Table of Contents
- SOLIDARY MARKETS FX REVIEW
SOLIDARY MARKETS FX REVIEW
Is SOLIDARY MARKETS FX the right Forex Broker for you? We conducted an in-depth review in September 2020 to find out the answer and bring it to you!
Another complete and unbiased Review from Engine Forex
Solidary Markets FX is owned by a company named Solidary Markets NZ Ltd. and was founded in the year 2013 by a group of traders with a shared passion, commitment and ideology. They were motivated by their dissatisfaction with the service provided by brokers at the time as well as by the idea of “solidarity” and giving back to society, so they founded the Solidary Markets FX brokerage to embody those ideals.
This broker is based in Dunedin, New Zealand, and offers favourable trading conditions to all types of clientele, from novice or professional trader.
Next to STP (straight through processing) and ultra-low spreads, Solidary Markets FX offers social trading and the “Synergy Trading Project,” a new concept that is essentially an advanced managed accounts/portfolio investment strategy.
|OUR RATING: 7.5|
|The overall raiting is based on review by our experts
|👌 Reliability: 7 / 10||📈 Spread: 8 / 10|
|🞧 Offers: 7 / 10||🚅 Speed of Execution: 8 / 10|
|📧 Customer Service: 7 / 10||👍 Uptime: 8 / 10|
|Spread:||From 0.1 Pips|
|Cuts out Dealing Desk:||Yes|
|Methods of deposit and offers|
|Deposit / Withdraw:|
|Rebates Engine Forex:||Coming soon!|
SECURITY, MARGINS AND TECHNOLOGY
SECURITY AT SOLIDARY MARKETS FX
- Not licensed & regulated with major regulator
- Segregates client funds
- No dealing-desk intervention
Because it is based in New Zealand, Solidary Markets FX does not require a license to operate as a brokerage firm and is not regulated by any major association or commission. Solidary Markets NZ Ltd is not required to be a registered Financial Service Provider (FSPR) in New Zealand, but it does maintain strict operational and procedural policies in all aspects of its business to ensure compliance with all client-facing obligations.
Nonetheless, Solidary Markets FX places security at the centre of its operation. The motto, “good for the trader, good for the broker, good for the world,” conveys the importance of fund safety, commercial terms and customer service.
SMFX clients are assured that their funds are handled with confidence, transparency and integrity.
All clients’ funds are kept separate from the company’s and are securely stored in segregated trust accounts.
The company guarantees that client funds are never used for operational or investment purposes and further offers their clients negative balance protection.
SOLIDARY MARKETS FX
CHARGES AND MARGINS AT SOLIDARY MARKETS FX
- Spread mark-up or
- Commission of $2.90
- Up to 200:1 leverage
Solidary Markets offers three different account types: Standard, Top and Elite. All three accounts offer very similar trading conditions, but starting spreads vary from 0.0 Pips on SMFX’s Top account (for example, with a 24 hours average of 0.14 Pips on the popular EUR/USD pair) to 0.2 Pips on the Elite account to 1.3 Pips on the Standard account.
There are no commissions charged on the Standard account type, whereas commissions of $2.90 per traded lot and $3.90 per traded lot are charged on the Top and Elite account options, respectively.
Margin calls are set to 200% across all three account types.
The minimum deposit requirement is set to $50 for all three account options and there are no minimum requirements for withdrawals.
On all account versions, SMFX clients can select financial instruments from 45 currency pairs, some metals and binary options. Leverage can be set as high as 200:1.
- SMFX MAM / PAMM
Solidary Markets FX focusses solely on offering its clients the world’s most popular trading platform: MT4. No other trading platform is available for traders at the time of writing, but as is the case for many other brokers that offer trading via MT4 only, SMFX has established a very professional, fast and secure trading environment.
MT4 can be accessed via SMFX’s web terminal as well as the mobile platform for both iOS and Android devices.
Clients registered with Solidary Markets FX can take advantage of social trading via the popular Myfxbook AutoTrade platform, an online automated analytical tool that allows users to connect to the first large social and copy trading community of its kind.
The AutoTrade platform enables users to track, compare, analyse and share their trading activities and, most importantly, to copy the trades and strategies of any top successful trader or trading system. The user can select the desired trader on Myfxbook and copy the strategies directly into the user’s own account at any time with simplicity and ease.
AutoTrade has a service fee of 0.6 Pip per round trip; this covers the payment of the traders that are being copied and are providing the signals.
In addition, Money Managers have access to SMFX’s MAM (Multi Account Management) software, which works seamlessly with the MT4 platform and allows the user to manage multiple trading accounts from one single screen. It is a must-use tool for money managers as it allows dynamic management and follow-up on accounts; managers can open, close, modify and eliminate positions simultaneously. This tool was designed to give money managers an edge in terms of risk management, efficiency and time management on trade execution.
SMFX MAM / PAMM was designed for maximum flexibility and trade execution. Hundreds of accounts can be operated simultaneously with one click and without delays. It is compatible with all Expert Advisors and allows money managers to create their own trade strategies.
Three different VPS options are available to all clients for varying set prizes.
Execution of Speed Comparison
SOLIDARY MARKETS FX
CUSTOMER SERVICE, TRADING OPTIONS AND SPECIAL FEATURES
AN OVERVIEW OF SOLIDARY MARKETS FX's CUSTOMER SERVICE AND CLIENTS
- 24/5 customer support
- $50 min deposit
- 3 account types offering access to various benefits
Solidary Markets FX customers have access to 24/5 support via telephone, live chat, Skype and email.
SMFX offers the choice between three account types that come with different advantages and features. All accounts are strict STP (straight through processing) with no dealing desk interventions, and all allow access to the same financial products for trading: namely 45 Forex pairs, metals and Binary options. For all account options, leverage can be set as high as 200:1 and the minimum deposit requirement is $50.
The lowest Spreads are available with SMFX’s Top account option with only $2.90 commission per lot.
Here is a quick overview of the most important account features:
 0.1 BTC = 1.000 Millibitcoin
 Maximum leverage depends on the account size and the one-to-one agreement with Solidary Markets FX
 Typical execution time for a buy limit / sell limit / TP / SL modification in live account. Measured with the "Rooicol EA"
 Spread from 0.0 Pips on almost all major currency pairs. Average of 0.14 spread in EUR/USD measured in 24 hours.
A news and FAQ section is available on the SMFX website.
FOREX AND OTHER TRADING OPTIONS AT SOLIDARY MARKETS FX
- 45 currency pairs
- Selection of 21 binary options
- Up to 200:1 leverage
Solidary Markets FX doesn’t offer the largest selection of tradable instruments but does feature a solid range of 45 Forex pairs, metals and 21 Binary options.
At the time of writing, there are no tradable cryptocurrencies available.
SMFX offers leverage up to 200:1, micro-lot trading starting from 0.01 lots and tight, floating spreads from 0.0 Pips (with the SMFX TOP account option). The minimum deposit requirement is set to $50. The Standard account type accepts USD and EUR as base currencies, and the Top and Elite accounts additional accept AUD.
SPECIAL FEATURES OF SOLIDARY MARKETS FX
- MT4 trading platform
- Copy-trading via Myfxbook
- Fixed or floating spreads & leverage of up to 200:1
- 21 binary options
Solidary Markets FX offers tight, floating spreads starting from 0.0 Pips and medium-high leverage of up to 200:1.
There are more than 60 tradable financial instruments.
Binary trading is available with 10 different temporalities.
The platform offers good technology features, solid order execution and a stable trading environment.
Most trading styles such as Expert Advisors (EAs), scalping and hedging are allowed.
Social/copy trading is available via the popular Myfxbook AutoTrade platform.
Unique “Synergi Trading Concept” is available for the sophisticated investor looking for innovative strategies.
Solidary Markets FX was founded as the first broker with a solidarity vocation. It donates USD 10 cents per Standard Lot traded to sustainability and development projects.
Max Leverage Comparison
SOLIDARY MARKETS FX
Solidary Markets FX offers a very decent approach to trading Forex, metals and using binary options for speculative investments. Available platforms include the popular MT4 on all devices as well as Myfxbook for sophisticated copy- and social-trading investors. As a New Zealand based firm, they are not required to hold a license with any of the big watchdogs like ASIC, FCA, CySEC, NFA, etc. but noetheless they put a lot of emphasis on the safety and security of client funds. Positive to mention is that Solidary Markets FX was founded as the first broker with a solidarity vocation and donates USD 10 cents per standard lot traded to sustainability and development projects.