Solis Markets is powered by Eklavya Asset Management LTD PTY, based in Johannesburg, the capital of South Africa. The broker claims that it has provided asset management services in the financial market since 2014, but the domain was registered in March 2022 in the United States. In addition, the project has a license issued by FSCA, an offshore regulator. Meanwhile, the website interface supports only English. However, the consultants respond to clients in 8 languages.
Meanwhile, registration in an offshore zone, such as South Africa, is not always the best choice for a broker for several key reasons:
- Offshore jurisdictions usually have less stringent requirements for financial activities and the regulation of financial companies. Brokers registered in such areas are subject to less oversight and control compared to brokers registered with regulators in more stringent jurisdictions.
- Offshore zones often do not provide deposit insurance for clients. This means that in the event of a broker’s bankruptcy or financial difficulties, clients may risk losing their funds.
- Offshore brokers may be less transparent in their operations. They may not disclose enough information about their trading conditions, fees, and rules, making it difficult for traders to make informed decisions.
- In case of conflicts with an offshore broker, seeking legal protection and recourse can be challenging and slow.
- The unregulated environment of offshore zones can be conducive to fraudulent activities, where scammers create financial schemes and projects with the aim of deceiving clients.
Can this company be trusted? Will traders get a high and fast income on the platform as the broker promises? After researching the technical and legal aspects of the company’s work, we will tell you our conclusions.
Solis Markets offers clients to trade ETFs, Forex, and various assets. Users can also earn from the referral program. On the platform, you can open a savings account with an interest rate of up to 1.5% per month if you have a balance above $25,000. There are 4 types of accounts available for traders, which differ in the size of the minimum deposit:
- Beginner, from $2,500, is designed for beginning traders
- Plus, from $5,000 – for traders with little trading experience, you will get tighter spreads and more trading instruments.
- Premium from $10,000 – for experienced traders who will get premium trading tools, exclusive market analysis, and faster execution times.
- Exclusive from $50,000 – this is a top-level account for professional traders, to whom the broker offers customized spreads, the most advanced trading tools, and exclusive market research.
Solis Markets also provides traders with the option of increased leverage. While leverage can amplify profits when the market moves in the desired direction, it also significantly magnifies losses. This is where the risk lies. Novice traders, in particular, may not fully grasp the potential downside of leverage. If the market moves against them, their losses can be substantial and even exceed their initial investment, resulting in a margin call.
More reputable financial regulators often have stricter rules in place to protect traders. They typically set maximum leverage limits to prevent excessive risk-taking. For instance, European regulators, like ESMA (European Securities and Markets Authority), have imposed caps on leverage for retail traders to safeguard them from potential financial harm. These caps vary depending on the type of asset, but they generally prevent extremely high leverage, like the 500:1 or 1000:1 ratios that some brokers might offer.
Solis Markets provides a special manager service to all clients. Spreads, minimum/maximum order size, leverage, commission, and other indicators vary depending on the type of account and asset class.
The Broker provides detailed information about trading conditions after client registration. The account currency can be changed later on.
The broker provides flexibility in the deposit and withdrawal of funds via all popular payment systems and bank cards. You can contact technical support via an online form. Registered traders are provided with a demo account and personalized training.
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All reviews about Solis Markets have been removed at the company’s request.