SolutionsMarkets – Are They Safe?

Website URL: www.solutionsmarkets.co

Founded: N/A

Regulations: Unregulated

Languages: English

Deposit Methods: Bank Wire, Major Credit/Debit Cards.

Minimum Deposit: $250

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Forex, Cryptocurrencies, Indices, Stocks, Commodities

Trading Accounts and Conditions

Here are the trading accounts offered by SolutionsMarkets:

• Basic: The minimum amount you are asked to deposit for using this account is $250. The spreads start from 0.6 pips, and the maximum leverage is 1:100.
• Pro: The minimum deposit you need to make is $2,500. The spreads in this account start from 0.4 pips, and the maximum leverage offered is 1:200.
• Expert: To use this account, you need to make an initial deposit of $25,000. The spreads start from 0.1 pips and the maximum leverage is 1:200/1:30.

The broker also claims to charge no commissions on any trades and offers negative balance protection.

SolutionsMarkets – Advantages

Here are the advantages of trading with SolutionsMarkets:

• MetaTrader 4 Supported

This broker offers its clients the use of the MetaTrader 4 trading software, which we think is a big plus. This is because the MT4 (as it is more popularly known) platform has a wide range of features that increase trading efficiencies – charting options, market analyses tools, automatic trading algorithms, pending orders, back-testing options and so on.

This broker also offers support for the Status Web Trader, which does raise a question for us, since it is the preferred platform for scam brokers.

• Low Spreads

According to the information on this broker’s website, the spreads begin at just 0.6 pips, which is very favorable for traders. This is because it means that trading costs will be lower. The market average for spreads ranges from 0.5 pips to 1.5 pips so SolutionsMarkets’ pips are quite competitive.

We need to warn our readers that since this broker does not have a demo account, we have not been able to verify whether these pips actually are true.

SolutionsMarkets – Disadvantages

Despite two great advantages, there are so many issues we have found with SolutionsMarkets that we would still not recommend this broker to users:

• Anonymous, Unregulated Brokerage

SolutionsMarkets claims to be owned and operated by a company called Kiqiwk Holdings Intl. Ltd which is registered in the British Virgin Islands. However, in another part of its website, the broker claims to be owned by a company called Vitoli Enterprise Ltd which is located in St. Vincent and the Grenadines.

We could not find any information on either company. Furthermore, there is no way you can contact SolutionsMarkets except for email or by filling up their Contact Us form. The telephone number is not listed.

Thus we are dealing with an anonymous broker.

SolutionsMarkets has not given any licensing information, which makes it clear that this broker is operating without one.

Thus, if you contract with this broker, you will be doing business with an anonymous entity that is operating outside the boundaries of the law. We strongly advise against dealing with such entities.

When you deal with an authorized brokerage, you are protected by the law against broker bankruptcy or even broker fraud. These brokers are required to offer various forms of protection to their clients such as account segregation. They are also required to participate in a form of insurance wherein their clients will be compensated for their losses if it is the broker’s fault (like if the broker goes bankrupt or if the broker is found to be fraudulent, or even if the broker’s website crashes and you lose your money).

With unregulated and anonymous brokers, you don’t get any of these benefits. So, if you invest with them and then find out that you have been scammed, there is nothing that any regulator will be able to do to help you get your money back.

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• Poor Registration Process

The registration process is very simple; you simply need to fill in your name, email address and phone number. Then you need to confirm that you are over 18 years old and that you are not a citizen of the United States.

The problem is that once you click on the Register button, nothing happens. You do not get a confirmation email or even a message confirming your registration. The only thing that happens is that a small red ‘x’ appears at the bottom of the registration page.

• High Leverages

SolutionsMarkets offers its clients a maximum leverage of 1:200, which is much higher than the norms allow. From its website, it seems that this broker is targeting clients in the EU and the UK. However, in both these locations, high leverage ratios are prohibited and brokers are not allowed to offer more than 1:30 ratios.

• Unfair Bonus Condition

That fact that this broker offers trading bonuses is bad enough. On top of that, the conditions it has put in place are even worse. If you take advantage of the bonus promotion, then you will need to trade 30x the bonus amount and your deposit amount before you will be allowed to withdraw your funds.

Most traders cannot reach this massive target, which means that they never get to withdraw their money. This is tactic commonly used by scammers to divest their victims of their money.

• Vague Terms and Conditions

The thing that worries us most about SolutionsMarkets is the fact that their terms and conditions are very vague. For example, the broker states that if you deposit money using alternative payment methods (none mentioned) then there will be additional fees charged. The broker claims that these fees are for handling and processing, but does not specify the amounts. The same goes for the withdrawal process.

Conclusion 

SolutionsMarkets is an unregulated and anonymous broker, which means that it would be very dangerous to have any dealings with them. Therefore, we strongly advise all our readers to avoid them.

SolutionsMarkets

2.5

User Experience

3.1/10

Payment Options

2.4/10

Security

2.2/10

Support

2.5/10

Reputation

2.3/10

Pros

• MetaTrader 4 Supported
• Low Spreads

Cons

• Anonymous, Unregulated Brokerage
• Poor Registration Process
• High Leverages
• Unfair Bonus Condition
• Vague Terms and Conditions