sownotx is a Contract for Difference (CFD) broker whose official website domain was registered on May 6, 2024. It primarily offers trading services for financial derivatives, including stocks, futures, crude oil, gold, cryptocurrencies, and forex to retail and institutional clients. This broker does not provide services to jurisdictions where it may violate local laws or regulations.
Company Registration Information and Regulatory Status:
According to the public information disclosed on the sownotx (www.sownotx.com) official website, the full name of the broker is sownotx GROUP LIMITED. It was established in 2018, headquartered in London, UK, and is regulated by various institutions, such as the UK Financial Conduct Authority (FCA), the U.S. Financial Crimes Enforcement Network (FinCEN), the Australian Securities and Investments Commission (ASIC), and the Japan Financial Services Agency (FSA). Its UK FCA ID: 504072, Australia ASIC ID: 406684, Japan FSA ID: 2010401081157, and U.S. MSB number: 31000234126807.
However, verification of the license numbers provided on this broker's official website reveals that the companies holding these licenses according to the websites of the UK Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), and the Japan Financial Services Agency (FSA) are all well-known brokers, specifically AVATrade, not sownotx. Additionally, the U.S. Financial Crimes Enforcement Network (FinCEN) shows that the company with MSB number: 31000234126807 is SSJTCF GROUP LIMITED. Therefore, sownotx is essentially a fraudulent broker website with no actual corporate entity or regulatory oversight.
Moreover, the web design and content of sownotx (www.sownotx.com) are identical to those of fraudulent broker sites like FirstTrade, Tasman FX, WTTKE, FBS, XCharter, and CIFX 5.
Account Opening Process:
To open an account with sownotx: Visit the broker’s official website, click on the "Register" button located on the homepage or the top right corner of the page to go to the account registration page. Fill in your email address and set a login password as required. The broker will then send a verification code to the provided email address, which you need to enter in the application form before submitting. Once the application is submitted, the account will be successfully registered. After logging into the account, you will need to complete identity verification before making deposits and trading.
Trading Account Information:
The sownotx official website only discloses information regarding spreads, leverage, margin call/stop-out levels, and contract sizes, while the details on account types, trading commissions, minimum/maximum trade sizes, maximum open positions/orders, and minimum price increments are not provided.
- Spread: Floating spread starting from 1 pip
- Leverage: 1:100—1:500
- Margin Call/Stop-Out Levels: 100%/50%
- Contract Size: 1 lot = 100,000 currency units
Trading Platform:
sownotx provides users with an in-house trading platform available on both desktop and mobile. This platform offers over 50 technical indicators and intraday analysis tools and comes with functionalities for advanced traders.
Deposits and Withdrawals:
The sownotx official website does not clearly disclose the supported deposit and withdrawal methods, fees, or the minimum deposit and withdrawal amounts.
Conclusion:
Traderknows reminds investors that sownotx is a suspected fraudulent broker with unclear registration and regulatory information and false advertising. The only way to contact them is through email, making their contact method very limited. The website design and content are the same as other fraudulent broker websites like FirstTrade, Tasman FX, WTTKE, FBS, XCharter, and CIFX 5. Traderknows advises investors to choose brokers with transparent information, strong regulation, and good reputation to avoid unnecessary financial losses.
Currently, this broker is marked as "Suspected Fraud" on Traderknows.
