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The WikiFX Score of this broker is reduced because of too many complaints!

NEWSOLID

China|2-5 years|
Suspicious Regulatory License|MT4/5 White Label|Chinese market only|High potential risk|

http://www.new-solid.com/

Website

Rating Index

MT4/5 Identification

MT4/5 Identification

White Label

2
Server Name
NewsolidMarkets-Demo MT4
Server Location Hong Kong

Contact

400-666-3202
new_soLid@yeah.net
http://www.new-solid.com/
The WikiFX Score of this broker is reduced because of too many complaints!

Licenses

No valid regulatory information, please be aware of the risk!

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

Open Now

Contact number

Chinese (Simplified)

400-666-3202

Broker Information

More

Company Name

NEWSOLID

Company Abbreviation

NEWSOLID

Platform registered country and region

China

Company website

Pyramid scheme complaint

Expose

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Warning: Low score, please stay away! 2
Previous Detection : 2024-03-29
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The number of the complaints received by WikiFX have reached 20 for this broker in the past 3 months. Please be aware of the risk and the potential scam!

WikiFX Verification

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Expose

    NEWSOLID · Company Summary

    Company Name NEWSOLID
    Regulations No license
    Market Instruments Cryptocurrencies, CFDs, precious metals, indices
    Leverage 100:1
    Spread N/A
    Minimum Deposit $100
    Deposit/Withdraw Methods VISA, MasterCard, Online Bank Transfer, Tether (USDT)
    Trading Platforms MetaTrader 4 (MT4)
    Customer Support Email, Phone, QQ
    Educational Resources N/A

    Overview of NEWSOLID

    NEWSOLID is a brokerage firm offering a diverse selection of market instruments to traders. The platform provides access to various financial markets, including popular cryptocurrencies like Bitcoin, along with a wide range of Contract for Difference (CFD) options. These CFDs encompass precious metals such as Gold and Silver, major stock indexes like S&P 500 and NASDAQ, and commodities like Oil, among others. To facilitate trading activities, NEWSOLID utilizes the MetaTrader 4 (MT4) platform, which is widely recognized for its user-friendly interface, advanced charting tools, and technical indicators.

    basic-info

    Is NEWSOLID legit or a scam?

    NEWSOLID, a broker claiming to offer trading in various assets, has raised serious concerns about its legitimacy. Despite initially stating it was owned and operated by Solid Global Investment Limited in New Zealand, it is now listed as registered in Samoa and Hong Kong, with no valid regulation. The Financial Markets Authority in New Zealand has even blacklisted the company for operating without proper licenses, implying potential involvement in a scam.

    In the past three months, there have been numerous complaints about NEWSOLID, including difficulties with withdrawals, slow processing times, commission issues, forced liquidations, and poor customer service. Such warning signs and negative feedback from users raise significant doubts about the broker's credibility and reliability, urging traders to exercise extreme caution or avoid trading with NEWSOLID altogether. The broker's unethical practices and problematic withdrawal processes have further undermined its reputation, warranting a strong recommendation to steer clear of this broker and choose a reputable and regulated alternative for trading activities.

    Pros and Cons

    NEWSOLID offers a diverse range of financial instruments for trading, including cryptocurrencies like Bitcoin and various CFD options. The MetaTrader 4 (MT4) platform provided by the broker is user-friendly and equipped with advanced charting tools and technical indicators, appealing to both novice and experienced traders. The availability of multiple deposit and withdrawal methods, including Tether (USDT), adds to convenience and flexibility for clients. Additionally, with a low minimum deposit requirement of $100, the platform aims to cater to a wide range of investors.

    One major concern with NEWSOLID is the absence of valid regulation and the fact that it has been blacklisted by the Financial Markets Authority in New Zealand, raising doubts about its legitimacy and reliability. Moreover, numerous complaints regarding withdrawal issues, slow processing times, and inadequate customer support highlight potential challenges traders may face. The lack of educational resources also poses a disadvantage, as it leaves traders without access to valuable learning materials and support for enhancing their trading knowledge.

    Pros Cons
    Diverse range of financial instruments Lack of valid regulation and blacklisting by financial authority
    User-friendly MetaTrader 4 (MT4) platform Withdrawal issues and slow processing times
    Multiple deposit and withdrawal methods Inadequate customer support
    Low minimum deposit requirement Absence of educational resources

    Market Instruments

    NEWSOLID offers a variety of market instruments for traders to engage with. Among the cryptocurrencies, Bitcoin stands out as the prominent digital asset available for trading. As for Contract for Difference (CFD) options, the platform presents an extensive selection, covering more than ten different assets, including precious metals like Gold and Silver, major stock indexes, such as S&P 500 or NASDAQ, and commodities like Oil. This diverse range of CFDs enables traders to access and speculate on the price movements of various financial instruments without owning the underlying assets.

    How to open an account in NEWSOLID?

    Opening an account with NEWSOLID is a straightforward process that can be completed in a few easy steps. By following the step-by-step guide below, traders can gain access to the platform and begin exploring the available financial instruments for trading.

    1. Visit NEWSOLID's official website and click on the “Register” button.

    2. Fill out the required registration form with your personal details, including name, email, and contact information.

    3. Choose the account type that best suits your trading needs, such as a live account or a demo account for practice.

    4. Submit the necessary verification documents, such as proof of identity and address, to comply with regulatory requirements.

    5. Deposit a minimum of $100 or the required amount to fund your live trading account.

    6. Once your account is verified and funded, you can log in to the platform and start trading various financial instruments offered by NEWSOLID.

    Leverage

    NEWSOLID offers a maximum leverage of 100:1 to its traders. Leverage is a financial tool that allows traders to control larger positions in the market with a smaller amount of capital. In this case, with a leverage ratio of 100:1, traders can control positions that are 100 times the size of their initial investment. While leverage can amplify potential profits, it also significantly increases the risk of losses.

    Trading with high leverage means that even small market movements can have a substantial impact on the trader's account balance. As a result, using leverage requires careful risk management and a thorough understanding of the financial markets. It's essential for traders considering NEWSOLID's services to fully comprehend the implications of trading with high leverage and to use it judiciously.

    leverage

    Trading Platform

    NEWSOLID offers the widely recognized and popular MetaTrader 4 (MT4) as its trading platform. MT4 is a well-established and feature-rich platform that has been favored by traders worldwide for its user-friendly interface and powerful capabilities. With MT4, traders can access a comprehensive range of financial instruments, including Forex, commodities, indices, and cryptocurrencies, allowing them to diversify their trading strategies and explore various markets all in one place. The platform provides advanced charting tools, technical indicators, and customizable trading algorithms, enabling traders to conduct in-depth market analysis and execute trades efficiently.

    MT4's intuitive interface and reliable performance make it suitable for traders of all levels of experience. Beginners can benefit from its user-friendly design, while more experienced traders can leverage its sophisticated tools for complex trading strategies. Additionally, MT4 supports automated trading through Expert Advisors (EAs), enabling traders to implement automated trading strategies and execute trades even when they are away from their screens.

    trading-platform

    Deposit & Withdrawal

    NEWSOLID offers a range of convenient deposit and withdrawal methods to cater to its traders' needs. For funding their accounts, clients can choose from options like VISA, MasterCard, Online Bank Transfer, and Tether (USDT). The inclusion of Tether (USDT) allows cryptocurrency enthusiasts to utilize stablecoins for funding their trading activities.

    Similarly, when it comes to withdrawing funds, traders can use VISA, MasterCard, Online Bank Transfer, or Tether (USDT). The platform's diverse selection of payment options ensures flexibility and accessibility for users managing their trading accounts and accessing their funds. With a minimum requirement of $100 to open a live account, NEWSOLID can make trading accessible to a broad range of investors.

    deposit-withdraw

    Customer Support

    Traders can reach out to the platform's customer service through various channels, including email and phone. The customer support team is available to handle inquiries promptly and efficiently, aiming to provide satisfactory resolutions to users' issues. Additionally, NEWSOLID provides an official QQ contact for further convenience and direct communication with their support representatives.

    Educational Resources

    One concerning aspect of NEWSOLID is the apparent absence of educational resources for its traders. Reputable brokers typically offer educational materials and resources to help their clients enhance their trading skills and knowledge. However, the lack of such resources on the platform raises doubts about NEWSOLID's commitment to supporting its traders' growth and success. Moreover, considering the numerous red flags and negative reviews indicating that NEWSOLID may be a potential scam broker, the absence of educational resources further exacerbates the risks associated with trading on this platform.

    Conclusion

    NEWSOLID is a brokerage firm that offers trading services across various financial instruments. Their platform caters to traders interested in cryptocurrencies like Bitcoin and Contract for Difference (CFD) options, including Gold, Silver, Stock Indexes, Oil, and other commodities. NEWSOLID provides a maximum leverage of 100:1, allowing traders to control larger positions with a smaller capital investment. They offer multiple deposit and withdrawal methods, including VISA, MasterCard, Online Bank Transfer, and Tether (USDT), ensuring convenience and flexibility for their clients.

    Despite these offerings, concerns have been raised about the legitimacy of NEWSOLID as a broker. There have been complaints regarding withdrawal difficulties, slow processing times, commission issues, and inadequate customer service. Furthermore, NEWSOLID lacks valid regulation and has been blacklisted by the Financial Markets Authority in New Zealand. Traders should approach this broker with caution and conduct thorough research before considering any transactions, as the risks associated with potential scams and fraudulent activities may be significant.

    FAQs

    Q: Is NEWSOLID a regulated broker?

    A: No, NEWSOLID does not have any valid licenses to certify it as a regulated broker.

    Q: What is the maximum leverage offered by NEWSOLID?

    A: NEWSOLID offers a maximum leverage of 100:1.

    Q: How can I contact customer support at NEWSOLID?

    A: You can reach NEWSOLID's customer support through email, phone, and QQ.

    Q: Which trading platform does NEWSOLID offer?

    A: NEWSOLID provides the MetaTrader 4 (MT4) platform.

    Q: What is the minimum deposit required to open a live account with NEWSOLID?

    A: The minimum deposit to open a live account at NEWSOLID is $100.

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