Should I Trade with Solidary Markets?

General Information

Website URL: https://solidarymarkets.com/

Founded: N/A

Regulation: N/A

Languages: English, Chinese

Deposit Methods: Credit cards, Bank wire transfer, Neteller, Skrill

Minimum Deposit: $10

Free Demo Account: No

Types of Assets: CFDs, Forex, Commodities, Futures

Regulation

Solidary Markets is not your typical trading platform. They are established in New Zealand, but this company is not regulated. Not only that, but they seem to take pride in it, claiming that they are not obligated to be falling under the jurisdiction of New Zealand’s most reputable bodies, including the Financial Service Provider (FSPR) of New Zealand or even FMA. Still, they assure you that they follow all the regulatory frames and rules, but where is the proof of that?

Another important thing to note is the fact that this broker does not provide its trading services to New Zealand residents. Absurd, right? However, when you think about it, it makes perfect sense: since they are not regulated by the regulatory body of New Zealand, it’s only logical that they would not be allowed to trade there. Still, it is a suspicious thing and you should not take it lightly.

Trading Platform

The Solidary Market trading platform is quite appealing, and it is surprising that it is an MT4 platform considering that there is no licencing for this broker. This means that the company is most likely not to provide a satisfactory trading platform in terms of safety of the assets, as well as your information and funds. 

Still, the platform is customizable and adjustable to any device, mobile or desktop. Furthermore, the leverage is standard for the European market at 1:30. This is kind of strange considering that the European clients are not even allowed to use the platform. This should be another red flag, considering that the European market is really strict and requires the highest levels of safety and efficiency.

Account Types

At Solidary Markets, can choose from 3 different account types. Each one comes with additional perks and benefits. Still, you should pay close attention to the required documentation that you need to provide while applying for each one.

The thing that’s strange about these account types is that they all require the same amount of money for an initial deposit. So, how can you know if you are a standard, top, or elite member? This is quite confusing, and we tried to reach out to the customer support about it, but so far there is no answer. The maximum leverage is also the same for each (1:200) as well as the margin call (200%). So we are not quite sure what the difference is between the three.

Deposits and Withdrawals

If you wish to deposit your money, you can use one of the 4 payment methods available: credit cards, bank wire transfer, Neteller or Skrill. The thing that stands out about these payment methods is not only the different fees and commissions but also the time needed to process each one of the requests. Namely, the company takes a bit longer to process your deposits. On the other hand, the withdrawals are done more efficiently than you would expect.

That time can go from 1 hour to 5 business days, depending on the payment method. The e-wallets are usually the best option since they take the least amount of time for processing.

Education

The educational section is under the tab “Tools”, but you can also find some useful information within the “Help” section. The information that you will find can go from the market basics to trading news and market analysis. Also, you can find some unique trading tools that other companies do not offer. One of them is the TradeEasy software that serves to help you create your own suitable trading strategy.

You can also find a handy Frequently Asked Questions section. It offers various information on your account, depositing and withdrawing your money etc. Lastly, there is a glossary that guides you through the trading lingo, so you can find your way around easier while trading, connecting with your agent or other clients to find out about their experiences.