Sollari is an offshore trading broker, which is an immediate red flag in itself. While there are many Tier 1 regulated brokers with offshore branches for tax purposes or a broader reach, being only offshore is not recommended.
Why? Let’s check out this Sollari review together and find out.
Sollari is a brand of Donecs LLC, registered in Saint Vincent and the Grenadines. As this country’s monetary authority warned us a number of times, they do not issue licenses for Forex brokers. According to a new directive from March 2023, all companies must prove their regulatory status before setting up headquarters.
Finally, the company offers leverage of 1:500 while soliciting investors from the EU and the US. Both these countries have lower leverage limits imposed by the local authorities due to high trading risks.
Now that it’s clear what kind of broker Sollari is, we invite you to share your experience with the brokerage.
According to traffic research, the majority of their victims come from:
It is essential to check your broker’s license and verify that it can legally operate within your jurisdiction. Otherwise, you won’t be entitled to assistance from the Financial Ombudsman or the compensation fund.
Sollari offers a proprietary platform in the form of WebTrader. It’s a basic TradingView chart with several add-ons resembling software. You can use it to trade on desktop and mobile devices as well, but using the same browser-based version.
It’s important to note that such a platform cannot compare with third-party software like MT4, MT5, or cTrader. Each of these has millions of retail traders and supports vast features. Most importantly, you know that your login details are safely stored, unlike when providing them to the company’s proprietary software. As a creator of the app, your broker can steal your details and rip you off or manipulate your trades in the direction that suits them.
Sollari offers to trade in five asset classes. These are:
You’d get this range with just about any broker, but without the hassle of unprotected trading.
Depending on the account, the spread can be fixed or floating. However, it’s only advertised as low, without any specifications. Other commissions are not listed either, but we know you’ll have to pay swaps for all except the Islamic account.
You can choose from one of the following Sollari account types:
If you’re shocked by the minimum deposit, we can assure you that you’re not alone. Instead of wasting $5,000, you can trade with a reputable brokerage offering a Micro account starting at as low as $10. These amounts are simply outrageous, especially for an unregulated scammer.
Besides money, accounts differ in spread type, leverage, and maximum trade size.
On top of classic accounts, you can choose an Islamic swap-free one, which mirrors the Standard account. Therefore, we believe it means a $10,000 minimum investment.
Sadly, the Sollari Demo account is not available. The company didn’t bother providing you with free access despite asking for an incredibly high initial deposit.
While they believe their website presentation is worth $5,000, we don’t. Instead, we advise you to find a regulated broker with a risk-free account and more sound demands. That way, you’re ensuring fund safety and reducing trading risks.
Here are the payment options for Sollari withdrawal:
While this is not atypical, it’s also pretty limiting. In addition, their T&Cs contain a lot of suspicious clauses. For instance, they claim to maintain the right to decline a withdrawal request that’s “not in accordance with certain conditions mentioned in the agreement” or to “decline a withdrawal with the specific payment method.”
Furthermore, the request will be processed within 15 working days, which is exceptionally long and unusual. All in all, we cannot confirm you’ll get a payout that easily.
Trading with unregulated brokers always comes with the risk of scams. If you find yourself unable to get your money back from Sollari or any similar brokerage, or you know anyone in such a situation, don’t hesitate to share it with us.
Global Fraud Protection has been in the business of assisting victims of online scams for years. We will evaluate the case during a free consultation, employing our chargeback experts and CipherTrace crypto analysts, depending on the payment method you used for fund transfers.
Don’t hesitate to get in touch! Our consultation is non-obligatory and only serves as a means to understand the case and provide you with possible solutions!
Sollari is an unregulated offshore trading brokerage. If you have invested your money with the firm, let us know, and we might be able to help with this matter.
Sollari provides a proprietary trading platform that cannot be compared to renowned software like MetaTrader.
Considering that the company lacks regulation for providing financial services, your money is not safe with the brokerage.
Sollari is an unregulated offshore trading brokerage. If you have invested your money with the firm, let us know, and we might be able to help with this matter.
Sollari provides a proprietary trading platform that cannot be compared to renowned software like MetaTrader.
Considering that the company lacks regulation for providing financial services, your money is not safe with the brokerage.
The post Sollari Review: How to Avoid Being Caught In Their Net appeared first on Global Fraud Protection.
