Solid ECN is a trading firm operated by Solid ECN Securities LLC. With registered addresses in Bulgaria and Comoros Union, this company makes all traders wonder why this is so. In most cases, offshore registrations have one goal only.
However, if the company is licensed properly, traders shouldn’t worry about any issues. Therefore, let’s find out in this honest Solid ECN review if we can trust this firm or not.
| Regulated By: | MISA |
| Is This Company Safe? | No |
| Known Websites: | |
| Have Warnings From: | N/A |
| Registered In: | Comoros Union |
| Operating Since: | 2019 |
| Trading Platforms: | WebTrader, MT5 |
| Maximum Leverage: | 1:1000 |
| Minimum Deposit: | $1 |
| Deposit Bonus: | Available |
| Trading Assets: | Forex, commodities, crypto |
| Free Demo Account: | Available |
| How To Withdraw From This Company? | With only crypto transfers and PerfectMoney available, traders can expect potential issues along the way. If any problem occurs, you can reach our refund specialists for advice on the next step. |
Legal Info: Is Solid ECN Legit?
Generally, trading with a broker with any license should be better than trading with one who doesn’t have any. However, traders need to understand the differences between them. For instance, the MISA regulation this broker has doesn’t mean the company is safe.
Firstly, they don’t require a large initial capital that the company must deposit, such as FCA, ASIC, or BaFin-regulated brokers. Secondly, such regulations don’t allow you to trade in most top-tier regulated countries. Lastly, and most importantly, you don’t have any security if the company goes bankrupt. Therefore, yes, the company is licensed and legit, but it is still not the safest one around.
Who Are Solid ECN’s Clients?
From the company’s disclaimer, we can see they are avoiding top-tier regulated countries. Obviously, they know what the disadvantages of it are. Some of those restricted countries are the US and the UK.
However, you will quickly realize they don’t comply with their rules. Primarily because they offer services to traders from:
- United States
- South Africa
- United Kingdom
With this in mind, you better stick with us until the end. If you recognize some of the things we’ll reveal in this Solid ECN review, make sure to contact our refund team immediately. Meanwhile, don’t miss our honest review of Bitforex broker.
Traders Reviews
Even though the Solid ECN reviews look positive, and there are more than 160 comments on Trustpilot and Reviews.io, there are some problems with it. Firstly, because some of the reviews come from traders registered in the UK or US.
So, there are two options. Either the company has fake reviews, and they have used a VPN to write them, or they are violating their restrictions and operating in these countries without regulations. In both cases, it’s a clear sign to withdraw your money immediately! If you experience any issues, our refund specialists can assist you with it.
Leverage, Commissions, Spreads, Fees and Taxes
With the mentioned fake reviews, traders shouldn’t trust Solid ECN broker anything. Especially not the conditions they are apparently offering. Starting with 0 spreads, 0% swap rates for seven days, or anything else.
The only thing you should believe is that they offer insanely high leverage of up to 1:1000. At least, there should be negative balance protection to help you avoid getting into debt.
Bonuses
Indeed, yes. The company offers a welcome bonus of 15% but honestly without any hidden tricks. We have to give them credit for it. You shouldn’t expect withdrawal issues. At least, that’s what the company claims.
Solid ECN Trading Features
With Solid ECN MT5 availability, traders will also enjoy a lot of advanced options. Especially many built-in analytical tools, Expert Advisors, etc. But if that’s the only thing you should look for, find out in our unbiased Profit Rex review.
Trading Platforms Available
As mentioned, the company uses the widely popular Meta Trader 5. It is available as a freely accessible web-based platform that guides you to the Solid ECN server. Alternatively, you can download trusted Mac, Windows, or Linux versions. The most important benefit here is that traders don’t have to worry about platform manipulation.
Available Trading Assets
Tradeable instruments can make a big difference when choosing a broker. However, it’s not a deal-breaker. Especially since many brokerages offer pretty much the same. In this case, you can expect:
- Forex – USD/GBP, AUD/EUR
- Commodities – silver, natural gas
- Shares – AMD, Boeing
- Indices – ASX200, DAX30
- Cryptos – BTC, LTC
Account Types
Generally, all accounts with this broker include some similar features like stop-out levels at 30%, margin calls at 100%, and leverage up to 1:1000. The difference comes from spreads, fees, and swap rates.
All in all, the accounts require only a $1 deposit and you can choose between:
Mobile Trading App
Due to the availability of MT5, the Solid ECN app for mobile devices is also available. Trading on the go has never been easier with all the advanced options. Still, trading with trusted brokers has become a big step for traders.
Demo Account
Indeed, yes, once you complete the Solid ECN login procedure, you might opt for a demo account as well. One big benefit is that traders can choose what capital and leverage they want to use on the MT5 server.
Education
On the other hand, a big disadvantage of the Solid ECN Forex company is a lack of educational programs. Instead, they offer traders an economic calendar, trading news, and a news portal. Fairly, nothing that can help you if you don’t understand it.
Solid ECN Withdrawal
The thing traders might be worried about after all the irregularities is the Solid ECN withdrawal procedure. Important to realize is that only crypto transfer options and PerfectMoney are available methods. Most importantly, withdrawal fees are not transparently disclosed. So, you should be prepared for anything.
Customer Support
When it comes to contact options, those are quite solid. Thus, their working hours are not disclosed.
You can try reaching them via e-mail, phone, contact form, or live chat. But don’t raise much hope for quick feedback if you are looking for a withdrawal.
Key Information To Consider About Solid ECN
The turning point for this brokerage is a lack of top-tier licenses like FCA, CFTC, SEC, or similar, especially since they offer services to UK and US traders. If they do so, what stops them from doing anything else with their offshore license? Nothing.
Therefore, if you experience any irregularity, feel free to contact our experts for consultation. Once they know your case, they can advise you accordingly and even help you with the refund if necessary. Most importantly, the first consultation is free of charge. Don’t wait a bit and book yours right away.
FAQ Section
What is Solid ECN?
Solid ECN is an offshore regulated company offering FX and CFD trading services since 2019 with a registered address in Bulgaria.
Is Solid ECN Legit?
From the legal standpoint yes. However, with highly risky conditions and low-tier regulation, traders can expect potential issues. If any irregularity happens, contact us for refund advice.
Where is Solid ECN Broker Located?
As can be seen, the company has been registered in Bulgaria but is authorized in the Comoros Union.
Source:
https%3A%2F%2Fscambrokersreviews.com%2Fother-financial-alerts%2Fsolid-ecn-review%2F
