Beware! Soltechx is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Soltechx is nothing but another insolent scam designed to trick you into thinking you are dealing with a legitimate broker. The company claims that their “ultimate goal is to provide clients with a modern, user-friendly, and profitable trading environment” and that they “always strive to go the extra mile and offer you better trading conditions than the average broker”. In reality, their trading conditions would be far less profitable than those of “the average broker” and all the signs that your investment would go into someone’s pocket the moment you deposit are at hand. Soltechx is an unregulated offshore broker that has nothing to offer you – certainly not the possibility of turning any sort of profit. Forget about doing business with this broker and choose to work with someone reliable instead – a company with proven credibility, licensed by a reputable regulator.
Soltechx REGULATION AND SAFETY OF FUNDS
Soltechx is registered in St. Vincent and the Grenadines at an address we have encountered many times before when conducting research on scam brokers – there are countless companies registered on First floor, First St. Vincent Bank Ltd, James Street, Kingstown. If you are interested you could check out the reviews of some of these companies like FXCE and AZAForex. The island country of St. Vincent and the Grenadines has become a favorite destination for scammers due to the complete absence of forex regulations. The local regulator has stated multiple times that they do “not issue any licenses to carry on the business of FOREX Trading or Brokerage or Binary Options Trading nor does the FSA “Regulate, Monitor, Supervise or License” International Business Companies (IBCs) which engage in such activities”. In conclusion, if the broker you have chosen is situated in that country and you are not absolutely sure that they are not an offshore subdivision of a renowned broker regulated under other jurisdictions – like OctaFX Indonesia, for example – you would do yourself a favor if you avoided that company altogether. There is no place for risk when the stake is your hard-earned money.
Better choose your broker licensed in the UK (by the FCA), the EU (by CySEC or reliable local regulators like BaFin or FINMA), and Australia (by ASIC). Companies licensed under any of these jurisdictions have to follow strict protocols and abide by many laws if they want to keep their license. Firstly, there are minimum capital requirements that ensure that the broker is well-capitalized and financially stable – A$1 million in Australia and €730 000 in Europe. All European brokers must participate in compensation schemes and provide funds for them – if a licensed broker goes bankrupt, their clients could receive compensation of up to €20 000 in the EU and £85 000 in the UK. Finally, negative balance protection is mandatory – which means you could never lose more money than you have invested.
Soltechx TRADING SOFTWARE
Soltechx offers access to a web-based platform and to a desktop app. The web platform looks exactly like the platforms provided by many other scammers and offers almost no useful features.
The desktop app was a bit better when it comes to indicators and analysis tools but still did not show anything impressive.
The current gold-standard of the trading world is MetaTrader 4 and MetaTrader 5. There are many licensed brokers offering this greatly functional and intuitive software. MT4 and MT5 could provide you with virtually any trading tool you could think of – Expert Advisors that track the market and trade in accordance with an algorithm, VPSs that keep your trading bots functioning even when your computer is off and signals you could set up for prices going above or below a certain level.
Soltechx TRADING CONDITIONS
Soltechx has not set a minimum deposit amount – they would take what you are willing to offer and what you are willing to offer should be nothing considering the fact they are running a scheme. There are enough licensed brokers that would set up an account for anywhere between $1 and $250 so don’t deal with scammers.
The spreads the platforms manifested were between 2.6 and 3 pips on EURUSD – which is around what the website promised for the basic account but still much higher than the average of 1.5 pips you would find across the industry.
Our leverage was set at 1:200 and we could not change that from anywhere. High leverage enables you to make bigger offers and make more money but it could mean bigger losses, especially for inexperienced new traders. That is why many jurisdictions around the world have imposed restrictions on it – 1:50 for forex majors in the US, 1:30 in the UK and the EU, and even lower in countries like Japan – 1:25 and Turkey – 1:10.
Soltechx DEPOSIT/WITHDRAWAL METHODS AND FEES
You could deposit and withdraw with this broker via credit/debit card or bank transfer. However, we would once again advise you not to do so because your investment would be at risk.
Every trading account that has been inactive for more than 3 months would be charged an inactivity fee of $25 or 5%. Many legitimate brokers have such fees but they usually come after at least 6 months of inactivity and are lower.
Soltechx offers bonuses. Bonuses are banned in Europe, Australia, and the US but they are often used by scammers to tempt clients and then prevent them from gaining access to any funds in the account. In the case of Soltechx, you would have to reach a turnover of 1 lot for every $5 of the bonus. So if you have received just $100, you would have to reach the insane turnover of 20 lots (or 20 000 000 currency units) in order to withdraw not only the bonus but also any profits.
HOW DOES THE SCAM WORK?
It is surprising and worrisome how many people have been fooled by scams like this one.
It all starts with a simple ad on the Internet promising you easy access to immense riches – the only thing you would have to do is open an account with some broker. You have heard stories of successful investors who have generated crazy returns through trading – you might even know somebody like that – so you give in and provide the scammers with your contact details.
This is the moment when you will start getting calls and emails asking you to deposit – so you do and in the beginning, everything might be looking great. It is easy for scammers to manipulate platforms to make it look like you are turning a decent profit. The only problem is you have to keep investing – the scammers will make sure to smooth-talk you into that.
But when you try to withdraw, you will start running into different obstacles – made-up fees or new procedures or obscure clauses in the Terms and Conditions. The moment you start figuring out something is wrong the scammer would be long gone – with your money in their pockets.
WHAT TO DO IF SCAMMED?
Don’t trust any sort of “recovery agents” promising to retrieve your money for a small fee – this is just another type of scam aimed at scam victims. Such people just want to rob you additionally.
What you should do is notify authorities and contact your bank or card provider (if you have used one of these payment methods) and ask for assistance. With Visa and MasterCard you could file for chargeback within 540 days and you could possibly retrieve your deposits. However, if your account has been verified, scammers might use this as a pretext to deny such withdraw and claim that you have done everything voluntarily and have lost money due to the risks of trading, not due to scam.
Be prepared that such stories rarely get a happy ending and you might never see your money again. That is why it is vital to trade with a reliable, licensed broker and always read the Terms and Conditions carefully.