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NewSolid Review - is it scam or safe?

NewSolid Review - is newsolid.com scam or good forex broker?

RATING: 1 / 0 REVIEWS NewSolid
NewSolid is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Trading account Min. deposit Max. leverage Average Spread
Standard  N/A 1:100 2.5 pips

 

NewSolid is a forex broker allegedly based in New Zealand. It claims to use the MetaTrader 4 platform and seems to have a single account type which we called Standard for convenience.

 

Read the full review to see both the strong and weak sides of this broker and why we gave them such a low rating.

 

 

NewSolid Advantages

 

MT4 allegedly supported

We always consider the availability of MT4 as an advantage in any forex broker’s offer, as this platform has stood the test of time and is still preferred by most traders. The MT4 is highly praised for its top-notch charting package, numerous technical analysis indicators, automated strategies, customization options, and more.

 

However, we could not download NewSolid’s MT4 to test it for the purposes of this review, nor open a demo account with, so we cannot be sure that the platform is really supported by this company.

 

 

>> Find a better MT4 broker <<

 

 

NewSolid Disadvantages

 

Not regulated, blacklisted by several financial authorities

This broker is allegedly a trademark of NewSolid Markets Co., Ltd., part of the Solid Financial Group. Although the broker provides an official address in New Zealand, it is actually not licensed to provide financial services in the country. What is worse, the New Zealand’s Financial Markets Authority (FMA) has included it in its warning list of suspected scams.

 

 

Click to zoom in.

 

It seems that NewSolid is a clone firm of Asset Coin Exchange NZ Limited (formerly Solid Global Investment Limited), a company authorized by FMA, with which the broker is not associated. It has also been flagged by the Hong Kong Securities and Futures Commission (SFC).

 

No downloadable MT4, no demo

As we mentioned in the Advantages section, the MT4 is not freely downloadable on NewSolid’s website, and the broker does not offer free demo accounts, which is another red flag. A test-drive of the trading platform is a great advantage and shows that the brokerage is transparent with its trading conditions and pricing.

 

High spreads

According to the information on its website, the typical spread on EUR USD NewSolid offers is 2.5 pips, which is not an attractive pricing. The majority of forex brokers, including many reliable and licensed ones, offer spread within the range of 1.0 – 1.5 pips for this pair.

 

 

>> Compare the spreads of top forex brokers in real time <<

 

 

Poor presentation

Overall, the website of NewSolid is not very informative. For example, it is not clear what is the minimum investment required by the broker, whether it offers different account types, etc. Such lack of transparency additionally lowers the credibility of this broker.

 

 

Conclusion

 

NewSolid is a broker operating out of New Zealand that seems to also target Chinese investors. It claims to support the popular MT4, but we could not verify this information. Overall, the broker’s trading conditions are not that attractive, but our main concern with NewSolid is that it does not hold a valid forex broker license and was blacklisted by several financial regulators. Most likely, it is one of the many scam brokers on the forex market, so you’d better stay away from it.

 

Those of you looking for a trustworthy broker operating in New Zealand, may check out the below link and select among our list of licensed financial services providers.

 

 

>> Find the best forex brokers in New Zealand <<

 

 

Let’s sum up the essential information on NewSolid:

 

Pros Cons

Claims to support the MT4

Not regulated, blacklisted by several financial authorities
  No downloadable MT4, no demo
  High spreads
  Poor presentation

 

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Traders` reviews for NewSolid

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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