Is Solidary Markets FX Scam or Legit Broker?

Solidary Markets FX has been suspected as a scam broker. According to the website, it is located in New Zealand. However, the broker does not hold any license either in New Zealand or elsewhere. The lack of regulation makes the broker not reliable for investments.

About Solidary Markets FX
🗺️ Registered inNo Registration
🗺️ Type of LicenseNo License
🛡️ Is Solidary Markets FX safe to tradeNo
🗺️ Recommended LicensesFCA in UK 🇬🇧 & ASIC in Australia 🇦🇺
🖥 Alternative BrokerIC Markets - licensed by ASIC in Australia

What is Solidary Markets FX?

Solidary Markets FX is a Forex, cryptocurrency, and options broker. The site is owned and managed by Solidary Markets NZ Ltd., based in New Zealand. According to the information provided on the website “Solidary Markets NZ Ltd is not required to be a registered Financial Service Provider (FSPR) in New Zealand but maintains strict operational and procedural policies”, which means the broker is not regulated in New Zealand and most probably is not regulated in any other country. Also, the website states that Solidary Markets FX provides its services only to customers from Spain, however, it is not authorized in Spain.

  • Moreover, Spain’s regulator CNMV has issued a warning against the broker:
    “Solidary Markets FX (“SMFX”) http://solidarymarkets.com/ is not authorised to provide the investment services detailed in Article 140 of the Securities Markets Law, or provide the auxiliary services detailed in letters a), b), d), f) and g) of Article 141 of said Law, which includes investment advice, in relation to the financial instruments detailed in article 2 of the said Law, including, to those purposes, transactions on foreign currency.”

SMFX

Overall Solidary Markets FX Ranking 

During our research we revealed multiple issues with Solidary Markets FX regulations and safety, thus we do not rank positively Solidary Markets FX, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

  • Solidary Markets FX Overall Ranking is 2 out of 10 based on our testing and compared to 500 other brokers, see Our Ranking below compared to other popular and industry Leading Brokers.
RankingSolidary Markets FXFP MarketsAvaTrade
Our Ranking⭐⭐⭐⭐⭐⭐⭐⭐⭐
Is Broker safe? NoYesYes
AdvantagesNoneTrading EnvironmentTrading Instruments

Solidary Markets FX Alternative Brokers

Based on our finds and issues with the safety of Solidary Markets FX here are much better Alternatives to Solidary Markets FX with good regulations and excellent conditions. We select Good Brokers and reliable options for your comparison below: 

Deposits and Withdrawals

The broker offers various deposit and withdrawal options – Bank Transfer, Credit/Debit Card, and e-wallets such as Skrill, Neteller, and FairPay

  • Solidary Markets FX  does not accept payments from third parties.
  • If the Email used in the payment processor does not match the trader’s SMFX Profile Email, they will need to send screenshots to prove the ownership of that account.

Solidary Markets FX Review Conclusion

As regulation is the most essential factor for the safety of any investment, we strongly advise potential traders to invest only with properly licensed brokers. The Financial Conduct Authority in the UK and Australian Securities and Investments Commission are well-respected financial watchdogs that provide sufficient market security. Check the list of FCA-regulated brokers here. We recommend signing in with reliable brokers such as BlackBull Markets, FXGT, and FBS.

  • Overall ranking and experience for Solidary Markets FX is Negative

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