Soul Trade is a forex broker established in the United States in 2023, offering trading services in financial products such as forex, stocks, commodities, indices, and cryptocurrencies. Soul Trade claims to hold regulatory licenses in multiple countries, including a MSB (Money Services Business) license in the United States. The broker has developed its own mobile trading software, opting not to use the more common MT4 and MT5 platforms.
Regulatory Information:
Soul Trading Inc claims to be regulated in multiple jurisdictions, stating that the broker is regulated in 9 jurisdictions worldwide, although specific details about these regulatory licenses have not been disclosed.
Soul Trading Inc holds a United States MSB (Money Services Business) license, with the license number 0221301332. However, a search revealed that this license number could not be found in the public records of the Financial Crimes Enforcement Network (FinCEN) in the United States. This indicates that Soul Trading Inc does not possess a United States MSB license.
In the financial services sector, regulatory licenses are an important indicator of a company's legality and credibility. Any financial services company, especially those operating internationally, should ensure that their operations are legal and regulated in all jurisdictions in which they operate.
Soul Trade is a relatively new broker, with its official domain registered on September 29, 2023.
Trading Products:
Soul Trade's product range includes a variety of financial instruments, offering trading services in forex, stocks, commodities, indices, and cryptocurrencies, among other financial derivatives. However, each product comes with its specific market risks and operational complexity. Contracts for Difference (CFDs) and cryptocurrency trading are considered high-risk due to their high volatility. Investors should fully understand the market characteristics and risk levels of these products, as well as their own risk tolerance, before choosing to trade them. It is advisable to consult financial professionals and conduct appropriate market research in any kind of investment decision making.
Trading Platform:
Soul Trade offers a proprietary mobile trading software, focusing on mobile users. Users should be able to execute buy and sell orders, view market quotes, and manage assets through simple operations on this platform. However, the platform currently does not provide a direct download method, and attempts to access the relevant download page through the "read more" link on the official website result in an inaccessible page.
Awards and Honors:
According to Soul Trade's official website, the platform received multiple industry awards and honors in 2022. The authenticity and value of these awards cannot be independently verified, and further information may be needed to assess their validity.
Customer Support:
Soul Trade's customer support services are limited, and users seeking assistance from Soul Trade may encounter difficulties. The platform does not publicly provide phone and email contact information, but it has published its offline office address as 6547 N Academy Blvd #2266 Colorado Springs, CO, 80918, US.
Conclusion:
Soul Trade is a US forex broker involved in false advertising, offering trading services in forex, stocks, commodities, indices, and cryptocurrencies. However, the company faces several issues. First, its official website provides false regulatory information, attempting to mislead investors. Second, Soul Trade offers a proprietary trading platform, which comes with potential trading risks. Additionally, the website content involves false advertising, and the service content page is incomplete with numerous gaps. Currently, Soul Trade is marked as "suspected of scam" on Traderknows. Investors should remain vigilant and avoid trading with Soul Trade to prevent potential risks and fraudulent activities.
