Solidstocks is yet another offshore broker creating a false sense of security by claiming to offer the most advanced platform and tools to secure profitability. Well, due to their efforts, we had to put this entity immediately on the scam suspects list, and we were right to do so. Find out why in the full Solidstocks review.
Solidstocks REGULATION AND SAFETY OF FUNDS
Solidstocks is a brand of Scintilla Enterprise LTD; a company allegedly registered in the Commonwealth of Dominica– a non-transparent offshore jurisdiction not regulating its Forex market. In fact, the country is so shady that we can’t even verify that there is such a company in legal existence. However, things are even worse as the Italian regulator CONSOB blacklisted Solidstocks, thus exposing the so-called broker as a scam scheme. Those things considered, we can boldly assert that your funds will be in danger if you deposit.
Avoid Solidstocks and see the high-rated EU brokers and British brokers on both lists instead. The European companies are sufficiently regulated, but most importantly, covered by deposit insurance funds protecting traders’ money if things go wrong. For example, if trading with a CySEC broker, you can claim up to 20 000 EUR in case of bankruptcy, while the British guarantees are up to 85 000 GBP. Whereas European licensed companies offer security, offshore entities like Solidstocks will most probably scam you.
Solidstocks TRADING SOFTWARE
Solidstocks’s trading software is web-based and pretty much inferior to MetaTrader, for example. The poor platform has too few unreliable indicators, the charting tools are not trustworthy, and the advanced features such as algo trading are totally missing. The EUR/USD spread we encountered was bigger than usual- 3 pips, so the broker can be dismissed as costly. In contrast, too many regulated brokers are offering a much more competitive Buy/Sell difference of 1 pip and below, so it’s anyway worthless dealing with the exposed Solidstocks.
So, we’d like to offer the high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists while talking about software. The MTs are market leaders packed with advanced features such as Expert advisors, many indicators, and excellent charting tools. The software also includes a marketplace with more than 10 000 apps and third-party developed solutions, which is an unrivalled advantage. Recently, MT5 surpassed MT4 for the first time in terms of brokers offering the platform, but its trading volumes are still lower. Anyway, the licensed MetaTrader brokers are miles ahead of the fraudulent Solidstocks and its hilarious platform.
The default leverage is 1:200 fixed, and that’s the maximum ratio actually, but it’s not adjustable and can’t be lowered. Well, that’s a red flag itself because Solidstocks creates an overly risky environment for its clients where they can lose all of their capital in a single trade.
In fact, leverage is so dangerous that it’s been a subject of regulatory restrictions for quite some time. For instance, due to regulations, licensed EU, British and Australian brokers have to limit retail clients to 1:30 for FX majors, while Canadian brokers and US brokers to 1:50. Swiss brokers are trustworthy but not leverage restricted, so experienced, and risk-tolerant traders eligible to open an account in Switzerland can safely go for it.
Solidstocks DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is $250, or more than twice more than the regulated brokers demand on average- around $100. Moreover, various regulated companies will let traders begin with real money for as little as $5, so you have yet another reason to avoid Solidstocks at any rate.
The funding methods are cryptocurrencies and Credit/Debit cards, out of which the latter is significantly safer. That’s due to the chargeback rights granted by major card issuers such as Visa and MasterCard, which allow clients to dispute transactions and restore their money if things go wrong.
Nevertheless, see our lists with Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred e-wallet or a trusted payment system. The high-rated companies are well-regulated, and you won’t face scammers, so you can safely open accounts.
There is nothing about withdrawals and transaction fees, but we encountered a nasty inactivity clause while assessing the provisions. According to the Terms, an account becomes dormant after merely 3 months of inactivity and will be subject to a deduction of 10% per month. That’s a scam!
Solidstocks is offering trading incentives even though it’s now out of bonus campaign. Still, there are provisions about it, and if clients accept bonuses, they have to trade 30 times the sum plus the deposit to become eligible for withdrawal, which doesn’t seem fair. Nevertheless, Solidstocks is a scam, so you shouldn’t get enticed by incentives. Trust us; whenever scammers reach you over the phone, they can offer multiple bonuses and exclusive deals just to seduce you.
Overall, Solidstocks is an exposed scam, so you should stay away from this fraudulent business.
HOW DOES THE SCAM WORK
The scam usually starts with the deceitful ad, the cold call or the fraudulent social media profile, and once you get enticed, you’ll be constantly manipulated by the con artists. In most cases, the scammers will claim to manage your account and will show you winning trades at the beginning to make you believe it’s worth dealing with them. By doing so, they aim to gain your confidence and trust, which helps them in the following stages.
From there on, scammers won’t let you withdraw profits but will constantly urge you to invest, again and again, asking for much greater sums. Make no mistake about it; those criminals will try to squeeze as much as possible from you, so they’ll advise you to put all of your savings in the scheme.
You’ll probably understand what’s going on as soon as you try to get your money back. At this point, scammers will try to persuade you not to do so and will even shamelessly say that you can’t withdraw unless you deposit once more. If you are persistent and refuse to follow their instructions, they will simply cut the communication and close your account. Then, whenever fraud becomes publicly exposed, scammers will abandon the website and create new ones, carrying on with their criminal activities.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scams. If you get scammed, the first thing you need to do is to consider the secondary risks. Deactivate your credit card and contact your bank and ask for advice.
Then, report what happened to you, file a complaint, contact the authorities, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush blindly to recover funds because fraudulent chargeback agencies and individuals are stalking, trying to double scam the victims. They ask for upfront payment, take the money but won’t do anything to help you!
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