Sound Reinvesting is a broker platform suspected of fraud, with its website domain registered on August 11, 2023. The site claims to offer investors a range of financial derivatives trading services, including forex, indices, metals, energy, stocks, bonds, and cryptocurrencies.
Company Background and Regulatory Status
According to public information on www.soundreinvesting.com, the broker uses Sound Reinvesting as its brand name, with entities in Australia (ABN: 2018AD947) and the UK (company number: 14383651). The broker states that its headquarters are in London, UK, with a branch in California, USA.
Upon verification, the Australian Business Register (ABR) website shows no registered company with the ABN number 2018AD947, and the UK Companies House website shows that the company registered under number 14383651 is SOUNDREINVESTING INCORPORATION LTD, which was dissolved on March 5, 2024.
Therefore, Sound Reinvesting (www.soundreinvesting.com) is actually an illegal website with no corporate entity or regulatory oversight.
Trading Products
Sound Reinvesting claims to offer a variety of financial products for trading, including forex, indices, metals, energy, stocks, bonds, and cryptocurrencies.
- Forex: The forex market is the largest financial market globally, involving the trade of different countries' currencies. Investors profit by buying and selling currencies, benefiting from fluctuations in exchange rates. Forex trading is highly liquid and operates 24 hours a day.
- Indices: Indices reflect the performance of a specific group of stocks or the market as a whole, such as the S&P 500 or Dow Jones Index. Investing in indices bets on overall market performance; investors participate through index funds or index CFDs.
- Metals: Common trading metals include precious metals like gold and silver, and industrial metals like copper and aluminum. Precious metals are often considered safe-haven assets, especially during market volatility. Industrial metals are closely tied to global economic growth.
- Energy: The energy market includes commodities like crude oil and natural gas. Energy prices fluctuate based on global supply and demand, geopolitics, and economic activities. Crude oil is one of the most traded energy commodities globally.
- Stocks: Stocks represent shares of company ownership. Investors buy stocks to benefit from the company's growth dividends or capital gains. The stock market is volatile, but stocks typically offer high returns in the long term.
- Bonds: Bonds are debt instruments issued by governments, companies, and other entities. Bondholders receive regular interest payments and the principal amount at maturity. Bonds are considered relatively stable investments but are sensitive to interest rate changes.
- Cryptocurrencies: Cryptocurrencies are digital or virtual currencies that rely on blockchain technology. Bitcoin and Ethereum are the most well-known examples. The cryptocurrency market is highly volatile, attracting investors with a high-risk appetite.
Account Opening Process
The account opening process with Sound Reinvesting involves the following steps:
- Visit www.soundreinvesting.com and click "OPEN AN ACCOUNT" or the "SIGNUP" button at the top right corner of the page to access the account application form.
- Fill in your name, email address, phone number, and set a login password on the application form. Submit the form to create your account successfully.
- Once logged in, users must complete the KYC verification process to begin trading.
Trading Account Information
Sound Reinvesting's website does not disclose detailed information about its trading accounts, such as spreads, leverage, contract sizes, or other basic trading parameters. The platform also does not list account types, trading commissions, minimum and maximum trading volumes, maximum position sizes, or stop-loss margin levels, making it difficult to assess the fairness and reasonableness of its trading conditions.
Trading Platform and Deposits/Withdrawals
Sound Reinvesting claims on its website to offer a proprietary trading platform that only supports web-based access. The broker states that it supports deposits and withdrawals via Visa, Mastercard, Paypal, cryptocurrencies, Perfect Money, and Moneygram.
Conclusion
Traderknows advises investors that Sound Reinvesting (www.soundreinvesting.com) is an illegal website without a legitimate corporate entity or regulatory oversight. When choosing a trading platform, investors should carefully consider and prioritize those that are regulated and transparently disclose information to ensure the safety of funds and minimize investment risk.
