Dear Investor,
SMFX, also known as Solidary Markets FX, has a recorded history of operating without proper regulation. As early as December 14, 2021, BrokersView identified it as an unregulated forex broker. The platform claims to provide financial services but asserts it falls outside the scope of New Zealand’s Financial Services Providers (FSP) Act 2008, thereby avoiding registration requirements. This means it operates entirely outside the regulatory oversight of New Zealand.
Further red flags include a warning from Spain’s financial regulator, the Comisión Nacional del Mercado de Valores (CNMV), which added Solidary Markets FX to its list of unauthorized firms, confirming it has no permission to offer investment services in Spain.
These facts clearly show that Solidary Markets FX has never been regulated or supervised by any legitimate financial authority, leaving investors’ funds unprotected and exposed to significant risk. In essence, it is a scam broker.
Now, the entity has rebranded with a new logo and claims to be registered in Saint Vincent and the Grenadines. However, it provides no verifiable regulatory details. Our investigation into the registry of Financial Services Authority (FSA) of Saint Vincent and the Grenadines reveals that its IBC registration is marked as "cancellation pending," indicating serious compliance issues.
Given its persistent pattern of misleading claims and lack of legitimate regulation, SMFX remains an active fraudulent operator. We strongly advise you to avoid any trading or investment activity with this platform.
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