Is SolisMarkets a Scam?

At FXCanary, our safety assessments are grounded in a multi-layered methodology that goes beyond surface-level claims. We evaluate a broker’s regulatory standing—not merely the existence of a licence, but the quality of the regulatory framework, including whether client funds are segregated, compensation schemes exist, and enforcement is robust. We also scrutinise operational transparency: disclosed corporate details, employee counts, and years in business. Crucially, we cross-reference user-reported experiences, particularly around deposits, withdrawals, and support, to detect patterns of misconduct.

SolisMarkets surfaces with a Scam Risk Score of 52 out of 100, which places it firmly in our 'Elevated Risk' category. This score is pulled upward by the existence of an FSCA licence, which at least nominally requires adherence to some conduct standards, and by a segment of positive user reviews citing fast execution and responsive support. However, heavy downward pressure comes from the broker’s operational opacity—zero employees, undisclosed deposit methods and spreads—and, more alarmingly, a persistent drumbeat of withdrawal-related complaints. We treat these complaints not as isolated grievances but as signals of potential solvency or trust issues.

SolisMarkets operates through Eklavya Asset Management LTD PTY, which holds an FSCA Derivatives Trading Licence (EP) under number 45583. South Africa’s Financial Sector Conduct Authority has been working to tighten oversight of OTC derivative providers, mandating requirements like capital adequacy and client fund segregation. In theory, this means client money should be kept separate from the broker’s operating funds, offering some protection if the firm fails.

However, the FSCA’s framework is not as comprehensive as those in jurisdictions like the UK or EU. There is no investor compensation fund that guarantees a minimum return of capital in the event of broker insolvency. Enforcement can also be uneven; the FSCA has a history of struggling to pursue all non-compliant entities, especially those with limited local substance.

In SolisMarkets’ case, the fact that the registered company lists zero employees raises immediate questions. Who is overseeing compliance? Who manages the segregated accounts?

The licence might be a paper shield rather than a meaningful safeguard.

In many high-risk broker cases, FXCanary checks for clone websites or impersonation scams—fraudsters using a similar name or licence to trick investors. In our sweep, we identified zero clone sites associated with SolisMarkets. This is a minor positive: it suggests the broker’s identity isn’t being actively hijacked, which can be a separate danger to new depositors.

But the absence of clones does little to mitigate the bigger concerns. The real risk here isn’t an impersonator; it’s the possibility that SolisMarkets itself may be unable or unwilling to return client funds. Our investigation therefore focuses inward, on the broker’s own operational integrity.

Our analysis of publicly available user reviews uncovered 19 specific complaints about failed or delayed withdrawals. The sheer volume, relative to the broker’s apparently short operational history, is a glaring red flag. Users describe sending repeated follow-ups that go unanswered, only to have their requests ignored entirely. One review lamented: 'I can't log in to my SolisMarkets account and their website seems to be down/ missing. I have requested a withdrawal from my account since 2024... this company has stopped responding.'

Another detailed a scenario where, after depositing, a new company started demanding additional payments before any withdrawal could be processed—a classic hallmark of a potential advance-fee fraud. Even when traders reported significant profits, the narrative frequently shifted to pressure to deposit more, with one recounting losing everything after being convinced to increase his stake by a woman named 'Jessica.' These are not the marks of a financially sound or client-centric brokerage.

Beyond withdrawal woes, SolisMarkets’ public profile is disturbingly opaque. The regulatory filing shows zero employees, which is inconsistent with any meaningful brokerage operation. Modern fintech firms may outsource certain functions, but a licensed derivatives provider cannot function legitimately with no staff to handle compliance, trading, or client support. This suggests either a shell company or a gross misrepresentation of its corporate substance.

Further, the broker’s website apparently lacks basic transparency: deposit and withdrawal methods are not disclosed, tradable instruments are unspecified, and even account spreads and commissions are absent from public documentation. These are details any reputable broker publishes openly. Without them, traders are effectively depositing into a black box, uncertain of costs or how to retrieve their funds. The combination of a bare licence and an information vacuum is a near-certain recipe for trouble.

To be fair, SolisMarkets does have some positive reviews, primarily around platform speed and customer service responsiveness. A subset of users praised the MT5 integration and reported quick trade execution and favourable spreads. One review noted: 'Trusting solismarkets.com's daily newsletter has been a key move in safeguarding my investments.' These testimonials suggest that not every client experience is negative, and the broker may indeed provide functional trading services to some.

However, such positive feedback must be weighed against the broader pattern. In many cases where a broker exhibits severe withdrawal issues, a portion of positive reviews can be manufactured or represent early-stage users who haven’t yet attempted a significant withdrawal. Given that only 10% of Trustpilot reviews are positive, and the site carries a 2.7 out of 5 rating, these 'green flags' are too sparse to offset the systemic concerns.

If you currently hold funds with SolisMarkets, we recommend taking immediate protective measures. First, stop making any additional deposits. Even if a representative promises that additional funds will unlock higher returns or resolve a withdrawal block, resist. This is a common pressure tactic in potential fraud scenarios.

Document every interaction: save copies of all emails, chat transcripts, and screenshots of your account balance and pending withdrawal requests. Then, submit a formal withdrawal request through all available channels, and follow up in writing. If there is no response within a reasonable timeframe, file a complaint with the FSCA, providing your evidence and referencing licence number 45583. While recovery through South African channels may be slow, it establishes a paper trail and may contribute to collective regulatory action. Also, consider posting your experience on review platforms to warn others.

FXCanary’s investigation places SolisMarkets firmly in high-risk territory. The FSCA licence provides only a thin veneer of legitimacy, undermined by a total lack of operational substance—zero employees, no disclosed costs or funding methods. The backlash from actual users, with 19 withdrawal complaints and a Trustpilot score of 2.7, signals that many clients are struggling to reclaim their money. While clone risk is low, the internal signs point to a possible scheme that collects deposits but fails to honour withdrawals.

For any prospective trader, the calculus is clear: the likelihood of encountering withdrawal obstacles or outright loss of capital is unacceptably high. We strongly advise against depositing with SolisMarkets and recommend that existing clients attempt to extract any remaining funds as a matter of urgency.