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SolidCFD Broker Review

  1. SolidCFD is an unregulated forex and CFD broker that is based in the Marshall Islands and offers South African investors the chance to trade CFDs in major markets such as forex, stocks, commodities and indices.

    The Financial Conduct Authority (FCA) has released a statement specifically warning investors against trading with SolidCFD.

    So, what does this mean? Is SolidCFD really just another scam?

    Read our full review to find out all you need to know about SolidCFD. At the end, you will find our official conclusion on whether SolidCFD is another scam South African traders should stay away from.

    SolidCFD: The 4 Account Types

    SolidCFD gives South African traders a selection of 4 account types they can choose from. Each account type offered differs, as usual, when it comes to the minimum deposit required and special features added.

    The minimum deposit to begin trading with SolidCFD and open a regular, Beginner Account is $250. This is the most common trading amount required from most CFD brokers.

    Tip: Trade with IQ Option instead, the best regulated broker for South African traders with a minimum deposit of only $10!

    The immediate problem we noticed with all SolidCFD accounts listed is that there is no mention of specific trading conditions like spread, leverage or the minimum investment amount required to open a trade. This is an immediate red flag, because such information is very important not only when picking an account type, but when picking a broker overall. Different brokers offer different trading conditions and South Africa traders like to compare and see which they prefer.

    Tip: Check out our list of the best forex and CFD brokers for South African traders, where we compare trading conditions for each CFD broker so you can choose the one you prefer.   

    When opening an account to test SolidCFD, we discovered that the maximum leverage available is 1:300 and the broker offers contract sizes at $2,500.

    Check out all SolidCFD accounts listed below, with the limited information we could gather.

    Beginner Account –> $250 Min. Deposit

    • 24/5 customer support
    • CFD academy (full access)
    • Mobile trading
    • Personal broker

    Classic Account –> $2,500 Min. Deposit

    • 24/5 customer support
    • CFD academy (full access)
    • Mobile trading
    • 1 on 1 CFD training with senior broker (+)
    • 20% trading bonus (+)
    • Trading alerts (+)

    Pro Account –> $10,000 Min. Deposit

    • 24/5 customer support
    • CFD academy (full access)
    • Mobile trading
    • 1 on 1 CFD training with senior broker
    • 50% trading bonus (+)
    • Trading alerts
    • Free withdrawal (+)
    • Analysis workshop (+)

    VIP Account –> $50,000 Min. Deposit

    • 24/5 customer support
    • CFD academy (full access)
    • Mobile trading
    • 1 on 1 CFD training with senior broker
    • Up to 30% trading bonus (+)
    • Trading alerts
    • Free withdrawal
    • Analysis workshop
    • VIP services (+)
    • Solid care services (+)

    SolidCFD Trading Platform & Assets

    By choosing to trade with SolidCFD, South African investors get the chance to trade a wide variety of over 200 underlying assets through CFDs in forex, stocks, commodities and indices. SolidCFD also offers options pairs of 30 second, 60 second, 2, 3 and 5 minute options. There is no mention of cryptocurrency CFDs, which is another disappointment.

    SolidCFD provides South African investors with the SpotOption trading platform, which is a platform commonly associated with binary options trading. Due to its simplicity and user-friendly interface that is easy to navigate, beginners may find the SpotOption platform especially appealing.

    Unfortunately, SolidCFD does not have the MetaTrader4 (MT4) trading platform available. This is another huge disappointment, since this is the most widely recognizable trading platform among South African traders.

    SolidCFD Customer Support

    South African users can contact the SolidCFD customer support team via email. Strangley enough, they do not offer an actual email address on their website, but have an online email form customers can use.

    The CFD broker also provides several phone numbers, but none for South African traders.

    Instead, the countries they cover are:

    • UK
    • Denmark
    • Finland
    • Germany
    • Hong Kong
    • Luxembourg
    • Netherlands
    • Norway
    • Singapore
    • United Arab Emirates

    Company Info & Payment Methods

    SolidCFD is owned by the company LOK Marketing Ltd, located offshore at Govant Building BP1276, Port Villa, Vanuatu or GM Marketing Group in the Marshall Islands.

    You will notice that on their official website they list two different addresses – one in Cyprus under the name MGNC Marketing and another in West London. When researching each case, it was found that the Cyprus-based address is used by many unauthorized financial services, whereas the West London address was found to not be related in any way to SolidCFD.

    As you can imagine, these are huge red flags that prove once again that SolidCFD is not to be trusted.  

    Now, regarding payment methods this broker accepts, it appear SolidCFD only accepts payment via credit and debit card.

    Warning: South African traders are not advised to deposit any money with SolidCFD.

    Conclusion: Is SolidCFD a Scam?

    Through our thorough review of the company and all the while taking into consideration the warnings against trading with this CFD broker, our team has fully concluded that SolidCFD is a scam that South African investors should stay away from at all costs.

    SolidCFD is not regulated under any entity, uses fake addresses and provides an especially vague website with no true information. Even the FCA has taken notice of this company and has warned investors from trading with SolidCFD.

    Instead of wasting your time with another scam broker, trade directly with the best, fully-licensed broker for South African traders – IQ Option.

    You can also check out our lists below:

    Best Forex and CFD Brokers for South African Traders

    Best Automated Trading Robots for South African Traders

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