Solana Markets is an unregulated broker allegedly based in Australia. The company provided us with the address in Sydney and the alleged Australian phone number.
Since we have all the proof that this bogus company is nothing but a cyber-fraud, we advise you to withhold from investing. Ensure you read this in-depth Solana Markets review first.
In addition to the above, we strongly advise you not to invest inGis Capital,IKICIandMeteor Tradefraudulent brokers.
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||FCA|
|Headquarters Country:||Australia (allegedly)|
|Minimum Deposit:||10,000 USD|
|Cryptocurrencies:||Available – BTC, ETH, XRP|
|Types of Assets:||Forex, commodities, indices, shares, cryptocurrencies|
|Free Demo Account:||No|
|Accepts US clients:||Yes|
Details About Solana Markets Regulation
If you check ASIC’s register searching for Solana Markets, of course, you won’t find anything. To get an Australian trading license, brokers must fulfill strict demands, such as having minimal operational capital of 1 million AUD and limiting leverage to 1:30.
Most fraudulent trading firms cannot fulfill these demands and are not interested in doing so. It’s easier to run the operations unlicensed and simply vanish when noticed by any authority body.
Why Is Trading On a Licensed Broker’s Platform Preferable?
On the other hand, licensed brokers have completed all the conditions and obtained a license to run a legitimate business. Their activities are monitored by regulators, and they can be penalized for every wrong move.
Investing your hard-earned money with a licensed broker ensures fund safety. If you want to secure assistance from authorities and the ability to get reimbursed from a compensation fund, you must avoid fraudsters like Solana Markets.
Is Solana Markets a Legitimate Broker Or A Fraud?
Solana Markets is not a legitimate trading brokerage. The company claims to be based in Australia but has no ASIC license. It has been banned in the UK due to numerous complaints from its victims.
A Warning About Solana Markets Broker From the FCA
It seems that before adding an address in Australia, Solana Markets has presented itself as a UK-based trading firm. Thus, the UK authority, FCA, issued a warning.
According to it, Solana Markets is not a registered trading business and cannot provide Forex and CFD trading. Furthermore, anyone involved has no right to FSCS or the Financial Ombudsman.
Solana Markets Reputation On The Trading Market – Opinion of Traders About the Broker
If you check Trustpilot and similar websites, you will find that Solana Markets has no negative reviews. Knowing that even top-tier licensed brokers have unsatisfied customers, and it’s quite normal, we must suspect this situation.
In most cases, scammers write their own reviews to attract potential investors. Yet, it cannot last for long. Sooner or later, the truth comes out.
What Platform Does Solana Markets Offer?
Solana Markets’ trading platform is perhaps even more disappointing than the broker itself. The firm has provided investors with a basic WebTrader resembling a TradingView chart with several buttons.
While you can technically trade, you cannot apply any advanced strategies. Also, forget about advanced trading tools. Additionally, web-based platforms are prone to hacking and price manipulation, meaning that the broker can make it look as if you won or lost a large sum of money.
To avoid all these issues, you should find a legitimate brokerage providing MT4 or MT5.
Solana Markets Accounts Overview
Solana Markets has several account types, each requiring insane amounts of money. Here’s what you can get and how much you need to pay.
- Standard – $10,000
- Silver – $50,000
- Gold – $100,000
- VIP – $250,000
- 1 Million Club – $1,000,000
All accounts are oriented to crypto investing, so benefits mainly refer to increased staking percentage, crypto trading signals, and bundles.
Solana Markets Range of Trading Markets
As mentioned, this broker’s main emphasis is trading digital coins such as BTC, ETH, and XRP. Additionally, clients can trade in:
- Currency pairs – EUR/USD, AUD/CAD, GBP/ILS
- Indices – DJIA, S&P500, DAX30
- Shares – Amazon, Google, Microsoft
- Commodities – gold, natural gas, soybean
Remember that we’re dealing with an unscrupulous scammer here despite the somewhat solid offer.
Also remember the names of theProforbex,Garantio FinanceandFinexStocktrading scams and avoid them at all costs! Moreover, always check the background of online trading companies before investing!
What Is Known About Solana Markets Trading Conditions?
Solana Markets offers lousy trading conditions. While seeming favorable, they’re made to rob you of your funds and lose everything you invested and more.
The leverage is not specified, and neither is the spread. Simply put, you can easily fall victim if you don’t know the risks and costs. And that’s the idea behind Solana Markets’ non-transparency.
Forbidden Bonuses and Promotions
While most major regulators in the EU and UK prohibit bonuses, Solana Markets provides them. However, not for free. If you receive any amount, you will have to reach a minimum trading volume of the bonus amount divided by four in lots.
Simply said, for a $1,000 bonus, you will have to trade 250 lots equal to $2.5 million. If you think it’s a scam, we can confirm.
Solana Markets Minimum Deposit and Withdrawal Terms
Solana Markets requires an exceptionally high initial deposit of $10,000. Or so we found in the account types section. Hopefully, traders can test the system with the lower amount, but we wouldn’t bet on it.
As per withdrawals, we know virtually nothing. The Withdrawal Policy says that you have to use the same payment method as for the deposit, and that’s about it.
Methods of Making a Deposit
The only available payment method is a credit/debit card. This is actually quite good, as the chargeback policies protect you. If something goes wrong, you can file a dispute with your bank within up to 540 days after the fraudulent transaction occurred.
Scammed by Solana Markets Broker? – Let Us Hear Your Story
If you were scammed by Solana Markets broker, let us know. Our chargeback experts may help you with the recovery.
Your story can help us get justice for you and everyone else in your situation. Every piece of evidence counts, so don’t hesitate to provide it. Let’s book a free consultation for you to recover what’s rightfully yours!