Hermes Solution DOO in Montenegro.
Therefore, the broker’s operation and provision of services is in question, and definitely, it means the broker is non-regulated while targeting client just by attractive proposals and conditions. And this is exactly the reason we always advise trading with a regulated broker only, as these firms are constantly overseen and reported.
As the industry grows, the market authorities issues regularly warnings against those companies that use targeting tactics without its legal permission to do so and seem to be scams. Moreover, non-regulated firm means that no one ever checks the company sustainability, ability to deliver financial service and what stands behind the firm.
In regards to SoarFX, of course, we recommend avoiding their proposals by any mean. Also, the European authority CONSOB, Italy issued an alert against SoarFX, while further EU regulators followed the issue.
“The soarfx.com website, registered in anonymous form by a user whose identity is not known. Considering that the SoarFX company, with alleged registered office in London, is not authorized to provide investment services to the Italian public, insofar as it is not registered on the register we recommend avoid trading with them”