Soxodex has been flagged by Financial Markets Authority for "Unregistered/Unlicensed entity offering financial products or services|Fraud ...". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
After seeing ads for Soxodex online, I investigated. The company is listed in the IOSCO I-SCAN warnings database and has been flagged by Financial Markets Authority. Their website looks professional but that means nothing - many scam operations invest heavily in appearance. Always check the regulatory warnings before investing.
Cons: Unauthorized firm|Found in IOSCO warnings database
After doing some research AFTER the fact (I know, I should have done this first), I discovered that Soxodex is not authorized by any legitimate financial regulator. They are operating illegally. The website looks very professional but it's all a facade. Please check the regulatory warnings database before investing with ANY company.
Cons: Cannot withdraw funds|Not regulated|Pressure tactics
Soxodex locked my account without warning and demanded documents I had already submitted. for just over a year later I still do not have access to my funds. Their compliance team does not respond to emails. I am considering legal action.
Pros: Tax reports included|High security standards
Cons: Limited demo account features
For anyone considering Soxodex, please be aware that this company has been flagged by Financial Markets Authority. This does not necessarily mean they are a scam, but it does mean they may not be authorized to operate in certain jurisdictions. I strongly recommend checking the official regulator website before making any investment decisions.
Cons: Flagged by international regulators|Due diligence required
I was contacted by Soxodex 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.
Pros: Initially responsive customer service
Cons: Lost entire investment|Reported to authorities|Unresponsive
I wanted to transfer my portfolio from another broker to Soxodex. They said they do not accept in-kind transfers for my asset type. I had to sell, withdraw, deposit, and rebuy - incurring taxes and spread costs. They did not tell me this before I signed up.
Pros: Educational resources|Fast execution|Professional team|Clear documentation
Cons: Wait times can be long during peak hours|Limited social trading features
I experienced a security concern with my Soxodex account and reported it immediately. Their response time was inexcusable for a financial platform. It took them four days to acknowledge my report and another week to actually address it.
Pros: Educational resources|Good mobile app|API access
Cons: Could offer more webinars