Solobit.co website presents an online brokerage platform claiming to be your navigation into the world of trading and a go-to solution for both professionals and newbies. There is emphasis on the platform’s intuitiveness and security. For that reason, the broker utilizes it to give you a vast array of digital instruments for trading and claiming that their service is backed by 24/7 customer support. However, we’re not obliged to believe these claims until we have tested everything out and found that these sentiments align to those of their clients.

General information about Solobit broker

Website	https://solobit.co/
Company	Solobit
Email	support@solobit.co
Phone number	+43720231829
Address	🛑 None
License	🛑 None
Leverage	Up to 1:400
Trading platform	Customized WebTrader

Our assessment of the Solobit.co website

In general, the look and feel of Solobit website is inviting. It exudes professionalism and confidence. However, there is the problem of this broker making self-promotion statements which requires us to go deeper with our investigations. The homepage features a video background overlay that blends very well with the overal design of the website.

The website has also arranged information in an orderly manner so that we get to read the most important things first before we get to the least important. All the pages such as about, privacy policy, terms and conditions etc are also present.

Analysis of the client portal and trading terminal

The client portal is integrated into the trading platform to form one user interface. We’re familiar with this trading platform because it’s shared among many CFDs brokers out there. The client portal fulfills its job as it gives us access to features such as user profile editing, transaction history, KYC verification, deposit and withdraw money.

On the trading platform side of things, we have hundreds of financial instruments on the left side of the screen as well as the charting software on the middle. Towards the right, we get features that let us open and close positions. Here we can select quantity and even set our take profit and stop loss. This platform also has a feature for setting pending orders. If you want to open a position at a certain price, you will find this feature useful.

Nonetheless, Solobit lacks leverage editing feature. We found ouselves testing an account whose leverage we could not control.

Whereas the charting platform is equipped with a vast array of trade analysis tools, it still lacks the ability to add expert advisors and third-party indicators. It is therefore not as robust as MT4/5 trading software is.

A review of Solobit account types

The broker boasts of multiple account types with leverage spanning from 1:200 to 1:400. The higher the deposit, the higher the leverage. For that reason, we take special interest on their highest account package which is the Pro account type. Leverage of 1:400 is typically not found at the bank execution level. This means that the broker is a market maker rather than a true ECN, and you are not going to get institution-grade trading conditions.

It’s quite unfair that Solobit is asking people to upgrade and still they fail to offer true ECN trading conditions.

There are 6 account types in total namely Standard, Bronze, Silver, Gold, VIP and Pro respectively. The minimum deposit is 10,000 EUR which is very high and unrealistic for newbies who are just starting out in the financial markets.

The broker lacks a demo or practice account which means beginners are disfavored as they’ll be forced to commit a huge budget when they are not consistent in trading just yet.

The excuse that Solobit gives in response to this concern is that they’re offering access to training materials using their trading academy feature and if you upgrade, you’ll get daily market reviews and an investment advisor who will guide you on how to trade for success.

Deposit and withdrawals

Solobit accepts card deposits as well as Crypto and wire transfers. Their withdrawal policy requires clients to wait for up to 7 business days. During withdrawal requests, the broker may also ask for additional information. They say this is a result of their AML policy.

In our opinion, 7 days is a long period of time to wait considering that other brokers offer speedy withdrawals which can happen in less than 30 minutes. Solobit is therefore being incompetent and inconsiderate on this issue.

While still at it, we’re looking for real client reviews which assure us that this broker is truly processing withdrawal requests. Feel free to comment on this article if you have ever made a successful withdrawal from this broker.

Is Solobit a scam broker?

The absence of a physical address and a regulatory license on their website is a concern. Solobit.co seems to be just an ordinary website with no incorporated company behind it. These findings have eroded our initial confidence on this broker. It doesn’t inspire us to believe that maybe this broker should be given a chance. If they lack a broker’s license, it simply means the broker is an illegal entity that you should never use for your trading. If exposing their address is a big deal to them, then it means the broker is up for some fishy business.

Information about Solobit.co domain

We have serious doubts about this broker’s credibility considering that their website is less than 6 months old. A recently registered website offering excess leverage and providing poor trading conditions is never a good sign.

Pros and Cons

Summary of Solobit broker review

Solobit is a broker whose credibility is questionable. The broker is deliberately hiding their physical address and avoiding any talks related to their licensing status. If you trade with this broker, you will have to ask yourself what assurance you have concerning the safety of your funds. In our opinion, this broker is unable to prove their ability to implement their promises. They’re contrary to their self-proclamations.