SolisMarkets

SolisMarkets is an online forex and CFD broker operated by Eklavya Asset Management LTD PTY, a company based in South Africa. Established in 2014, the broker focuses on providing trading services across multiple asset classes, including Forex, Indices, Commodities, Cryptocurrencies, and Shares. It offers the MetaTrader 5 platform and a range of account types tailored to different capital levels.

The broker is regulated by the Financial Sector Conduct Authority (FSCA) of South Africa under license number 45583, with a Derivatives Trading License (EP). However, the firm has zero employees listed on record, which may raise questions about operational capacity. SolisMarkets is relatively new to the market, having been founded on May 8, 2024, despite its parent company being older.

SolisMarkets holds a single FSCA license, which is a legitimate South African regulatory body. The FSCA oversees financial services providers and enforces compliance with local laws. While the license provides a layer of oversight, South Africa’s regulatory framework is not as stringent as that of top-tier jurisdictions like the FCA or CySEC. Traders should be aware that the broker’s license status is listed as “—” in public registers, meaning its current standing may require verification.

FXCanary’s aggregated industry data shows that SolisMarkets has no clone or impersonator sites, which is positive. However, the broker’s elevated scam risk score of 52/100 signals caution, particularly due to a high volume of withdrawal complaints. Prospective clients should conduct their own due diligence and consider the risks of trading with a lightly regulated broker.

SolisMarkets offers six account types, each with a high minimum deposit that targets affluent traders. The Silver account requires $5,000, Gold $10,000, Premium $50,000, Premium+ $100,000, Exclusive $250,000, and the VIP account demands $500,000. These high thresholds suggest the broker is not designed for retail traders with small capital.

Leverage varies by account: Silver and Gold offer 1:50, while the higher tiers provide up to 1:200. Spreads and commissions are not disclosed, which is a significant gap in transparency. The broker does not specify whether these accounts offer fixed or variable spreads, nor does it list any trading fees. Traders interested in cost structures may need to contact support for details.

The broker provides the MetaTrader 5 platform, which is widely recognized for its advanced charting tools, algorithmic trading capabilities, and fast execution. MT5 supports multiple order types and is suitable for both manual and automated traders. SolisMarkets does not mention alternative platforms like cTrader or proprietary web traders.

In terms of instruments, the broker claims to offer Forex, Indices, Commodities, Cryptocurrencies, and Shares. However, no specific contracts or trading hours are listed. The absence of a detailed instrument list makes it difficult for traders to assess whether their preferred markets are available. Cryptocurrency trading, if offered, may carry additional risks due to volatility and regulatory uncertainty in some jurisdictions.

SolisMarkets does not publicly disclose its deposit and withdrawal methods. Based on user reviews, some clients have used PayPal, FPX, and bank transfers, but the broker’s official policy remains unclear. Withdrawal complaints are a major theme in user feedback, with at least 19 reviews citing fund access issues. Positive reviews claim that withdrawals are not delayed, but negative accounts describe persistent non-payments and ignored requests.

Given the lack of transparent payment information, traders should exercise caution. It is advisable to confirm withdrawal terms and processing times before depositing funds. The broker’s handling of a single refund within 24 hours suggests that some issues can be resolved, but the frequency of complaints indicates systemic problems.

Customer support receives mixed feedback. Some users praise swift and professional responses, while others report being ghosted by agents or facing unclear account terms. One reviewer noted that the first 7 days are a trial period, after which a $1,000 minimum deposit is required – a detail not prominently communicated. Another user experienced account closure and account management issues without prior notice.

Despite positive comments about fast communication, the overall user sentiment on platforms like Trustpilot is low (2.7/5). The broker’s elevated risk score reflects these inconsistencies. Traders should test support responsiveness before committing significant funds and ensure they understand all account conditions.

Given its high minimum deposits and tailored account structures, SolisMarkets appears aimed at experienced, high-net-worth traders who can afford to risk substantial capital. The broker’s emphasis on VIP services and gold trading signals may appeal to those seeking personalized guidance. However, the lack of transparency on fees, withdrawal reliability, and regulatory depth makes it less suitable for conservative investors or beginners.

Prospective clients should weigh the positive reviews of execution speed and support against the numerous complaints of fund loss and withdrawal denials. Due diligence is essential, and traders should consider starting with a small amount to test the broker’s services before committing larger sums.