Solid Trader - Trades In The Forex Market

Hi,

I am new in this forum but I'm just wondering if anyone has heard about solid trader? They trade in the forex market and give bonuses to investors and share 10-20% monthly profits. After reading their terms of service, I felt a little leery about depositing any money into the program but I thought to myself that life is about taking chances, so I deposited a small amount and received my bonus within 24 hours as promised on their site. Now I am waiting for my first profit payment next month. Wish me luck! Tell me, what do you think about this site. Is it a site that can be trusted for the long-term? What are your thoughts?
Url: http://www.solidtrader.net

I would advise caution. This is what is known as an HYIP (High Yield Investment Program). As someone who has actually traded Forex, I can assure you that the kinds of consistent returns they are claiming are not possible over the long term as far as I have seen, especially in today's declining and shaky economic conditions. I've seen many of these sorts of schemes come and go over the years. All the ones I have seen have turned out to be pyramid schemes - they don't actually trade Forex but instead pay 'interest' to the older members out of the deposits that they get from newer members. Eventually they either get shut down by the authorities or they come to the point where there is not enough new money coming in to cover their obligations to the older members, so they just shut down suddenly one day and run with the money they have. I experienced that once. Not fun!

Now I'm not saying that this is the case here. They may indeed be legit. However there are a number of suspicious things:

• the domain name was just created in February of this year.
• I did a quick Google search, and there are complaints online against solidtrader.com and solidtrader.biz going back to 2010, saying that the program stopped paying, people could not withdraw their money, and finally it disappeared. This may be the latest incarnation under a new domain name.
• On their site there is no information about where they are located, and they only accept payment from some obscure online payment system. Personally if I am going to invest some of my hard-earned money with someone I want to know where they are located and how to contact them (other than through an email form). When I was dealing with legitimate Forex brokers, the money exchange was usually done by bank wire, check or direct deposit/withdrawal from a bank account, so that there is a paper trail.
• Their Terms of Service makes interesting reading, there are no refunds and no way to go after them legally if they 'lose' your money.

There are no complaints yet about this site, since it is only 1 month old.

My advice would be don't put large amounts of money into it, only money that you can afford to lose (which of course holds true for any sort of risky investment). Don't promote it to anyone until you are convinced that it is legit. Based on my past experience (yes, I admit I have lost money in these things until I learned my lesson) I would give them at least 2 years before considering they are legit. Most of these usually wind up within a year to a year and half. And any 'interest' you get, withdraw as soon as you can. Don't let it sit in their system.