SolidCFD is a forex trading platform. There are many complaints registered against it with users declaring it a fraud. We are going to look into it and see whether the site is ripping people off or not.
The website has no information about the company, its history, founders or anything. We researched and found the company was founded in 2015 by LOK Marketing LTD. The registered address is Govant Building BP1276 Port Vila, Vanuatu. LOK Marketing LTD itself incorporated in 2016.
SolidCFD is not licensed or regulated by anyone like MiFID, FCA, ASIC, and CySEC. They are only registered with Vanuatu and are regulated by Local Financial Services Commission (VFSC). This doesn’t promise anything.
SolidCFD offers four main Accounts and an additional Islamic Account. Following, we are giving their basic features:
- Min Deposit: $250
- Bonus: No Bonus
- Benefits: Personal Broker, Mobile Trading, and Access to Learning Academy
- Min Deposit: $2,500
- Bonus: 20%
- Benefits: 1on1 CBD Trading with Senior Broker, and Trading Alerts
- Min Deposit: $10,000
- Bonus: 30%
- Benefits: Free Withdrawals, and Analysis Workshop
- Min Deposit: $50,000
- Bonus: 50%
- Benefits: Solid Care services with Access to a Manager and Senior Broker, Live access to Market News, Portfolio Updates, Currency and Stock Rates
Trading Platform and Software
Every trading platform incorporates a trading software. We will describe what system SolidCDF uses.
Surprisingly, SolidCFD doesn’t use MetaTrader4 (MT4). Instead, it utilizes a heavily modified SpotOption. This trading platform is popular, but the layout is very different. In fact, SolidCFD reversed the whole trading process.
First, you calculate stop loss, and profit levels, then you enter the right size for a trading account. With SolidCFD, you start with your amount, leverage ratio and profit target. This platform doesn’t let you pick Stop-loss. The market doesn’t work like this.
SolidCFD doesn’t offer a mobile version of their Trading Platform. If you want to trade from your smartphone or tablet, you can do it in the browser. The website has a responsive design, and you can use SpotOption from a cellphone.
SolidCFD accepts several methods of payments. However, these methods do not work including e-wallet, which is suspicious as many traders live on it. The company has specific terms about withdrawing or depositing funds. It accepts payments via:
- Credit and Debit Card
- Bank Wire
- Cash U
Bank Transfers have limits, and the company charges a fee for every transaction.
No live chat, only contact the support team via email, phone or a forum. The most convenient option is a callback. Emai inquiries are replied within 24 hours, and there are ten different numbers available
There is no forum on official site, but the internet is full of users complaining they can’t withdraw their money or their account is blocked/suspended even though they were working and had money in it. So far the company hasn’t responded to them. This raises concern.
SolidCBD is a Forex and CFD Broker. It is a mix between spot trading and binary. The risk management is weak. It doesn’t use Neteller and Skrill. There is a fee for every transaction. It seems the company only cares about making money, not its customers.
The company engages in malpractices; it doesn’t offer the right tools to the user and let them stop a losing trade. There are tons of complaints about withdrawal issues. Its very obvious, SolidCFD is a scam, stay away from it.