If you have come across Solar Markets and wondered who it is? We must disappoint you that it is nothing more but a shady brokerage company pretending to be a legitimate broker. It claims to be a licensed and regulated brokerage service without providing valid evidence. This makes it an illegal entity. Therefore, you can’t expect fairness or advantageous terms of exchange from such a phony organization.
All in all, we don’t recommend any dealings with this fake crypto-asset provider. So, please continue with our Solar Markets review to get more information enabling you to prevent being defrauded by this and similar fraudsters.
To add to the foregoing, we strongly advise you to ignore brokers such as CoreGeneric Capital, JM Trade, and Auto FX Trade.
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||N/A|
|Owned by:||Solar Holdings|
|Supported Platforms:||Web trader|
|Minimum Deposit:||10,000 EUR|
|Types of Assets:||Crypto assets|
|Free Demo Account:||No|
|Accepts US clients:||No|
Solar Markets Anonymous And Fraudulent Broker?
Regarding whether the Solar Markets broker is legit or a scam? The answer is clear — it is a downright scam. This bogus company operates under Solar Holdings, established in the UK. Although its registration can be found in the UK Companies House, it remains an illicit business. Providing brokerage services in the UK without holding a mandatory FCA license is a crime. In other words, there is no info about Solar Markets or Solar Holdings in the FCA register.
Therefore, it can be concluded that it is an unlicensed brokerage firm. When taking all of this into account, it is plain as day that we are dealing with a fraudulent crypto broker. So, there is no funds protection, money withdrawal guarantees, or insurance.
Solar Markets is a crypto-asset broker allegedly registered in the UK, deceiving people it is licensed, promising profitable trading opportunities, and hiding its whereabouts. All in all, this company bears all hallmarks of cyber fraud.
Why Is Trading On a Licensed Broker’s Platform Preferable?
Speaking of benefits to trading with authorized brokers, there are quite many. First, your funds are secure with licensed brokerage companies since they keep your money separate from their capital (segregated accounts) in top-level banks. So, if a broker ceases trading, it doesn’t affect traders. Also, credible brokers employ negative balance protection, preventing traders to lose more than they invested.
Lastly, traders of brokerage services certified by leading financial authorities such as FCA, BaFin, and ASIC are covered against a broker’s insolvency with compensation schemes up to 100,000 EUR per trader.
Solar Markets Offers Safe Trading Software?
When it comes to trading software, it is the most essential tool for traders. Trading outcomes depend on its quality. So, with a poor program provided by Solar Markets, you can guess what you get. Its web trader is a pale imitation of a trading platform, having no productive instruments. Besides, it can’t keep pace with modern programs with advanced features like EAs, copy trading, limitless pending orders, and stop loss.
For this one, you need MetaTrader 4, MetaTrader 5, cTrader, and Sirix. These state-of-the-art platforms are offered by trustworthy brokers and are accessible from desktops, tablets, and mobile phones.
Solar Markets Trade Range of Trading Markets
As a crypto broker, Solar Markets provides access to crypto trading markets. This allegedly includes the most popular cryptocurrencies like Bitcoin, Ethereum, Litecoin, Dogecoin, Ripple, and Tether. Dishonest scam brokers like Solar Markets take advantage of the growing popularity of digital currencies; they offer a wide range of lucrative investment opportunities to entice you with. However, their unpropitious terms of exchange and unprofessional services guarantee failure. Therefore, stick with well-established companies when it comes to crypto trading.
What Do We Know About Solar Markets Account Types?
With reference to what type of accounts Solar Markets provides, here is a quick overview of its plans.
- Bronze: 10,000 GBP minimum investment
- Silver: 50, 000 GBP minimum investment
- Gold: 100,000 GBP minimum investment
- VIP: 250,000 GBP minimum investment.
As you can notice, these investment plans require a hefty investment. Considering the status of this broker, it is an unnecessary risk. Why take chances with Solar Markets, better trade with legit brokerage offering standard accounts for as low as 10 USD.
High Minimum Deposit, Withdrawal Terms, and Fees
As previously explained, you must put in a minimum of 10K GBP to start trading at Solar Markets. You shouldn’t test your luck since this is a telltale sign of a trading scam. Fraudsters set high minimum deposits to rip traders off. Their sizable sums go up to several million dollars.
Typical of all scam brokers, all of them claim to be transparent. In reality, there is scarce information, or it is unambiguous about everything business-related, especially withdrawal-wise. Thus, you can’t get enough info on the withdrawal process on the Solar Markets website.
Bonus and Administrative Fee
Another characteristic of financial swindlers is bonuses and charging a handsome sum of money for administrative fees. As predicted, Solar Markets offers bonuses with inimical terms that fit only its own needs. For example, the company holds the right to change bonus terms and revoke bonuses at any time out of the blue. Also, bonuses can be withdrawn when a trader reaches a targeted trade volume, which is not specified, but it is probably something unreasonably high. It is of course done to prevent you from withdrawing a bonus, which is used to lure you into trading.
Since bonuses are used in manipulation, they are banned in many jurisdictions.
Concerning administrative fees, we have discovered that Solar Markets practically states that it can levy any additional charges and modify existing commissions as it pleases. It also says that it can charge for depositing and withdrawing funds. Of course, there are no specified amounts. However, this sounds outrageous at least.
What Is Known About Solar Markets’s Trading Conditions?
In relation to Solar Markets’ trading conditions, what else can be expected from a company that uses prevarications and misinformation? Nothing but an inopportune trading environment. Analogous to other features, Solar Markets provides very few details about terms of exchange. The leverage ratio, spreads, and trading commissions are unknown.
Anyhow, as can be anticipated, they are probably mispresented and go against the legislation. For example, leverage is capped at 1:30 in the UK; we doubt that this broker keeps its leverage ratio below this.
Additionally, Solar Markets professes that it accepts VISA, Mastercard, bank transfers, and cryptocurrencies for deposits and withdrawals. However, we are reasons to believe that it supports only crypto payments, which is explained in the next heading. As regards withdrawals, they are hardly possible here.
Scammed by Solar Markets Broker? – Let Us Hear Your Story
If you have been unlucky and defrauded by Solar Markets, worry not. It is possible to get your money back. It is important to act fast and seek advice from professionals as soon as possible. But also inform authorities and don’t forget to warn others. Bear in mind that you can’t trust positive Solar Markets reviews on the web since they are false.
But What Is A Chargeback?
On the subject of retrieving funds, it is doable thanks to a chargeback, which depends on a payment method. For example, credit cards are reversible since VISA and Mastercards offer cashback, but you must apply for it within 540 days. Bank transfers are also safe, however, they can be canceled if you haven’t approved transactions. In contrast, crypto payments are difficult to terminate and are frequently used by scammers.
However, with cybersecurity experts, it is feasible to reverse crypto wallets. Therefore, contact our specialists for assistance with any kind of chargeback.