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Sollari Review | An Advanced Technology for Traders or Just a Scam?

by Kevin Berry
Rating: 
  1/5   Reviews: 3
Sollari - logo

Sollari claims to offer advanced technology to traders in the Crypto and Forex markets, but we are skeptical about the specifics. We have doubts that the company may be a scam. So we will be conducting a thorough investigation into their supposed “cutting-edge” offerings and scouring trader reviews for any red flags.

Highlights

🏛️ Country St. Vincent and the Grenadines
⚠️ Regulation
🖥️ Website https://www.sollari.io/
🎲 Demo Account No
⏳ Start Time 2022
💲 Minimum Deposit $5,000
⚖️ Minimum and Maximum Leverage 1:500
⚙️ Trading Platform WebTrader
📨 E-mail support@sollari.io
📞 Phone +442080892735

First Impression of Sollari.io

The Sollari website design features bright and visually appealing elements on a white background. The photos of successful traders and happy individuals working together give a positive impression. However, it’s important to be cautious of such tactics that can suggest that trading is easy. The broker emphasizes its strengths and claims to prioritize traders’ goals. We will further investigate and review if these claims hold true. Meanwhile, there is extremely little information about the company. Moreover, the site is only translated into English and Spanish.

Sollari - website

Partnership and Bonuses

The registration form suggests that the broker may have a referral program. Users are given the option to enter a promo code if they have one. However, there are no further details about the partner program available publicly.

Account Opening on Sollari.io

At first glance, the registration process at Sollari appears to be quite simple. It only requires filling out one form with personal information and contact details. However, this ease of registration doesn’t necessarily speak to the broker’s legitimacy or quality. A licensed and reputable broker would typically require a more thorough registration process. It’s worth noting that Sollari doesn’t even verify the provided email or phone number, which raises some concerns about the security and validity of their user data.

Registration form

However, the promo code field is not just here for beauty. You will not be able to register an account without a promo code. Thus, you will not be able to get into the Client Portal.

Verification

Sollari does have a KYC policy section on its website. This is indicating that some form of verification is necessary. The broker claims to verify customers’ identities and residential addresses, which requires submitting copies of relevant documents such as passports and utility bills. It is unclear whether the verification process can be completed through the Client Portal or if documents need to be sent via email.

Pros
  • The broker seems to follow KYC.
Cons
  • We can’t check this without registration.

Trading Software

It seems to us that the company is not very forthcoming when it comes to providing access to its trading platform. While the broker claims to offer a downloadable platform for PCs and a web-based terminal, there are no download links readily available on the website. It is possible that they are hidden within the Client Portal, but this is not confirmed. Furthermore, there does not appear to be a mobile app available for trading on-the-go. This lack of transparency and accessibility may suggest that Sollari is not willing to invest in providing a quality user experience for its clients, and could be seen as a sign of the broker being cheap or stingy.

Features Sollari Fusion Markets Virgobanc
Demo Account ✔️
Mobile App ✔️
Own Development

How Can I Trade With Sollari?

It is important to note that Sollari is a CFD broker and does not provide access to the interbank or the real Forex market, which may limit the potential benefits for traders. Let’s check what it offers.

All Info About Accounts

Sollari offers five different account types for trading. The Basic account requires a minimum deposit of $5,000. It is making it clear that the platform is not beginner-friendly. Surprisingly, there is no demo account available for users to practice trading strategies. Meanwhile, the broker recommends opening a Standard account with a deposit of $10,000, which is allegedly suitable for beginners in retail trading. The Gold account is intended for traders who want to trade large volumes and requires a deposit of $25,000. The Pro account, with a minimum deposit of $100,000, is designed for professional full-time traders, while the VIP account requires a minimum deposit of $250,000 and provides the best trading conditions with no restrictions on the size of lots. It’s important to note that the broker doesn’t disclose the sizes of spreads, commissions, swaps, or other fees.

Pros
  • None.
Cons
  • High minimum deposit and leverage.
  • Trading conditions are not described in detail.

Market Analysis and Education With Sollari.io

The broker offers education services, at least that’s what the corresponding section on the website suggests. However, there’s almost nothing useful for traders there. The section simply contains descriptions of basic principles that most traders already know.

Deposit, Withdrawal, and Fees

It is difficult for us to determine the exact deposit and withdrawal methods available for Sollari since we do not have access to the Client Portal. However, the broker’s website does mention several deposit options, including bank cards, bank transfers, and bitcoin. Withdrawals can also be made using these methods, but Sollari does not provide information about commissions or processing times for withdrawal requests.

Features Sollari IronGatesFX  VastWealth
Debit/Credit Cards ✔️ ✔️ ✔️
Electronic Payments ✔️
Crypto Transfers ✔️ ✔️
Deposit Fee ✔️
Withdrawal Fee ✔️

How Can I Contact It?

The broker provides a phone number and email address for communication. However, it should be noted that the phone number has been associated with the scam broker Mentor FX in the past. There are numerous reviews online from users reporting calls from scammers attempting to solicit investments. Additionally, Sollari does not have a physical office and the registration address provided appears to be only nominal.

Pros
  • Full contacts.
Cons
  • There’s no ground office.
  • Blacklisted phone number.

Is Sollari Dangerous?

The broker’s trading conditions, as well as the closed registration, did not impress us. We are almost sure that trading here is not the best idea.

How Long Does The Broker Work?

We are sure that this is a very young company. Reviews about it appeared quite recently. Domain check only confirms our point of view. According to the Whois service, the official website appeared in December 2022.

Domain info

How Is Sollari Regulated?

Legal information shows that Sollari is registered in an offshore zone under the management of Donecs LLC. Unfortunately, Sollari chose to register in Saint Vincent and the Grenadines, which lacks proper regulation and monitoring for foreign investment and Forex companies. Brokers there are only issued certificates of incorporation and are not subject to further supervision by regulatory authorities. In order to obtain a license, it would be better for Sollari to register in another jurisdiction, but many companies, especially scammers, prefer to use opaque offshore zones like Saint Vincent and the Grenadines to deceive traders in the future.

Features Sollari Genesis Exchange  AiFxMarkets
European Zone
Asian Zone
American Zone
African Zone
Offshore

Frequently Asked Questions (FAQ)

How to Trade With Sollari?

First, you need to get a promo code to create an account.

Is Sollari Legit?

Sollari is registered in an offshore zone with minimal regulation and monitoring, which raises concerns about its legitimacy.

How Risky Is It?

Without proper oversight, there is a higher risk of fraud and misconduct. Offshore brokers in most cases are turned out to be scams.
Kevin Berry
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Expert Opinion

Sollari’s closed registration process with a mandatory promo code is like trying to get into an exclusive nightclub without a VIP pass. It’s a ridiculous practice that only adds unnecessary barriers for potential customers. And let’s be real, if a broker needs to resort to such tactics to attract clients, it’s probably not the most trustworthy platform out there. So skip the line and go to a more welcoming joint.

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Sollari rating

The level of trust
Quick withdrawal of funds
Efficiency of technical support
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The level of trust
Quick withdrawal of funds
Efficiency of technical support

3 reviews about Sollari

Nicole April 17, 2023 - 10:34
It's just a typical scam
The level of trust

Nothing to say here. No license, no normal website, no adequate conditions, no guarantees.

Reply
Marge April 19, 2023 - 18:03
Illegal activity
The level of trust
Quick withdrawal of funds
Efficiency of technical support

If you think this is a normal broker, then Ponzi had a really good investment company that helped its investors earn huge amounts of money. Sollari is nothing more than an ordinary fake broker. They buy fake positive reviews to deceive their clients. They do not hold any licenses. There is hardly any information about the broker’s activities. A couple of offers. Apparently, the scammers were too lazy to describe the full history of their services. About the date of foundation and business model, nothing is said. The contact details are fake, which is not surprising at all. And the conditions? I have no desire to even comment on them.

Reply
Kyle April 27, 2023 - 08:31
I didn't notice any advantages
The level of trust

The company has just appeared on the market. I checked when they registered their domain and, oh my, it was in December. There is nothing worth considering in what they offer. A company that is less than a year old should not be trusted with money under any circumstances. It’s too dangerous and risky. Not worth it at all. I even think the probability is 100% that they will steal your money.

Reply

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