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Solo Capitals Review - is it scam or safe?

Solo Capitals Review - is solocapitals.net scam or good forex broker?

RATING: 1 / 3 REVIEWS Solo Capitals
Solo Capitals is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


 

Trading Accounts and Conditions

 

Trading account Min. deposit  Max. leverage  Spread
Basic  $250 N/A 3 pips, fixed
Bronze  $1 000 N/A N/A
Silver  $3 000 N/A N/A
Gold  $7 000  N/A N/A
Platinum  $15 000 N/A N/A
Diamond  $25 000 N/A N/A
Black  $50 000 N/A N/A

 

Estonian broker Solo Capitals offers trading in forex via the above-listed accounts, as well as professional recovery services & saving accounts. However, they have failed to present essential parts of their offer, and more importantly, we have major concerns regarding this broker – it does not hold a legit license and was blacklisted as a potential scammer by the UK’s FCA.

 

Nonetheless, in an attempt to be objective, we will start off with some possible benefits of Solo Capitals.

 

 

Solo Capitals Advantages

 

Numerous tradeable assets, many coins

The only strong part of this broker’s offer we could think of is that it offers wide range of forex pairs and CFDs on precious metals, commodities, stocks, indices and cryptocurrencies like Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, etc. Still, considering that Solo Capitals is not a regulated financial services provider, you’d better check out the below link, if you are one of the many investors drawn to cryptocurrencies.

 

 

>> Licensed forex brokers offering Bitcoin CFDs <<

 

 

Solo Capitals Disadvantages

 

No legit license

Solo Capitals is allegedly owned and operated by T BCorp OÜ, a company registered in Estonia, which, however is not licensed by the local Financial Supervision Authority, nor by any other financial regulator.

 

So, the people operating this broker are not bound by any law and are not overseen by any government regulator. This means that potential clients (or victims) have no one to turn to in case they have legitimate grievances. If you deal with an unregulated broker, the safety of your investment depends solely on the integrity of the people who operate those companies. Unfortunately, our experience shows that the majority of those people are con-artists, searching for ways to rip off naïve investors. That is why we advise traders to avoid them as a general rule.

 

Blacklisted by the FCA

Another major red flag regarding Solo Capitals is that the UK’s Financial Conduct Authority (FCA) has blacklisted it as a potential scammer. Obviously, the company has targeted traders in the UK without having the right to do so.

 

Disturbing clauses in the Terms and Conditions

Furthermore, we stumbled upon worrisome provisions of the broker’s Terms and Conditions uploaded on their website. Here is one of them, basically meaning that by signing up with Solo Markets, you agree that the broker may make withdrawals from your bank account:

 

 

 

Of course, this is not a common practice among forex brokerages.

 

No MetaTrader, high spreads

Solo Capitals uses a simple web-based trading interface we have seen offered by other shady CFD providers. Most traders will surely prefer trading on the industry’s leading MetaTrader4 (MT4), or the MetaTrader5 (MT5).

 

The MT4, for example, provides perfect trading environment with great functionality. The platform is light, fast, easy to use and reliable. Besides, it offers top-notch charting and is praised for the support of Expert Advisors – automated trading bots.

 

 

>> Check out the top-rated MT4 brokers <<

 

 

Furthermore, from what we could gather on Solo Capitals’ web platform, the pricing is quite high. As you can see from the below image, the spread on the most liquid currency pair, EUR/USD, is fixed at 3 pips.

 

 

Click on the image to zoom in. 

 

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. For further information and comparison, check out the below link:

 

 

>> Compare the spreads of some of the best brokers <<

 

 

Conclusion

 

Solo Capitals is a low credibility Estonian broker, which is not allowed to operate on any regulated market, as it does not hold a legit license. Nonetheless, it obviously targets UK investors, and was blacklisted by the FCA. Overall, this forex broker has the typical characteristics of a scam, so you’d better find a more reliable trading partner. For you convenience, we have linked lists or well-established and licensed brokers throughout this review.

 

And finally, here are the highlights of our recap of Solo Capitals:

 

Pros Cons
Huge selection of tradeable assets No legit license
  Blacklisted by the FCA
  Disturbing clauses in the Terms and Conditions
  No MetaTrader, high spreads

 

Latest news about Solo Capitals
No news about Solo Capitals. Check back later.
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Traders` reviews for Solo Capitals

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

 

 

Big scam

They are really a very big scam, they took al lot of my money and promised to transfer it to my bank wenn I first transferred a little bit more to fill the gab that was created and a little bit more for tax and after that they don't want to talk again and you realise that you lost all.

Mirjam 09/11/2019

Mrs angry

This company pray on vulnerable people don’t touch them

Anita Winch 07/27/2019

scam or no

Hi,they convinced me to put 250 Pounds deposit and after 3 weeks nothing. They don't help me to do anything. NOW I'm asking to withdraw my deposit and 0 reacted

Ion Ciobica 07/09/2019
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