Solidarity Iq Trade Review: The Unregulated Broker

Solidarity Iq Trade is a company that seems authentic. The broker accepts traders from every region in the world. They have over 100 tradable assets. The firm also claims to be regulated by MFSA for over seven years. Unfortunately, the information is for marketing purposes. This is one of the most dangerous schemes in the industry. Stick with us as we expose their murkiness. 

For starters, the platform assures traders the availability of top-notch trading resources. Their expert team uses e-books, webinars, video tutorials, and other materials to educate novice traders. Sadly, the materials are not accessible to the public. Neither does the company provide a course outline. Therefore, we cannot verify the information. 

Another red flag is Solidarity Iq Trade claims to be working with professionals. However, the entity fails to introduce the individuals. Many scam ventures operate anonymously. You have the right to know the qualification of the people handling your cash. The entity will eventually disappear from the market without being traced. 

Ensure you choose a reputable forex trading company. A genuinely regulated broker respects the law. You will also enjoy great trading conditions. Legitimate platforms transparently outline their withdrawal and deposit requirements. They also take the safety and privacy of their customers seriously. 

Solidarityiqttrade.com Review

Solidarity Iq Trade brags it perpetually uses innovation to better customer experience. They use user-friendly technology granting seamless experience to all. The entity also claims it secures users' funds in Tier 1 banks. What they fail to do is to mention those institutions. For all we know this is another false claim. You can end up losing more funds than what you deposited because there is no negative account balance protection. 

Refrain from sharing personal data with the broker. They can misuse the information. Scammers require you to provide your name, phone number, physical address, and government ID. They can sell the data to third-party websites or use it for manipulation. Fraudsters exit the market after being exposed but they come back using different websites. They will cold call their victims promising to recover what had earlier been stolen. Those naive enough to believe they end up losing even more cash. The best thing is to avoid sharing personal data with suspicious platforms. 

Also, make sure you perform a thorough background check on brokers. There is resourceful content online. Bogus platforms are usually exposed by expert traders and regulatory watchdogs. Visit your country’s financial regulatory body website and double-check if a broker is operating legally. You can also consult non-biased traders like Valforex. 

Trading Conditions and Account 

Solidarity Iq Trade has five weekly trading accounts and seven monthly trading accounts. These are more than what genuine companies offer. Usually, you will find three trading accounts in most brokers. They have beginner-friendly, intermediate, and expert accounts.  We don’t see the need of having more than 10 accounts.

They accept a minimum deposit between $300 to $50,000 which is also more than the average price. The market standard is $250 but there are transparent and authentic brokers accepting $10 and above. We don’t see any unique features with the company. Do not deposit an absurd amount when you can cash in less and trade in a safe environment. 

The platform is also offering varying deposit bonuses to customers. Be wary of such enticing deals. There are unfavorable terms that you must fulfill to qualify for a withdrawal. Usually, you must hit farcical trading volumes. The starter’s account provides a 1.9 spread. Traders will pay more to open trade. The average market standard is 1.5 but there are brokers with lower pips. 

Solidarity Iq Trade uses a scalping trading method. They send clients daily trading signals. We do not know the success rate of these signals. We only came across negative reviews from traders. Moreover, the entity fails to mention the trading platform available for investors. Normally, excellent firms have MT4 or MT5 interfaces. There are also ventures using basic platforms such as web-based software which lacks advanced features. The entity fails to mention the minimum amount to cash out and how long the process takes. 

Solidarity Iq Trade Regulation Status 

The venture holds that it operated under the strict standards of MFSA in the US. Unfortunately, there is no such agency in the USA. Malta Financial Service Authority is a Maltese financial body. Scammers use false information to entice novice traders. Upon checking on the database we did not find the name of this enterprise. 

Commodity Future Trading Commission (CFTC) and National Future Association (NFA) are the financial bodies overseeing the operations of US brokers. They require a capital of $20 million to issue a trading license. We doubt a lying entity like Solidarity Iq Trade can afford such an amount. 

Brokers should also report their daily trading activities to the watchdogs. Unfortunately, we highly doubt the suspicious firm would dare expose its murkiness to the authority. There is no proof of trading. Moreover, the terms and conditions of  Solidarity Iq Trade are shallow. They leave out essential information. 

Comisión Nacional del Mercado de Valores (CNMV) which is the regulatory body of Spain has issued a warning against the company. The broker is targeting Spain citizens without following the necessary jurisdiction. It is reckless to venture with a blacklisted entity. You will end up losing all your cash and the government won’t come to your aid. 

Solidarity Iq Trade Client Reviews 

Solidarity Iq Trade has attracted several negative reviews. The complaints are numerous and this shows this is an unreliable entity. Traders are complaining of poor customer service. The platform is not handling their queries on time. You cannot count on the firm to help you earn passive income. 

They are also not honoring the withdrawal requests from customers. What is the point of opening an account with these fraudsters if you can get it back? Some customers' withdrawals haven’t proceeded for more than 11 days.  The company claims their accounts are being reviewed without providing more details or giving a definite date on when clients should expect their money. This is why we insist you perform a thorough background check on a company before opening an account. It will save you from bad outcomes and expectations. 

However, despite having negative reviews and a warning from the regulatory body Solidarity Iq Trade has a number of positive reviews. This is not new to us as it is a tactic often used by rogue enterprises to redeem themselves. Chances are high that the feedback is left by their marketers or paid users. 

Do not be deceived by such marketing strategies or overlook the facts. We do not see proof of payment. Therefore, avoid venturing with Solidarity Iq Trade. Another thing we noticed is the website design being used by similar fraudsters. This could be an old scam that has revamped its traits. 

Final Verdict

After hours of analyzing Solidarity Iq Trade, we found any red flags. The broker is faking its regulatory status. They are also exploiting traders by requesting huge deposits. The platform has a number of unpleased customers. The withdrawal requirements are limited and a lot is missing from the website. 

Before things go south and the platform exits the market avoid transacting with them. There are better legitimate forex trading companies in the industry. Your safety of funds is guaranteed with licensed brokers. You can also withdraw cash without a hitch.