SOFX Review – Is SOFX a scam or trustworthy
Are you planning to trade with an SOFX broker? Scams Report advises to read this SOFX Review before making the trade. SOFX is a suspicious scam based on the following facts we have gathered from authentic sources.
According to the CNMV authority, SOFX is not authorized to provide investment services, and a public warning is also issued by them against this broker.
Website – https://so-fx.com/
Official Address – Roman Landing, 35-37 St Mary’s Place, Southampton SO14 1AU
Warned by standard regulating authority – Comisión Nacional del Mercado de Valores (Spain)
Regulation Status- Unregulated
Domain Status
| Domain Name | so-fx.com |
|---|
| Date Registered | July 06, 2017 |
|---|
| Domain Age | 6 years, 11 days, 16 hours, 21 minutes, 15 seconds |
|---|
What are the signs of a scam broker?
Regulatory Issues
Regulatory compliance is vital for any legitimate business, particularly in the financial sector. Regulatory authorities raise concerns about the company’s failure to meet licensing requirements, inadequate disclosure of information, and potential violations of securities laws. These regulatory issues not only cast doubt on scam brokers’ operations but also indicate a lack of adherence to legal and ethical standards.
Lack of Transparency
One of the primary concerns regarding scam brokers is the lack of transparency in their operations. Transparency is crucial in establishing trust and credibility, especially in the financial industry. This lack of transparency may leave potential investors and customers skeptical about the legitimacy of the company.
Unverifiable Credentials
Another concerning aspect of scam brokers is the difficulty in verifying their credentials. Legitimate companies usually provide clear information about their founders, management team, and employees, allowing interested parties to conduct due diligence. This opacity creates skepticism and casts doubt on the legitimacy of the company.
What makes people suspicious of scam brokers?
The SOFX review raises suspicion about the legitimacy of the broker, signaling a potential scam. The following are some of the fraudulent activities that any scam broker engages in:
- The terms and conditions of scam brokers are such, that it makes withdrawal impossible. Even if it is not possible to bonus. The rules and regulations condition are kept purposefully in such a way as to defraud traders/investors.
- The scam broker calls you umpteen times to invest more and more amounts in the account.
- Claims made through the website are untrue and are virtually not possible to achieve, execute or discharge.
- Returns on investments (ROI) promised by scam brokers on their websites are nearly impossible to achieve.
- Risk warnings while trading is not declared/disclosed on the webpage or would be disclosed in very small fonts at some corner of the page which is hardly readable/noticeable.
- The scam brokers are active in the initial period; later on, they may not communicate with you or avoid replying altogether. They may change the URL or company’s name without notifying traders.
- The broker may be operating from those countries where regulation rules are lenient or vague. More often than not these countries are heaven for scam brokers.
- In the initial period, SOFX may show you that you are making huge gains/profits, but as soon as you submit a withdrawal request, your trades start making losses. Or they will point out some of their illegitimate rules of withdrawals whereby it will be impossible to withdraw.
SOFX broker has one or more of the above-mentioned fraudulent activities and hence we included this broker in the list of scam brokers 2023.
Scammed by the SOFX broker? Here is how you can get full help in recovery.
Many investors feel that it is impossible to get their money back from these fraud/scam brokers. Let me assure you there is nothing like impossible. Many victims feel they are alone, be assured you are not alone; the scam broker has scammed many innocent investors and disappeared into thin air. He has scammed people in the past, is presently scamming, and will continue his activity in the future. Even the most cautious traders/investors make mistakes and fall into the booby trap laid by the scammers.
The best route to recover your stolen/lost money from scams is the Scams Report Team.
Scams Report Team has more than 10 years of experience in the field of fund recovery services from all types of scams like Forex trading scams, Binary Trading Scams, Cryptocurrency scams, Online Scams, Investment Scams, and all other financial scams. Scamsreport is a genuine recovery organization that deploys all modern methods to help the victims of scams.
To file a Quick Complaint against a scammer and Get a Free Recovery Consultation –Click Here
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Note: The information provided in the above SOFX review is derived from existing web SOFX reviews. Please be aware that we cannot be held liable for any legal action taken by SOFX company. If you have any inquiries or concerns, kindly reach out to us via email at [emailprotected].
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FAQs
If you've been a victim of fraud, identity theft, or deceptive business practices, you can report them to the Federal Trade Commission. In 2022 alone, the FTC was able to issue more than $392 million in refunds to people who lost money to illegal business practices.
What are the chances of getting money back after being scammed? ›
Unfortunately, there is no straightforward answer to this question. Whether or not your bank will refund scammed money depends on various factors — such as the bank's policies, the type of scam, how you paid, and how quickly you reported the fraud.
How do I get a refund from a scammer? ›
Contact your bank immediately to let them know what's happened and ask if you can get a refund. Most banks should reimburse you if you've transferred money to someone because of a scam. This type of scam is known as an 'authorised push payment'.
How to recover money from a forex scammer? ›
If you are the victim of a forex scam, recovery will depend on a number of factors unique to your situation (such as your location and your country's regulatory body) and the circ*mstances of the potential scam broker (such as the alleged scammer's location and any applicable laws and regulations).
What can I do if I've been scammed out of money? ›
Federal Trade Commission: Contact the Federal Trade Commission (FTC) at 1-877-FTC-HELP (1-877-382-4357) or use the Online Complaint Assistant to report various types of fraud, including counterfeit checks, lottery or sweepstakes scams, and more.
How to track down someone who scammed you? ›
Individuals should first report the number to authorities and then use reverse phone lookup services to potentially identify the owner. It's advised to involve law enforcement as they can use legal tools to trace the number and locate the scammer.
Can a scammer reverse a bank transfer? ›
By the time you realize you've been a victim of bank transfer fraud, it's usually too late. Scammers have received the money, transferred it to another account, and disappeared. Falling victim to phishing, pharming, or CEO fraud unfortunately doesn't qualify for reversing a wire transfer.
What are the consequences for the person being scammed? ›
Human impact
Fraud can have a devastating impact on these victims and increase the disadvantage, vulnerability and inequality they suffer. Fraud can also cause lasting mental and physical trauma for victims. Fraud also results in lost opportunities for individuals and businesses.
Can I get my money back if I get scammed on Facebook marketplace? ›
If we approve a buyer's claim, in some situations, Facebook may offer a partial refund, otherwise the refunded amount will include the full purchase price of the item, tax, and shipping fees. Decisions on claims are made in our sole discretion. In some instances, we may offer a Goodwill Refund in our sole discretion.
Who can I talk to after being scammed? ›
If you or someone you care about is the victim of a fraud, scam or financial exploitation, you can report the fraud or scam to the Federal Trade Commission (FTC). Because all scams are different, you might have to reach out to a number of other local, state, and federal agencies depending on your situation.
How do banks investigate unauthorized transactions and how long does it take to get my money back? Once you notify your bank or credit union, it generally has ten business days to investigate the issue (20 business days if the account has been open less than 30 days).
How to get your money back from a scammer on Cash App? ›
How do I file a dispute?
- Go to the Activity tab on your Cash App home screen.
- Select the transaction in question and select the three dots (…) in the top right corner of the screen.
- Select Need Help & Cash App Support.
- Select Dispute this Transaction.
Gather Evidence: Collect all the documentation related to your interactions with the scam broker, including emails, contracts, transaction records, and any communication that proves your case. Consult Legal Advice: Seek guidance from a lawyer or a legal advisor who specializes in financial fraud or securities law.
How to get money back from a broker? ›
You can transfer the money to a bank account, wire it, or request a physical check. Most brokers, even the best online brokers that don't have many fees, do charge fees for wire transfers. This type of transfer is faster than a standard electronic funds transfer.
How to recover money from brokers? ›
In theory, if you have lost money because your broker (or any financial institution) gave you bad advice, mismanaged your investments, misled you, or took other unlawful or unethical actions, you can sue for damages. If these breaches of duty are provable, the "merits of the case" are strong, as a lawyer would say.
How long does it take for a bank to refund scammed money? ›
If the bank needs more time to investigate, they can take up to 45 days, but they must at least temporarily return the funds to the cardholder's account by the 10-day deadline. Many banks streamline this process by granting a provisional credit as soon as a dispute is filed.
Can I keep the money a scammer sent me? ›
If you receive money from a form of payment that was stolen by a scammer, that money could be removed from your account. Do not send the money back. If you send your own money back, the stolen funds you received can also be removed from your account.
What happens if you get caught scamming money? ›
The federal government takes online fraud very seriously, and it has a number of laws that make online scamming punishable by jail time. The maximum sentence for wire fraud is 20 years in prison.
