Broker Review Solidary Markets

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Solidary Markets FX Review

Solidary Markets FX

Reason to avoid: No license

Listed Date: November 29, 2020

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Beware Solidary Markets FX is a Non-Regulated broker. It is NOT SAFE to trade.

  • Company name: Solidary Markets NZ Ltd.
  • Registration/license: None
  • Registration/license requirement: –

Solidary Markets FX is a Forex, cryptocurrency and options broker. The site is owned and managed by Solidary Markets NZ Ltd., based in New Zealand. According to the information provided on the website “Solidary Markets NZ Ltd is not required to be a registered Financial Service Provider (FSPR) in New Zealand but maintains strict operational and procedural policies”, which means the broker is not regulated in New Zealand and most probably is not regulated in any other country. Also, the website states that Solidary Markets FX provides its services only to customers from Spain, however, it is not authorized in Spain. Moreover, Spain’s regulator CNMV has issued a warning against the broker:
“Solidary Markets FX (“SMFX”) http://solidarymarkets.com/ is not authorised to provide the investment services detailed in Article 140 of the Securities Markets Law, or provide the auxiliary services detailed in letters a), b), d), f) and g) of Article 141 of said Law, which includes investment advice, in relation to the financial instruments detailed in article 2 of the said Law, including, to those purposes, transactions on foreign currency.”

As regulation is the most important factor for the safety of any investment, we strongly advice potential traders to invest only with properly licensed brokers. The Financial Conduct Authority in the UK and Australian Securities and Investments Commission are well respected financial watchdogs that do provide sufficient security on the market. Check the list of the FCA-regulated brokers here.

SolidaryMarkets.com Review Visit site

About SolidaryMarkets.com

SolidaryMarketsFX is a forex broker. Solidary Markets FX offer the MT4, WebTrader and Mobile forex trading top platform. SolidaryMarkets.com offers over 65 forex currency pairs, cfds, gold, silver, oil, bitcoin, cryptocurrencies and binary option for your personal investment and trading options.

  • Information
  • Live Discussion
  • Video
  • 13 Widgets
  • More .

Broker Details

Minimum Trade Size: 0.01
Maximum Leverage: 200:1
Minimum to Open Live: $50
Established: 2020
Address: Level 2, The Public Trust Building 442 Moray Place, Dunedin 9016 PO Box 3058, Dunedin 9012, New Zealand
Contact: [email protected], +64 (0) 36694803
Regional offices:
Regulators:
Prohibited countries:

Yes

Yes

Yes

Trading platforms: MT4, WebTrader, Mobile Trader
Web Trading:
Mobile Trading:
ECN:
Currencies: (70+)
Cryptocurrencies: (5+) Bitcoin, Litecoin, Ethereum
CFD: (15+) Gold, Silver, Stock Indexes, Oil, Other Commodities

Yes

Yes

Yes

Yes

Yes

EAs/Robots:
News Spike Trading:
Scalping:
MAM:
PAMM:
Deposit Methods: Bank Wire, Neteller, Skrill
Withdrawal Methods: Bank Wire, Neteller, Skrill

Live discussion

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Consumer Reviews

I want you to know that I was in this broker before and it was excellent but at the end of 2020 and all this year 2020 it became the worst broker there is.

In binary options cheats and what they say is that the computer of us had problems I say because I opened an operation and it did not work then I gave it back to the same option and after 2 minutes of clicking I opened 2 operations.

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Get away from this broker

Mar 6, 2020 – 3 Stars Is a good broker but not excelent, I bilieve that the broker have the fees more high by deposit and withdrawal,

low leverage in Top account 1:200 , in binary options the EA is slow it takes how 0.5 seconds to capture price

But in the payments is good all time , in less of 24 hrs

SMFX Review – is solidarymarkets.com scam or safe forex broker?

Trading accounts and conditions

Account type Minimum deposit Minimum trade size Maximum leverage Average spreads
Mini $10 0.01 lot 1:200 From 1.5 pips
Standard $50 0.01 lot 1:200 From 1.3 pips
Top $100 0.01 lot 1:200 0.14 pips*
Elite $100 0.01 lot 1:200 From 0.2 pips**
Eva €100 000 0.01 lot 1:100 From 0 pips***
Revolucion Forex $500 0.01 lot 1:200 From 0.8 pips****

*Commission: 2.9 per lot (0.0029% notational)/side.

** Commission: 3.9 per lot (0.0039% notational)/side.

*** Commission: Symbols without suffix: 6.4 per lot (0.0064% notational) /side.

Symbols with the suffix”nc”: 8.9 per lot (0.0089% notational) /side.

Symbols with the suffix “..”: 13.9 per lot (0.0139% notational) /side.

****Commission: 3.9 per lot (0.0039% notational)/side.

SMFX has four standard types of live trading accounts: Mini, Standard, Top and Elite. There are also two types of “Special” accounts: Eva and Revolucion Forex who offer access to a larger asset portfolio of 53 forex pairs and metals. The three standard accounts have offer access to a smaller portfolio of 45 forex pairs, metals and binary options.

There is also a free demo account and money management accounts.

SMFX offers VPS services to its clients. There are three types for monthly fees varying from €12-22, plus a one-off €5 installation fee.

The Company. Security of Funds

Company Country Regulation
Solidary Markets NZ Ltd New Zealand None

SMFX (Solidary Markets FX) is owned by the company Solidary Markets NZ Ltd. It is registered and based in New Zealand, but is not regulated by the country’s Financial Markets Authority (FMA). The company says it is a Financial Services Provider, but is outside the policy framework of the Financial Act 2008 so it does not require us to stay in the Register of FSP for companies that provide services within New Zealand. Our check in the Financial Services Providers register revealed that the company has been deregistered in 2020.

The broker says it keeps the client funds in segregated accounts.

Trading platform

SMFX provides access to several trading platforms for its clients. First off, it offers the eternally popular MetaTrader 4 (MT4) in its desktop and mobile version. There is also the SMFX Web Trader, which can be used with the MT4 credentials.

Additionally, SMFX offers the mobile application for binary options trading app FX Lite Bo developed by the company TradeTools FX.

The broker also provides the MyFxBook AutoTrade app for automated trading. AutoTrade was launched in the beginning of 2020 by MyFxBook, a UK-based provider of forex analytical tools and trading community portal. As an automated social trade copying service, Myfxbook’s AutoTrade enables traders to track, compare, analyze and share their trading strategies. Myfxbook doesn’t act as a broker itself and traders need to register with one of their partner brokers in order to use the platform.

Payment Methods

SMFX provides several of the most standard payment methods. The broker accepts deposits through bank transfer, credit and debit cards and the online payment systems Neteller and Skrill.

Conclusion

Judging by the language versions of the site, SMFX is targeting mostly Spanish-speaking traders. It seems the broker means serious business, despite not being regulated. It is based in New Zealand, which has a relatively good regulatory reputation. The multitude of trading accounts is somewhat confusing, but if we focus on the standard ones, we could say their conditions are fairly good and are within the industry average.

Pros Cons
Low deposits Unregulated
Many trading platforms
VPS
Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

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