Solo FX Review – Main Reasons Not To Trust This Firm

Solo FX trading firm claims to be your premier CFD trading hub. Yet, with their poor transparency and misleading information, you better avoid trusting them.

After all, what to expect from a company that doesn’t reveal any trading conditions? Fairly, only to get scammed. But to learn how to recognize those dangerous patterns, make sure to read this Solo FX review carefully.

Legal Info: Is Solo FX Legit Or A Scam?

Solo FX company claims to be operated by SVG-based Lodishken Limited with registration number 26128 BC 2021. With their operating address allegedly being in London, UK we are expected to believe they are legitimate. However, one little detail makes a huge difference. It’s the license number this trading firm is missing.

First of all, this firm is not regulated by UK’s FCA which is already a sign of a scam. Neither do they have any other top-tier licenses like BaFin, ASIC, CFTC, or similar. This simply means you can’t trust any security features the company advertises.

Who Are Solo FX’s Victims?

Quite often, you will see top-tier regulated countries on a hit of investment scams. That’s the case with this trading firm as well. It is quite sad to see that authorities can’t do much against them. So, if you come from the following countries watch out: 

• Australia
• United Kingdom
• Netherlands
• United States

Learning how to avoid cheap offers is the key to financial safety. Therefore, we invite you to check our PSI Markets and AlgoProVersion reviews as well. Ultimately, if any of these firms got your money illegally, contact us for legal and refund assistance.

Traders Reviews

Based on Solo FX reviews, many traders might think this broker is a good choice. However, you will quickly realize that comments on different platforms don’t really match. While on Trustpilot we can see only positive users, on Reviews.io we can see a lot more complaints. Combined, there are more than 150 samples you can find.

Sadly, you shouldn’t trust any of those since this firm is not regulated. Therefore, no comments can change the fact they operate without any oversight. But if you still trust them and regret it, feel free to reach us for refund advice.

Leverage, Commissions, Spreads, Fees and Taxes

One of the reasons to expect to get scammed by the Solo FX broker is its hidden trading conditions, primarily leverage. Without negative balance protection, it can truly affect your balance. 

On top of that, there are hidden spreads, commissions, and fees. Fairly, too many things to worry about.

Bonuses

Another huge issue with this brokerage is its well-hidden bonus policy. The company offers added funds that include quite unfair terms. 

For every $1 added, you have to reach 1 standard lot in a trading volume. Otherwise, you can’t withdraw any funds. But the key problem here is that 1 standard lot is $100k. So, you better avoid it.

Solo FX Trading Features

As can be seen, none of the Solo FX account types offer any attractive features. Starting with copy trading, social trading, EAs, trading signals, or similar. But even if they offer such options, can you truly trust them? Without adequate licenses definitely not.

Trading Platforms Available

Besides the main web-based platform, traders can also download desktop apps. However, downloading any data from a website run by scammers is not the smartest move. 

In any case, once you complete the Solo FX login process, don’t be surprised if the platform offers only basic functionalities.

Available Trading Assets

Another disadvantage of this trading firm is the poor instruments offer. With only three investment classes available, they can hardly compete with any broker. Surely not with top-tier licensed ones. 

In any case, if you still opt to trade with this firm, you can trade: 

• Forex – GBP/EUR, USD/HKD
• Commodities – natural gas, crude oil
• Indices – ASX200, DAX30

Account Types

Generally, none of the account types with this firm include any special benefits if you deposit more money. In their opinion, what’s worth $5-$10k is their VIP support, personal account manager, and hedging feature. Still, with unclear conditions, none of these options matter. 

Anyway, the offer starts with: 

• Silver – $500
• Gold – $5.000
• Platinum – $7.000
• VIP – $10.000

Mobile Trading App

If you try to download the Solo FX app for mobile devices, you won’t get links to trusted download stores. Instead of the download option, you are redirected to a web trader and fairly, that’s misleading.

Demo Account

If the Solo FX trading firm operated legitimately, they would offer a demo account in the first place. But that way, you could test out trading conditions and expose their scamming activities through leverage. That’s why top-tier licensed firms should always be your first choice.

Education

Imagine that you don’t know anything about trading and you need to learn something with this broker. With their extremely poor educational center, you’ll be quite disappointed. It only covers a few basic questions about general trading and zero advanced education programs. But that’s expected from unregulated Solo FX scam company.

Solo FX Withdrawal

Whatever withdrawal conditions the company presents us with, these are subject to change without prior notice. After all, we can’t expect anything legitimate from the unregulated offshore firm. 

In any case, the company has 3 business days to process your withdrawal, but watch out. They will most likely require you to provide additional verification documents.  This gives them enough time to make excuses not to approve your withdrawals. Or even worse, to try to extort non-existent fees as reported in some Solo FX complaints. 

All in all, with hidden withdrawal fees, it’s clear you can expect manipulation.

Customer Support

Many traders might think this company is legitimate because of transparent contact numbers. However, these can be a good cover-up if VOIP services are used. But when you realize working hours are not disclosed nor that the company offers live chat features, you realize how mediocre their support is.

Key Information To Consider About Solo FX

In the first place, traders must remember the company is not regulated. No matter what reviews say, you won’t have that good experience with them. Fairly, without a trusted platform and transparent conditions, everything is prepared for solid manipulation.

Therefore, if you experience anything similar you can reach out to our experts for consultation. Don’t let these swindlers get away with your money. Start the refund process right away.

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