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SolidCFD Review - is it scam or safe?

Solid CFD Review - Is solidcfd.com scam or or good forex broker?

RATING: 1 / 21 REVIEWS SolidCFD
SolidCFD is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts

Account type Minimum deposit Maximum leverage Spread
Beginner $250 1:300 Fixed, from 3 pips*
Classic $2,500 1:300 Fixed, from 3 pips*
Pro $25,000 1:300 Fixed, from 3 pips*
VIP $50,000 1:300 Fixed, from 3 pips*

*Spreads at this broker are not disclosed. We found these levels in the trading platform.



Solid CFD is a broker which offers trading, via a platform, similar to the ones provided by binary options brokers. That being said, their offering is an interesting hybrid.

 

The Company. Security of Funds

Company Country Regulation
LOK Marketing LIMITED    Vanuatu VFSC


The company behind Solid CFD is called LOK Marketing LIMITED. They are registered in Vanuatu and regulated by the local Financial Services Commission (VFSC). This immediately raises a red flag. While this broker may be operating legitimately, the risks involved with off-shore brokers are still present.



Just in case you are not familiar with financial regulation, we must reiterate its importance. When dealing with an unregulated (or loosely regulated) company, one can never be sure about the security of his funds. This is why most countries regulate the behavior of financial services providers, via specific agencies, commonly referred to as “watchdogs”.



One such regulator is the UK’s Financial Conduct Authority (FCA). It requires companies to frequently submit reports on their activities and more importantly follow certain rules. As an example, this watchdog requires brokers to participate in the Financial Services Compensation Scheme (FSCS). This is a mechanism which guarantees clients’ funds (up to £50,000) in case their broker goes bankrupt. Additionally all of the money deposited in personal trading accounts must be kept in the so called “segregated accounts” – special bank accounts which can’t be freely accessed.


While the VFSC regulation is better than nothing at all, the main condition for obtaining their licensing is having $2,000 in capital holdings (compared to €750,000 at the the aforementioned FCA). At this point you probably understand our concerns with off-shore companies.


 
Trading Conditions


 
Minimum Initial Deposit
Solid CFD requires $250 as a minimum investment. This may not seem like a lot for some of you, but nowadays the industry accepts even smaller clients. Brokers like FXTM, have lowered their entry conditions in order to appeal to more and more people. There you can open a cent-account after depositing only $5.



It is worth pointing out, that one should only trade with money she can afford to lose. There is absolutely nothing wrong with starting out small.


 
Average spreads & Commissions
The costs of trading at Solid CFD are not revealed on the website. We are used to brokers giving this information willingly in a very visible section of their page. While testing the trading platform, we saw a 3 pips fixed spread on the EUR/USD pair, the most liquid forex pair. Even for fixed spread standards, this is a high level. As a comparison, easyMarkets offers a 1 pip fixed spread on the most popular pair, to those clients who deposit more than $250.



Additionally, variable spreads can even go lower. For a full analysis of the offers, provide by some of the top-notch brokers, you can to this section.



Leverage

The maximum leverage at Solid CFD is 1:300, as disclosed by their trading platform. This level is in the middle of what is currently available on the market. While 1:100 is considered a conservative ratio nowadays (but was standard a couple of years ago), 1:500 is popular,


 
We must warn you, trading with a high leverage ratio can lead to substantial losses. Some industry analysts even claim misusing high “gearing” is one of the leading reasons for the losses experienced by new traders.



Trading Platforms


 
Trading at Solid CFD is provided via a modified version of the popular binary options trading platform SpotOption. This may seem counterintuitive to traders, who are familiar with other industry leading solutions, like MetaTrader4 (MT4), the most popular forex trading platform. Here is a preview of the web-based product, offered by Solid CFD:




It clearly has the feeling of a binary options software. Charting doesn’t come close to the expectations of even not so-sophisticated analysts. On the other hand the entire trading process is “reversed”. One has to pick the amount of money he is willing to risk, his leverage ratio and profit target. While some people experienced with binary options may find this more intuitive, it prevents you from picking the actual stop-loss level. Most trading systems require doing the calculations the other way around – you first determine your stop-loss and take-profit levels (on the chart) and then enter with the appropriate size for your trading account. For more risk management tips, be sure to check out our short guide.



The Solid CFD platform is surrounded by two columns on the website. One provides a twitter feed, while the other has recent analysis done by company representatives (or third parties). Its one fatal flaw is the fact news bulletins pop-up on top of the trading platform, as illustrated here:





While the content of this post appears to be fine, it basically defies its purpose – encouraging clients to trade.



Methods of Payment


 
Solid CFD lists credit/debit cards as the method of payment. The absence of e-wallet support, while not necessarily troubling, will prevent some potential clients from hopping aboard. Nowadays, Skrill and Neteller are popular among traders.


 
Conclusion


 
Solid CFD is an off-shore forex and CFD broker. The company is registered in Vanuatu and overseen by the local VFSC (notorious for its loose standards). The interesting thing about Solid CFD is their trading platform, which appears to be a mix between binary options and spot trading. While we don’t find it very appealing as it does basic risk management in reverse, beginners may. That being said the costs of trading at this broker are very high. Here is a table of the pros and cons of this broker:

 

Pros Cons
  Off-shore regulation
  High fixed spreads
  Clunky “binary-spot” hybrid style of trading
  High minimum initial deposit
  Few payment methods

 

Latest news about SolidCFD
Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Belize CySec, FCA, IFSC MT4, MT5, Web $10 Review Website
Cyprus, Australia CySec, ASIC MT4, Web,
Mobile app
$100 Review Website
Australia ASIC MT4, MT5,
IRESSTrader
$100 Review Website
UK, Cyprus, Australia FCA, CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia FCA, ASIC MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
Australia ASIC MT4, MT5 $100 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website

Traders` reviews for SolidCFD

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Scam

Last year they stole 5000 eur from my account her in Norway and a guy Dave was the man behind it. So the solid cdf is a fucking cheater!!

Angry 03/20/2019

Scam my US$2500

My money suddenly disappear in system during last login and now the site no longer accessible

Leficient Tan 03/04/2019

scam money

I had a broker called Rossi, she went into my bank account stole 4500 then took 2000 from my credit card without my permission, I have reported it to police but they still have my money

lynda simpson 02/21/2019

SolidCFD fraudsters, report to the police of UK they help!

SolidCFD - have robbed me for $20010! which is a lot to me, they were my savings.

They support you to begin with, requiring a steady flow of deposits. When you want to Withdraw, a series of cost/extra deposits are asked for to release the money. Then when everything is cleared and you are waiting to receive your money, after repeated communication, a new surprise - their "bank" wants 10% fee up front to release the money.

For 6 months I was trading after having deposited $ 20,010, the MT4 told me that I had $ 66,560, when I wanted to withdraw they started asking for deposits for some commissions.

I've been robbed by Solid and I cannot do anything about until I found in the net about FRAUD SQUAD POLICE Department contact(at)fraudpolice(dot)co(dot)uk

It took them some time to open the case. I had to send them every document with transfer money, so they would claim that they belong to me in the bank. Finally shortly after, they invited me to UK to court so I could witness agains that b**tards and recovered my money with some profit. Now I can tell that i will never invest money. NEVER!

If you want your money back YOU KNOW that only UK police can help you, others are fraud!

Stig 02/12/2019

SolidCFD Scam

We have to do this together against Solid Cfd. Thay told me that whay are going to pay avery month with 1500 euro thay never did that. My Regards Ola

Ola Johansson 01/24/2019

Big scam

The company is a big scam company I lost a lot of money.

Anastasia Norsworthy 11/21/2018

Deposit Refund

Hello. In connection with a non-functioning platform, the lack of information about any changes and inability to contact request a refund of a deposit. Please contact me only via email and in German. Bomba Piotr

Piotr Bomba 09/23/2018

SolidCFD - I have been scammed

I put 750 pound in I had 530 pound left tried to get into my account could not or get intouch all lines dead so I have been scammed

John moore 09/19/2018

SolidCFD Betrug

Hallo wie schon von vielen anderen gelesen ist eine Kontaktaufnahme zum Broker nicht mehr möglich
Auszahlung wird verweigert und Support gibt es auch nicht mehr
Wie komme ich an mein Geld ?
Hat jemand erfahrung wie ich es zurückbekommen kann ?

Translated by Google:

Hello, as already read by many others, contacting the broker is no longer possible
Payout is denied and there is no support anymore
How can I get my money?
Does anyone have experience how to get it back?

gerald 09/10/2018

Solid-CFD out of business?

I still can access my account but I it seems that SolidCFD is out of business? The phone lines seem to be cut off and emails are bounced back.
Does anyone have an idea whom to contact?
I am not from the UK so wondering if some of you have some ideas?

Best,

Michel 09/08/2018

I want my money back from these fraudsters

My broker was Ana Fraser and her assistant was Claire Wilson who will call you to do the training with you. i tried to withdraw funds from my account but was denied.I tried emailing Ana Fraser many times and received no response.I just want my $3250 back

Samalen Naidoo 06/13/2018

I just want my money back

My Trader was Ana Fraser, she is avoiding my calls now. I just want my money back £1,250.00

Emma Castro 04/24/2018

network of companies

Hi the are running network of companies one of them is alsp GM Marketing they making scam and we also uncovered Moneylundering they doing in Israel together with the Lawyer David Barel, any other Victims of this compenies :
GM Marketing LTD, 2288596
LOK marketing Ltd, BP1276
C.G Capital Investments Limited,9205671
MGG Investments Ltd, 1292278,

all under the israeli guy
"Nadav Gover" thats running Binary options and forex from israel

please contact our email to join our Class action against him and his lawyers
our investigation is in full power we have 2 Former partners of Nadav Gover that helping us and goind to testify, thanks Ben

ben 04/13/2018

SCAM - watch out for Solid CFD

Solid CFD is a company that specializes in deceiving people, Ryan Russel is an unpleasant and rude person. We blocked our account but he managed to get out 40,000 euros now gone. So watch out for Solid CFD and for their employees you will just lose uor money

Jeanette Bakkerud 03/01/2018

Do not invest they are crooks

I have had dealings with:
George Anderson
David Lee
David Larson
Davide Green
Candice Rose
John o'Neil

They stole a sum in excess of 100,000 dollars, the level of dishonesty is difficult to comprehend. My experience reflects the pattern of others, start small friendy, then when when they have your credit card details they make withdrawls and will not return your funds. The CC companies will take no responsibility despite being aware of the scam and the companies involved.

Use the FCA link below.

https://www.fca.org.uk/consumers/binary-options/unauthorised-firms

Chris M 02/26/2018

Do not trust this company with your hard earned cash

My broker was Ana Fraser. Nice to start with and oh yes, Claire Wilson, her lovely assistant will give you all the training you need if you are new to trading. That’s all part of the scam. I was silly enough to believe in Ana Fraser’s trading abilities but trust me guys, they will happily take your money but you will never get a penny of it back. They are very callous. They will tell you not to believe the reviews you have read and that a company paying people to complete surveys are paying people to write these negative reviews. I am not being paid by anyone. I am an honest person who is on maternity leave looking to make an extra bit of money. Don’t be sucked in by this fraudulent company. If you want to trade go with a trusted brokers. Trusted brokers do not hind themselves behind products like the bitcoin code. Go or contact your country’s financial regulator for advice so that you can trade wisely. Do not make the mistakes I made and end up here warning others to stay away from this company.

For those of you chasing for your money, here is a mobile number they were using to send me what’s app messages

Alice O 01/19/2018

Don't be as silly as me.......

DO NOT WASTE YOUR TIME. Phillip Klein was the broker I was speaking too....the first few weeks he was very active emailing and phoning giving me updates, my balance increased quite a bit so once I requested to withdraw some funds he started to loose contact, they debited my card 'by mistake' twice instead of refunding and I last spoke to him by telephone on the 12th December 2017 saying the withdrawal was being done. Since that safe his email account is no longer active and all of their telephone numbers do not work. Contact to their support and compliance emails are going through but no reply. Also I have had to change my debit card 3 times because of fraudulent activity since I registered with this company. I am not expecting any of my money back but I will continue to try.

Alex.b 01/14/2018

scam

Do not trust that people, to not put there any money, I have do so and I have never received anything back. I told them I want to stop trading as soon as my balance was at half price. From that moment on I never hear from them.

Jozef 01/10/2018

Completely stolen: SolidCFD extracted about 40000 from my credit card

I think that they are completely fraud. They extracted about 40000 from my credit card and they lost all my deposit to almost zero account without any success of trades, which I cannot believe. That has to be done on purpose. I like to get my money back as soon as possible.

K. Kadowaki 11/29/2017

Cannot seem to get access to my money

When I tried the phone numbers of their London Office it did not exist. i have tried customer support to no avail. I would like to get my money back.

Vivienne Hair 11/21/2017

SCAMMERS

HI there - i showed interest on facebook by registering for solid cfd. Now they will not stop calling me! I've asked them to stop calling, and they have said they will only do that if i start trading with them!!

I continue to block their numbers on my phone, but they just call through on another! I will now be reporting them!

Paul 10/13/2017
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