SolidCFD – a Forex/CFD broker Committed to Low-Cost Trading (No Commission). While in the beginning, the brokerage offered a slew of financial services, these days, it is focused exclusively on CFDs.
Licensed in Vanuatu, SolidCFD was founded way back in 2008.
The main selling point of the operation is its low-cost nature: no commission is charged, there is no rollover and no holding fees of any kind. SolidCFD also features a decent selection of markets and tradable assets.
As far as regulation goes, the brokerage possesses a Vanuatu license, a copy of which can be viewed directly at the website. While SolidCFD cannot show anything in the way of MiFID compliance, its services can apparently be accessed from all over the world, with the unsurprising exception of the US (and Central Africa).
The company behind the online brokerage is LOK Marketing Ltd, incorporated on September 12, 2016, and based in Vanuatu.
SolidCFD features 4 account tiers and an Islamic account, which is in full compliance with Sharia law.
The 4 regular account tiers are Beginner, Classic, Pro, and VIP. Of these, the Beginner account is obviously the most basic. Its minimum deposit requirement is just $250. Included in the Beginner package is full access to the CFD Academy, 24/5 support as well as access to the services of a personal broker.
The Classic account ups the stakes deposit-wise by quite a bit. The minimum required deposit for this account is $2,500. For that money, traders get everything covered by the Beginner account, plus 20% trading bonus as well as a 1-on-1 session with a senior broker. Trading alerts are included in this package as well.
Those looking to sign up for a Pro account will have to cough up $10,000 from the get-go. In addition to all the perks covered by the above described two account-types, this one provides free withdrawal and an analysis workshop too.
The VIP account reigns supreme at the top of the account-tier ladder. It requires a minimum deposit of $50,000, in exchange for which it tosses VIP services and Solid Care services into the mix, on top of all the goodies already mentioned above.
Islamic accounts are swap-free accounts, meaning that the holders of these accounts can keep their positions open indefinitely, without being charged a fee. The service facilitates charitable donations, which can also be completed commission-free.
SolidCFD’s trading platform offer is on the simplistic side. They have a Web Trader, which features a handful of charting options and technical indicators. It can be accessed at the click of a button directly from the homepage though, so that’s a definite plus there. The maximum available leverage through this platform is 1:300, which is pretty decent.
The mobile platforms (available for iOS as well as Android-based devices) more or less mimic the capabilities of the Web Trader. They allow traders to perform all the essential moves a trader will want to: deposits, withdrawals, trade execution, charting and analysis. Live news and live trading signals are available as well.
As far as deposits go, SolidCFD’s clients can resort to a selection of credit/debit cards, such as VISA, Maestro, MasterCard, and Carte Bleue. Wire transfers and various eWallets are supported as well. Webmoney, Qiwi, CashU and iDEAL are all accepted.
The covered markets are Forex, commodities, indices, and stocks – nothing special or unexpected. All the aforementioned asset-categories are CFD-based (meaning that traders do not get to actually possess any of the assets, rather, they just trade the difference between the entry- and exit values of their contracts).
The handiest customer support channel is a Callback feature, which can be clicked from anywhere on the site. In addition to that, there’s an email form, as well as a dedicated email address. Emails are usually answered within 24 hours. The contact page also lists an impressive selection of regional phone numbers, covering countries like Germany, the United Arab Emirates, Norway, Finland, Netherlands, the UK and Hong Kong, among others.
SolidCFd’s online reputation is not exactly stellar, and indeed, its licensing/regulatory status might be considered a little shaky as well. Despite that, there are traders out there who see it as a profitable albeit a tad dated online trading destination.
Everything accounted for, SolidCFD seems like a decent brokerage. It is very simplistic in every regard, and nothing backs this up more prominently than their trading platforms, which are minimalistic and rather old. With all that, they work just fine though. The multiple account types and the decent selection of tradable assets fall well in line with the above-expressed impression.