Solid ECN Review 2024
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $1
- MetaTrader5
- SVGFSA
- 2020
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $1
- MetaTrader5
- SVGFSA
- 2020
Our Evaluation of Solid ECN
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
Solid ECN is a high-risk broker with the TU Overall Score of 2.94 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by Solid ECN clients on our website, Traders Union expert Anton Kharitonov does not recommend working with this broker, as, according to reviews, most clients are not satisfied with the broker. Solid ECN ranks 318 among 413 companies featured in the TU Ranking, which is based on the evaluation of 100+ criteria and a test on how to open an account.
Solid ECN is an unregulated Forex broker with a wide range of trading instruments and high leverage, specializing in active trading.
Brief Look at Solid ECN
Solid ECN is an STP, ECN, and NDD broker, registered in 2020 in Saint Vincent and the Grenadines. It serves as an intermediary for trading currency pairs and CFDs in the over-the-counter market. Solid ECN clients can execute trades with leverage on MetaTrader 5 platform, using Standard, cent, Islamic, and ECN (Electronic Communication Network) accounts. The broker allows various trading strategies, offers protection against negative balance, and executes orders with ultra-fast speed. No Dealing Desk (NDD) provides unfiltered access to interbank market rates of exchange similar to Straight Through Processing (STP).
- Wide selection of tradable assets.
- Low entry threshold of 1 USD.
- Possibility to use leverage.
- Provision of trading accounts with different characteristics.
- Access to passive income generation.
- Advanced MT5 trading platform.
- Trading bonuses on each deposit.
- Lack of reliable regulation.
- Limited choice of payment methods.
- Inability to invest funds in managed accounts (MAM and PAMM), ready-made asset portfolios, or ETFs (exchange-traded funds).
TU Expert Advice
Financial expert and analyst at Traders Union
Solid ECN is a relatively young broker, as it was founded in 2020 and officially registered in 2021. The company strives to offer competitive trading conditions for traders of all experience levels, from beginners to professionals. Solid ECN provides a range of account types, including Micro, Standard, ECN, and Islamic. The selection of assets is quite diverse, allowing traders to engage in popular currency pairs, metals, and cryptocurrencies, as well as less in-demand stock indices and shares of small companies.
According to the Solid ECN website, the minimum deposit is $1. However, this amount can only be deposited via Perfect Money and Dogecoin (DOGE). BTC, BCH, and DAI allow deposits of at least $10, while ETH requires a minimum deposit of $50. Deposits in other cryptocurrencies start from $5. The Micro account is a cent account, which means that beginners have the opportunity to trade with lower risks, as commissions and losses are calculated in cents.
The broker offers leverage, so it is not necessary to deposit large sums of money to start trading. Additionally, clients receive a 15% credit bonus on each deposited amount. These funds can be used to maintain margin, and any profits generated using the bonus are available for withdrawal.
Solid ECN Summary
| 💻 Trading platform: | MetaTrader 5 (desktop, mobile app, WebTrader) |
|---|---|
| 📊 Accounts: | Demo МТ5, Micro, Standard, ECN, Islamic |
| 💰 Account currency: | USD, EUR, GBP |
| 💵 Replenishment / Withdrawal: | Perfect Money, Bitcoin, more than 100 altcoins |
| 🚀 Minimum deposit: | 1 USD |
| ⚖️ Leverage: | Up to 1:1000 |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | 0.001 |
| 💱 Spread: |
ECN from 0 pips; Standard from 0.3 pips; Micro from 2 pips; Islamic from 1 pips; |
| 🔧 Instruments: | Forex, commodities, indices, cryptocurrencies, spot metals, stocks |
| 💹 Margin Call / Stop Out: | 100%/30% |
| 🏛 Liquidity provider: | SOLID aggregator |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| 📋 Orders execution: | Market execution, instant execution |
| ⭐ Trading features: | Only major currency pairs can be traded without swaps |
| 🎁 Contests and bonuses: | Deposit bonus |
The broker allows position hedging, scalping, news trading, and the use of expert advisors. These strategies are available on all account types. Arbitrage trading is prohibited. Solid ECN clients can trade with all major currency pairs, as well as 21 cross-currency pairs, and 15 minor currency pairs, gold, silver, palladium, platinum, and oil. Additionally, trading with CFDs on indices and stocks is available, along with trading 47 cryptocurrencies paired with USD.
Solid ECN Key Parameters Evaluation
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Trading Account Opening
To create a user account on the Solid ECN website, you need to go through the registration process. Here are the steps involved:
Launch the registration process by clicking the "Open an Account" button on the main page of the official Solid ECN website.
Fill out the account registration form. The company requests your first and last names, phone number, and email address. You also need to provide a password to protect your account. Additional personal information can be added to the user account. To log into the cabinet, enter your email address and password.
Features of Solid ECN’s user account:
Your Solid ECN user account also provides access to:
Internal transfers, which allow transferring funds between accounts within a single user account.
Requesting withdrawals through a special form.
Refer a Friend allows generating referral links and statistics for invited traders.
Verification process.
Installation of trading platforms and launching the web trader.
Enabling 2FA (Two-Factor Authentication), obtaining a PIN code for quick support, and resetting the password.
Regulation and safety
Solid ECN is a limited liability company (LLC) that has been registered with the financial regulator of Saint Vincent and the Grenadines since 2021. It is known as the [International] Financial Services Authority (St. Vincent and the Grenadines), or SVGFSA.
The number 1390 mentioned on the Solid ECN website is the registration number, not a license number. SVGFSA is responsible for the registration of Forex brokers, rather than licensing them.
Advantages
- Negative balance protection
- Proof of address is not mandatory
- Extremely high leverage, including for retail traders
Disadvantages
- SVGFSA (Financial Services Authority St. Vincent and the Grenadines) does not monitor the financial performance of Solid ECN
- The broker is not a member of a compensation fund
- Solid ECN does not disclose its banking partners, making it difficult to assess their reliability and fair practices.
Commissions and fees
| Account type | Spread (minimum value) | Withdrawal commission |
|---|---|---|
| Micro | From $0.2 | Yes |
| Standard | From $3 | Yes |
| ECN | From $0 | Yes |
| Islamic | From $10 | Yes |
The company does not charge or deduct swaps on major currency pairs. Swaps are calculated for other instruments when holding positions overnight.
An objective assessment of Solid ECN's commissions is not possible without comparing them to the fees of its competitors. RoboForex and Pocket Option were chosen for commission comparison.
| Broker | Average commission | Level |
|---|---|---|
|
$3.3 | |
|
$1 | |
|
$8.5 |
Account types
According to the Solid ECN account specifications, the minimum deposit size for all account types is $1. However, this amount is not sufficient to cover the margin, so for trading with leverage on a Micro account, a minimum of $5 must be deposited, and for Standard and ECN accounts, the minimum is $10. The maximum leverage for all account types is 1:1000.
Account types:
Another account type offered by Solid ECN is a demo account, which is a virtual version of a trading account designed for trading in a special simulator and does not require a monetary deposit.
Solid ECN is an STP and ECN broker, that provides trading accounts with different commissions, order processing speeds, and order execution methods, allowing each trader to choose the trading conditions that suit him best.
Deposit and Withdrawal
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Withdrawal requests are processed by company employees within a few minutes during business hours, from Monday to Friday, from 9:00 to 18:00 (GMT+3).
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Withdrawals are only made to cryptocurrency wallets and Perfect Money. Withdrawals to cards and bank accounts were not possible at the time of writing this review.
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Minimum withdrawal amounts for Tether (TRC 20) is $5; for Bitcoin, it is $10; and for Ethereum (ERC 20), it is $50. Other withdrawal methods have no limits.
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Solid ECN covers the commission for withdrawals through Perfect Money. Clients are responsible for covering mining fees for cryptocurrency withdrawals.
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Deposit speed: Perfect Money takes 1 to 30 minutes, while cryptocurrency withdrawals depend on the confirmation speed of the transaction in the blockchain network.
Investment Options
To generate passive income, Solid ECN clients can use the standard features of MetaTrader 5, such as algorithmic trading and copy trading. The broker permits such activities but does not provide investment advice or recommendations. Additionally, traders with active accounts can earn partner rewards. The PAMM and MAM services are not provided by the company.
Solid ECN’s copy trading service for earning passive income
To start copying trading, register on www.mql5.com, the official website of the MetaTrader 5 community. After that, in the "Signals" section, you can select a trader to duplicate their trades and subscribe to them. The MQL5.community rating offers thousands of profiles of successful signal providers, which can be sorted and filtered based on the following criteria:
Maximum profit size.
Reliability.
Subscription costs up to 50 dollars.
Traders who engage in intraday trading.
In addition, Solid ECN allows the use of expert advisors, which are designed for algorithmic trading without human intervention. They are available in the "Market" section on www.mql5.com, with both paid and free programs.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
Solid ECN’s affiliate programs:
Introducing Broker. The partner's reward depends on the account type opened by the connected client. For trading on Standard accounts, the IB receives 2 pips of the spread, and for ECN accounts, 25% of the commission is charged by Solid ECN per lot.
White Label. This partnership type is for companies planning to offer brokerage services under their brand without purchasing a MetaTrader 5 license. Solid ECN provides the technology in exchange for payment for the White Label package.
Both partner programs aim to generate additional income, although White Label requires some capital investment to cover the cost of the provided services and tools. Participation in the Introducing Broker program is entirely free: marketing materials, partner department support, and referral links are provided without any fees.
Customer support
Every trader can request assistance from Solid ECN specialists 24/7.
Advantages
- The website has a LiveChat.
- You can talk to support via phone.
Disadvantages
- You don't always receive a specific answer to your question.
- Company clients also use the website chat or the LiveChat option in the user account for direct communication with their employees.
If you intend to work with Solid ECN or are already a client of this broker, you can contact support using the following methods:
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Phone;
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Email;
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Live Chat.
On the company's website, there is a form through which you can request assistance by phone or email.
Contacts
| Foundation date | 2020 |
|---|---|
| Registration address | Solid ECN Securities LLC, First Floor, First St Vincent Bank LTD, James Street, Kingstown VC0100, Saint Vincent and the Grenadines |
| Regulation | SVGFSA |
| Official site | https://solidecn.com/ |
| Contacts |
+1 415 367 3742
|
Education
Educational materials are not available on the Solid ECN website. Introductory information about the Forex and CFD markets is presented in the client agreement.
To gain practical trading skills, free demo accounts are available. Solid ECN provides demo accounts to all registered users on their website.
Comparison of Solid ECN with other Brokers
| Solid ECN | RoboForex | Pocket Option | Exness | FxPro | AMarkets | |
| Trading platform |
MetaTrader5 | MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader | Pocket Option, MT5, MT4 | Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 | MT4, MobileTrading, MT5, cTrader, FxPro Edge | MT4, MT5, AMarkets App |
| Min deposit | $1 | $10 | $5 | $10 | $100 | $100 |
| Leverage |
From 1:1 to 1:1000 |
From 1:1 to 1:2000 |
From 1:1 to 1:1000 |
From 1:1 to 1:2000 |
From 1:1 to 1:500 |
From 1:1 to 1:3000 |
| Trust management | No | No | No | No | No | No |
| Accrual of % on the balance | No | No | No | No | No | No |
| Spread | From 0.3 points | From 0 points | From 1.2 point | From 1 point | From 0 points | From 0 points |
| Level of margin call / stop out |
100% / 30% | 60% / 40% | 30% / 50% | No / 60% | 25% / 20% | 50% / 20% |
| Execution of orders | Market Execution, Instant Execution | Market Execution, Instant Execution | Market Execution | Market Execution, Instant Execution | Market Execution | Market Execution, Instant Execution |
| No deposit bonus | No | No | No | No | No | No |
| Cent accounts | No | Yes | No | No | No | No |
Detailed review of Solid ECN
Solid ECN is an A-Book NDD broker. This means that, unlike B-Book (Market Maker) brokers, Solid ECN does not profit from its clients' losses, eliminating any conflict of interest. Traders trade on STP and ECN accounts and pay the broker a commission for order execution on the interbank market, ensuring fast and high-quality execution. Various strategies such as scalping, hedging, algorithmic trading, etc., are available to traders.
Solid ECN by the numbers:
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0% commission for depositing and withdrawing profits to electronic wallets.
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Trading leverage ranges from 1:2 to 1:1000 for both professional and retail traders.
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4 account types are available for trading with 0.001 and 0.01 lots.
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A trading bonus is 15% on every deposit.
Solid ECN is a broker that is suitable for trading on your own or on borrowed funds
The available leverage for Solid ECN clients is not determined by the account type but depends on the traded asset and the trader's equity. For example, if a client with a balance of up to $1,000 trades major currency pairs, a leverage of up to 1:1000 is available. As the deposit increases to $10,000, the maximum leverage decreases to 1:500, and so on. Account holders with a capital of $50,000 or more cannot trade with leverage higher than 1:100. The maximum leverage for cross-currencies and metals ranges from 1:50 to 1:500; for minor currencies, it is from 1:20 to 1:200; for indices, it is from 1:5 to 1:50; for stocks, it is 1:20; for cryptocurrencies, it is 1:10; and for energies, it is 1:2.
Solid ECN clients have access to only one trading platform, MetaTrader 5, but different versions are available. These include desktop and mobile platforms for Windows, Linux, iOS, Mac OS, and Android. Additionally, MT5 can be used on any device.
Solid ECN’s analytical services:
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Virtual hosting. The cost of using a VPS (Virtual Private Server) for one month is $17.99; for three months, it is $49.99; for six months, it is $99.99; and for one year, it is $179.99.
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Solid News. Daily asset reviews are published on the Solid ECN website and compiled using technical and fundamental analyses.
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Economic calendar. It reflects important events for traders that can be used for fundamental analysis. The most significant events include GDP (Gross Domestic Product), CPI (Consumer Price Index), and NFP (Non-Farm Payroll).
Advantages:
Solid ECN is not a market maker (i.e., does not profit off its clients’ losses) and, therefore, does not hinder the profitable trading of its clients.
Through the broker, clients can trade not only currencies, Bitcoin, and altcoins but also CFDs on various assets.
After opening an MT5 account with Solid ECN, trading becomes accessible from any device, whether stationary or portable.
The company fully compensates its clients for non-trading expenses related to depositing and partially for fund withdrawals.
The Solid ECN website account can be protected not only with a password but also with two-factor authentication.
The company has its liquidity aggregator that transmits the best Bid/Ask prices from verified financial institutions worldwide.
User Satisfaction