Scam Brokers

Score

0 1 2 3 4 5 6 7 8 9

/10

The WikiFX Score of this broker is reduced because of too many complaints!

SovyFX

Australia | 5-10 years |

Scam Brokers | Suspicious Regulatory License | Suspicious Scope of Business | High potential risk

https://sovyfx.com/

Website

Time Machine

Rating Index

Contact

https://sovyfx.com/

The WikiFX Score of this broker is reduced because of too many complaints!

Forex License

No forex trading license found. Please be aware of the risks.

This platform is a Ponzi Scheme. Please stay away!

2026-01-24

This broker has been verified to be illegal and all of its licences have expired, and it has been listed in WikiFX's Scam Brokers list. Please be aware of the risk!

Basic Information

Registered Region

Australia

Operating Period

5-10 years

Company Name

SovyFX

Company Website

https://sovyfx.com/

Andy LAM (CPA Aust.)

Unverified

Hong Kong

I applied for withdrawal many times from February to March, yet my applications were rejected by the platform with many different excuses, such as don’t pass audits. I can’t contact the customer service in the end. I made a loss of over $3000. How can I get compensation??

Exposure

2020-09-09

FX2463774826

Unverified

Hong Kong

The company boasted a fund security of isolated account, i.e., even though it went bankruptcy, we could get our fund back. Now, the fund is doomed. Our hard-earned money was simply scammed by a gang of fraud. So heinous!

Exposure

2020-05-31

off the world

Unverified

Hong Kong

The broker kept holding off with the excuse of bank verification covid-19. I paid 30 thousand yuan for VIP registration. Now several billion was gone. Hope this fraud be on exposure.

Exposure

2020-04-28

FX2463774826

Unverified

Hong Kong

The platform encouraged clients to deposit and changed the receipt irregularly. One can view the trading on MT4. It inveigled clients to join through so-called crude oil and WTI trading and lectures about which 2000 person was claimed to attend. With the server located in America, it claimed that it is regulated by the Dubia’s government, with its platform based in Australia and MT4 in HK. I thought it is a fraud. Hope you stay away!

Exposure

2020-04-22

FX7629246104

Unverified

Hong Kong

The platform has delayed the withdrawal since February with the excuse of KYC verification. Then it released the notice that the trading is unavailable yesterday, leading to unavailable withdrawal.

Exposure

2020-04-22

112233

Unverified

Hong Kong

The withdrawal is unavailable for months due to the KYC verification. The broker must have absconded.

Exposure

2020-04-21

沈老师

Unverified

Hong Kong

It says that money can’t be withdrawn during the pandemic and the customer service staff are on vacation during the 3rd April to 6th April, the Qingming Festival.

Exposure

2020-04-04

沈老师

Unverified

Hong Kong

The funding accounts of SovyFX is changed frequently. The so-called isolated account is just the excuse for absconding.

Exposure

2020-03-01

沈老师

Unverified

Hong Kong

SovyFX is scam platform, only to covet your fund.