Solidity Brokers Review

WHO IS SOLIDITY BROKERS?      

According to research in South Africa, Solidity Brokers is a Cyprus-based ECN broker which is not regulated through CySEC and with limited to no access to the broker’s website.

According to previous reviews done on this broker, there is an impressive list of features which comprises of various trading platforms, best price execution, instant trade execution and various others, but this cannot be ascertained as the broker website is inaccessible.

SAFE OR SCAM

When choosing a broker, it is imperative that traders ensure that brokers are regulated and authorized only through reputable, well-known regulatory entities.

When trading with offshore brokers who have no prior authorization or regulation under which operations are conducted, client funds cannot be guaranteed. There is no proof that exists that Solidity Brokers is a regulated broker.

Traders are neither advised nor encouraged in using such brokers to facilitate trading as the security of their funds and sensitive information such as banking details, and personal details may be greatly compromised.

Solidity Brokers is not regulated by any regulatory entity and client funds may be compromised when using brokers such as these to facilitate trading activities.

PRO AND CONS

LEVERAGE

Leverage is a powerful and useful tool which, when used correctly and in moderation, can increase the potential for gains, but simultaneously it can increase the risk of substantial losses which can exceed the initial deposit of the trader.

Maximum leverage provided by brokers depend on the broker, the regulatory entity, the type of account the trader uses, and the financial instrument being traded. There is no information pertaining to the leverage offered by Solidity Brokers.

ACCOUNTS   

Solidity Brokers offers traders the option between four account types namely a Mini Account, a STP Account, an ECN Account, and a FIX-STP Account.

The Mini and the FIX STP account provide spreads that start from 3 pips when trading EUR/USD, which is substantially higher when compared to brokers that offer spreads from 0.0 pips.

When using the STP and the ECN Account, there are commission charges of $10 per lot. When opening a Mini and FIX STP account, there is a minimum deposit of $500 and with the ECN and STP accounts, the minimum deposit is $2,500.

MARKET INSTRUMENTS

Solidity Brokers offers the following tradable financial instruments:

• Forex
• Futures
• Metals, and
• CFDs

FEES

Solidity Brokers does not provide substantial information relating to trading or non-trading fees and thus traders are made aware of the typical fees that they may expect from brokers such as Solidity Brokers.

When evaluating brokers in order to choose one that caters for the trader’s needs and trading objectives, it is imperative to obtain as much information as possible regarding trading and non-trading fees so that an accurate broker comparison can be done.

Solidity Brokers does not offer a substantial amount of information regarding fees and there is not an adequate amount available from previous reviews.

What can, however, be derived from previous reviews is that the spread when using a FIX STP or Mini Account starts from 3 pips when trading EUR/USD and that there is a commission charge of $10 when using either the STP or ECN account.

Apart from this, there is no other information available and traders will need to ensure that they verify additional fees which includes:

• Margin requirements
• Overnight or swap fees
• Inactivity fees
• Account maintenance and management
• Deposit and withdrawal fees

DEPOSIT AND WITHDRAWAL

When opening a FIX STP and Mini Account, there is a minimum deposit requirement of $500 whereas there is a minimum deposit requirement of $2,500 when opening a STP and ECN Account.

The supported payment methods when making deposits or withdrawals include:

• Bank Wire Transfer
• Credit/Debit Cards
• MoneyBookers, and more.

There is no substantial information pertaining to the supported deposit currencies when making deposits or withdrawals, but it can be safely assumed that the major currencies will be supported, including, but not limited to:

• USD
• GBP
• EUR, and more.

Traders should note that third-party deposit and withdrawals are prohibited and that withdrawals have to be made through the same method that was used when funds were deposited into the trading account.

TRADING PLATFORMS

Solidity Brokers offers the use of its own proprietary trading platform along with MetaTrader 4 which can be used on the web, desktop and a variety of mobile devices that run Android or iOS software.

MetaTrader 4 is a well-known, popular, user-friendly trading platform that hosts a variety of features and tools that can be used to improve trading strategies and improve trading experiences.

MetaTrader 4 caters for both beginner traders as well as advanced traders regardless of the trader’s needs and trading objectives.

HOW TO OPEN AN ACCOUNT

In order to register for a live account with Solidity Brokers, traders will have to complete an online application that requires some basic personal information, contact information and residential information.

Often brokers have a Know Your Client, or KYC, process which involves the submission of documents pertaining to the trader’s identity and proof of residence.

Traders are however warned against submitting such sensitive information to unregulated brokers, as it may compromise such information.

Traders are however cautioned against opening an account with this broker due to the lack of information that exists in addition to the lack of regulation. Trading through such brokers may pose the risk of substantial losses and the compromise of sensitive information.

CUSTOMER SUPPORT

When evaluating brokers, this is one of the crucial factors that traders need to test so that they will have an idea of whether the broker caters sufficiently for client queries, especially should there be an emergency query.

Previous reviews suggest that there is a live chat function available but that no response was received from the chat, other than this, there is no substantial information available on how Solidity Brokers’ customer support can be contacted.

This further calls the legitimacy of this broker into question as customer support availability and response is a substantial deciding factor when comparing and selecting the right broker to facilitate trading.

EDUCATION       

Solidity Brokers does not provide any educational tools or resources.

RESEARCH         

Solidity Brokers, according to previous reviews, offers guidelines on trading strategies without any other mention of research tools available or provided.

AWARDS

There is no existing information that would suggest any awards that have been obtained by Solidity Brokers.

CONCLUSION  

There is extraordinarily little information available on this broker in addition to the website being inaccessible for further review, evaluation, and comparison.

Traders are greatly cautioned against unregulated brokers and against brokers who do not provide substantial information which is necessary to be able to evaluate the brokers offering along with trading conditions.

The only information available on this broker suggests that it does not cater for beginners as there is a lack of education.

Existing information pertaining to fees further pulls this broker’s legitimacy into question as the minimum deposit is substantially high when compared to other brokers and in addition, the spreads offered are high when compared to brokers that offer tighter spreads.

Traders are advised to consider carefully before opening an account with an unregulated broker without conducting extensive research and comparing various reviews to obtain an idea of previous traders’ experiences with a particular broker.

DISCLAIMER

The trading of leveraged financial instruments hold the potential for great gains, but it also has the potential for great risks that threaten the initial capital of the trader and losses may often exceed this amount.

The price movement on financial instruments are quite unpredictable and in speculating the direction of such movements, traders may be exposed to substantial risks that are not suited or recommended for some traders.

Traders need to understand and evaluate their exposure to risk and to provide an outline of such in their trading plans as this will assist in risk management when executing trades in a live trading environment.

When signing up with a broker that is unregulated, traders need to understand the risk of funds being compromised and the amount of issues that may be experienced in getting capital back when it has already been placed in the trust of such a broker.

Traders need to ensure that they understand the risks associated with unregulated brokers along with the risks involved in leveraged and margined trading as losses incurred may exceed their initial capital.

FAQs

TRADING ENVIRONMENT

How many instruments can I trade with Solidity Brokers?

You can trade the following financial instruments:

• Forex
• Futures
• Metals, and
• CFDs

Which platforms are supported by Solidity Brokers?

Solidity Brokers provides the following trading platforms:

• Solidity Brokers Web Trader, and
• MetaTrader 4

Does Solidity Brokers offer leverage?

This information is not available.

What spreads can I expect with Solidity Brokers?

Traders can expect spreads from 3 pips when trading EUR/USD using either the Mini or the FIX STP Account.

Does Solidity Brokers charge commission?

Yes. Commissions of $10 are charged per lot with the ECN and STP accounts.

Is Solidity Brokers regulated?

No, Solidity Brokers is not regulated and therefore traders are cautioned in using this broker to facilitate the trade of financial instruments as client fund security cannot be guaranteed.

Is Solidity Brokers a recommended forex trading broker for experts and beginners?

No, Solidity Brokers is not recommended for the facilitation of trades at all due to the lack of information on this broker, and due to a lack of regulation.

What is the overall rating out of 10 for Solidity Brokers?

0/10

ACCOUNTS

What is the difference between a demo and live trading account?

A Demo Account is a risk-free account which is funded by virtual money and allows traders to either practice trading, explore the brokers offering, or test trading strategies in a mimicked live trading environment.

Does Solidity Brokers offer a demo account?

Unsure. This information is not available.

For how long is the demo account valid?

This information is not available as it would appear that Solidity Brokers does not offer a demo account.

Which live trading accounts does Solidity Brokers offer?

• Mini Account
• FIX STP Account
• STP Account, and
• ECN Account

What are the available deposit currencies for a live trading account?

There is no substantial information pertaining to the supported deposit currencies when making deposits or withdrawals, but it can be safely assumed that the major currencies will be supported, including, but not limited to:

• USD
• GBP
• EUR, and more.

DEPOSITS AND WITHDRAWALS

What is the minimum deposit for Solidity Brokers?

$500.

How do I make a deposit and withdrawal with Solidity Brokers?

The supported payment methods when making deposits or withdrawals include:

• Bank Wire Transfer
• Credit/Debit Cards
• MoneyBookers, and more.

Does Solidity Brokers charge withdrawal fees?

This cannot be ascertained due to the substantial lack of information on this broker.

How long does it take to make a withdrawal?

This will depend on the method through which withdrawals are made along with the process involved and generally it can take between one and several business days.