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Solid-ECN Account

Solid ECN is a non-dealing desk broker, meaning that we do not carry on order flow to market makers. Rather, we match participants in a trade electronically and pass the orders to liquidity providers. As a true ECN broker, we facilitate trades for engaged investors across the ECN.

The technology behind Solid ECN provides for quicker executions and tighter spreads with higher leverage and greater transparency.

We try to take the required steps to assure your funds are safe, along with the immense level of protection over them. That is why all our traders' funds are independently managed from our own and held in segregated accounts in Tier 1 international banks.

• Execution speed - Approach to liquid markets guaranteeing direct market access and agile fills.
• Transparency - No price manipulation, no stop hunting, no decrease in leverage, and no hidden commission.
• Trading hours - Trade Forex, and commodities 24/5, and Cryptocurrencies 24/7 from the MetaTrader 5 platform.
• Leverage - Unlimited profit upon you with a wide selection of leverage from 1:1 to 1:1000 to trade CFDs. Manage the risks as you go.
• Scalping - Fast order executions and small spreads allow Solid ECN to become a safe house for high-volume scalping strategies.
• Hedge - Beat the inflation or reduce your losses with opening one or more trades that offset an existing position.

Solid ECN brings vital advantages for forex traders in the US, EU, and beyond. High levels of market transparency mean price manipulation is not feasible.

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EURUSD

 

Flash CPI reports for February from France and Spain were released today at 7:45 am GMT and 8:00 am GMT, respectively. Expectations were for a slight acceleration in French headline price growth and a slight slowdown in Spanish price growth. French data turned out to be higher-than-expected and provided some support for EUR while pushing European indices, like DE30, slightly lower.  Spanish reading further magnified those moves as it showed price growth accelerating in spite of an expected slowdown.

 

France

• Annual: 6.2% YoY vs 6.1% YoY expected (6.0% YoY previously)
• Monthly: +0.9% MoM vs +0.7% MoM expected (+0.4% MoM previously)

 

Spain

• Annual: 6.1% YoY vs 5.7% YoY expected (5.9% YoY previously)
• Monthly: +1.0% MoM vs +0.9% MoM expected (-0.4% MoM previously)

 

Those releases offer an important insight but, as far as market reaction is concerned, the best is yet to come. German CPI reading for February, the most closely watched one in Europe, will be released tomorrow at 1:00 pm GMT and is expected to show a slowdown from 8.7 to 8.5% YoY. Release of ECB minutes scheduled for Thursday, 12:30 pm GMT also has a scope to move EUR.

 

EURUSD

 

 

EURUSD caught a bid following French and Spanish CPI data and retested the 1.06 mark. However, no decisive break higher was made yet.

 

DE30

 

 

Equities, including German DE30, took after today's CPI data. DE30 is making a test of the lower limit of the ongoing short-term trading range in the 15,300 pts area. 

 

 

 

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Solid-Standard Account

The Solid Standard was designed for traders who favor trading in live market situations to take measures to a professional ECN/STP trading but rather not to pay fees.

The Solid-Standard account is a unique account on the MetaTrader 5 trading platform that links some of the best features of real-market ECN trading with compact light spreads with no charge. These accounts are ideal for studying to trade under interbank market conditions with minimum risk.

You can begin with as low as $10 and trade without commission while experiencing the benefits of tight spreads that adapt according to the current market conditions.

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US500

• US indices finished the first trading session of a new month mostly lower. While Dow Jones and Russell 2000 finished more or less flat, S&P 500 dropped almost 0.5% and Nasdaq moved over 0.6% lower
• Poor performance of US equity indices was accompanied by another pick-up in US yields. 10-year Treasury yield climbing above 4% for the first time since November 2022
• Indices from Asia-Pacific traded mixed today. Nikkei dropped 0.1%, Nifty 50 moved 0.3% lower, S&P/ASX 200 traded flat and Kospi added 0.6%. Indices from China traded 0.1-0.8% lower
• DAX futures point to a flat opening of the European cash session today
• Reuters reports that Chinese officials may set a 6% GDP growth target for 2023, what would be higher than 4.5-5.5% proposed back in November. Target is expected to be announced on Sunday, March 5
• Australian building approvals slumped 27.6% MoM in February (exp. -9.2% MoM)
• Japanese capital expenditures increased 7.7% YoY in Q4 2022
• Salesforce (CRM.US) rallied over 15% in the after-hours trading following the release of the earnings report. Company reported sales at $8.38 billion (exp. $7.99 billion) and EPS at $1.68 (exp. $1.36). Salesforce announced expansion of buyback programme from $10 to $20 billion
• Cryptocurrencies are trading lower on Thursday - Bitcoin drops 0.3%, Dogecoin trades 1% lower and Ethereum pulls back 0.5%
• Energy commodities trade lower - oil pulls back 0.3% while US natural gas prices drop 0.6%
• Precious metals pull back amid USD strengthening - gold drops 0.2%, platinum dips 0.4% and silver trades 0.7% lower
• USD and CAD are the best performing major currencies while NZD and JPY lag the most

Continued drop in US bonds (TNOTE - light blue overlay) is putting pressure on Wall Street indices. 10-year US yields climbed above 4% yesterday and S&P 500 futures (US500) are making a break below 200-session moving average today.
 

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Oil

Crude oil price breached 77.40 level clearly to trade at 78.00 barrier now, reinforcing the expectations of continuing the bullish trend for the rest of the day, and the way is open to achieve our first target at 78.90, reminding you that breaching it will push the price to 80.40 as a next main target, while holding above 77.40 represents key condition to continue the expected rise, which gets good positive support by the EMA50.

 
The expected trading range for today is between 76.20 support and 79.40 resistance.

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Bitcoin

Concerns over the condition of crypto bank Silvergate mount and it is putting pressure on cryptocurrencies. Bitcoin plunged below the $23,000 mark and is trading over 4% lower on the day. 

 

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Solid-Holy Account

Swap Free | No Hidden Fees

Solid-Holy accounts (also known as swap-free accounts) for customers who cannot earn or pay the interest due to their religious views. The swap-free option is available on Solid-Standard account types on the MT5 platform.

Solid ECN is devoted to providing its clients with the best trading conditions. Solid ECN Islamic accounts offer state-of-the-art trading infrastructure and execution speeds enabling our traders to win a competitive edge.

For more information, please visit here.

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AUDUSD

AUDUSD is pulling back as today's RBA statement was seen as less hawkish than the last time. The pair is attempting to make a break below the support zone marked with 200-session moving average (purple line) and a 38.2% retracement of the downward move launched in April-2022.

 

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Solid ECN has a backup plan for its customers. We boost deposits by %15 and it is up to $1,000 per account. All profits are free for withdrawal. Where most companies remove the bonuses on stop-out and margin calls, the given credit at Solid ECN is %100 tradeable, and it can be lost.

Solid ECN buys itself %30 more risks to make sure the clients are trading with more confidence. Try us today, and let us know about your trading experiences with us.

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US500

Wall Street indices took a hit yesterday after Powell struck a hawkish note during semi-annual hearings before the Senate Banking Committee. Fed Chair hinted that the pace of rate hikes may accelerate back to 50 basis points if economic developments warrant it. Yields and US dollar caught a bid while S&P 500 plunged 1.53% and moved below the 4,000 pts mark. However, an attempt to climb back above this hurdle can be spotted on the S&P 500 futures market today (US500).

Fed Chair Powell is set to appear on Capitol Hill today for the second day of hearings but as text of the speech will remain unchanged from yesterday, this may not be as big of a volatility event as yesterday. However, traders will be offered ADP employment report for February 2023 today at 1:15 pm GMT and it will be a final hint ahead of Friday's NFP report for February. Market expects ADP report to show a jobs gain of 200k, down from +106k signaled by API for January but also significantly below +517k shown by NFP report for January. A point to note is that US CPI report for February will be released on Tuesday next week and those 2 pieces of data (jobs report and inflation data) are likely to be key for the upcoming FOMC decision (March 22, 2023). Currently money markets price in around 40 basis points of tightening for the meeting and strong jobs report compared with still-high inflation could see those move even closer to 50 basis points.

Taking a look at S&P 500 futures chart (US500) at the H1 interval, we can see that the index took a big hit yesterday following Powell's hearings at Congress. Drop was halted at the 3,985 pts short-term support zone and an attempt to launch a recovery move can be spotted today. Index made an attempt at breaking above the 4,000 pts resistance zone, marked with previous price reactions as well as 200-hour moving average (purple line), but bulls were unable to break above. While the first attempt failed, index remains nearby and another attempt cannot be ruled out, especially if ADP data comes in softer than expected.

 

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Bitcoin

BITCOIN deepened declines yesterday after Silvergate Capital announced liquidation of Silvergate Bank. The coin is making another test of the $21,500 support zone.

 

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DE30

he German leading index is facing an important decision.  

W1 chart

• The DAX / DE30 reached a new high for the year this week at 15,718 points. However, the break above resistance at 15,698 points was not sustainable. The index was set back slightly, so that it currently has a small weekly loss.

D1 chart

• Today's setback was seen as a buying opportunity - this is shown by the lower shadow. The recovery attempt is not yet convincing. However, the DAX / DE30 can hold at a high level, so that a second test of the above-mentioned hurdle is possible.

 

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NATGAS

The US Energy Information Administration reported today that domestic supplies of natural gas decreased by-84  billion cubic feet for the week ended February 24 from -81 bcf in the previous week, while analysts’ expected drop  of -80 billion cubic feet. 

Still, it is much less than a decrease of 126 bcf in the same week last year and a five-year (2018-2022) average decline of 101 bcf as mild weather kept heating demand for the fuel low. Last week's decrease cut stockpiles to 2.030 trillion cubic feet (tcf), 493 bcf higher than last year at this time and 359 bcf above the five-year average of 1.671 tcf.
 

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DE30

European indices launched today's trading little changed after Fed and US Treasury stepped in to limit contagion risk from SVB collapse. However, issues may not be over as SVB is not the only bank with problems. Signature Bank has been shut down by regulators over the weekend due to systemic risk concerns. Meanwhile, another US bank may be facing collapse - First Republic Bank. This bank is trading 60% lower in US premarket session right now and it has dented moods on the markets following European cash session open.

German DAX slumped around 200 points during the first hour of the cash trading session. Index erased all of the overnight gains, dropped to the lowest level since March 2, 2023 and is now attempting to break below the 15,230 pts support zone at press time.

 

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US2000

• US indices finished yesterday's trading lower, following a volatile session. S&P 500 dropped 0.15%, Dow Jones moved 0.28% lower and Russell 2000 slumped 1.60%. Nasdaq was outperformer and gained 0.45%
• Some relief can be spotted on the bond markets with US 2-year yield climbing 15 basis points today, following an over-100 basis point slump yesterday. 2-year US yield sits around 4.17-4.18% today
• Indices from Asia-Pacific traded lower today. Nikkei plunged 2.2%, S&P/ASX 200 moved 1.4% lower, Kospi slumped 2.5% and Nifty 50 traded 0.6% down. Indices from China traded 0.4-2.2% lower
• DAX futures point to a flat opening of the European cash session
• Fed Chair Powell said that thorough, transparent and swift review of SVB failure is needed. Results of the review will be published at the beginning of May
• Canadian regulator will boost monitoring and begin daily check-ins with domestic banks in an attempt to prevent SVB-like banking collapse in Canada
• Suzuki, finance minister of Japan, said that he does not expect significant financial impact from SVB collapse on Japanese financial system
• US National Security Adviser Sullivan said that the Biden-Xi phone call will take place after the Chinese National Party Congress ends. No comment on topics to be discussed was offered
• Nomura expects Fed to deliver a 25 bp rate cut and QT pause announcement at next week's FOMC meeting. BlackRock does not expect FOMC to halt rate hike cycle as response to SVB was swift, decisive and situation is not repeat of 2008
• According to Global Times report, Chinese authorities are considering increasing retirement age as the country is beginning to struggle with rapidly aging population
• South China Morning Post reports that Russia has agreed to 60-day extension to Russia-Ukraine grain deal
• Australian household spending dropped 01.% MoM in February
• Cryptocurrencies are trading relatively little changed following yesterday's rally. Bitcoin gains 1%, Ethereum drops 0.2% and Dogecoin traded 0.7% lower
• Oil is trading 0.8-0.9% lower this morning while gold drops 0.1%
• NZD and CAD are the best performing major currencies while JPY and EUR lag the most

Russell 2000 (US2000) was the worst performing major Wall Street index yesterday, dropping over 1.5%. As fallout from SVB collapse is likely to be limited to smaller banks, small-cap index is taking a much bigger hit than S&P 500 or Dow Jones.

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Oil

On Tuesday, the market could see a drop in risk aversion

The recent panic in the stock market, which was linked to the problems of the banking sector in the USA, has been halted

• The main stock indices from the Old Continent ended the session sharply higher
• The DAX gained 1.83%, while the French CAC40 added 1.86% and London's FTSE closed 1.17% higher. Poland's WIG20 ended the session slightly above the benchmark +0.11%
• DE30 quotations reached key short-term resistance at 15280 points
• Today's CPI inflation data from the US was in line with expectations and showed that prices rose by 0.4% in February after accelerating by 0.5% in January. In contrast, annualised CPI was 6.0% in February, the smallest annual price increase since September 2021. (previously 6.4%). The underlying CPI was also in line with expectations.
• Wall Street's major stock indices traded higher. The Nasdaq is up 1.5% at the time of preparing this commentary with the S&P500 and Dow Jones adding 1.05% and 0.45% respectively.
• Apple halts bonus payments, Meta Platforms announces job cuts
• Tuesday saw massive declines in crude oil. OPEC raised its forecast for crude demand growth in CHINA, but left the forecast unchanged when it came to global demand, explaining this by concerns about global economic growth. OIL.WTI quotes are losing more than 5%, with OIL down 4.5% and falling below the $77 per barrel level.
• In the forex market today, we are seeing an outflow into commodity currencies, including the Canadian dollar, the New Zealand dollar and the Australian dollar. The Japanese yen is performing poorly. The EURUSD pair maintains bullish momentum and struggles to break out above the resistance level near 1.0750 on a sustained basis.
• Tuesday brought a continuation of the increases in the cryptocurrency market. Bitcoin's quotations broke out with momentum above the USD 25,000 level, which is an important resistance in the medium term. Etherum's price, on the other hand, jumped above $1,750.
• At 08:40 pm GMT, we will learn API data on oil stocks, and at 09:20 pm GMT, Bowman from the Fed will speak

OIL.WTI quotes have overcome an internal trendline, which could herald an attack on the December minimum at $70 per barrel. 

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AUDJPY

Monthly activity data from China was released during the Asian trading session and turned out to be mixed. This was the first monthly activity reading from China in 2023 and included year-to-date data for February, so for January and February combined. Industrial production missed expectations slightly, retail sales came more or less in-line with market expectations and urban investments beat expectations. While data came in mixed compared to expectations, a point to note is that all three metrics increased compared to year ago values. Small beat in retail sales data is welcome as Chinese authorities hinted they aim to leave fiscal spending more or less unchanged compared to 2022, meaning that domestic demand will be key in achieving goals set for 2023.

China, Monthly activity data for January-February period

• Industrial Production: 2.4% YoY vs 2.7% YoY expected
• Retail Sales: 3.5% YoY vs 3.4% YoY expected
• Urban Investments: 5.5% YoY vs 4.3% YoY expected

As it is usually the case, the Australian dollar moved following the release of Chinese data as China is a key trading partner for Australia, especially when it comes to commodities exports. Taking a look at AUDJPY at D1 interval, we can see that the pair jumped earlier today (orange circle) but has since erased all of the gains and turned lower. A point to note is that today's upward move could be seen as an attempt to break back above the lower limit of a recently broken upward channel. Attempts to climb back above this hurdle were made today, yesterday and on Monday and failed on all three days, suggesting that resumption of declines may be on the cards.

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Solid-Micro Account

The main unique feature of Solid-Micro accounts is that the minimum trading volume starts from 0.001, while the trading conditions are similar to those for standard accounts. As a result, these account types suit both beginners and professionals, because they may help them test new trading strategies or Expert Advisors in market conditions without any significant financial investments.

• Minimum Deposit $5
• Minimum lot 0.001 lots (100 units)
• Leverage 1:1000

Feel free to open an account and start trading Forex with as low as $5!

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Solid ECN Web-Trader MetaTrader 5

The MetaTrader 5 Web platform allows you to start trading on the Forex, exchange and futures markets from any browser and operating system, including Windows, Mac and Linux. You can access the rich set of functions that are available in the MetaTrader 5 desktop platform directly on the web, which means you can analyze financial quotes and trade without downloading or installing any application. You can access your account and start trading in just a couple of clicks. Trading on the Web platform is safe, while any transmitted information is securely encrypted.

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• 1:1000 Leverage
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US100

• Markets remained nervous on the final trading day of the week with major European and US indices pulling back
• Top blue chips indices from Europe dropped over 1% lower while major Wall Street indices, like S&P 500 and Nasdaq, are trading around 1.0-1.5% lower on the day
• Flight to safety can be spotted on the markets with money flowing to precious metals and bonds
• Gold is trading over 3%  higher on the day as short- and long-term US yields plunge with psychological $2,000 level being just 1% away
• Markets are pricing around 60% chance of Fed hiking rates by 25 basis points next week and around 40% of keeping them unchanged
• USD is one of the worst performing G10 currencies today
• In spite of yesterday's liquidity boost from major central banks, share price of First Republic Bank saw only short-lived relief and is plunging 25% today
• Credit Suisse remains in the center of attention in Europe with bank calling its CFO teams to work over the week and look for 'scenarios for the bank'
• Also, media reports saying that major banks are limiting trading with Credit Suisse are mounting. Deutsche Bank and Societe Generale are said to be the latest to restrict trading with CS
• Energy commodities are pulling back amid an overall increase in risk aversion. Brent and WTI are trading 2% lower and is heading for the biggest weekly drop since April 2022 while US natural gas prices plunge 7%
• Downward pressure on US natural gas prices is further magnified by new weather forecast for the United States that hint at near- or above-average temperatures in key heating regions over the next 2 weeks
• University of Michigan consumer sentiment for March missed expectations significantly, dropping from 67.0 to 63.4 (exp. 67.0). Both current situation and expectations subindices missed estimates significantly
• In spite of risk-off moods seen across most financial markets, cryptocurrencies are having a great day. Bitcoin jumps 6% and trades in the $26,500 area

 

 

Nasdaq-100 (US100) failed to sustain bullish momentum and break above the 12,750 pts resistance zone. The index is pulling back today as concerns over the condition of the US and European continue to linger over markets. However, Nasdaq-100 drops the least among major Wall Street indices due to an almost non-existent share of the banking sector in the index.