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Solu Trade Review - is it scam or safe?

Solu Trade Review - is solu-trade.com scam or good forex broker?

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

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Trading Accounts and Conditions

 

Trading account  Min. deposit  Max. leverage Spread
Micro $1 1:1000 2 pips, fixed
CurrencyX  $500 1:1000  from 1 pips
Premium  $1 000 1:400 2 pips, fixed
Zero  $5 000 1:200 from 0 pips

   

Forex and CFD broker Solu Trade offers its clients a choice of 4 account types and trading on a web-base platform. Although the broker’s trading conditions seem good, we cannot recommend it as a trading partner. Read on to understand why we gave them such a low rating.

 

 

Solu Trade Advantages

 

Low initial deposit, high leverage

Solu Trade requires just $1 as an initial amount from its clients. Such low initial investments are quite attractive, as they allow traders to test the broker’s services in live mode without putting much at stake.

 

Another possible advantage of this broker is the generous leverage extended to clients, reaching 1:1000. Leverage allows traders to gain large exposure to diversified markets with a relatively small amount of invested capital, but keep in mind that the higher the leverage level, the higher the risk.

 

Nice platform, seemingly low spreads

As announced on its website, the spreads of Solu Trade seem attractive, fixed at 2 pips on Micro accounts or starting from 1 pips on CurrencyX accounts. When we signed up for a live account with the broker (as demo ones are not available), we saw the benchmark EUR/USD spread floating around 0.4 pips. As such spread is really raw, we suppose that a commission also applies.




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

 

 

Besides, Solu Trade’s trading platform seems nice, with charting provided by TradingView. Also, the broker seems to offer wide range of financial instruments for trade, including the most popular cryptocurrencies (as CFDs), Here is a snapshot of Solu Trade’s web-based platform:

 

 

Solu Trade’s web platform. Click for a larger view

 

 

Solu Trade Disadvantages

 

No name, no number, no license

There is actually very little information about Solu Trade on its website – there is no company name, nor contact number. There is only some map with indicated address in Liechtenstein.

 

Besides, at the bottom of the homepage the broker claims to be licensed by the Vanuatu Financial Services Commission (VFSC). Although such a license does not mean a lot in the trading world, because of the lax regulations in offshore zones, it is still better than nothing. However, we could not find Solu Trade in the online register of the VFSC.

 

So, our main concern with this broker is that its services are actually anonymous and it makes false claims of regulation. This means that the people operating Solu Trade are not bound by any government regulator and that potential clients (or victims) have no one to turn to in case they have legitimate grievances or they have been scammed, which is very likely to happen.

 

Blacklisted by the FMA of Liechtenstein 

Another major red flag regarding Solu Trade is that the broker has been blacklisted by the Financial Market Authority (FMA) Liechtenstein.

 

 

MetaTrader not supported

As we mentioned above, Solu Trade’s platform is rather nice. Nonetheless, there is no room for comparison with the MetaTrader4 (MT4) which is by far the foremost platform in use. It can be accessed through almost any web browser, as well as mobile devices and has great charting and useful functionalities. One such option is the MQL5 programming language through which traders can alter or design their own auto-trading bots or run ready-made ones. Another very popular functionality of this platform is the support for Expert Advisors for automated trading.

 

 

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

 

 

No demo accounts

Another thing that makes us almost certain Solu Trade is a scam is that the broker does offer no free testing service. All decent forex brokers provide free demo accounts which shows that they are transparent about their services and pricing.

 

 

Conclusion

 

Despite the few advantages of Solu Trade mentioned above, we have major concerns about the broker’s legitimacy – it is not regulated even offshore, despite the false claims. What is worse, the broker’s website and services are actually anonymous and it was flagged by the financial authorities in Liechtenstein.

 

All this inclines us to suspect that Solu Trade Finance is just one of the many fraudsters on financial markets, so you’d better not risk your hard-earned money on it. As always, we would advise you to invest in financial services providers regulated by reputable governmental agencies such as UK’s Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC) or Australia’s ASIC.

 

 

>> Trade with the best CySEC-regulated brokers <<

 

 

Here is a summary of our review of Solu Trade:

 

Pros Cons
Low initial deposit, high leverage No name, no number, no license
Nice platform, seemingly low spreads Blacklisted by the FMA of Liechtenstein
  MetaTrader not supported
  No demo accounts

 

Latest news about Solu Trade
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Traders` reviews for Solu Trade

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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