Beware! Soloprime is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Soloprime is yet another broker pretending to be an industry leader providing high-end trading software. The truth is quite the opposite, though: it’s an obscure entity with the ugliest platform you can possibly find. Soloprime is dangerous to deal with, and we are going to show you why in the following review.
Soloprime REGULATION AND SAFETY OF FUNDS
Soloprime claims to be registered, but that’s falsehood. It’s either a fictitious company or an offshore IBC that’s impossible to track down. In both cases, it’s an illegal broker that’s not licensed, so your funds won’t be safe if you deposit. Think it that way- would you put your money in a bank, or you’d instead give it to a dodgy guy on the streets promising to double your cash within an hour. Well, it’s the same. That’s a scam!
As Soloprime is fraudulent, you can check the high-rated EU brokers and British brokers on both lists. The European companies are well regulated, but most importantly, covered by deposit insurance funds created to protect investors’ money if things go wrong. For example, CySEC brokers’ clients can claim up to 20 000 EUR in case of bankruptcy, while the British guarantees are up to 85 000 GBP. It’s worth opening accounts with European brokers if eligible to do so.
Soloprime TRADING SOFTWARE
Soloprime is delivering the worst platform you can find. We’ve seen the software many times before, and it’s always been deployed by fishy entities and exposed scams. It’s web-based, ugly and challenging to use, while the trading features- indicators, charting tools are totally useless. The EUR/USD spread is 3.4 pips, which is no longer a competitive Buy/Sell difference. Nowadays, it’s hassle-free finding legit brokers offering 1 pip and below, so we’d rather label Soloprime as a costly broker. A good reason alone to avoid it.
Instead, we can 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 in terms of numbers, but it’s still lagging in trading volumes. Overall, both platforms are on par leading the markets, so MetaTrader broker is the obvious choice.
The default leverage is 1:200, but it can get up to 1:400 if you deposit more than a million USD (don’t do so, please). However, the broker won’t let changes, meaning that clients are pushed into an overly dangerous trading environment. That’s a red flag! In fact, leverage is too risky, and many financial authorities even agreed on restricting its usage. Namely, 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.
Soloprime DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is $10 000– a laughable requirement, given how shady Soloprime is. In comparison, most of the regulated brokers are asking for $100 on average, while some will let traders begin with as little as 5 to 10 dollars. So, the deposit demand alone is an argument enough to steer clear of Soloprime.
The single funding method is a Credit/Debit card, but clients have to go through unpopular e-wallets like Bridger Pay, Texcent and Finanic. Well, we recommend that people shouldn’t use fishy payment systems they are not familiar with. Instead, while talking about funding, 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 sufficiently regulated, and you won’t face scammers, so you can safely open accounts.
Information about withdrawals and fees is not available. The legal documents we accessed concerned no trading conditions whatsoever, which is indeed a red flag we need to raise. Reputable brokers have to always disclose critical provisions about the services provided.
Soloprime offers bonuses, but it’s not recommended to accept incentives from shady FX creatures like Soloprime. Moreover, the broker fails to specify anything further, so there is nothing more to discuss here.
Overall, Soloprime is a scam scheme we exposed in this review and you should steer clear of it.
HOW DOES THE SCAM WORK
Scammers are liars and thieves. They’ll promise opportunities that sound too good to be true, get-rich-quick schemes, guaranteed risk-free profits and so on. By creating a false sense of hope, they are trying to entice people into their fraudulent plots.
It all starts with the ads. Scammers create numerous websites and social media profiles to promote their fictitious services. You can see Instagram pages showing lush lifestyles, yachts, cars, money and pictures of winning trades. Such a showcase make people interested and easier to suck into the scheme.
Once you provide your phone number, scammers won’t stop calling you. They’ll promise you the moon and the stars to make you start investing ASAP. If you agree, they’ll pretend to manage your account, and out of the blue, you’ll see mind-boggling profits on your name. You’ll probably sincerely believe that’s true and will most likely ask to take your money out. Well, they won’t let it happen but will skillfully manipulate you to deposit again, promising much more lucrative deals. Before you know it, you may depart with your savings waiting for scammers to make you a millionaire overnight. That’s not going to happen, though, and those crooks will carry on asking for additional deposits. They’ll shamelessly announce to you that you have to pay to withdraw your money. At this point, the scam should be pretty obvious. From then on, scammers will cut communication, and you’ll never hear them again.
WHAT TO DO WHEN SCAMMED
Getting scammed may have long-lasting consequences. However, the first thing you have to do is to start actively looking for assistance and reduce further risks. Deactivate your bank card immediately and call your bank.
Quickly report what happened to the authorities, file a complaint, call the police. Seek help actively!
Then, it’s critical not to act hastily because fraudulent fund recovery agencies and individuals can double-scam you.
Share online your experience; it’s important to protect others, too. Be responsible!