Is Sonar Markets a Scam?

When we at FXCanary sit down to assess a broker, we do not rely on marketing pages or the tone of a website. We start with the public regulatory registers, cross-check the legal entity against the official domain, and then weigh the protections that actually apply to a client's money. For a broker with no independent user reviews yet, that regulatory groundwork is even more important, because there is no track record of complaints or payouts to lean on.

For Sonar Markets — the trading name of BUX Financial Services Limited, registered in the United Kingdom and operating from buxmarkets.com — our review found a single FCA licence on file, with licence number 184333, under a Market Making (MM) permission. That is a meaningful starting point, but it is only a starting point. The FCA register shows the company was founded on 3 January 2023, and our records list zero employees, which is an unusual data point for a firm that presents itself as an active broker. We treat that as a caution flag, not a verdict, but it is exactly the kind of detail a trader should want explained before depositing funds.

FXCanary's Scam Risk score is a composite measure that weighs regulatory status, corporate transparency, operational history, and the verifiability of the broker's public presence. Sonar Markets scores 43 out of 100, which we classify as 'Guarded'. That is not an accusation of fraud, but it is a clear signal that the broker sits in a zone where caution is warranted.

The single most important risk flag in our assessment is that there is no verifiable website or social-media presence for the broker. That is a serious issue for any financial services firm. A legitimate broker, even a small one, typically has a functioning domain, active social accounts, and some trail of public interaction. When we cannot verify even the basic digital footprint, we cannot independently confirm that the entity behind the licence is the same one a trader would actually deal with. That gap is precisely what clone and impersonation scams exploit, and it is why we flag it so prominently.

The Financial Conduct Authority is one of the most respected regulators in the world, and holding an FCA licence is a strong positive signal. The licence on file for BUX Financial Services Limited, number 184333, covers Market Making activity. That means the firm is authorised to operate as a principal in financial markets, which is a standard permission for brokers that offer their own liquidity.

However, an FCA licence is not a blanket guarantee of safety. It means the firm is subject to FCA conduct rules, capital adequacy requirements, and oversight, but it does not mean that every aspect of the broker's operation is verified or that client funds are automatically protected in every scenario. The FCA's client money rules require segregation of client funds from the firm's own money, which is a critical protection. In the event of the firm's insolvency, segregated funds are meant to be returned to clients, though the process can be slow and is not always fully recovered.

Additionally, UK clients of FCA-regulated firms are covered by the Financial Services Compensation Scheme (FSCS), which can compensate eligible claims up to £85,000 per person per firm. That is a real safety net, but it applies to UK clients and to the specific regulated entity. A trader outside the UK, or one dealing with a clone that falsely claims FCA authorisation, would not have that protection. We cannot confirm from our records whether Sonar Markets offers negative balance protection, which is another important safeguard for retail traders, particularly in volatile markets.

Our records show that the official domain for Sonar Markets is buxmarkets.com, and we found no clone or impersonator sites flagged. That is a positive, because clone sites are a common way scammers hijack a broker's name. But the absence of a verifiable website and social-media presence is a double-edged sword: it reduces the risk of a clone being mistaken for the real thing, yet it also means we cannot confirm that the domain is actually live, functional, and operated by the licensed entity.

In practice, a trader searching for 'Sonar Markets' today would likely find little beyond the regulatory entry and perhaps some aggregated industry data. That is a thin trail. For a broker founded in early 2023, it is not impossible that the firm is still building its public presence, but it is unusual. Most legitimate brokers, even new ones, have at least a website, a support email, and some form of client onboarding documentation. The absence of these makes it harder for a trader to perform basic due diligence, such as reading the terms and conditions or checking the risk disclosures before opening an account.

Because Sonar Markets is a relatively obscure name, the risk of a dedicated clone site is lower than for a well-known brand, but it is not zero. Scammers often target any FCA-registered firm, regardless of size, because the FCA name lends false credibility. We found no impersonator sites in our checks, but that can change quickly, and the lack of a strong official web presence makes it easier for a fake site to rank in search results without immediate contradiction.

Traders should always verify the broker's domain directly from the FCA register, not from a search engine. The FCA's Financial Services Register lists the authorised firm's website and contact details. If the domain you are using does not match the one on the register, you are likely dealing with a clone. For Sonar Markets, the official domain is buxmarkets.com — any other domain claiming to be Sonar Markets should be treated as suspicious. We also recommend checking the FCA's warning list, which publishes firms that may be operating without authorisation or cloning authorised firms.

Our records list zero employees for BUX Financial Services Limited. That is a striking figure, and we want to be clear about what it does and does not mean. It could indicate that the company is a shell or holding entity with no operational staff, which would be a major red flag for a broker. Alternatively, it could reflect a data lag in the registry, where the company has recently been formed and the employee count has not yet been updated.

We cannot resolve that ambiguity from the public record alone. What we can say is that a broker with no verifiable staff, no website, and no social presence is not a firm we would recommend a retail trader deposit funds with without extensive additional verification. The registered address — 2nd Floor Canvas, 35 Luke Street, London EC2A 4LH — is a real London address, but a registered address alone proves little. Many firms use service addresses for incorporation purposes.

In FXCanary's assessment, the combination of a new company (founded in 2023), zero employees on record, and no public digital footprint creates a picture of a firm that is either very early in its operational life or not actively operating as a broker at all. Neither scenario is inherently fraudulent, but both demand a higher level of caution from a prospective client.

If you are considering trading with Sonar Markets, the first step is to verify the FCA licence directly on the FCA register. Look up BUX Financial Services Limited and confirm that the licence number 184333 matches, and that the register lists the same domain and address we have on file. Do not rely on any website that claims to be the broker without checking this register first.

Second, contact the FCA directly if you have any doubts. The FCA can confirm whether a firm is authorised and whether it has any restrictions on its permissions. You can also check the FCA's warning list for any alerts about Sonar Markets or BUX Financial Services Limited. If you cannot find a working website or a responsive support channel, treat that as a significant warning sign.

Third, never deposit funds with a broker that does not provide clear, written risk disclosures and terms of service. A legitimate FCA-regulated firm will have a client agreement, a privacy policy, and a risk warning. If those documents are absent or difficult to find, walk away. Also, be wary of any unsolicited contact from 'Sonar Markets' — scammers often use the names of real firms to lure victims, and the lack of a public presence makes it easier for them to pose as the broker.

Finally, consider starting with a very small deposit, or better yet, use a demo account if one is available. This allows you to test the platform and the broker's responsiveness without risking significant capital. And remember that the FSCS protection, if it applies, is limited to £85,000 and only for eligible UK clients. If you are outside the UK, you may have no compensation protection at all, so the need for caution is even greater.

In FXCanary's assessment, Sonar Markets is not a broker we can call a confirmed scam, but it is also not one we can recommend with confidence. The FCA licence is a genuine positive, and the absence of clone sites is reassuring. However, the lack of a verifiable website, zero employees on record, and the absence of any independent user reviews leave too many open questions for a clean bill of health.

We would advise any trader to treat Sonar Markets with caution until the broker demonstrates a credible operational presence — a live website with full disclosures, a responsive support team, and ideally some public track record. Until then, the 43/100 'Guarded' score stands, and we encourage traders to weigh the risks carefully before committing any funds. The absence of evidence is not evidence of absence, but in the world of forex and CFDs, it is often the first sign of trouble.