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Abstract：A good rule of thumb is to carefully review all the forex companies for that matter before you start any transaction.
SINOXFX has got many negative reviews and investors who traded with this broker have raised many complaints against it.
Claims to start its business from 2016
SINOXFX introduces that it is a world-class provider of online trading for multi-asset financial products with experience of over 6 years in Stocks/forex/ETFs /Commodities/CFDs. Also its homepage claims “Copyright © 2016.SinoxFx”.
However, when we checked its domain name(https://www.sinoxfx.com/), we found it was created in 2021.
So where is its six years of experience from？ It is a red flag here.
Only a registered firm, not overseen by any regulators
This company does not appear to be regulated by any government authority.
The company claims to be registered in the UK. We do find a result for SINOXFX in Companies House of the United Kingdom, which is just a registrar of companies and has no legit rights to regulate any forex activities. As per the British law, all firms and individuals offering, promoting, or selling financial services or products in the UK have to be authorized or registered by the FCA. We searched with the entity's name in the database of FCA and find no results. That means the entity is not an approved broker that offers financial services in the UK.
What's more, SINOXFX has another registered address in the United Arab Emirates. But there are also no matching results for SINOXFX in the Central Bank of the United Arab Emirates (CBUAE). That means SINOXFX is not overseen by any regulators.
Bad reviews from customers
To be honest, we have checked all over the internet but failed to find any positive reviews or customer feedback about the platform. Victims have reported withdrawal issues with SINOXFX.
One client deposited 1900usd and made some profits, but he never get any money- neither profit nor initial deposit because he always had a failed withdrawal. Here are some conversation between he and his account manager:
Based on the above information, we therefore conclude SINOXFX is a scam.
A way to hurt scam companies and save other traders from falling victims is to leave bad reviews on different sites, and describe shortly what happened. If you fallen victim please leave a review and a comment on our site at the review section.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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