SoltechX Broker Review: Who Is Soltechx?
Soltechx is an online trading platform that allows you to invest in Forex, cryptocurrencies, stocks, commodities, and indices.
They are an offshore brokerage based in Saint Vincent and Grenadines. Since SVG has no financial regulator, we’ve searched for Soltechx with Tier 1 license providers. Instead of regulation, we’ve found a warning from the Belgian regulator, FSMA.
This detailed Soltechx review will tell you everything you need to know. Read carefully.
Due to this and other dangers, we do not recommend investing through fraudulent brokers like Genesis Blockchain, Insta Markets, and Profitly Trade.
|Address||First Floor, Saint Vincent Bank Ltd Building, James Street, Kingstown, Saint Vincent, and the Grenadines|
|Phone||+44 131 2975 921|
Soltechx Regulation and Fund Security
Soltechx is an unregulated online trading firm based in St. Vincent and Grenadines. Countless companies are providing the same services and are registered at the same exact address as this one.
St. Vincent is a popular place for registering this type of company because they do not issue any licenses to Forex trading firms. There are no regulations or protocols these companies must follow in order to register.
We browsed through their website but found no mention of any funds being secured. This is a big red light because legitimate brokers always offer fund security if you decide to trade with them. This prevents brokers to reinvest your money somewhere else.
Soltechx Trading Platform Overview
Soltechx offers Sirix WebTrader, the best internet-based platform you can find. It’s quite similar to MetaTrader and offers a vast number of features.
However, you should know that, regardless of the excellent platform, this broker is still phony. You’re still dealing with an unregulated scheme that should be avoided.
If you decide to engage in the trading business, find a reputable firm providing MT4 or MT5. That’s your guarantee of the best features and fund safety.
Deposit and Withdrawal Methods offered by Soltechx
Deposit methods are listed as:
- Wire Transfer
- Debit/Credit Cards
Yet, the amount has not been specified.
Under the Legal tab, you can find the Refund and Withdrawal policy. It is stated that you can request a refund but need to provide various documents like your name, bank’s name, address, account number, and SWIFT/BIC. Thus, the only withdrawal method is bank wire.
Don’t forget that there is also a fee associated with this wire transfer which goes anywhere from $25 to $50 per transaction.
The only way you can submit a refund request is through their website and, if it is approved, you should get your money back in seven business days.
There are many reasons they can decline your request and we came to the conclusion this often happens.
Soltechx Account and Deposit Bonus
They offer 4 different account types:
Depending on your choice, you’ll have access to the various e-books, training, and webinars available. The price of a lot will also be different, ranging from $9 to $15 per lot. On their website, we found no information on getting a sign-up bonus so it’s likely they do not offer any.
Here’s How the Scam Works
There are many victims of this type of scam. It all starts with various internet ads promising you to get rich fast. After people get interested and read a couple more or less believable stories of others getting rich just by trading through the Soltechx platform, individuals get tempted and decide to make an account.
After that come multiple e-mails and calls from various agents telling you how you should invest your money, and of course- the more you invest the more you’ll get.
Soltechx has no minimum deposit, but an agent contacting you will probably tell you to invest at least $250 and continue to be very persuasive until you agree. Be sure that once they get your money, they will disappear.
If you have fallen victim to the Soltechx scam or have been defrauded by companies alike don’t feel ashamed! Scams can happen to anyone and there is still hope you can get your funds back if you contact your bank and local authorities.
Highly Recommended Forex Brokers
Instead of working with unregulated scam brokers like Soltechx, if you are interested in trading here is a list of Forex brokers who are highly recommended by users.
The table below will give you other important information such as the headquarters’ country, their rating, and the minimum deposit you can start with. Being safe is far better than being sorry.
|FXTM Broker||Cyprus, the UK, Kenya, and Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||SVG and Cyprus||4.4||$100||OctaFX.Com|
|FP Markets Broker||Australia, Cyprus, and SVG||4.7||$100||FPMarkets.Com|
|XM Broker||Belize, Australia, and Cyprus||4.7||$5||XM.Com|
|HFM HF Markets Broker||SVG, Cyprus, and South Africa||4.3||$5||HFM.Com|
|FBS Broker||Belize, Australia, and Cyprus||4.85||$1||FBS.Com|
Soltechx is a brand owned by Max LLC, unregulated Forex and CFD trading firm based in Saint Vincent and the Grenadines.
Since this area is quite a famous hub for fraudulent brokers due to a lack of regulatory oversight, your funds are not safe.
In addition, Soltechx lacks basic trading information, such as details about spreads, leverage, and an initial deposit.
The firm has been blacklisted by the Belgian regulator upon numerous complaints above.
FAQs About Soltechx Broker
What Is The Soltechx Minimum Deposit Amount?
Soltechx broker has never specified a required minimum deposit for trading.
What Are The Trading Instruments Available at Soltechx?
The firm allows customers to trade in the Forex market, commodities, indices, shares, and cryptocurrencies.
What Account Types Does Soltechx Offer?
There are four account types on offer – Bronze, Gold, Platinum, and Diamond one.