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Soltechx Review | A Respected and Dedicated CFD Provider or Scam?

by Kevin Berry
Rating: 
  1/5   Reviews: 4
Soltechx - logo

Soltechx presents itself as a respected and dedicated CFD provider, offering to trade stocks, currencies, cryptocurrencies, commodities, and indices using leverage. They also offer educational materials and insights from seasoned professionals. At a glance, the organization appears confident and seems reliable. Yet, it’s noteworthy that they’re registered in Saint Vincent and the Grenadines and lack proper licensing. Curiously, their website cites the European directive MiFID II, which seems unrelated to an offshore broker. So, is it a scam or not? Given that reviews don’t offer conclusive evidence, further independent research is warranted.

Highlights

🏛️ Country Saint Vincent and The Grenadines
⚠️ Regulation
🖥️ Website https://www.soltechx.com/, https://www.soltechx.network/
🎲 Demo Account No
⏳ Start Time 2021
💲 Minimum Deposit
⚖️ Minimum and Maximum Leverage 1:200
⚙️ Trading Platform WebTrader
📨 E-mail contact@soltechx.network
📞 Phone +441312975921

First Impression of Soltechx.network

An official website represents the face of any broker. Soltechx, seemingly uninterested in distinguishing themselves from the crowd of similar brokerage companies, opted for a generic website template reminiscent of many others. It’s concerning that such organizations often prove to be fraudulent. And we believe that this firm is no exception.

Soltechx - site

The website design is done in gray-purple tones with inserted images of cryptocurrencies, quotes, and high-tech. However, it lacks a distinctive, striking, or captivating flair. Indeed, it’s as typical and unexciting as websites can get. The header features standard sections detailing the traded asset classes, types of accounts, and activities of Soltechx. Additionally, there’s access to legal documentation and contact information.

Partnership and Bonuses

Soltechx doesn’t mention anything about an affiliate program. At first glance, one might conclude that there isn’t any affiliate program at all. However, during account registration, there’s an option to enter a promo code, which clearly hints at the presence of a referral program.

Bonuses are not mentioned on the company’s official website. Yet, within the user agreement, a segment is dedicated to the bonus policy. The size of the bonus is contingent on the deposit amount, with specific stipulations regarding the usage of bonus funds: “The bonus will become withdrawable subject to the execution of 1 traded Lot per 5$ out of the bonus.” One should be cautious, as Soltechx has the discretion to alter these terms, leading to the cancellation or seizure of the bonus and any associated profits.

Account Opening on Soltechx.network

Creating an account with the firm is clear and simple. The client will need to enter their first and last name, email, phone number, country, date of birth, and account currency (USD/EUR/GBP). In the end, it is necessary to come up with a password, agree to the terms and conditions, and specify a promo code, if any.

Registration

After account registration, users are directed to their dashboard. Notably, Soltechx doesn’t mandate email or phone number verification, which was provided during account creation. Its evident lapse in security measures is a critical oversight and raises concerns.

The user dashboard is elementary and straightforward. Traders have the option to either download the platform to their computer or use the webtrader. Additionally, features include updating personal information, uploading KYC documents, managing deposits and withdrawals, and accessing transaction and trade histories.

Soltechx does not offer a demo account. Hence, it’s impossible to test the service without depositing real money. Why not provide an opportunity to test the platform using a demo? We don’t know the answer to this question.

Verification

The verification process is carried out through the personal cabinet. First, you need to select the type of document and then specify the path to the file on your computer. The process is not complicated. Soltechx requires the following documents:

  1. Proof of identification.
  2. Proof of residence.
  3. Proof of payment. If the deposit is made with credit/debit cards.

You will not be able to trade without KYC. This procedure is mandatory and it is impossible to deposit without it.

Pros
  • It’s convenient to upload documents.
Cons
  • Requires you to take a picture of your bank card.

Trading Software

The trading platform Soltechx is unlikely to appeal to experienced and professional traders due to its limited functionality. While users can analyze charts with various technical analysis tools, shift between timeframes, and place market or limit orders, the platform’s offerings stop there. It lacks essential tools like open interest data, backtesting of strategies using historical charts, auto-trading functionalities, copy trading, and the ability to upload custom indicators. Such constraints could be a hindrance for traders wanting to bring their unique strategies and ideas to life.

Trading platform

You can’t download the platform to a smartphone, as there is no application. In addition to the standard web terminal, Soltechx offers to download the program on a PC, but we did not risk running a suspicious .msi file.

Trading platforms of this nature don’t provide traders with the flexibility to craft diverse trading strategies. All functions are limited to basic technical analysis using standard indicators and graphical elements (lines, levels, Fibonacci, Elliott, and so on). Soltechx could better serve its clientele by integrating a more comprehensive solution, such as the widely-adopted Metatrader by MetaQuotes. However, the company’s management is unlikely to pursue this.

Features Soltechx Orca Investment Group ToroProfit
Demo Account
Mobile App
Own Development ✔️

How Can I Trade With Soltechx?

Soltechx operates as a CFD broker, meaning all trades revolve around contracts for difference, and there are no spot or futures markets here. The commission structure, spreads, and any extra functionalities hinge on the specific plan chosen. Let’s delve deeper into the available account types.

All Info About Accounts

The company offers a choice of 4 account types while concealing the minimum deposit thresholds. Naturally, the premium the account, the better the benefits and the wider array of supplementary tools. For beginners, trading comes with a $15 commission per lot, starting lot sizes from 0.01, and spreads for EUR/USD starting at 2.6 pips. Such conditions can hardly be considered competitive or favorable. On the bright side, Soltechx enhances its offering with 24/7 live support, free VPS, a range of online financial courses, personalized 1-on-1 training sessions, e-books, webinars, and dedicated analyst support.

Account types

In the section detailing account types, one can view current spreads for all assets. This level of transparency was unexpected since many similar firms often bypass detailed contract specifics. However, what truly caught our attention were the steep commissions. Charging $15 per lot is a hefty fee for traders, especially when benchmarked against renowned brokerage firms that typically charge a mere $4-5 per lot. It’s evident that Soltechx’s commission rates are on the higher side.

Pros
  • There is a contract specification.
Cons
  • No Islamic type of account.
  • High commission.
  • No minimum deposit is specified.

Market Analysis and Education With Soltechx.network

On the official website of Soltechx, there is a section “Market info”, where clients can find the economic calendar and live market hours. It is where all market analysis and education ends. Nothing special and interesting.

Deposit, Withdrawal, and Fees

Depositing and withdrawing funds can be done by credit/debit cards, or bank transfers. Although Soltechx declares that no commission is charged for transfers via credit/debit cards, the user agreement still contains a clause that the broker can charge a commission from 25 to 50 euros. Cryptocurrencies and electronic payments are not even mentioned.

Features Soltechx IronGatesFX Orca Investment Group
Debit/Credit Cards ✔️ ✔️
Electronic Payments ✔️
Crypto Transfers ✔️ ✔️
Deposit Fee ✔️
Withdrawal Fee ✔️

How Can I Contact It?

Soltechx lists a UK-based phone number and an email address for contact. Additionally, they offer a dedicated form for those looking to request a callback. However, upon inspecting the provided email, it turned out to be non-existent. Curiously, the company’s management overlooked such a basic detail, especially when validating an email’s legitimacy is a simple task.

Pros
  • None.
Cons
  • The email doesn’t exist.

Is Soltechx Dangerous?

Let’s pause to reflect on Soltechx as a brokerage. The lineup of concerns is telling: a non-existent email address, an offshore registration based in Saint Vincent and the Grenadines, exorbitant commission rates, the absence of a demo account, a primitive trading platform, and a templated website. That’s quite a list of red flags. Now, let’s move to the even more crucial details – the company’s operating duration and licenses.

How Long Does The Broker Work?

In a move typical of questionable firms, Soltechx deliberately leaves out their establishment date. To determine the approximate launch date of this fake platform, one can look at the domain, specifically, its registration date. So, the domain was registered in November 2021. There you have it, the real duration of operation, which can’t be considered extensive or significant.

new domain whois

Oops! The site soltechx.com has been disabled. It took us only 2 seconds to see where the company had moved. Back in March of 2023, they registered the soltechx.network domain in advance and now its gates are open for clients. However, don’t be fooled! This is still the same awkward fake, not a real broker.

How Is Soltechx Regulated?

The website’s footer lists a legal entity named Max LLC, registered in Saint Vincent and the Grenadines. Let’s try to find this company in the SVGFSA regulator’s registry. Alas, there’s no such firm listed, only nine similar-sounding names. A search for “Soltechx” also came up empty.

Regulation

And we also found some interesting information from the British Financial Commission FCA. We can assume that Soltechx also has an office in the UK because the phone number is British. However, the FCA warns: “This firm may be providing financial services or products without our authorization. You should avoid dealing with this firm and beware of potential scams.”

Features Soltechx ToroProfit Exallt
European Zone
Asian Zone
American Zone
African Zone
Offshore

Frequently Asked Questions (FAQ)

Kevin Berry
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Expert Opinion

You might not believe me or others who warn about the risks associated with Soltechx. However, you should trust the official FCA regulator, which cautions that the firm is not authorized and lacks licensing. Traders can easily lose all the money they invest in the organization. If you deposit funds here, the blame will solely rest on you. Don’t say you weren’t warned. Clear signs of fraud include a missing license, a short operational period, fake contact information, and a fabricated legal address.

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Soltechx rating

The level of trust
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The level of trust
Quick withdrawal of funds
Efficiency of technical support

4 reviews about Soltechx

Jack Sparrow August 8, 2023 - 16:23
Huge commissions
The level of trust
Quick withdrawal of funds
Efficiency of technical support

I agree, Soltechx is a company of crooks and scammers. How can one agree to such trading terms? A commission of 15 dollars per lot? I’ve never seen such enormous fees elsewhere! To the newcomers, if you aren’t aware that $15 is a high commission, let me tell you, it’s exorbitant. The maximum should be $5, certainly not $15.

Reply
Ihrma Visram August 16, 2023 - 02:49
Sad experience
The level of trust
Quick withdrawal of funds
Efficiency of technical support

I’ll share a brief story about the company and my collaboration with it. About six months ago, I invested over $3,000 in SoltechX. This amount is significant to me. I wanted to trade on Forex and chose that firm. However, I never anticipated that it could turn out to be scambroker and fraud. And indeed, it’s how things unfolded.
I lost all the money. The scammers simply manipulated fake charts to trigger my stop-losses. I couldn’t even close a trade in profit. Everything went so horribly wrong. My patience ran out, and I requested a withdrawal. However, the withdrawal never materialized. These swindlers and con artists have still not returned the remainder of my funds, and they continue to ignore me without providing any reason for the denial.
I want to warn everyone not to trade with that scambroker. Seek a reputable and verified brokerage intermediary; otherwise, here, you’ll only waste your time and money.

Reply
Stenley August 22, 2023 - 17:08
God saved me from this fraud
The level of trust

Not long ago, I considered trading with soltechx. However, I was taken aback by the diverse reviews – some extremely positive, others extremely negative. Seeking clarity, I consulted an experienced trader. He cautioned me that the positive feedback about the company was fake and shouldn’t be trusted, whereas the negative reviews were authentic. Furthermore, he highlighted the broker’s illegal operations, the absence of a valid license, and insurance, and strongly advised against any association with them.
I read reviews where people complain that they can’t retrieve their money, and I think to myself, I’m glad I didn’t fall into this fraud trap. Fortunately, I was shielded from this scam. I now contribute my negative review about soltechx, aiming to prevent others from making costly mistakes.

Reply
Batman August 25, 2023 - 12:23
You can't trust scammers
The level of trust
Efficiency of technical support

It’s unwise to put your trust in brokers like Soltechx. While the company portrays itself as a secure and reliable entity, they’re nothing more than scammers out to steal funds and undertake illegal activities. Remember, true scammers typically remain anonymous, operating from the shadows to avoid getting caught. It’s telling that their website lacks foundational information about its founders, and essential credentials are absent. The so-called legal address they’ve provided is fake. Take a moment to verify Soltechx and Max LLC in the registry of legal businesses – you will search for nothing. The company simply doesn’t exist. Why would anyone consider investing in a non-existent entity? It baffles me.

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