SolidusMarkets – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
SolidusMarkets - DO NOT TRADE WITH THIS PROVIDER
2.5/10
$100
Minimum Depositupdated 2024
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://solidusmarkets.com
Founded: 2020 – 2024
Regulations: Unlicensed
Languages: English
Deposit Methods: Cryptos
Minimum Deposit: $500
Free Demo Account: Not Offered
Number of Assets: 5000+
Types of Assets: Forex pairs, Indices, Metals, Energy, Crypto, Stocks
Trading Accounts and Conditions
SolidusMarkets claims to offer various trading accounts that are tailored for individual traders. Here is what they have to offer:
- Initiate: $500 is the minimum deposit asked for. Spreads are variable. There is no leverage. You get entry-level commissions and an entry-level assets list.
- Advancer: $2,500 is the minimum deposit asked for. Spreads are improved. You are offered entry-level leverage and improved commissions. You get a limited assets list.
- Master: $25,000 is the minimum deposit asked for. Spreads are market-grade. Leverage is increased. You have full access to all assets and you get customized commissions.
- Elite: $100,000 is the minimum deposit asked for. Spreads are Institutional Grade. There are zero commissions. You may trade with increased leverage and you get full access to all assets.
- Supreme: $250,000 is the minimum deposit asked for. Spreads are Institutional Grade. You may trade with maximum leverage according to asset class. There are zero commissions. You are offered a loyalty package. And you have full access to all assets.
There are no specifics given as far as this broker’s trading conditions are concerned.
SolidusMarkets – Advantages
There are no advantages to trading with SolidusMarkets.
SolidusMarkets – Disadvantages
Here is the entire list of disadvantages that clearly tell us that we are dealing with a scammer:
-
Unregulated Broker
This broker claims that they are owned and operated by a company by the name of Digital Genius. However, this broker does not furnish us with other details such as their physical address and which authority has regulated them. There are two telephone numbers provided on the Contact Us page, one for the UK and the second for Australia.
Beyond these snippets of information, we are not told who this broker is. So, we can say that SolidusMarkets is more or less anonymous.
However, just to be safe, we checked the online databases of both the ASIC (Australian Securities and Investments Commission) as well as the FCA (Financial Conduct Authority – the UK’s regulator). We were not surprised to see that this broker is not listed with either financial authority.
All our investigations have clearly told us that we are dealing with an unregulated and anonymous broker, which means that SolidusMarkets is a scammer.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
-
FCA Warns Against Broker
The FCA, which is one of the world’s oldest and most respected financial regulators, has also noticed this broker’s lack of legitimacy. In fact, this regulator has issued a public warning against SolidusMarkets, stating clearly that this broker is operating without permission in their jurisdiction.
The warning does not stop there. The regulator also states that dealing with this broker is dangerous and if you do, then you will lose all protection from the FCA. This means that you will get any fraud/scam cover from the FCA, and other facilities that are offered by appropriately regulated brokers.
This warning tells us clearly that this broker is a scammer and if you do business with them, it would be at your own risk.
-
Issues with Trading Platform
SolidusMarkets claims to offer their clients their in-house state-of-the-art trading platform, called the SM Web Platform. The broker, however, does not offer their clients any free demo account. This, of course, is a red flag. Legitimate brokers offer their clients a demo account for free where all traders can try out their trading platform – and their trading conditions. Since these are two offerings a broker has, all legitimate brokers go out of their way to publicize both.
When a broker avoids offering a demo account, and tells us nothing about their trading platform the way SolidusMarkets has done, we know that things are not right with that broker.
Despite this warning sign, we went ahead and signed up for an account with this broker in a bid to see what kind of a trading platform they really offer. What we found is that SolidusMarkets offers their clients a very generic, web-based trading platform that has barely any functionality beyond buying and selling a limited number of assets.
This is clear proof that we are dealing with a scammer. No legitimate broker would offer such a poor-quality trading platform.
-
Issues with Trading Conditions
Legitimate brokers go all out to publish their trading conditions on their websites, and then follow up by offering their clients a chance to try out those trading conditions in a safe environment using their free demo account.
This broker offers no such benefits. When we checked their account type descriptions and the kind of trading conditions offered, we found out that there is no clear information given at all. There are just random words used such as institutional spreads and improved leverages – but no clear information at all.
The only thing we are told clearly is their minimum deposit requirements, which are also extremely high.
This lack of information is just another indicator of this broker’s scam.
-
Single Payment Method
The only way that you can make payments is by using cryptocurrencies, and this means that SolidusMarkets is a scammer. No legitimate broker offers only one single payment method, and that too something as dangerous as cryptocurrencies (crypto payments are all permanent and anonymous).
-
No Withdrawal Policy
This broker also does not specify what their withdrawal policy is. So, we do not know if there is any condition in place for withdrawals – such as a minimum trading volume turnover. If there are fees imposed, we do not know what they are. We don’t even know the processing time for a withdrawal request.
Conclusion
SolidusMarkets is a scammer and it would be best to avoid this broker completely. They cannot be trusted at all.
SolidusMarkets
Pros
- None
Cons
- Unregulated Broker
- Warning by FCA
- Issues with Trading Platform
- Issues with Trading Conditions
- Single Payment Method
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.