Solidus Markets Review 2024 – Platform For Losing Money

Remember the name “Solidus Markets” because it is not a legitimate trading platform. On the contrary, it’s a deceptive website offering illicit Forex services, and we have plenty of evidence to prove it.

Therefore, please read our full Solidus Markets review to learn the truth about this scheme. Also, learn how to identify cyber tricksters like this one or GFE Markets. 

Legal Info: Is Solidus Markets Regulated?

The Solidus Markets broker claims Digital Genius LLC owns it. But they don’t give any contact details or regulatory information, which is pretty suspicious. We did find a match on the IRI, but the entity is dissolved. 

The bottom line is that the platform isn’t regulated by any proper authorities for Forex trading. This means your money isn’t safe with them and isn’t legally protected. The UK’s Financial Conduct Authority (FCA) and Australia’s Securities and Investments Commission (ASIC) confirm this claim with regulatory warnings!

Instead of trusting anonymous sites, we recommend choosing regulated firms operating under the supervision of reputable financial market authorities such as the FCA (UK), BaFin (Germany), CFTC (US), ASIC (Australia), IIROC (Canada), MAS (Singapore), etc. Avoid brokers like STMarket that operate under laxer jurisdictions. 

Such companies are subject to stringent regulations and must offer clients negative balance protection, segregation of funds in top-tier banks, and, in some cases, compensation schemes.

Who Are Solidus Markets’s Targets?

According to WHOIS, the active Solidus Markets website domain was created on March 11, 2024. The fraudsters pulled the shutters on the previous one due to the FCA’s initial warning. The main targets were unsuspecting traders and investors from the following jurisdictions: 

• United Kingdom
• Australia
• Israel
• Spain

Four jurisdictions, each boasting unique and stringent financial regulations to prevent digital con artists from running their schemes. We’ve already detailed Solidus Markets’ duplicitous legal background, which caught the attention of the British and Australian regulators. See the warnings in the previous section to better understand why the platform is risky. 

Trader Reviews – Sharing Experiences

The company has amassed over 180 Solidus Markets reviews on reviews.io. However, we suspect that the relatively positive feedback is incentivized, i.e., dishonest. If you look at the most recent comments, you’ll notice scam accusations:

“This webpage is fraudulent. They simply won’t stop contacting and requesting more money. They give the impression that I made some money on the trades. When I try to withdraw money, they want additional money deposited into the account,”

– one user stated, claiming the website aims to charge illegal upfront fees.   

User feedback is essential for spotting trustworthy companies and avoiding scams. Before you invest, check out what other traders and investors are saying about the platform. Reviews like ours can help you avoid unnecessary losses and make more informed decisions.

Which Trading Platform Is Available?

The Solidus Markets trading platform had a basic browser-based trading interface offering Forex pairs, indices, stocks, commodities, and crypto. While it included fundamental tools like charts and indicators, it lacked advanced features.

The simple TradingView charts didn’t provide a robust trading experience. That’s why we recommend skipping this broker and instead signing up with a licensed provider that supports reliable third-party software like MetaTrader 4, MetaTrader 5, or cTrader.

MT platforms offer a ton of advanced tools, including automated and algorithmic trading, sophisticated charting, multiple timeframes, live market reports, expert advisors, and more. They’re a much better option for serious traders.

Solidus Markets Account Types

Trading Info – Leverage, Spreads, Commissions

For Solidus Markets Forex trading, users are promised high leverage, but the website did not disclose it, which is common for illicit brokers. Here, it’s important to understand that high leverage is a double-edged sword.

While it can help you reap enormous profits if your trades go well, it can also result in significant losses if things go south. That’s why European and North American regulators have set lower leverage caps for retail clients at 1:30 and 1:50, respectively.

Spreads and commissions are also a mystery. Users do not know how much the platform charges unless they deposit real money.

Can Traders Use a Free Demo Account?

Another tactic used by anonymous fraudsters is not offering a demo account. This forces traders to deposit real money before they can access the platform, giving scammers the chance to steal it before users catch on.

If you’re new to trading, starting with virtual funds is crucial. Don’t risk real money right away. Every legitimate broker provides a demo account, so there’s no need to take a gamble on sketchy websites.

Deposit and Withdrawal Process

The shady website listed three available payment methods for depositing and withdrawing funds:

• Credit/debit cards
• Wire transfers
• E-wallets

The minimum deposit is higher than what legit brokers charge. Depositing funds is easy, but attempting to withdraw them reveals the true nature of a scam. When you face withdrawal issues, it’s often the first sign that you’ve been trapped. If this happens, you need to look into ways to recover your money.

If you used a MasterCard or Visa credit/debit card, you can request a chargeback from your issuing bank within 120 days. To do this, you need to build a strong case and provide substantial evidence. Gather all relevant information and documents.

You can request a recall through your bank for wire transfers. However, this only works if the money hasn’t already been transferred.

Key Facts To Consider About Solidus Markets

Solidus Markets equals financial swindlers targeting unwary traders from the UK, Australia, Israel, and Spain. The platform appears on the FCA’s and ASIC’s regulatory warning lists. It’s an utter hoax designed to scam users.

We do not recommend trading on such platforms due to their unregulated status. If you are a victim of the Solidus Markets scam, you must seek our professional help to recover your funds! A chargeback is your best option.

Use the form below to book your free consultation with Scam Brokers Reviews and tell us more about your case. Our team will gladly guide you through the fund recovery process and assist you every step of the way.

Book your free consultation here and start the chargeback process.

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