Solid CFD – Scam Broker? Withdrawal Issues Reported – Review of Solid CFD

The provision of the latest SpotOption is one of the biggest attractions that pull traders towards Solid CFD. The broker offers more than 180 assets in addition to the 1:300 leverage (Forex), and $2500 contract size…

Solid CFD Broker Website Screenshot

Solid CFD serves the traders with pair-options, 30-sec, 60-sec, 2-min, 3-min, and 5-min, in addition to the ladder and long-term options. For commodity lovers, the platform features platinum, coffee, wheat, corn, oil, and copper as binary options.

Are these features enough? Let’s not forget the currencies, Euro, Swiss Franc, Canadian Dollar, US Dollar, and GBP are also on offer. The broker also facilitates with eye-catching currency pairs such as The Russian Ruble, South African Rad, and Singapore Dollar. $250 is the minimum deposit! Are you ready? Just hold on! Let’s see if Solid CFD scam evaluation allows us to consider this platform. Like always, we’ll begin with an overview of the company.

Solid CFD Review Summary

Cost: $250+

Recommended: No (See Our Top Ranked Legit Program Here)

Rating: 0/100

Summary: Solid CFD has had numerous regulatory warnings & still remains to welcome new traders despite not appearing having any licenses to do so legally. On top of that there have been many Solid CFD withdrawal complaints & therefore we do NOT recommend depositing into Solid CFD as it looks an awful lot like a scam. If you have already deposited & lost money though, then keep reading to see how you can get it back.

Quick Navigation

Solid CFD is one of the few binary options brokers that is still live & accepting new traders so as a result we conducted an extra in-depth investigation, which means this review could likely become quite lengthy. To make things easier for you though we’ve put together some quick navigation links below which you can use to jump straight to the specific information you came here looking for.

 

Solid CFD Background

According to www.solid-cfd.com, the broker is operated by MGNC Marketing Ltd. from Cyprus. Remember, the original website was www.solidcfd.com and later the domain was changed after the issuance of a warning by FCA (UK). Upon investigation, we realized that the website previously mentioned LOK Marketing Ltd. as the owner, registered in Vanuatu and also claimed that the platform was regulated by VFSC. The problem here is that we can’t trust an off-shore company. On top of that, we can’t rely on any off-shore regulatory authority.

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Let’s have a look at the difference. A broker or any financial service provider regulated with FCA requires to hold Euro 750,000 so that the regulator can ensure the return of funds up to Euro 50,000 if the broker goes bankrupt. But for VFSC regulation, this requirement is negligible, just $2000. How could you expect a refund? VFSC or any off-shore regulation is nothing but a trick.

Is Solid CFD Regulated?

Solid CFD is NOT regulated by any reliable regulatory authority. The website has even changed the name of the company operating the platform. Now they claim the ownership of MGNC in Cyprus but the company is not regulated by SySEC. In addition, on 23-02-2018, Financial Conduct Authority (UK) issued a warning against Solid CFD. The warning mentioned the following address:

  • www.solidcfd.com
  • Suite 368, Lansdowne Row, London (W1J 6HL)
  • Phone. 020 8068 4063 & 020 8068 4060
  • Email. Compliance@solidcfd.com & support@solidcfd.com

 

Solid CFD Complaints

Most of the complaints emerged against the change of Solid CFD web domain. Most of the traders could access their accounts but they heard nothing from the support team. They could not contact the live support. There was no way to access the phone numbers mentioned on the website. It all happened soon after the FCA warning in February 2018.

Some traders claim that CFD is not alone, in fact, it is a part of interlinked entities. Some argue that MGNC is itself a scam and is involved in money laundering activities operated from Israel. We have also found that GM Marketing, LOK Marketing, MGG Investments, C.G Capital Investments, and MGNC operated by the same team. Some traders argue that Nadav Gover, an Israeli guy is a mastermind behind this network.

The current website is also not fully functional. It is either forgotten or the left as it was. The pages are non-responsive. It seems as if the broker has closed its doors.

Solid CFD Withdrawal

Solid CFD offered a couple of major withdrawal methods, Wire Transfer and Credit Card. They did not facilitate any e-wallet or virtual card. We don’t have access to further information about their withdrawal policy.

Is Solid CFD a Scam?

Solid CFD scam complaints are true. To be honest, the broker is nothing but an illusionist. The platform emerged recently in 2017 and escaped after tricking some traders. The information on the website was inconsistent. The website itself was changed. The current website isn’t 100% functional. There is nothing on which you could rely.

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Our Verdict on Solid CFD

Thumbs Down

The problem with the off-shore companies is that they claim to comply with some private regulatory authority. People often ignore the difference between a state-run regulatory authority and a private/off-shore regulator. Solid CFD tricked its clients by using this simple trick.

Remember, only state-run regulatory authorities can help you get your money back. They have strict rules and they have the authority to chase the scammers. Off-shore or private regulator have can exercise no power to bring the scammers to justice.

So the lesson we learned is that we must NOT trust a broker if the concerned regulatory authority doesn’t regulate it. Private regulators don’t mean anything. They are working on their own profit-making schemes. They just collect some money from these scammers and let them do what they want.

Get Your Money Back From Solid CFD

Have you already been scammed by Solid CFD prior to coming to this review? Obviously that is definitely not an ideal situation as we would have preferred to have helped you avoid it completely – however you have landed in the right place because we can help you to get your money back.

We have put together a free money reclaim guide which outlines step-by-step exactly what you need to do to get your money back from the hands of binary options scammers.

To date the guide has helped thousands of people & it is very effective against scam binary options brokers so if you have lost money to Solid CFD then we definitely recommend that you check it out.

You can get access to the guide for free by clicking here.

Better Alternative For Making Money Online

Well clearly after reading this review you will see that we do not recommend Solid CFD, and nor do we recommend binary options trading in general as we believe it is nothing but a scam in itself.

However don’t be left to think that that must mean there are no ways to make money online, because there are… We’ve actually come across MANY legitimate ways to make good money online.

There has been 1 opportunity in particular we have come across though that has stood out from all of the rest, and as a result we have given this particular opportunity the title of our number 1 recommendation for working from home.

You can access our number 1 recommendation for making money by clicking the link below:

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About the Author:
Hi, I'm Dale, the founder of Stopping Scammers. I fell victim to an online scam many years ago & I launched this website, as a result, to protect others from making the same mistake. I now earn a living working online after discovering a legitimate method called affiliate marketing & I aim to share what I've learned to help others to do the same. You can report a scam here or you can see the legitimate methods for earning online here. I truly hope you find this website helpful.

3 thoughts on “Solid CFD – Scam Broker? Withdrawal Issues Reported – Review of Solid CFD”

  1. SolidCFD – have robbed me for $20010! which is a lot to me, they were my savings.

    They support you to begin with, requiring a steady flow of deposits. When you want to Withdraw, a series of cost/extra deposits are asked for to release the money. Then when everything is cleared and you are waiting to receive your money, after repeated communication, a new surprise – their “bank” wants 10% fee up front to release the money.

    For 6 months I was trading after having deposited $ 20,010, the MT4 told me that I had $ 66,560, when I wanted to withdraw they started asking for deposits for some commissions.

    I’ve been robbed by Solid and I cannot do anything about until I found your guide here on this site. Honestly I am so grateful for it & I have finally managed to recover my funds. Yes it was a lengthy process and I had to get all the documents to prove it, but I am just so grateful that once again I have finally been reunited with my money.

    I cannot thank you enough.

    Reply

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