Solution FX – Can You Trust Them?

Website URL: https://solution-fx.com

Founded: 2023

Regulations: Not Regulated

Languages: English, Simplified Chinese, Dutch, French, German, Italian, Portuguese, Russian, Spanish

Deposit Methods: Visa, Wire Transfer, MasterCard, Skrill, UnionPay, Neteller

Minimum Deposit: $250

Free Demo Account: N/A

Number of Assets: 1000+

Types of Assets: Forex, Indices, Precious Metals, Soft Commodities, Energy, ETFs, Share CFDs, Bonds, Ride Gold’s Volatility

Trading Accounts and Conditions

Solution FX offers their clients the following types of trading accounts:

• Standard: The initial minimum deposit is $250. Leverage is up to 1:50. Spreads are from 2.2 pips.
• RAW ECN: The initial minimum deposit is $10,000. Leverage is up to 1:200. Spreads are from 1.5 pips.
• PRO ECN: The initial minimum deposit is $50,000. Leverage is up to 1:500. Spreads are from 0.8 pips.
• VIP ECN: The initial minimum deposit is $100,000. Leverage is up to 1:500. Spreads are from 0.0 pips.

Solution FX – Advantages

There are no advantages to trading with Solution FX.

Solution FX – Disadvantages

Here are all the issues we have found that tell us that Solution FX is a scammer:

• Lack of Regulation

Solution-FX states in the footer of their website that Solution-FX Markets (Pty) Ltd. is their parent company. The broker also states in the same sentence that they are an authorized Financial Service Provider (FSP). The broker also claims to be headquartered in the UK, and that they have more than 30 global offices. We are presented with a UK address to prove that this broker is located there. There, however, is no information with regard to Solution FX’s regulation details.

The lack of clear corporate information is already a sign that things are not right with this broker. However, we also checked the Financial Conduct Authority’s website to see if Solution FX was registered with this regulator. We found out that this broker is not registered or authorized by the UK authority, which means that all their claims of being an authorized UK broker are all lies. And that makes Solution FX a scammer.

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• Flagged Off By Canadian Regulator

We also found out that the Canadian regulator, the Alberta Securities Commission (ASC) has flagged off Solution FX. The ASC has issued a warning about this broker’s operations, stating that they are operating in their region without proper authorization.

When a financial regulator flags off a broker, it is a clear indication that that broker is a scammer and is therefore not to be trusted.

• No Terms and Conditions

Solution FX has no legal documents in place on their website. They have the links to legal documents, but those links lead nowhere. When you click on the Legal Documentation link, you are taken to a new page, but that page has no documents at all.

We also checked the registration form. Sometimes, brokers attach the link to the Terms and Conditions to their registration forms. With Solution FX, there is only a check box that states that you agree to this broker’s terms and conditions, but the link is missing.

This means that this broker has simply not included their legal documents on their website. And that is a clear mark of a scammer.

These legal documents constitute the contract between you and them. If these documents are missing and you sign up with the broker, you have basically agreed to whatever terms they choose to impose on you. And that means that they can walk away with your money and even your personal information, and there is nothing you can do about it.

This is why it is imperative to check for legal documents before you sign up with a new broker.

• Issues with Registration and Trading Platform

We usually register for an account with the broker we are reviewing. This gives us many advantages. We get to see the broker’s registration process, and we can access their live trading platform and we get to see their payments section.

With Solution FX, we had serious issues with the registration process. We were not allowed to register for an account with them. We had to input a promo code to proceed further. This would mean getting in touch with the broker to get that promo code. This is a tactic that we have seen being used by many scammers. This way they can pick and choose their clients; and they pick novices who know nothing about the forex markets.

Due to this we were unable to check Solution FX’s live trading platform. So, we do not know what kind of trading platform this broker offers. However, considering the fact that this broker has lied about almost everything else, we would not expect Solution FX to have a platform worth talking about.

• Issues with Trading Conditions

The trading conditions offered by Solution FX are also an issue and tell us that we are dealing with a scammer. While the minimum deposit for the basic account is within reasonable limits, the deposit requirements for the other accounts are massive. We know nothing about their spreads, but the maximum leverage Solution FX offers is 1:500.

If a broker is based in the UK, then a leverage of 1:30 is the maximum a broker can offer. Therefore, the leverage this broker offers is illegal – and dangerous.

• Issues with Withdrawals

Along with no trading conditions, we do not know what Solution FX’s withdrawal policy is. We are told what fees they charge for withdrawals, what their withdrawal limits are, if they have withdrawal conditions in place and so on.

This lack of information is just another indication that Solution FX cannot be trusted. 

Conclusion

Solution FX is not a broker that you can trust. They have lied about almost everything and have also been flagged off by a trusted financial regulator. This broker is a scammer.

Solution FX

2.5

User Experience

2.0/10

Payment Options

2.2/10

Security

3.5/10

Support

2.4/10

Reputation

2.2/10

Pros

• None

Cons

• Lack of Regulation
• Flagged Off By Canadian Regulator
• No Terms and Conditions
• Issues with Registration and Trading Platform
• Issues with Trading Conditions