Solid FX Review: The Truth Behind Solid-Fx.com
Solid FX, operating through solid-fx.com, presents itself as a reputable spot broker, but a closer look reveals its true fraudulent nature. This company will manipulate your trades, leading to significant financial losses.
The broker’s website cleverly appeals to traders by addressing common concerns when searching for a trustworthy FX and CFD broker. Solid FX boasts about its exclusive, internally developed trading tech, which offers proactive liquidity management, low latency, and multi-bank ECN trading. They claim that these features enable them to provide more accurate pricing, minimize slippage, and boost execution speed.
Moreover, they assert that their technology is designed to be secure, steadfast, and user-friendly. Read this Solid FX review to find out more!
|Solid Trading B.V
Regulation and Fund Security of Solid FX
When examining the presentations made by Solid FX, it becomes evident that regulatory oversight plays a crucial role. In the Netherlands, there are two primary regulatory bodies responsible for overseeing financial markets. The Authority for Financial Markets (AMF) and the Central Bank of the Netherlands (DNB) are those. It is imperative to note that Solid FX is not licensed by either of these institutions. It would have been more reassuring if the broker had obtained a Tier 1 license from reputable regulators such as ASIC, BaFin, or the FCA.
A thorough investigation reveals that Solid FX is not registered with any regulatory authorities. Without proper regulatory oversight, no external entity monitors their activities, rendering all of the broker’s claims irrelevant.
The lack of regulatory oversight is not the only concern when dealing with Solid FX. The broker also misleads traders regarding its liquidity providers and lacks transparency regarding their ownership and headquarters. Similarly, the broker fails to provide clear information about their trading conditions, limiting traders to only forex without other options.
Solid FX’s practices raise serious doubts. These include the absence of regulations, misleading claims, and lack of transparency. These factors should be seen as significant red flags. Hence, it is prudent to exercise caution when considering investments in Solid FX or Coinexx. Always conduct thorough research into the company and its practices before making any investment decisions.
Solid FX: An Overview of the Trading Platform
A broker’s reluctance to disclose their office address immediately raises concerns. Solid FX, in particular, fails to provide essential transparency information, which is worrisome. One area where they notably fall short is in providing details about their trading software. Instead of offering trusted third-party software like CTrader or MetaTrader, they rely on an unreliable web trader platform.
Solid FX’s web trader program only includes basic trading features, making it pale in comparison to MetaTrader’s comprehensive functionality and versatility. Also, their web trader software lacks compatibility with mobile devices, which diminishes its appeal to traders who value on-the-go access.
In today’s trading landscape, many traders seek automated trading options. However, Solid FX does not provide these sought-after features. Even if they were to introduce such functionalities, their status as non-regulated raises substantial doubts regarding their reliability.
Alongside their deficiency in advanced features, their web trader platform lacks crucial social, copy, and automated trading capabilities, making them less appealing. Keep that in mind.
Note: The lack of a valid Forex broker’s license casts doubt on their legitimacy. This makes us hesitant to endorse Solid FX or 70Trades broker despite their grandiose promises of exceptional features.
Account Types Available at Solid FX
One concerning aspect of this broker is their absence of different account types. Not only do they fail to offer account options, but they also neglect to provide crucial facts regarding minimum deposits. Be prepared for uncertainty.
To attract traders, this broker employs an enticing strategy through trusted social media platforms. However, once you engage with their boiler room agents, they will aggressively push you to deposit funds. Interestingly, the specific amount does not matter to them, as their primary goal is to onboard you as a client. It is wise to exercise caution, as they may resort to manipulative tactics to extract more money from you in the future.
Demo accounts help traders assess trading conditions before committing real funds. Unfortunately, Solid FX does not offer live or demo accounts.
It is crucial to understand these flaws and exercise utmost caution.
Deposit and Withdrawal Methods
There is a notable lack of transparency regarding funding methods. What’s more, this broker lacks transparency in their deposit and withdrawal policies. Withdrawals, in particular, pose significant issues as traders are left unaware of the conditions under which they can withdraw.
Moreover, being a non-licensed broker, they can create any reason to deny or delay withdrawal requests. This is just another bogus practice to look out for.
How Does the Scam Work?
Fraudulent brokers often employ shady tactics to attract people, such as offering unrealistic and high-profit promises. They claim to possess a secret formula for guaranteeing huge returns. Namely, fake positive reviews create a false sense of reputation, while pressure tactics include setting unrealistic deadlines and creating a sense of urgency.
Some even offer “risk-free” trades to entice investors without due diligence. Stay aware of these tactics and protect your money. Don’t let them deceive you.
Find the Best Broker: Get in Touch for Expert Guidance
Are you seeking the best broker for your financial needs? Count on us. Our team of experts is here to help you find the perfect broker that aligns with your goals.
Whether you require guidance on trustworthiness or competitive pricing, we have the knowledge and resources to help you make an informed decision. Get in touch with us now, and let us guide you toward the ideal broker for your trading endeavors.
Solid FX Summary
Solid FX, operating via solid-fx.com, presents itself as an established spot FX broker. Yet, investigations have revealed a fraudulent entity that manipulates trades. The absence of a valid license casts doubt on its legitimacy, while limited transparency surrounding its headquarters further raises concerns.
Moreover, their web trader platform lacks essential features, mobile compatibility, and diverse account types. Also, the lack of clarity on deposit and withdrawal policies adds to the unease. Conducting thorough research is highly advisable before considering Solid FX as a viable option.
Is Solid FX broker regulated?
No, they are not regulated. Beware of that.
How much is the minimum deposit at Solid FX?
That information is not disclosed on their official website.
Does Solid FX offer demo accounts?
No, they don't. This company lacks both live and demo account options.