Updated on January 23, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding NewSolid due to the issues we've identified.
Is NewSolid Scam or Legit Broker? ▲
Trading with NewSolid is not recommended and could potentially be hazardous due to the broker's questionable legitimacy. Initially, NewSolid disclosed that it was managed by Solid Global Investment Limited, a firm allegedly located in New Zealand. However, a perplexing shift occurred when the broker updated its contact details, now claiming registration in Samoa with a new set of contact points in Hong Kong. This inconsistency raises significant concerns about the broker's reliability and transparency.
Registered in: Samoa (questionable)
Type of License: None
Is NewSolid safe to trade: No
Recommended Licenses: FCA in the UK & ASIC in Australia
The absence of a legitimate regulatory license and the broker's shifting information cast a shadow over its trustworthiness. Engaging in trading activities with NewSolid is strongly discouraged due to these red flags.
NewSolid positions itself as a broker offering diverse trading instruments, including crude oil, indices, currency pairs, precious metals, cryptocurrencies, and more. However, a closer examination reveals troubling issues related to its regulatory status and operational integrity. Previously claiming to be based in New Zealand under Solid Global Investment Limited, NewSolid now faces severe warnings and has been blacklisted by New Zealand's FMA for operating without proper authorization.
Concerns of Scam: High
Regulatory Warnings: Yes, by FMA and SFC
Clone Firm Allegations: Yes
This broker's operations have been marred by allegations of being a clone firm and lacking the necessary regulatory permissions to offer its services legally. Trading with NewSolid exposes traders to unnecessary risks and potential financial losses.
Overall NewSolid Group Ranking ▲
After an extensive analysis involving 1000 brokers, NewSolid's overall performance and reliability are found to be severely lacking. The broker's issues with regulation, safety, and transparency significantly affect its standing in the industry.
NewSolid Overall Ranking: 2.0 out of 5
Industry Comparison: Significantly below average
Due to the numerous concerns surrounding NewSolid, including regulatory warnings and operational inconsistencies, it is highly recommended to seek alternative trading options. Engaging with regulated and reputable brokers ensures a safer and more secure trading environment.
In conclusion, after thorough research and analysis, it is evident that NewSolid is not a broker that traders should engage with. The inconsistencies in its registration information, lack of a proper license, and warnings from reputable regulatory bodies all serve as strong indicators that NewSolid might be involved in unscrupulous activities. The advice is clear: traders should steer clear of NewSolid and instead opt for brokers that are regulated by well-respected financial institutions such as the FCA, ASIC, or CySEC. Investing with well-regulated brokers not only provides peace of mind but also ensures the safety and security of your investments.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
NewSolid Review 2024
