A familiar website template? Fake regulations? Guaranteed returns? This reeks of a scam. Thus, we decided to investigate this crypto trading scheme.
Turns out, we were right, Solar Markets is a scam broker. Please read the Solar Markets Review so that you don’t fall into this trap.
Solar Markets is a fraud, plain and simple. The company that runs this crypto trading brokerage is called Solar Holdings and is based in the UK.
We suppose we could start from there and check the register of the UK’s Financial Conduct Authority (FCA).
Unsurprisingly, we didn’t find any entity by the name of Solar Holdings, which means that the Solar Markets regulation is fake. The fraudulent broker also claims to be registered with the US Financial Crimes Enforcement Network but that’s false as well.
Please avoid Solar Markets at all costs and instead find a proper broker that’s regulated by a reputable financial authority.
All operators under the jurisdiction of the European Securities and Markets Authority (ESMA) or the UK’s FCA are a safe bet. If you’re from the US, make sure your broker is registered with the CFTC and NFA.
Solar Markets is an anonymous financial swindler with no regulation. This scam broker claims to offer hefty guaranteed returns on crypto trading. Solar Markets has been active in the UK, US, Philippines, India, and Brazil.
Solar Markets was all over the place. We found traces that this unscrupulous broker left in a couple of countries around the world:
Of course, Solar Markets has no permit to operate in any of these countries, especially not in the UK or the US.
The aforementioned regulations are fake, Solar Markets is not registered with US or UK financial authorities. We must urge the regulators to issue warnings against this scam before Solar Markets claims more victims.
It seems that this scammer provided only an email and a phone number. We couldn’t find any social media accounts. Either the broker contacts potential victims directly via phone or email or hires agents to run fraudulent marketing campaigns.
Or, Solar Markets could be using private chats on platforms such as WhatsApp, Viber or Telegram. Be careful with dating apps such as Tinder and Bumble as they are swarming with scammers.
Trustpilot noticed a large number of fake reviews of Solar Markets and deleted them. That means the illicit broker was trying to build up a reputation using lies.
When it comes to real traders, i.e. victims of this terrible scheme, they had nothing but complaints against the broker. Check out what one trader said about Solar Markets:
I got in touch and put £1000 in and watched it increase to £6421. Received phone call nearly every day tell me how good my investment was going, and after nearly 6 months later tried to make a withdrawal again when I was told I’ve got to put £941 in to be able to make the withdrawal. What a con…
One of the most important aspects of trading is the platform. So, serious brokers will strive to offer the best possible platforms to traders. The best trading platforms in the world are MetaTrader 4, MetaTrader 5 and cTrader.
Solar Markets doesn’t offer any of these. Our little fraudster included only a lackluster web-based trading platform. WebTrader, as it is called, features basic charts and graphs but no advanced tools such as multiple timeframes and automated trading.
Let’s take a look at Solar Markets’ trading plans:
Solar Markets is asking for 10,000 GBP as the minimum investment?! That’s insane! No legit broker would demand that much money.
The shady broker offers only crypto asset trading (BTC, USDT, ETH, XPR, etc.) but didn’t specify the trading conditions such as the leverage, spreads and commissions.
As soon as you see guaranteed returns, know that you’re dealing with a scammer. Trading is risky per se, nobody can guarantee anything there. The guaranteed returns concept is used to lure victims.
No. Solar Markets doesn’t even let you see the trading platform, costs, and instruments for free. And we’re sure you wouldn’t risk 10,000 GBP with this dubious broker.
Always open a demo account first before investing in a real live account. If a broker doesn’t offer a free demo account, it’s most likely a scam.
Solar Markets listed three available payment methods:
As soon as you invest the 10k GBP, Solar Markets will rip you off and cease all communication with you. Solar Markets’ withdrawal policy is a lie, you won’t be able to withdraw your funds.
Keep in mind that Solar Markets wants to squeeze out as much as possible but the scammer will gladly settle for an even smaller investment in order to embezzle it.
It’s pretty unfortunate if you’ve been defrauded by this broker. What’s even worse is that you’re not the only victim of Solar Markets scam.
That’s why Global Fraud Protection is here. If the broker violated any terms and conditions, please let us know what exactly happened so we could report Solar Markets to the authorities.
As for your lost money, we could help you get it back. Our experts will show you how to request a chargeback or a recall if you’ve deposited funds via card or wire. For crypto, our experts will trace your transaction using CipherTrace.
If this broker steals your money, contact us for help. Online Chat is the easiest and fastest way to book your free consultation with us.
No. Solar Markets is not a legit broker. This entity is unregulated so please do not invest in this trading scam.
No. Solar Markets has no demo account, which is an immediate red flag.
No. Solar Markets offers a web-based trading platform that doesn’t require a mobile app.
No. Solar Markets’ platform is a rudimental WebTrader with limited features and no advanced tools.
No. Solar Markets is not a legit broker. This entity is unregulated so please do not invest in this trading scam.
No. Solar Markets has no demo account, which is an immediate red flag.
No. Solar Markets offers a web-based trading platform that doesn’t require a mobile app.
No. Solar Markets’ platform is a rudimental WebTrader with limited features and no advanced tools.
The post Solar Markets Review – Do Not Trust This Trading Scam appeared first on Global Fraud Protection.
