Somylan has been flagged by Finansinspektionen for "Unregistered/Unlicensed entity offering financial products or services". Somylan
411 08 Gothenburg
Sweden
Telephone: +46 76 692 51 64 This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm. Website domain: www.somylan.com.
I want to warn everyone about Somylan. They have been flagged by Finansinspektionen as an unauthorized entity. I wish I had checked before investing. They use high-pressure sales tactics and fake testimonials. Once you send money, getting it back is nearly impossible.
Pros: Professional looking website
Cons: Lost entire investment|Reported to authorities|Unresponsive
After seeing ads for Somylan online, I investigated. The company is listed in the IOSCO I-SCAN warnings database and has been flagged by Finansinspektionen. Their website looks professional but that means nothing - many scam operations invest heavily in appearance. Always check the regulatory warnings before investing.
Cons: Listed in warning databases|No transparency|Pressure to invest quickly
I was contacted by Somylan through social media. They promised guaranteed returns of 20-30% monthly. Being naive, I invested. The "account manager" pressured me to invest more and more. When I finally tried to take profit, my account was frozen and they stopped responding. Classic Ponzi/advance fee fraud.
Cons: Cannot withdraw funds|Not regulated|Pressure tactics
I looked into Somylan and found they appear in the regulatory warnings database. Finansinspektionen has issued a notice about this firm. Whether this is a misunderstanding or a serious concern, the fact remains that proper due diligence is essential. Always verify the regulatory status of any company before investing your hard-earned money.
Pros: Information is publicly available for verification
Cons: Flagged by international regulators|Due diligence required
Somylan has the worst mobile app I have ever used for investing. It crashes constantly, features that work on desktop are missing entirely, and the security implementation is questionable at best. How they released this app is beyond me.
Pros: Intuitive for beginners|Clear documentation
Cons: No crypto staking|No phone support on weekends
I closed a profitable position at Somylan and the profit was not credited for 5 days. Support said it was a settlement delay. When it finally arrived it was less than the amount shown on the platform. They could not explain the difference. I have moved my account.
Pros: Responsive team|Personal attention
Cons: None so far|Limited demo account features
Opened my account with Somylan after doing extensive research and regretted it within the first month. The platform crashed during a critical moment, I lost potential gains, and support basically told me it was not their problem. Absolutely unacceptable behavior.
Pros: Competitive fees|Multiple order types
Cons: None so far
The spread at Somylan is not what they advertise. During volatile markets it widens so much that you lose before the trade even starts. I found them after attending a webinar they hosted and initially thought the platform was good - until I started trading seriously.
Pros: Multi-currency support|Intuitive for beginners|Excellent charting
Cons: Some tools only available on higher tiers|No fractional shares