Sorosbit

Sorosbit (UK) Limited, operating under the domain soros-bit.com, is a forex and CFD broker registered in the United Kingdom. The company was founded on 20 January 2023, making it a relatively new entrant in the retail trading space. According to our records, the broker holds three regulatory licences, from the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC), and the Cayman Islands Monetary Authority (CIMA).

Despite these registrations, our records indicate that the company currently has zero employees on file, and the FXCanary Scam Risk Score stands at 45 out of 100, which we classify as 'Guarded'. This score is partly due to a lack of verifiable website or social-media presence, which we treat as a cautionary signal for potential traders.

Sorosbit reports three regulatory licences, which we have cross-checked against public registers where possible. The FCA licence (number 186171) is listed under the category of Market Making (MM), while the CySEC licence (number 259/14) is for Forex Execution License (STP). The CIMA licence (number 1442313) covers Derivatives Trading License (EP). It is important to note that the status of each licence is not specified in our records, and we have not been able to independently verify their current validity.

We advise traders to treat these licences with caution, as the presence of a licence number does not guarantee active authorisation. The FCA and CySEC are reputable regulators, but the lack of a verifiable online presence for Sorosbit makes it difficult to confirm the authenticity of these registrations. In our assessment, the regulatory picture is mixed, and traders should conduct their own due diligence before engaging with this broker.

Sorosbit offers three account types, as detailed in our records. The FIXED account requires a minimum deposit of $100 and offers a minimum spread from 1.5 pips. The RAW account requires a minimum deposit of $200, offers a minimum spread from 0.1 pips, and charges a commission of $4 per round turn. A second FIXED account is also available with a minimum deposit of $100 and a minimum spread from 1.8 pips.

These account types suggest a tiered approach, with the RAW account likely designed for more active traders who prefer tighter spreads and are willing to pay a commission. However, our records do not specify the maximum leverage for any of these accounts, which is a significant piece of information for traders assessing risk. We recommend that traders seek clarity on leverage and other trading conditions directly from the broker.

Our records do not specify the trading platforms offered by Sorosbit, nor do they list the available instruments. This lack of information is a notable gap, as traders typically need to know whether the broker supports popular platforms like MetaTrader 4 or 5, and whether they offer a range of forex pairs, commodities, indices, or cryptocurrencies.

Without this information, it is difficult to assess the broker's suitability for different trading styles. We suggest that traders contact Sorosbit directly to obtain a list of supported platforms and instruments, and to verify that these meet their trading needs.

The known facts for Sorosbit do not include any deposit or withdrawal methods. This is a critical omission, as traders need to know how they can fund their accounts and access their funds. Common methods include bank transfers, credit/debit cards, and e-wallets, but without confirmation, we cannot assume any are available.

We advise traders to inquire about funding options before opening an account, and to be wary if the broker is vague about withdrawal procedures. In our experience, transparency in this area is a key indicator of a broker's reliability.

The FXCanary Scam Risk Score of 45/100 places Sorosbit in the 'Guarded' category, meaning there are some risk factors that traders should consider. The most prominent flag is the lack of a verifiable website or social-media presence, which is unusual for a broker that claims to hold multiple licences. This absence makes it difficult for traders to research the broker independently and raises questions about its operational transparency.

Additionally, the fact that the company has zero employees on file is a concern, as it may indicate that the entity is a shell or that the operational team is not properly registered. While this does not necessarily mean the broker is fraudulent, it does warrant caution. We recommend that traders perform thorough due diligence, including verifying the licences with the respective regulators, before committing any funds.