Solidary Markets is another trading broker that specialises in online trading. Offering a wide variety of assets, from CFDs to Currencies and Commodities, you can find a quite satisfying offering of tradeable securities within the interactive trading platform.
However, no matter the appealing design, there are a few things to consider as red flags when it comes to this fairly new company. First, the brand is not regulated. In other words, they do not display any licensing information anywhere on the website. And considering that they are established in New Zealand, we would assume they would flaunt the regulatory information about FSPR or FMA everywhere on their webpages, especially since they are highly reputable regulatory bodies. Still, the regulatory information is missing entirely, which raises an entire group of questions which we will try to answer in this review.
The question of regulation is quite tricky, and it ultimately makes the traders decide if they will even try their luck with a certain brand. On the one hand, you have fully regulated brokers that display their licencing information clearly and accurately. With them, you always know what you’re in for, and the regulatory body provides certainty for you that your data and information will be protected at all times. That’s why it’s very risky when you decide to trade with an unregulated broker since you are entering at your own risk.
But, can an unregulated broker still have a satisfying trading platform? Let’s see.
Platform and Execution SCORE: 74%
Solidary Markets takes pride in a user-friendly trading platform, which is constructed by the MT4 software. In other words, this is an industry standard, since every reputable broker offers their clients at least MT4 or MT5 in some cases. However, what is particularly strange about Solidary Markets is the fact that they offer the MT4 platform at all, considering the lack of regulation.
This makes Solidary Markets stand out since most unregulated brokerages tend to offer random web platforms for the users. With these platforms, you can never fully be sure if your information is safe since their origin is unknown. There is no software listed that generates the platform and makes it function properly, so this is a huge gamble as well.
Aside from this, the platform is also available for mobile and desktop trading, so you can always access your account no matter which device you are using. The variety of tradeable assets is quite satisfying and includes CFDs on Stocks, Commodities, Indices, Futures and Forex. It is evident that the platform designers paid a lot of attention to its design, making it welcoming and approachable to traders with different levels of skills and knowledge. It allows you to not only trade and be done with it, but also to create your unique trading strategy as you go. The leverage is standard at 1:30, which is the average for the European market.
Withdrawal Speed SCORE: 56%
Solidary Markets offers 4 different payment options for your deposits and withdrawals. They include credit cards, bank wire transfers, Neteller and Skrill. This offering is quite modest, but the speed of the processing is efficient and only takes a few hours for e-wallets, which is above average for most of the trading platforms. Still, the bank wire and the credit card payment methods, which are a bit more traditional could take as long as 5 days to be processed.
One thing that is reassuring with this broker is that you can withdraw your funds much faster than it would take to deposit them. Strange, huh? However, this makes Solidary Markets stand out once again in the crowd of unregulated brokers that tend to scam you out of your money as quickly as possible. For withdrawals, you will only need to wait around 3 business days until your documentation is fully processed. From then on, your funds are fully at your disposal, no strings attached.
Support and Assistance SCORE: 34%
Solidary Markets does not offer 24/7 support, which is quite disappointing. Their agents are available through the phone, e-mail or live chat only from Monday to Friday. So, if you happen to struggle or have a question that needs assistance during the weekend, those will have to wait a while.
Additionally, you can try to find the answer on the Frequently Asked Questions section, which only gives an insight into some of the basics when it comes to trading and your account. It explains in great detail which documents you will need to provide to open an account or make a deposit/withdrawal, which is good but does not help with smaller details and concrete difficulties that you may encounter.
The section about opening an account is particularly appealing, and it shows you how to register for an account and input some basic information, including your name, e-mail and password which only you will know, of course. In addition, you can choose from three different account types, and each one comes with perks and benefits to your everyday trading. They include direct contact with your agent, as well as rich trading tools and lower commissions and fees for some trading activities.
Education and Tools SCORE: 79%
The educational section could be found under the tab marked “Tools”, which is filled with different chapters and pages such as trading terms and tutorials. You can also find more advanced tools such as charts and graphs, as well as the latest market news to keep you updated with what’s going on in the world of finance.
A part that is particularly rich with educational tools is the Forex signals, which explains to you how each of the currency pairs is performing on the market, as well as how and when you can trade them live. A lot of brokers lack this part since they consider it quite complicated to list and t to add it to their webpage. But Solidary Markets is different. They want to make sure that you are all set to enjoy your trading experience.