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Are there any requirements for deposits and withdrawals?
Villads Holst
Singapore
Mar 30, 2023
ANSWER Solutions Markets is an unlicensed broker even though it states offers that look too good to be true.Solutions Markets presents zero details on its regulatory status, a distinct characteristic of unlicensed brokers, as legit brokers always present their accreditation and licenses in a prominent position. In addition, this broker carries multiple warnings for engaging in fraudulent activities issued by various authorities, including:1) the British Virgin Islands Financial Services Commission (BVI FSC), and you can check the full warning here;2) the Austrian Financial Market Authority (FMA), and you can check the full warning here;3) the UK’s Financial Conduct Authority (FCA), and you can check the full warning here.Regarding your question, since Solutions Markets is an unlicensed broker, we would suggest not to trade with this broker. Letting them hold and control your funds or trading with them is very risky, as there are no safeguards in place to prevent fraud or theft. Therefore, we would recommend staying away from such unregulated brokers as Solutions Markets and trading with fully regulated brokers.
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I just wondered if Solutions Markets is a regulated broker in the British Virgin Islands. Could you please verify this for me? Thank you.
Alfred Lai
Malaysia
Oct 26, 2021
ANSWER Solutions Markets is an UNREGULATED broker and should be avoided at all events. Solutions Markets claims to be regulated by the British Virgin Islands Financial Services Commission (BVI FSC). However, we didn't find any regulation about this broker from the BVI FSC. So currently Solutions Markets is actually not regulated by any financial regulator. What's worse, the BVI FSC, the Austrian FMA and the UK's FCA have successively added Solutions Markets to the alert list to warn the public that this firm is not authorised to provide the investment services in their countries. You can check full alert or warning from BVI FSC, FMA and FCA on Solutions Markets respectively. As per the evidences above, our final verdict is that Solutions Markets is thoroughly a scam on account of running its business without any relevant license approved by a reputable regulator. Therefore, we would recommend traders to stay away from unregulated brokers and trade with licensed brokers.
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