Solid FX, whose website is solid-fx.com, is masquarading as a genuinely legitimate spot Forex broker. But the truth is that they are a scam and even if you use the best Forex and CFDs software or signals (these trading products are highly recommended), they will manipulate your trades and you will lose money.
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Also, the broker’s website is quite persuading as they touch on the various pain points that traders feel when looking for a reliable Forex and CFDs broker.
Solid FX claims that they have an in-built proprietary trading technology and are guaranteeing proactive liquidity management, low latency and true multi-bank ECN trading conditions.
The company continues to lie to its would-be victims that they have a deep understanding of the market, fintech and trading.
We question their authenticity since they don’t have a valid Forex broker’s license, yet they claim to offer all of these amazing features. It would not make sense to include Solid-FX into our list of the most reliable Forex and CFDs brokers as this would be disastrous.
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Solid FX (Solid-fx.com) Review: The lies that look like the truth
Solid FX goes ahead to falsely claim that they are backed by RBS and Standard Chartered bank and have been authorized for purposes of clearing and settlement.
This is a white lie right before your eyes as online Forex brokers who offer FX and CFDs trading instruments don’t require this kind of backing in any form. What they require is a valid license from a reputable regulator and an office address.
Who owns Solid-FX?
The owners of this brokerage are faceless. The pictures they post on their website are mere stock photos which cannot be used to identify the real owners.
The story is that this broker was founded by two algorithmic traders in 2009. These two traders are allegedly experienced in the Forex market as well as in HFT trading.
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They further claim that these two anonymous guys didn’t wish to work for large financial firms and that starting a botique brokerage like Solid FX would be the best way forward.
Furthermore, they’ve created fake LinkedIn accounts for their faceless owners to convince traders and investors. The reason these LinkedIn profiles are fake is because they don’t have pictures of any sort. Probably they are linking out to someone else Linkedin account. This is a real possibility.
The director of Solid Trading BV (company that allegedly runs Solid FX) is Diego Baptista. The guy allegedly comes from Amsterdam.
The entire story of who runs the company and what they do is hogwash. It can only come from an unreliable website that wants to prey on your wallet by way of denying withdrawals once a big deposit has been made.
Could be true that Solid FX is operated out of Europe. But the rest of the claims on their website can’t be verified.
Trading platform, account types, minimum deposit and other features
There is no MT4, MT5 or cTrader anywhere on this platform. Instead, the company offers a proprietary trading software which they refer to as “a powerful algorithmic trading software with user-friendly trading interface”.
They claim that data centers are from companies like Equinix LD4, NY5 and TY3. This gives the impression that Solid-FX is a serious company that wants to provide good liquidity for their clients. It’s just one of the many marketing tricks that this broker is using to lure investors.
There’s no information about account types and neither do they talk of any minimum deposits.
The broker does not provide leverage or spreads information. When we dig deeper, we realize that Solid-FX does not have a demo account either.
Yet this broker continues to say they offer a solid spot Forex trading environment with maximum transparency. This is far from the truth.
What to do if you have been scammed by Solid FX (plus how to recover your money)
A broker who is not well known and yet is economical with information should be avoided in the first place.
Their trust ratings is even lower than infamous scams such as Empire FXM, Tradex-Premium, ASJ Forex Global and Solid ECN.
Most of these scams are licensed but weakly regulated, hence more leeway to scam traders.
Good news is that we now have a means to help you recover your lost funds. Just follow the instructions at the beginning of this post where there is a form that you will fill out and submit.
Solid FX is a disaster as their website depict a clever scam that the average trader cannot decipher.
The broker is not licensed, and banks like Standard Chartered cannot be used as a license issuer for brokers.
In other words, giving Solid-FX a chance with your hard-earned money is a surefire way to get scammed.
If you have a comment against this broker (due to your previous experience), please remember to share it with us. Thank you.