Beware! SolidusMarkets is an offshore broker! Your investment may be at risk.

RECOMMENDED FOREX BROKERS

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The SolidusMarkets website assures us that if we choose this broker we will be working with an award-winning company that has earned the trust of a large number of clients. But in preparing this review we have not found any evidence that this is true. In fact, we found just the opposite – this website is not a licensed financial services provider. Let’s take a detailed look at why it’s in your best interest to stay away from SolidusMarkets and what more credible alternatives you have.

SolidusMarkets Regulation and safety of funds

Guaranteed FundsSegregated AccountsNegative balance protection
SolidusMarkets
UK regulated brokers£85 000YesYes
EU regulated brokers€20 000YesYes
AU regulated brokersNoYesYes
US regulted brokersYesYesNo

The website claims to be owned and operated by a company named Digital Genius LLC, but provides no information on where this company is based. The Terms and Conditions also do not specify an applicable jurisdiction and do not provide details of a regulatory licence.

Legitimate forex brokers provide clear and detailed information about the legal entity that owns and operates them, where it is based, what licences it has and which regulators oversee its activities. Lack of such details or improper presentation of them are always a red flag that we are probably dealing with a scam.

SolidusMarkets has attracted the attention of UK financial authorities, who have blacklisted the website.

If you have decided to invest in financial instruments you have a choice of much more trustworthy options.

Depending on your location, it is advisable to choose a company that is regulated by an institution such as Commodity Futures Trading Commission (CFTC) in the US, Australian Securities and Exchanges Commission (ASIC), UK’s Financial Conduct Authority (FCA) or some EU regulator like Cyprus Securities and Exchange Commission (CySEC).

Clients of these brokers receive protections such as negative balance protection and segregation of the client’s funds from the broker’s funds.  In the EU and the UK, brokers must also participate in guarantee schemes that cover a certain amount of the trader’s investment if the broker becomes insolvent. These guarantees amount to up to 20 000 EUR in the EU and 85 000 GBP in the UK. However, the likelihood of such a bankruptcy is low because regulators also have significant net capital requirements that companies must maintain – EUR 730 000 in UK and Cyprus, AUD 1000 000 in Australia and at least 20 million USD in the United States.

SolidusMarkets Trading software

Analytical toolsAuto tradingCustom indicatorsMobile apps
SolidusMarkets platform
MT430+ indicatorsAndroid and iOS
MT550+ indicatorsAndroid and iOS
cTrader40+ indicatorsAndroid and iOS

After registering an account we get access to web-based trading software. Here is how it looks like:

While the platform has the basic features for placing orders, customising charts and application of technical indicators, it lacks the more advanced functionality found in the most widely used trading platforms in the industry, MetaTrader 4 (MT4) and MetaTrader 5 (MT5).

It should be noted that the presence of a trading platform does not make this website any more legitimate and does not guarantee that this alleged broker offers real trading. Many scammers use rigged trading software to fool their victims that their money is being invested.

SolidusMarkets Trading instruments

CurrencyStocksIndicesCryptoCommodities
SolidusMarkets
XMYesYesYesNoYes
FP MarketsYesYesYesYesYes
Octaxxxxx

In SolidusMarkets’ trading software, we see financial instruments from all major asset classes. But as stated, the trading offered by this anonymous and unregulated website can only be fictitious. If you want to get into forex trading, the only sensible way is to do it through a duly licensed and established broker.

SolidusMarkets Spreads and cost of trading

SolidusMarketsXMFP MarketsOcta
Spread EURUSD60.61.20.9
Spread GBPUSD61.31.5x
Spread USDJPY61.31.5x

SolidusMarkets does not provide information on the parameters of the trade it claims to offer. On the trading platform, we see a spread that is at least three times higher than the industry norm.

Genuine forex brokers provide detailed information about the trading conditions. Legitimate companies also offer different account types to suit clients with different experience, capital and investment intentions.

SolidusMarkets Maximum leverage

ForexStocksCryptoGoldIndices
SolidusMarkets30:1
UK regulated brokers30:15:110:110:1
EU regulated brokers30:15:12:110:110:1
AU regulated brokers30:15:12:110:110:1
US regulated brokers50:1

The trading platform has a set leverage of 1:30, which actually matches the regulatory norms in Europe and Australia.

Regulated brokers offer higher leverage only to professional clients who must meet very high standards for capital and experience and forgo the guarantees enjoyed by retail traders.

If you don’t qualify as a professional trader but are willing to take the risk of high-leverage trading, the most viable option is to use the services of an offshore affiliate of an established brand.

SolidusMarkets Deposit and withdrawal methods

Deposit timeWithdrawal timePrice
Bank wire2-5 business days2-5 business days$25+
Crypto24 hours24 hoursFee depends on crypto

There are three options on the SolidusMarkets deposit menu – cryptocurrency, wire transfer and credit/debit cards. But in practice, only the first option is available.

Scammers prefer cryptocurrencies because these transactions are not subject to refunds. While there are some legitimate brokers that accept digital currencies like Bitcoin, they do so alongside other transparent payment methods such as credit/debit card, bank transfer or popular e-wallets like PayPal, Neteller or Skrill.

SolidusMarkets Minimum deposit

SolidusMarketsXMFP MarketsOcta
Minimum deposit$500$5$100$100

SolidusMarkets requires a minimum deposit of 500 USD. You should know that the leading brands in the industry allow you to create a trading account with as little as 50 USD or even as little as 5 USD.

SolidusMarkets Withdrawal requirements

Trading volumeFee/Tax on withdrawalMinimum withdrawal
SolidusMarketsNot specifiedNot specifiedNot specified
UK regulated brokersNoNoNo
EU regulated brokersNoNoNo
AU regulated brokersNoNoNo
US regulated brokersNoNoNo

SolidusMarket does not specify extraordinary conditions for withdrawal. But these types of scams always surprise you with hidden fees and other tricks that prevent you from withdrawing your money back.

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