This little known brokerage platform claims to have the future of online trading in their hands. Based on the false corporate information, we can only say that those are just lies that attract unwary investors and facilitate the scam.
If you don’t wish to suffer the same fate as those who have lost money to this charade, consider reading this Sol Markets review.
| Regulated by: | Unregulated Broker |
| Is This Company Safe? | This company is not a legal entity, so all investments will be stolen! |
| Known Websites: | sol-markets.io |
| Have Warnings from: | N/A |
| Registered in: | UK / Australia |
| Operating since: | 2022 |
| Trading Platforms: | Web trader |
| Maximum Leverage: | From 1:100 |
| Minimum Deposit: | $10.000 |
| Deposit Bonus: | Hinted, undisclosed |
| Trading Assets: | Forex, Crypto, Commodities, Metals, Indices, Futures, Shares |
| Free Demo Account: | No |
| How to Withdraw from This Company? | Always anticipate withdrawal issues with false brokerages. Our experts can help you, however, so contact us promptly. |
Misleading Legal Details
Sol Markets broker claims to be legally incorporated on two addresses in the UK and Australia. That would mean the firm has acquired a Forex certificate from FCA and ASIC. However, checking both of these registers of regulated online trading companies resulted in no matches.
Our investigation was expanded to other regulatory databases maintained by prominent authorities, such as CNMV, BaFin, NFA, and CySEC. Yet, none of these authorities has ever issued a license to this shady business.
Operating without a permit means that the conduct doesn’t provide safety of funds, segregated bank accounts or compensation options. Make sure to choose a brokerage that can offer these conditions.
Deceptions and Lies About Profits
Considering the scheme has been active since 2022, it’s only a matter of time before financial watchdogs start issuing public warnings against this dubious platform. Especially because the majority of the traders that have fallen victim to the sham reside in well-regulated countries:
- Spain
- United States
- United Kingdom
- Canada
- Peru
If you start getting suspicious, unsolicited phone calls from alleged Forex professionals who want you to invest in their proposals, make sure to avoid them. These are boiler room agents that promote illicit brokerage websites that steal money from investors while claiming to double the profit or guarantee even higher returns.
Reviews Don’t Reflect Reality
Since there’s no Sol Markets reviews anywhere else online except on Trustpilot, we were immediately suspicious of their origin. Once we started analyzing the content, it was clear that all of them come from review selling networks.
These are other forms of scam and deception that help unscrupulous brokerage firms build false reputations and deceive new clients into becoming their victims. Newcomers are tricked into believing the feedback to come from real customers and are easily convinced to invest, too.
Absurd Costs
Despite legal documents being available even for those who haven’t created a Sol Markets login, they contain no information about costs. The only fee ever mentioned in legal papers is a 10% withdrawal fee on every transaction.
After joining the platform, we tried to obtain information about trading terms from the webtrader itself, but that effort was also futile.
Spreads on some of the instruments were measured in hundreds of pips and kept randomly changing. On the other hand, leverage was mentioned only once in the Bonus Policy, which states the maximum ratio to be 1:100. Novazx also employs a similar strategy, so make sure to avoid them as well.
Bonuses Have to be Requested
After signing up for using the Sol Markets app, traders can only be credited with a bonus incentive if they email the company and ask for it. Concrete amounts are not disclosed. It is, however, explained that the minimum trading volume for credited accounts has to reach a number of lots, which is equal to the bonus amount divided by 4.
Features as Products of False Marketing
Whoever explores the website a little more thoroughly will quickly realize that the firm has nothing of value to offer. Dreadfully expensive accounts promise fictitious and unrealistic benefits, while the trading platform has quite literally gone insane with the parameters. If you value your money even a bit, stay away from this portal.
Bold Claims for a Defunct Terminal
The ridiculously pretentious website describes the Sol Markets WebTrader as “the world’s most famous web-based trading platform.” As if these claims weren’t enough of a joke, the software performs worse than commonly found bogus web terminals. The charts do not move and resemble pictures, rather than functional software.
Discrepancy in Asset Descriptions
The website lists several asset groups, such as:
- Crypto Currencies – BTC, ADA, DOT, SHIB
- Currency Pairs – EUR/USD, USD/JPY, USD/CAD
- Indices – USA 500, CAC 40, FTSE 100
- Metals – Gold, Silver
- Energies – Oil, Natural Gas
- Futures – commodity and index futures
- Shares – Amazon, Tesla, Netflix
Despite these instruments presented, the webtrader only allows access to cryptocurrencies. It is questionable if these tradable products are indeed available or just advertised.
Accounts Promise Everything
It’s been a while since we’ve last reviewed a platform that has gotten so creative in lying about the features supported.
Each of the trading accounts sold by this fake Forex dealer allegedly grants access to various benefits. Some of them are professional account managers, guaranteed income, secure trades, personal accountants, insurance recovery, and signals. The prices are only designed in accordance with the following:
- Standard – $10.000
- Silver – $50.000
- Gold – $100.000
- VIP – $250.000
- 1 Million Club – $1.000.000
Payout Requests Process Forever
Sol Markets withdrawal policy is found as a part of the T&C document and comprises several confusing lines. Processing time for withdrawals is claimed to be 30 days, which is simply unacceptable considering today’s technology.
The minimum withdrawal amount is $50, and credit cards are allegedly the only accepted method for account funding. However, none of this information could be verified. Swapsimple is another swindler that won’t allow any withdrawals, so contact us for help.
Shady Contact Information
There are several phone numbers, an email address and an option to send an online written inquiry to the company’s support office.
We wouldn’t recommend you share your contact information with this website’s operators, as they may as well start pestering you to invest more. Besides, it is well known that con artists couldn’t care less about their clients’ troubles.
Look For Reliable Brokers!
Victims of the Sol Markets scam shouldn’t hesitate to contact our legal office and get help with fund recovery. Our chargeback professionals are always at your disposal and offer legal advice and guidance.
Other traders should carefully avoid this sham and not fall for the same investment trap as some already have. If you want to have a chance at earning money in financial markets, you have to pick a properly regulated Forex provider. Otherwise, you’re in for a loss.
FAQ Section
What is Sol Markets?
Sol Markets is an unscrupulous online trading portal that sells overpriced services and lies to customers.
Is Sol Markets Legit?
No, the firm is not regulated by any financial regulator, despite their claims about being legit.
How to Get Money Back From Sol Markets Broker?
If you seek help with investment recovery, we recommend you contact our chargeback experts.
Source:
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