SolidCFD is an unlicensed forex and CFD broker that is based offshore, in the Marshall Islands.
The Financial Conduct Authority (FCA) recently released a statement warning investors against trading with SolidCFD.
So, is this CFD broker really a scam? Read our full review and final verdict to find out all you need to know.
SolidCFD offers traders a selection of 4 regular trading accounts they can choose from, as usual depending on minimum deposit and extra features. The minimum deposit to open an account with SolidCFD is $250, which gets you access to the first, Beginner Account. This is the regular amount required to begin trading with most brokers. SolidCFD also offers traders Islamic accounts, catered to customers of the Islamic faith.
The problem with the SolidCFD accounts listed is that there is no mention of any specific trading conditions like leverage, spread or minimum investment to open a trade. This is especially problematic because all this information is vital when it comes to choosing a broker, because it shows what type of trading experience investors will have.
Warning: The lack of any information regarding trading conditions offered is an immediate red flag because it shows complete lack of transparency – a classic feature of a scam company.
When registering with SolidCFD to discover the trading conditions first-hand, we noticed that the broker offers a maximum leverage of 1:300 and contract sizes at $2,500.
All SolidCFD accounts are listed below. As mentioned above, the information we could gather was considerably limited.
SolidCFD also claims to offer a selection of Islamic Accounts for traders of the Islamic faith. Such accounts are usually interest-free, swap-free accounts, where investors are not charged interest on any of their open positions. Instead, they can trade confidently knowing that they will not be subject to any hidden charges or fees.
There is no mention of a minimum deposit required for these accounts, nor the types of Islamic accounts offered.
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Through SolidCFD, investors will be able to trade CFDs in major financial markets like forex, stocks, commodities and indices. The broker also has options pairs of 30 second, 60 second, 2, 3 and 5 minute options. SolidCFD provides a selection of over 200 underlying assets that investors can trade through the SpotOption trading platform.
SpotOption was commonly associated with binary options trading, so the platform found on SolidCFD will remind traders of the simplicity of binary options platforms. Although the platform itself is nothing in particular, beginners may find it appealing due to its incredibly easy-to-navigate interface.
SolidCFD does not offer traders the popular MetaTrader4 (MT4) trading platform. This is an immediate disadvantage, because many traders are already familiar with the MT4 interface and its powerful features. What’s more, there’s a reason MT4 is so popular among traders worldwide – the platform is truly powerful and game-changing. Many brokers give traders the choice between MT4 and a simpler, web-based platform, but SolidCFD does not offer that option at all.
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Traders can reach the SolidCFD customer support team through email or phone. They do not provide an email address on their website, but give you an online email form where you can send SolidCFD an email through their website. The broker claims to have 24/5 customer support service available.
They provide several international numbers for the countries listed below:
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SolidCFD is owned and operated by the company LOK Marketing Ltd, which is located at Govant Building BP1276, Port Villa, Vanuatu or GM Marketing Group in the Marshall Islands.
On their website, they list two different addresses – one in West London and another in Cyprus under the name MGNC Marketing Ltd. A quick Google search reveals that the Cyprus-based address is used by several unauthorized financial services and the West London address shows no company related to SolidCFD based there.
These are all massive red flags of course, that prove SolidCFD is not to be trusted.
As for the payment methods the CFD broker accepts, SolidCFD accepts payments by credit and debit card, but no e-wallets.
As you have probably realized by now, our review of this CFD broker concluded that SolidCFD is not a trustworthy company and is likely to be a complete scam that traders should stay away from at all costs.
SolidCFD is an unlicensed, offshore broker using fake addresses on their website, which the FCA has explicitly warned users of. Moreover, SolidCFD has an especially vague website, offering no true value or information.
Instead of wasting your time with another scam company, check out list of the best, fully-licensed brokers that you can trust.
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