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Softech Trades is an offshore broker that claims to be based in the UK. However, it is not regulated by the FCA and its customers are not protected. Furthermore, it does not offer active customer support, which is a major red flag.
Another red flag is that Softech Trades does not specify what payment methods it accepts. Most brokers these days offer several popular solutions. Additionally, Softech Trades does not specify if it accepts cryptocurrencies. Offshore brokers commonly accept crypto deposits, as they can be made anonymously and are not traceable to specific individuals.
Moreover, Softech Trades has high trading fees. Its spreads start at 1.9 pips, which is higher than the ones offered by many legitimate brokers. Also, the company does not offer a money back guarantee, which is an important safety feature. Instead, choose a regulated broker with lower trading costs and guaranteed safety for your funds. You can find a list of reliable companies on the sites of the relevant regulatory authorities.
