Is the broker Soltechx really worthy of the trust of traders？ WikiFX will try to find out whether it is worthwhile for investors to choose this broker. First of all, it‘s of critical importance to know whether a foreign exchange trading platform is secure enough – is it regulated？ Let’s search Soltechx on WikiFX APP to take a look at the details page.
As you can see, based on information given on WikiFX, Soltechx currently has no valid regulatory license, so it doesnt seem to be a legitimate forex broker – a legitimate broker is one that holds a license with a regulatory body. Soltechx not only does not have any such document, but actually operates from an infamous scam haven – the offshore country of St. Vincent and the Grenadines, as you can see from the screenshot below:
What makes St. Vincent so bad is the fact it does not regulate its Forex markets at all – meaning any scammer can set up there and run whatever scheme they might see fit! In fact, this is the case with Soltechx as well – the regulatory body of Belgium, the FSMA, has published the domain of the broker in the following list of scammers:
This means Soltechhx is definitely up to no good – avoid the fraudulent broker at all costs! You should be careful when picking a company to deal with – and always make sure you are not only trading with a licensed broker, but understand what protections its license entitles you to.
What's more, 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. Compared to industry standard MT5 it lacks a lot of features – no automated trading is available, for example!
The desktop app was a bit better when it comes to indicators and analysis tools but still did not show anything impressive.
In addition, you could deposit and withdraw with Soltechx via credit/debit card or bank transfer. However, WikiFX would 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.
Besides, Soltechx provides access to a leverage of up to 1:200 to any of its traders – and that is too risky for the retail trader to engage in. Such leverage has actually been banned across the world – but brokers like Soltechx have it available, in a bid to lure more clients. Be careful whenever you see it advertised!
In a nutshell, Soltechx is nothing but another insolent scam designed to trick you into thinking you are dealing with a legitimate broker. Soltechx 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 someones 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.
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