Sonafx.com Review Is Sonaf A Legit Forex Broker

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About us

Who we are

Trading with Sonaf means trading with a broker that is Fair and Just. At Sonaf, all clients are treated in a respectful manner and are given the same privileges regardless of the clients’ capital net worth, size of investments, or even account type. As a strong proponent of transparency, we establish the highest standards of safety for our clients’ funds.

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Why Forex

Forex trading, or currency trading, or FX trading, as it can be also abbreviated, are all terms that describe the currency exchange market as we know it today, which in simple language refers to the global, dec.

Why Metals

The trading of precious metals is an ancient business practice that has been revolutionised by electronic trading and global futures exchanges. It is also a safe haven asset and its price can be dramatically af.

Why CFDs

CFDs on stocks are subject to dividend adjustments. When a stock security pays dividends to its shareholders, dividend adjustments will be made to the trading accounts of clients who hold a position on the index at 00:00 GMT+2.

Why commodities

Along with the global currency exchange markets, commodity markets offer various investment opportunities for retail traders worldwide. Soft commodities such as sugar, wheat or corn have been traded for centuries, and investors.

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Account types

Regular Accounts: (Up to $10K in Equity) Commissions $20 / Lot ; 2 Pips Spread

Silver Accounts: ($10,001 to $25,000K in Equity) Commission $16 / Lot; 1.5 Pips Spread

Gold Accounts: ($25,001 to $50,000 in Equity) Commission $10 / Lot ; 1.0 Pip Spread

Platinum Accounts: (Over $50,001 in Equity) Commission $6 / Lot; Raw Spreads

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Legal: Sonaf business Limited is regulated by the Cyprus Securities and Exchange Commission (CySEC). License Number (174/12) Sonaf business Limited Company Reg. Sonaf business Limited is governed by all applicable EU and local regulations including the European Markets in Financial Instruments Directive II (MiFID II) and the Cyprus Investment Services and Activities and Regulated Markets Law of 2020 (Law 87(I)/2020).

License & Regulation : The Cyprus Securities and Exchange Commission (better known as CySEC), is the supervisory and regulatory authority of the Cyprus Stock Exchange and investment services firms in Cyprus. CySEC is a member of the European Securities and Markets Authority (ESMA) and governed by the European MiFID regulation since Cyprus became a member of the European Union in 2004. The Company is governed by the European Markets in Financial Instruments Directive (MiFID) and the Cyprus Investment Services and Activities and Regulated Markets Law of 2020 (Law 87(I)/2020).

MIFID II : The Markets in Financial Instruments Directive (MiFID) Directive 2020/65/EU which came into effect on 15th of May 2020, is a European Union Law that provides harmonized regulation for investment services across the 31 member states of the European Economic Area. The main objective of the European Union’s MiFID II is to harmonize the governing of financial markets within the European Economic Area (EEA), and therefore to increase efficiency, improve financial transparency and consumer protection in investment services. MiFID II allows an investment firm to freely provide its services both across the EEA and to other countries, provided that such services are covered by the investment firm’s authorization.

Investor Compensation Fund : The Company is a member of the Investor Compensation Fund, which covers eligible clients of Cyprus Investment Firms. Being a member of the Investor Compensation Fund provides our clients with an additional protection for their investment, MiFID retails clients are covered up to €20,000 by the ICF in Cyprus. The objective of the ICF is to secure claims (in connection with investment services – or ancillary services) against Cyprus Investment Firms, in the event of the inability of the member to fulfil its financial obligations.

Safety of clients’ funds : The company follows the strict policy that all client funds are kept fully segregated from the Company’s own funds. This policy ensures that client funds cannot be used for any other purposes and are available for clients at all times. Therefore, clients can rest assured that their funds are safe at all times.

Risk Warning: CFDs are complex instruments and come with high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Client categorization: All clients are categorized as retail clients unless otherwise communicated to the client who are therefore under increased protection of the law and eligible for claims to the investor compensation fund.

Non-Service Jurisdiction: The information on this website is not directed on residents of certain jurisdictions/countries including but not limited to Australia, New Zealand, Canada, Iran, Iraq, North Korea, Japan, USA, Cuba, Syria, Sudan, Afghanistan, Guyana, Lao People’s Democratic Republic, Uganda, Yemen, Venezuela and Puerto Rico or to any jurisdiction where such distribution would be contrary to local and European laws and regulations.

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Sonaf Review – is sonafx.com scam or good forex broker?

Trading Accounts and Conditions

Trading account Min. deposit Max. leverage Spread
Standard N/A 1:100 1.6 pips

Cypriot brokerage Sonaf appears to offer a single trading account type with access to the MetaTrader4. The broker holds a license with CySEC, which brings along significant advantages for its clients. For more details, read our thorough and unbiased review on Sonaf.

Sonaf Advantages

Licensed in Cyprus, part of an international group

The brokerage is a trademark of Sonaf Business Ltd. – a Cypriot Investment Firm (CIF), licensed by the Cyprus Securities and Exchange Commission (CySEC).

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CySEC- regulated brokers should meet a number of requirements, which significant assurance for the security of their funds. For example, they have to keep clients’ funds in segregated accounts, to report transactions on a regular basis, maintain a minimum capital of EUR 730 000, participate in the Investor Compensation Fund (ICF), and also adhere to all rules introduced on a EU level. The latter include provision of negative balance protection, leverage cap of 1:30, disclosing the percentage of clients who suffer losses, etc.

As was mentioned above, Sonaf uses the MetaTrader4, simply known as MT4. This platform is preferred by most traders, beginners and professionals alike, because it provides perfect trading environment with great functionality. The software is light, fast, easy to use and reliable. Furthermore, it offers top-notch charting and is praised for the support of Expert Advisors – automated trading bots.

Up to 1:100 in leverage, wide range of assets offered

Forex brokers legally operating in the European Union need to comply with ESMA’s rules, so they are not allowed to offer leverage higher than 1:30 to retail clients. Yet, many of them provide professionals with higher ratios, and Sonaf is no exception to that. When we tested its demo MT4, the maximum leverage levels available were 1:100.

Furthermore, the broker’s offer seems quite broad in terms of assets available for trade. Sonaf’s product portfolio covers currency pairs, CFDs on indices, commodities, precious metals, and some stocks.

Sonaf Disadvantages

Unpolished presentation of trading conditions

Sonaf has actually not shared with (potential) clients some important details of its offer, such as the initial investment required, the typical spreads, transfer fees, etc. Although one can sign up for a demo account, this does not leave a good impression, especially on the part of a well-regulated broker.

Demo spreads not that good

As indicated on Sonaf’s website, the broker offers spreads as low as 1 pips on EUR/USD, which is an attractive pricing. When we tested the broker’s MT4 in demo mode, however, we found the spread on this pair floating around 1.6 pips, which is slightly above the average in the sector.

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For further information and comparison, you can look up the spreads of some of the best forex brokers in real time.

Limited payment methods

Bank wire and cheque seems to be the only way to deposit and withdraw funds to and from Sonaf. This is not a significant flaw, but still may be inconvenient for those who are used to the modern instant payment methods, like credit cards and e-wallets such as Skrill, Neteller, Bitcoin and others.

Conclusion

Sonaf is a Cypriot brokerage whose offer is not bad. It supports the widely used MT4 platform, and offers a good selection of tradeable assets. Although there are several things we don ’t like about this broker, the solid regulation outweighs them.

Holding a CySEC license means that the brokerage meets a number of requirements, which safeguard consumers against financial crimes and abuse. Besides, now that the UK is exiting the EU, Cyprus is becoming the most popular forex destination in Europe.

Here are the highlights of our review on Sonaf:

Pros Cons
Licensed in Europe Unpolished presentation of trading conditions
Access to the MT4 Demo spreads not that good
High leverage, many trading instruments Limited payment methods

Unpolished presentation of trading conditions

Demo spreads not that good

Limited payment methods

Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

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.

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.

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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.

COMPARE WITH A TRUSTED BROKER

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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