The broker must have a modern trading platform supported by advanced analytical tools and the latest foreign exchange technology. The trading platform provided by the broker should be easy to use and intuitive enough so that traders can quickly access their accounts and trade. Traders should also be able to customize it to their liking. The next step is to simplify your trading platform so that you can view your trading history, open trades, their status, etc.
He can inflict huge losses on his clients and therefore, in our opinion, is a potential scammer. Hence, it can be almost as harmful as working with an unlicensed broker. Low-level regulators have minimum requirements and oversight and it is not recommended to register with a broker with a low-level license.
Such brokers only need to provide easy access to trading tools, nothing more. Some brokers may offer a wide variety of trading products, while other brokers may specialize in one area, such as foreign exchange. Traders should trade with well-regulated brokers (such as UK or Australian brokers) and reputable brokers.
You can also share your trading experience with SoMo-CREDIT by commenting on this review. Use this review to guide your trading decisions and also do your due diligence on SoMo-CREDIT. Submit your SoMo-CREDIT broker review below and help other traders choose the right broker. Broker SoMo-CREDIT claims on its website that it complies with KYC (Know Your Customers) and AML (Anti-Money Laundering) policies and standards. The company names its address Suite 110, 12 South Bridge, Edinburgh EH1 1DD Scotland, United Kingdom.
However, the Forex broker does not have a compulsory FCA license to do this. The Forex broker is licensed by the VFSC, but this is not enough to offer financial services or products in the UK or Europe. In general, the FCA advises UK investors not to invest with this broker.
We do not recommend trading with SoMo-CREDIT because the broker is suspected of fraud. This does not mean you are discouraged-in many cases, trading is safe and reliable, but only if you choose the right broker. A good broker must not only be regulated, but also have a good reputation, excellent trading conditions and excellent support.
Obviously, SoMo-CREDIT did not do any of the above, and can not even be regarded as a broker, but just a scam in the foreign exchange market. SoMo-CREDIT hides most of the trading conditions and raises suspicion.
The broker provides you with several platforms to access various instruments for trading purposes. The broker login portal will give you access to all your account details, as well as other tools and resources you need to trade. A professional broker never deliberately restricts user access to an account.
Even if errors occur when logging in, the broker must have the resources to remedy the situation as soon as possible so as not to miss out on trading opportunities. If you do not receive a timely response or the customer support agents do not resolve the real issue, the broker may be a scam. The best way to avoid potential scams is to check the broker’s website and research their information.
Sometimes, in Forex trading scams, the fraudulent broker only offers their own platform, which may turn out to be fake. Don’t assume that SoMo-CREDIT is legal just because it had a friendly chatbot that greeted you when you first visited the site, or because the broker paid you a lot of attention in the first few weeks. No one can control the market either, so if any broker promises guaranteed profits, then you are probably dealing with a fraudulent broker.
If investors have evidence that the broker is a scam, it is best not to follow suit. If you sign up quickly, a broker may offer transactions, or they may tell you that if you are not in a hurry to open an account, then the opportunity to make a lot of money will disappear in a day or two. This strategy is a sign of broker scams. A reputable broker will provide useful advice to potential traders. If you are interested in trading foreign exchange, cryptocurrency, CFDs or commodities, paying close attention to the broker you trade with can prevent broker withdrawal problems and help you avoid broker fraud.
We will not only inform visitors if the broker is a scam, but also describe the pros and cons of trading with them. In our broker review, we discussed trading products such as stocks, commodities, ETFs, foreign exchange, options, CFDs, bonds, indices and cryptocurrencies. The proprietary platforms of many high-quality brokers can provide an excellent trading experience.
On the other hand, if the broker no longer provides communication methods such as email, phone, SMS, and chat, and there is a support team that does not seem to understand the transaction or avoid asking certain questions, this may be an indication that the scam is or at least low Quality broker. Some brokers who are not honest will be aggressive towards customers and encourage them to make certain transactions. The most common sign of broker fraud or foreign exchange trading fraud is that the broker is either not regulated at all or has a low-quality regulatory license.
A number of unregulated brokers like SoMo-CREDIT have been reported to cheat people. Doesn’t allow you to withdraw money from your account. These are some of the warning signs of a troubled broker. We advise all investors and traders to avoid SoMo-CREDIT and other Vanuatu brokers.
For further reading, please see SoMo-CREDIT: news