Sonar Markets Account Types & How to Open

When we set out to review Sonar Markets — the trading name of BUX Financial Services Limited, registered in the United Kingdom — we expected to find a standard menu of retail trading accounts. Instead, our records show a broker that is still very much in its infancy, with a founding date of 3 January 2023 and no verifiable website or social-media presence as of our latest check. That absence is itself a significant finding for any trader considering this firm.

Our independent assessment is based on the regulatory file held by the FCA, which lists Sonar Markets as holding a Market Making (MM) licence under number 184333. However, the status of that licence is marked as '—' in our records, meaning we cannot confirm it is currently active. The registered address is 2nd Floor Canvas, 35 Luke Street, London EC2A 4LH, United Kingdom. We cross-checked this against the public register and found no clone or impersonator sites flagged, but the lack of a live website is a red flag that we take seriously.

Our known facts do not disclose any specific account tiers for Sonar Markets. There is no mention of a standard, premium, or Islamic account, nor any differentiation between retail and professional clients. This is unusual for a broker that holds an FCA licence, as most regulated firms at least outline their basic account structure. We cannot confirm whether Sonar Markets offers a demo account, a swap-free option, or any managed account service.

In FXCanary's assessment, the absence of account-type information is not necessarily a sign of wrongdoing — new brokers often launch with a minimal product and expand later. However, for a trader, it means there is no way to compare spreads, commissions, or minimum deposits before signing up. We advise treating any marketing claims about account features with caution until the broker publishes clear, verifiable terms.

We looked for minimum deposit figures and leverage ratios in our records and found none. The known facts are silent on these critical trading parameters. Similarly, we have no data on spreads or commissions. This is a significant gap because these figures directly affect a trader's cost and risk exposure.

For context, FCA-regulated brokers in the UK are subject to ESMA leverage caps — typically 30:1 for major forex pairs and lower for other assets — but we cannot confirm that Sonar Markets adheres to these limits because we have no published leverage information. We also cannot verify whether the firm offers negative balance protection, which is a standard requirement for FCA-authorised firms. Until Sonar Markets discloses these details, we recommend treating any claims about low spreads or high leverage as unverified.

We have no records indicating which trading platform Sonar Markets uses. There is no mention of MetaTrader 4, MetaTrader 5, cTrader, or a proprietary web-based platform. This is a major omission because the platform is the trader's primary interface with the market.

Without a confirmed platform, we cannot assess the quality of charting tools, execution speed, or order types available. We also cannot confirm whether the platform is available on desktop, web, or mobile. In our experience, a broker that does not publicly state its platform is either still developing its offering or deliberately opaque. Either way, traders should demand this information before depositing any funds.

The account-opening process for Sonar Markets is not documented in our records. We do not know whether it is fully digital, whether it requires a minimum deposit upfront, or what documents are needed for verification. Given that the firm has no verifiable website, we cannot even confirm that an online application form exists.

In the UK, FCA-regulated brokers are required to conduct thorough Know Your Customer (KYC) checks, including proof of identity and address. We would expect Sonar Markets to follow this standard, but we cannot verify it. We also cannot confirm whether the firm accepts clients from all jurisdictions or restricts certain countries. Traders should be prepared for a potentially lengthy verification process, and should never send funds without first confirming the broker's identity and regulatory status.

The most concrete fact we have is the FCA licence under number 184333, with a Market Making (MM) permission. However, the status is listed as '—', which is ambiguous. It could mean the licence is pending, suspended, or simply not updated in our records. We cross-checked this against the FCA's public register, but our web results did not provide a clear match for Sonar Markets or BUX Financial Services Limited.

We did find references to a 'BUX' entity in web results, but those appear to relate to a different company — a European neobroker — and not to this UK-registered firm. This is a common confusion with similarly named entities, and we have set our web confidence to 'low' for this reason. In FXCanary's assessment, the regulatory picture is too unclear to give Sonar Markets a clean bill of health. The FXCanary Scam Risk Score of 43/100 (Guarded) reflects this uncertainty.

Our records show that Sonar Markets has zero employees on file. This is a striking detail for a regulated financial services firm, as even a small brokerage typically has a handful of staff. Combined with the lack of a verifiable website or social-media presence, this raises serious questions about operational capacity.

The FXCanary risk flag specifically notes 'No verifiable website or social-media presence'. This means that as of our latest check, we could not find an active domain or official social accounts for Sonar Markets. While it is possible the firm is in a pre-launch phase, a trader cannot verify the broker's existence beyond our regulatory file. We strongly advise against sending funds to any entity that cannot be reached through a working website or official contact channels.

Given the lack of public information, we cannot provide step-by-step instructions for opening an account with Sonar Markets. We do not know if the process is online, what documents are required, or whether there is a minimum deposit. In the absence of this information, we recommend the following cautious approach.

First, verify the broker's identity directly with the FCA using the licence number 184333. Second, ask the broker for a copy of their terms and conditions, including a full breakdown of spreads, commissions, and leverage. Third, test their customer support through email or phone — if they cannot be reached, that is a major warning sign. Finally, never deposit more than you can afford to lose, and consider starting with a demo account if one is available. Until Sonar Markets provides transparent, verifiable information, we cannot recommend it as a safe trading venue.

Sonar Markets is a broker that exists on paper — with a UK registration and an FCA licence on file — but has no visible digital footprint. This is a paradox that should give any trader pause. In our experience, legitimate brokers invest in a professional website and customer support from day one. The absence of these basics suggests either a very early-stage operation or a potential red flag.

We will continue to monitor Sonar Markets and update our review if new information emerges. For now, our advice is to treat this broker with extreme caution. If you are considering trading with Sonar Markets, we urge you to conduct your own due diligence, contact the FCA directly, and only proceed if you can verify every detail we have highlighted. The FXCanary Scam Risk Score of 43/100 (Guarded) reflects our measured concern, not a definitive scam verdict — but the burden of proof is on the broker to demonstrate its legitimacy.