US traders always look to trade with a suitable forex broker. The country has strict regulations in forex trading. As a result, the majority of online forex brokers do not accept US clients because they can not meet the regulatory requirements of the US authorities. High leverage and CFD trading are restricted in the USA. However, many forex traders still opt for trading CFDs with high leverage. That is why many traders settle for offshore forex brokers.
Solid ECN is an online offshore forex broker that is not authorized or regulated by any authority anywhere; so it is not under any obligation to abide by the rules guiding US-regulated brokers. In this blog post, we will explore if Solid ECN accepts US clients, its Pros and cons, and why US traders choose brokers like Solid ECN and more.
Does Solid ECN Accept Clients?
Yes, Solid ECN accepts US Clients. Being an unregulated online forex broker, the broker has the flexibility to onboard clients from various locations worldwide, including the USA. Therefore, US traders can register for an account and trade forex and CFD trading with Solid ECN.
SolidECN at a Glance
- Founded Year: 2020
- Location: Saint Vincent and the Grenadines
- Minimum Deposit: No minimum Deposit (You may deposit as low as $1)
- Maximum Leverage: 1:1000
- Regulations: None (Unregulated Offshore Broker)
- Trading platform: MT5 (Desktop, Web, Mobile)
- Account Types: Micro, Standard, ECN
- Trading Style: Scalping, Hedging, Swing Trading, Day Trading, Automated Trading
- Payment Options: Perfect Money, Cryptocurrencies, Altcoins
- US Traders: Accepted
Why Do US Citizens Use Offshore Brokers Like Solid ECN?
Below are some of the reasons why a US trader will choose to trade with Solid ECN :
CFD trading:
Contracts for differences (CFDs) are financial contracts between a broker and a trader which allows the trader to take positions on the broker’s platform and speculate on the price direction of underlying financial assets without ownership. For example, with CFDs, a trader can make money by predicting the price direction of a company’s stock market shares without owning the company shares.
Unfortunately, the regulators officially prohibited US traders from trading CFDs. However, Solid ECN gives US traders opportunities to trade CFDs from stocks, indices, and commodities.
High leverage:
Leverage is a tool that multiplies a trader’s market exposure in relation to his deposit. US traders are mandated to restrict forex leverage to 1:50 but Solid ECN offers up to 1: 1000. This means that with a deposit of $500; you can open positions worth $500000.
With higher leverage, there is a higher chance of making more profits provided that the market moves in favor of your position.
Low trading capital:
With Solid ECN, US traders can start trading with $1 but US-regulated brokers demand a higher minimum deposit. Also, the trading fees and commissions are much lower with Solid ECN than with the US-regulated brokers. Perhaps, because obtaining and maintaining a US forex broker license is very expensive.
Tax:
The United States has stringent tax laws which are almost impossible to evade. Forex traders are required to pay taxes on their profits. Trading with unregulated brokers like Solid ECN makes it easier to pay reduced taxes especially if BTC is used to fund and withdraw from the trading account.
Pros and Cons of Solid ECN for US Traders
Pros :
- No Minimum Deposit – You may deposit as low as $1
- Allow Crypto CFD Trading
- Offers leverage as high as 1:1000
- Very tight spreads starting from 0.0 pips
- Offers MT5 trading platforms (Desktop, Web, mobile version)
- Demo Accounts are Available
- Higher Leverage for US, and EU clients.
- Allow Scalping, EA Trading, and News Trading
- Solid ECN Accepts Crypto Deposits
Cons:
- Unregulated Offshore Forex Broker
- Only Crypto Deposit and Withdrawal Option
- No Managed Account Options
Which countries are restricted on Solid ECN
As Solid ECN is an unregulated offshore forex broker. It can onboard clients from anywhere in the world. Currently, the broker does not have any restricted county list on its website. so it accepts clients from all over the world.
Frequently Asked Questions (FAQs)
What is Solid ECN?
Founded in 2020, SolidECN is an online forex and CFD broker. It is an offshore forex broker that offers Forex, Stocks, Indices, Commodities, and CFDs to traders worldwide. The broker allows all trading styles including scalping, hedging, news trading, etc. The maximum leverage of Solid ECN is as high as 1:1000.
Is Solid ECN Regulated in the USA?
No. Solid ECN is not regulated in the USA. It is an unauthorized offshore forex broker.
Does Solid ECN have any office in the USA?
No, Solid ECN does not have an office in the USA. As per their website, the broker is located in Saint Vincent and the Grenadines.
Where is Solid ECN Located?
Solid ECN is located in Saint Vincent and the Grenadines. However, on their website, we find other locations too.
- Bonovo Road – Fomboni Island of Mohéli – Comoros Union
- Sofia, PO Box 1407,14 Flip Kutev Str. Floor 2, Industrial area Hladilnika, Bulgaria
Can Americans use Solid ECN?
Yes, American traders can use Solid ECN. However, traders should take care while trading with unregulated forex brokers.
Final Thoughts :
Solid ECN is a forex broker that offers online forex and CFD trading services. The broker gives access to trade with 100+ trading instruments including 100+ trading instruments including forex, energies, metals, commodities, cryptocurrencies, grains, etc. The broker allows almost all trading styles including scalping, hedging, copy trading, and news trading.
Solid ECN allows US clients to enjoy forex trading services on their own terms. If you like high leverage, Solid ECN offers leverage up to 1:1000. Traders are allowed to use any strategies including scalping, hedging, news trading, and so on. Unlike US-regulated brokers, Solid ECN offers CFD trading. However, the broker currently does not have metatrader4 (MT4 trading platforms. It uses the MT5 trading platform.
Disclaimer: Trading forex and CFDs comes with the risk of losing your trading capital. Moreover, trading with offshore forex brokers puts your funds at higher risks
