Beware NewSolid is a Non-Regulated broker. It is NOT SAFE to trade.
- Company name: Solid Global Investment Limited
- Registration/license: None
- Registration/license requirement: –
NewSolid is a broker that claims to provide trading with crude oil, indices, currency pairs, precious metals, cryptocurrencies, and other assets. The company is owned and operated by Solid Global Investment Limited and based in New Zealand. However it doesn’t seem to be regulated by New Zealand’s regulator FMA. Moreover, the broker has been blacklisted by the FMA in New Zealand. According to the official notice published on the regulator’s website, the company could be involved in a scam as it is offering its services in New Zealand without holding the proper licenses or authority:
“Solid Global Investment Limited could be involved in a scam. We note a recent alert published by the Securities and Futures Exchange of Hong Kong in relation to Solid Global Investment Limited. The website www.newsolid.com is not associated with nor authorised by the NZ company Digital Asset Coin Exchange NZ Limited (formerly Solid Global Investment Limited).”
As we can see from the warning, it also seems that Solid Global Investment Limited is a clone firm of the Digital Asset Coin Exchange NZ Limited, FMA-regulated company. We have checked the mentioned warning from the Securities and Futures Exchange of Hong Kong and it states that Solid Global Investment Limited has been using a name of a SFC-regulated entity:
“Unlicensed entities often use names similar to legitimate companies to confuse investors.”
It is best to avoid dealing with NewSolid, as well as any other firms flagged by the regulators. We advice investing with the brokers regulated by the well-respected financial institutions such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC).
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