Published on June 28th, 2017 | by John0
Broker Review: Solidary Markets
Summary: Trading with an MT4 binary broker is an interesting concept, but there are some warnings that can't be ignored.
Today I’m looking at a Binary Options brokerage, that allows traders to use MT4 to trade, Solidary Markets. They are also a fully functional Forex brokerage, but for the purpose of this review, and for obvious reasons, I’ll be analyzing their platform for binary options.
The broker is owned by Solidary Markets NZ Ltd, and is located at The public Trust Building, 442 Moray Place, Dunedin 9016 New Zealand. Traders can contact support via telephone at +64 (0) 34718262, skype service_smfx, and email email@example.com.
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Solidary Markets Review
The binary options platform provided is simple, and easy to use. I’ve made videos using the MT4 platform in the past, and its along those same lines. You can pop up a binary options box on your screen and Solidary Markets will allow you to put, call, set your investment and select your asset.
Their minimum investment per trade is 1 USD, and you “cannot lose more than the amount selected to trade.”
The maximum investment you can make is 200 USD, and at no time on any of their accounts can you make more than 5 trades at a time. This shouldn’t be much of an issue though, as personally I will generally only open 1-2 trades at a time. It’s very rare that I have even more than one trade open at any given moment because I don’t do week long, or day long trades currently. It’s also worth nothing that on the high end trades, you can invest a max of 300 USD at one time. This is lower than what I’m used to, but for the majority of traders, I don’t think that it would be an issue.
Solidary Markets provided 28 assets to trade with, the majority being pairs. The only non-pair assets are Gold, and Silver.
At the bottom of the binary options section of the broker page, there is a list of important notes. I think it’s best that I relay these as well.
- Unavailable during specific moments, like high impact news events.
- Some trades won’t be accepted when the market is showing low volatility.
- Not available in the following countries: “China, Canada, United States of America, Eritrea, Iran, Iraq, Virgin Islands (US), Puerto Rico, Japan, Liberia, Libya, New Zealand, North Korea, Somalia, Sudan, Syria.”
- All expiry times from 1 minute to 60 minute are disabled from 22:00 to 07:00 (GMT +3)
- Payouts are not a fixed amount, and can vary between 50-85%.
This is quite the long list of rules, regulations. The service seems unavailable to the majority of my readers, and it’s quite odd that a New Zealand broker wouldn’t be allowed to take on New Zealand clients.
There’s quite a few notes here that make me concerned about the Solidary Markets brokerage.
This is where my Solidary Markets review takes the biggest turn, as there’s a few traders providing some damning material. While, the FPA review shows 4.25 stars over 3 reviews, there are a few forum posts that take a different, and negative tone.
The most concerning post came at the beginning of March, 2017, which shows us that the broker is no longer regulated. An article on Finance Magnates reads “the non-compliant firm is clearly banking on attracting newbie investors who are not aware of the existence of regulatory registers and are ill-informed to make investment decisions.”
This is not the type of feedback I was hoping to come across today.
As of right now, I can’t see myself signing up with the Solidary Markets brokerage. While my first impression was positive, as the review wore on, I started to see some issues. The rules state that I can’t even register because I’m from Canada. On top of that, the community feedback portion of the review did the most damage.
Let me know what you think about SM NZ and leave your comments below the article now.
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