Solid Investments Defrauded Investors with Pyramid Sales Scheme

Forex investment can be risky for both beginners and experienced investors. Once begin trading on the forex market, investors not only need to learn about financial tools and trading jargon, but also have to watch out for the sophisticated traps set up by scam forex brokers.

The following story is shared by Ms. Ge, an investor who sought WikiFXs help after the forex broker Solid Investments blocked her withdrawals. She reported the illegal broker to warn other investors against it.

Ms. Ge exposed Solid Investments

Exposure of illegal broker

According to Ms. Ge, her friend had entrusted investment to a broker named Solid Investments and made considerable profits through their services. “I heard that by following the trading signals of their professional traders, one can easily make profits even without much experience, so I decided to try.” As the return was much higher than expected, Ms. Ge gladly stepped up her investment in order to reap greater profits.

Ms. Ges deposit records

But Ms. Ge didn't realize that the initial profits were no more than a bait of the broker, and she was about to suffer heavy losses. Last December, Ms. Ge submitted a withdrawal application, but after waiting for a week, she still couldn't receive the funds. The customer service first claimed that the “third-party withdrawal channel” was blocked, and then blamed the delay on the “impact of the coronavirus outbreak”, while all of Ms. Ge's attempts to solve the issue through contacting the customer service agent turned out in vain.

Ms. Ge was unable to withdraw the US$3,000 from her MT4 account

Besides investors like Ms. Ge, the introducing brokers (IBs) of the company also suffered losses. In Solid Investments' IB group, the administrator first coaxed the group members that they'll soon receive their withdrawals after the withdrawal process functions properly again, and later threatened to remove those who raised doubts against him from the group.

Solid Investments' IB group

Analysis

Solid Investments claims itself to be under NFAs regulation, yet our investigation suggests Solid Investments is not a regulated NFA member, while the alleged license number turned out to be only a registration number without showing any detail information about the broker.

Official website of Solid Investments

NFA official website

Summary

According to WikiFX App, Solid Investments is rated at only 0.95 and its regulation has already expired. Per investigation, the broker's operation involves a pyramid sales scheme, and WikiFX have labeled it as an illegal broker. Investors should beware of the risks.

Solid Investments' rating on WikiFX App

Conclusion

WikiFX reminds investors that as you carefully protect you and your families from the coronavirus epidemic, and please also watch out for the traps of illegal brokers. Many illegal brokers will defraud inexperienced investors in the name of “entrusted wealth management” or “trading on investor's behalf”. If you feel you are being scammed, contact us at wikifx@wikifx.com for assistance to recover your money. You can also download the “WikiFX App”, a broker inquiry app, to better protect your asset safety during investment.