- Uncovering the Pitfalls
- Information is a bit misleading
- High pay-out sounds unreal
- Limited Payment methods
- The FAQ section answers only the basic questions
- The demo account is absent
Trading is one tricky job, and if you make the wrong move, then your trading career is ruined for all times to come. Selecting the appropriate broker is quite a crucial step. This is why it is essential that you need to do an investigation on your part before making your pick.
We recently explored Sonic Option and realized that it might not be the most suitable pick and we do have our valid set of reasons.
Sonic Options offers three different trading options. This includes High-Low, Short, and Range. The maximum option duration offered is just about 15 minutes. Now, we cannot deny one important fact here, and that is longer expiry times are less volatile.
The longer expiry time spans should be there for new traders who cannot trade in the volatile market. The risk is much higher when you trade for 30 seconds to 90 seconds.
What we realized is that the information on the site is a bit misleading. For example, the site says that you can open up a free account with Sonic Option. The most important thing to highlight here is that an account is never free.
Only the registration is free, and once you want to activate your account, you have to make a deposit. Secondly, the deposit information is not available. When you look at the website, you do not get a fair idea about the deposit amount that you need to pay to the platform.
The promised pay-out is also misleading. Sonic Option commits to the fact that you can even earn about 175% to 202% with this trading platform. The truth is practically it is impossible to earn so much. Now, this information can be quite enticing for a new trader who lacks the understanding of the market.
Another issue with Sonic Option is that the payment methods mentioned on the website are too limited. This is where Sonic Option falls short. The reason is that most of the trading platforms offer a variety of payment methods.
If you have your hopes pinned on the FAQ section, then you are in for some disappointment. The FAQ section has got limited information, and it addresses the generic questions only so this also puts off a trader.
When you sign up with a trading platform, then you always look forward to the demo account, but it is not available in case of Sonic Option. This means that you will not get a chance to test the efficiency of this platform.
The biggest loophole related to Sonic Option is that only the email is mentioned on the website. Well, what we feel is that the contact information is not sufficient. There are times when you need the spot assistance. You cannot get urgent support when live chat support is absent.
We do not recommend Sonic Option because it has many drawbacks at the moment which cannot be ignored.