SonaFX

Read this review of SonaFX to see what this broker has on offer, and if you should invest any money with it.

SonaFX’s holding company, Sonaf Business Ltd, is regulated by CySEC, even though the website can at times seems a bit on the sloppy side. This watchdog’s work is to oversee brokers and their operations, and if necessary to take disciplinary actions. Furthermore, SonaFX is a member of The Investors Compensation Funds (ICF) under CySEC, that has as objective to compensate traders if a member of the ICF is unable to carry out its obligations. If this occurs then the trader is reimbursed a maximum of €20 000 from the collective fund.

We could not proceed opening a new account. This may seem a bit shady but bear in mind that the broker is 100% CySEC licensed. Nevertheless, with a proper registration we had no real access to the trading platform, and so any information that we normally take from the terminal will be taken from the website instead.

Anyway, the EUR/USD spread here is said to be 1 pip, while the leverage is capped at 1:30 due to ESMA ruling.

Trading assets are said to be Forex Pairs, Indices, Metals, and Oil. In this day and age of forex, this limited selection of instruments is too short to satisfy.

The website is exclusively in English.

SONAFX LOGIN

As mentioned, we could not register. Nevertheless, SonaFX comes with a MT4 platform.

METATRADER 4

MetaTrader 4 is by far the most popular trading platform out there, making it the number one choice for trading. MT4 encompasses a to-the-point look and feel without sacrificing any accessibility. With MT4 you can set automated bots to trade instead of you so that you can indulge in other activities while profit is made (or lost). MT4 also comes with over 50 customizable trading indicators, great options for managing your charts, auto-trading bots and many more pros.

At SonaFX the EUR/USD spread seems to be 1 pip, while the leverage is maxed at 1:30.

The broker makes it clear on the Home Page that there are no commissions. However, on the Order Execution Policy, the broker mentions multiple times that it may charge users a commission:

It does not say anywhere if the MT4 is available on more than the desktop.

SONAFX MINIMUM DEPOSIT

It’s time to mention the very limited information the broker offers on deposits and withdrawals. The main website comprises of only a Home Page, small deposit/withdrawal pop up windows, a legal documents section, and a register/login zone. All the information on deposits is either ambiguously scattered in the Legal Documents, or there to be seen in the Client Area.

The Customer Agreement states that the minimum deposit is $100.

The payment methods seems to be only via Wire Transfer, because the Deposit window has a SWIFT requirement, and nothing more. The Legal Docs mention other methods, Credit Card being the most talked about.

Unfortunately, we could not distinguish what the account base currencies are.

According to the Home Page, deposits are processed with 1 working day.

SONAFX WITHDRAWAL TIME AND FEES

What we wrote about the deposit info is also applied to the withdrawal info. Nevertheless, SonaFX is licensed by CySEC, and as such is guaranteed to process all withdrawal requests and return any investment plus profit to its rightful owners.

The same methods used to deposit, are used to withdraw; the only methods seemingly being via Wire Transfer and Credit Card.

There is no info on a minimum withdrawal info.

In the Home Page, the broker mentions that withdrawal requests are usually processed between 3 to 5 working days.

There are no withdrawal fees per say, but there are some troubling clauses that we will direct you attention to. The first one is a Research Fee of $150 applied to every user who places a chargeback order with his credit card company:

Furthermore, the broker has the right to remove the customer’s fund from their segregated bank account, if the trader hasn’t done any trading or investing for a period of time that is unsure, for the broker has mistakenly (or maybe purposefully) noted it as being “a period of at least six (1) year”.

Going in tune with this, is the Dormant account fee of $5 per month, if a user hasn’t done any transaction in over 12 months:

BOTTOM LINE

We are slightly suspicious of this broker and its shady clauses. Not to mention that the website is quite lack luster, and trading conditions are hard to grasp. The only thing keeping SonaFX together is the CySEC license, and even with it we do not recommend it.