WikiFX Scam Alert: Beware of Solana-Markets!!!

Investors who are still trading forex at Solana-Markets had better quit trading ASAP!!! Investors who have been deceived by this broker please contact WikiFX to help you recover your funds!!!

To make things straight from the very beginning, on our next screenshot you may check the recent warningissued on October 12th against Solana-Markets by the Financial Conduct Authority (FCA) in the UK. Take a look (source: https://www.fca.org.uk/news/warnings/solana-markets):

FCA believes that Solana-Markets may be providing financial services or products in the UK without its authorization. Solana-Markets is not authorized by FCA and is targeting people in the UK. Clients will not have access to the Financial Ombudsman Service or be protected by the Financial Services Compensation Scheme (FSCS), so you are unlikely to get your money back if things go wrong!

WikiFX also paid a visit to the broker's official website to learn more. Here is where Solana-Markets claims it has offices in - the two addresses revealed are one in the UK and another in Australia. Since Solana-Markets.com is blacklisted by the FCA, in the form of an official warning issued by it, a UK legal registration and regulation is out of the equation.

Also, you can hardly trust anything a broker might claim, if you can not verify its credentials in the registers of any official regulatory institution as for example the Australian Securities and Investments Commission (ASIC). WikiFX made the effort to check the registers of ASIC, but in vain – no company or broker by the name ofSolana-Markets was to be found there:

Furthermore, Solana-Markets issues bonuses that are bound with the following clause:

It states that there is a trading volume that needs to be met before any of the bonus funds can be withdrawn. The size of that volume？ A fourth of the promotion, in standard lots. The issue is that a standard lot is worth 100,000 units of base currency. In the example listed by Solana-Markets, the trader needs to transact 50 of them to meet the requirements of a meager $200 bonus. That amounts to $5,000,000 – five million, which is hardly proportionate, or just. However, the real issue is the fact that the company also denies you the withdrawal of any profits until you actually fulfil its turnover.

In addition, you may also take a look at the trading platform that Solana-Markets has to offer its clients. It has some basic charting tools, which is nice, but we expect more. The features of something like industry standard Metatrader 5 are nowhere to be seen – automated trading, pending orders and so on.

The website also claims that the minimum deposit is $10,000, which just gives to show how ridiculously over the top Solana-Markets.com is, and how high it thinks of itself.

Now let's search “Solana-Markets” on WikiFX APP to find out more about this broker. WikiFX is an authoritative global inquiry platform providing basic information inquiry and regulatory license inquiry. WikiFX can evaluate the safety and reliability of more than 36,000 global forex brokers. WikiFX gives you a huge advantage while seeking the best forex brokers.

As you can see, based on information given on WikiFX, Solana-Markets currently has no valid regulatory license and the score is rather negative - only 0.99/10! WikiFX gives brokers a score from 0 to 10. The higher the score is, the more reliable the broker is.

Investors are advised to search relevant information on WikiFX APP about the broker you are inclined to trade with before finally deciding whether to make investment or not. Compared with official financial regulators which might lag behind, WikiFX is better at monitoring risks related to certain brokers - the WikiFX compliance and audit team gives a quantitative assessment of the level of broker regulatory through regulatory grading standards, regulatory actual values, regulatory utility models, and regulatory abnormality prediction models. If investors use WikiFX APP before investing in any broker, you will be more likely to avoid unnecessary trouble and thus be prevented from losing money! The importance of being cautious and prudent can never be stressed enough.

In a nutshell, it's not wise to invest in Solana-Markets. The so-called brokerage is nothing more than an outright scam, which is in the spotlight of a recent investigation by the British financial authorities, who have already blacklisted the website for targeting UK customers without proper authorization.

WikiFX reminds you that forex scam is everywhere, you'd better check the broker's information and user reviews on WikiFX before investing. You can also expose forex scams on WikiFX. WikiFX will do everything in its power to help you and expose scams, warn others not to be scammed.