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Not approved broker by binaryoptionsthatsuck.com
5.4
  • TradeSolid

  • Bonus: up to 100%
  • Options Payout: 70-80%
  • Rating: 5.4 / 10
Broker Name: TradeSolid
Platform: SpotOption
Founded: 2008
Bonus: up to 100%
Return/Refund: 75-85% / 0%
TradeSolid Overview
No. Of Assests: 57
Regulated:   No
Demo Account: No
Minimum Deposit: 100
US Traders:   Not Accepted
Read Users Reviews

TradeSolid Review

TradeSolid is owned by G.M Marketing Group Limited, address 201 ROGERS OFFICE BUILDING, Edwin Wallace Rey Drive, George Hill, Anguilla & GM Software solutions, address: suite 368, Lansdowne row, London, W1J6HL, United Kingdom. The second address is a virtual office that anyone can buy so it’s not an actual physical address.  TradeSolid is not regulated.

 

Is TradeSolid a Scam?

We did a quick Google search and stumbled upon a few negative posts on Forexpeacearmy.com regarding TradeSolid. One of them mentioned and linked to interesting facts about TradeSolid. Apparently, both FINMA and FSC have issued warnings on TradeSolid and their owner, G.M Marketing Group Ltd.

Read FSC’s Investor Alert on G.M Marketing Group Limited here. A search in FINMA’s warning list shows that TradeSolid is included.

In case all the fees and warnings haven’t scared you away yet, you can find more negative comments here:
Scambook.com Only one complaint here.

Sitejabber.com  Three claims of fraud here.

So is TradeSolid a scam? That’s one broker you may want to avoid!

 

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Editor’s Note – Why TradeSolid Doesn’t  Suck in 50 Words

One thing I immediately liked about TradeSolid was their live chat. It pops up in the corner when you visit the site and welcomes you and every time I visited there was actually someone who answered my questions! No name, phone number or email was required – a big plus.

 

Why TradeSolid Does Suck in 50 Words

TradeSolid sucks because they are not regulated nor have any license whatsoever despite being in the industry since 2008. They are also what we consider to be yet another SpotOption white label. Furthermore, we found two issued warnings against TradeSolid and their owner, G.M Marketing Group Limited.

 
 

Should I Open an Account with TradeSolid?

Regardless, they are a simple white label. Powered by a typical SpotOption platform and nothing I haven’t seen before. What is alarming is that they offer two different auto traders which requires between 10,000$ up to 50,000$. Auto traders offered by brokers are usually working against you because of the conflict of interest that exists between you (the client) and the broker.

When it comes to withdrawals, when you read the terms and conditions, it will be revealed to you that TradeSolid will do anything to keep your money. Let me give you a few examples! The minimum deposit is only 100 dollars but you can only withdraw a minimum of 250 USD by wire transfer… this will cost you 50 dollars and an additional 10% “tax” if you haven’t traded a turnover of more than 200 “to cover processing costs”. It isn’t entirely clear whether they mean 200 times your deposit or just 200 dollars but I doubt it’s the latter. Regardless, it’s a bad deal. ePayments are also charged 25 dollars and 30 days must have passed since your last deposit before withdrawals are acceptable. This is horrible but it  gets worse the more you read. Here is more:  You can’t withdraw more than 5000$ per month and if you don’t execute any trades under 60 days you must… you guessed it, PAY a dormant fee. Wait, there are even more fees, is this a joke? “Fees for trading on the company’s platform” and “Maintenance Fee = the company will charge a monthly maintenance fee based on your account type”… Are we being punk’d? This is the first, I have never seen a company charge so many fees. What a rip-off!

 

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TradeSolid Ratings

User Friendliness 17/20

The SpotOption platform is user friendly and the support is usually available via the platform. The website is available in 8 different languages. English, Dutch, French, Swedish, Arabic, German and Spanish. There is an education center as well were you can learn some basics about binary options but leaves much to be desired.

 

No. of Assets and Expiry time 16/20

There are 12 currency pairs, 19 stocks, 7 commodities and 19 indices making up a total of 57 assets which is a low asset index in relation to other brokers. The expiries are SpotOption based. Every 15, 30, minutes up to an hour and one expiry for end of day. There are also, long term up to a year, short term 60, 90, 120, 180 and 300 seconds. Pairs, ladders, Touch and FX/CFD are also available.

 

Commissions, Support and Effective Return 10/20

Support was actually decent and honest. He did mention about not being regulated when asked and that they can’t accept US traders. I was also happy to not have to register with name, email and phone number to get access to live chat. Returns are up to 80% which is far from the best for an unregulated broker. The commissions are; your account gets taxed, you’re charged maintenance fees and dormant fees and very high withdrawal fees, see below.

 

Deposit, Payment and Bonus 10/20

Withdrawals cost 50$ for wire transfer which is really high! Credit card withdrawals are free of charge but ePayments cost 25$ which is also very high because most brokers don’t even charge ePayments. The minimum withdrawal amount is set to 250 despite the fact that 100 dollar is the minimum deposit which means your money is locked. Depositing is possible via C.C and bonuses require a turnover of 20 times the bonus volume.

 

Website Extra’s 0/20

Two auto traders that you should avoid.

 

TradeSolid Rating = 54/100

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