SoltechX Review – Sophisticated Scam or not?

Welcome to our SolTechX Review, in which we investigate the website used to be found at soltechx.com.

SoltechX is a broker that has been around for a while now. They claim to offer sophisticated trading features to retail investors. Their platform looks upscale, and they have done amazing in marketing their products. Asset classes and trading instruments provided by them are plenty as well.

However, their policies are borderline sketchy, and their regulatory status is concerning. Plus, social proof is not in their favor, and many things about them can be considered gimmicky. They are operating strangely, and the conflict of interest is too massive.

There are a lot of risks associated with this kind of offshore firm. Read the following paragraphs to know why you must avoid brokers like this one. If you need help recovering funds from any investment platforms, use the form below to contact us. 

SoltechX Regulatory Status

The finance sector is enormous. There are many opportunities at any given time, and thanks to technological development, trading is easy. However, that does not mean you should trust every broker and exchange. Before starting your trading journey, you should always research the platform you intend to use.

Regardless of what feature a firm promises, always stick with the regulated side of the equation. SoltechX is located in St. Vincent and the Grenadines, so they do not uphold the same standards as FCA or ASIC-regulated brokers. They have no segregated accounts or insurance schemes in place.

Funds deposited with them can disappear if things go south or something out of the blue happens. Only the investors will bear all the risks and won’t even know exactly where the money went. It is not worth proceeding with them as the risk is immense. 

SoltechX Trading Platform

SoltechX does not support MT 4 or MT 5 software. It features a web-based interface that is too clumsy. Default software has limited capabilities and won’t satisfy any professional or short-term trader’s needs. Support for things like copy trading and automated trading is minuscule.

Custom tools and indicators are not welcome, and things like swaps and other fees are challenging to find. Many dead ends and hurdles are present in every step, and their execution speed and liquidity providers are also unknown.

Moving on, charting is also not good, and access to level 2 data is not accessible. In short, their trading platform is inadequate, and most people would consider it a deal breaker. 

Deposit and Withdrawals

We live in an era wherein even $5 is enough to open a trading account. Even regulated brokers have lowered the entry barrier so everyone can get the feel of the market firsthand. SoltechX does not specify the minimum capital required. The only way to get a clear idea about the starting capital is via the support team.

Note that this platform can change the fee structure anytime and play around with the policies as they, please. The dormant account charge, processing time of transactions, and minimum withdrawal amount are unknown. Due to the many twists, please think twice before accepting their terms and conditions.  

User Reviews

There are a handful of reviews about this platform on the web. Though the number of user input is less, the ratings are negative, and people mostly have nothing good to say about them. Of course, we cannot verify every single claim, but the kind of hatred present against them is too hard to ignore.

Here is a review we received on April 25, 2023:

On April 13, 2022, I made an initial payment of €5,000 on KoinDefi. There were several subsequent payments made on Bit2Bit and Zirgenva, totaling €82,000. However, SolTechX has not been responding to my calls.

Our suggestion to everyone is simple, do not interact with them in the first place, and by doing so, you will save yourself from much frustration and regrets. By giving safety a top priority, you can safeguard your interests. 

On June 26, 2023, we received the following complaint:

In one year, they cheated me out of €14,751. They made false promises that I would earn €28,900, but deducted €1,904 for taxes and €1,100 for bank charges.

We received another complaint on July 29, 2023:

On April 29, 2022, I was ensnared by a scam orchestrated by Soltechx, using the webtrader.soltechx.com platform. I received daily calls from the scammers, purportedly from Austria, until March 20, 2023. That day, the webtrader.soltechx.com platform unexpectedly shut down, losing my invested capital, amounting to almost $50K. 

SoltechX: Scam or Legit?

SoltechX is not a reliable broker. This platform has too many issues. The regulatory stance is not good, and every aspect is scary. If you have deposited money with them, then withdraw it immediately.

If you cannot get your money back, contact us. We will help you retrieve the funds for free using things like chargebacks and wire recalls. Please fill out the form below and talk to our agents.

Verdict

Questionable offshore brokers like SoltechX are a massive problem to the whole sector. Retail investors must be careful around them, or things will go sideways quickly. 

Update (April 8, 2023)

We recently received an inquiry from a person who entrusted his investments based in Austria, including Mr. Zoran Kukanja, Mrs. Lara Bahor, and Mr. Goran Starčević, who provided him with instructions and suggestions for trading on the webtrader.soltechx.com platform.

He writes:

I transferred funds to the recipient ZIRGENVA and in two cases to the recipient BIT2 BITOU […]

They informed me by phone that trading on the platform takes place through the stock exchange and that I needed to invest funds to prevent the independent closing of open positions and to make a profit with the invested money.

However, despite investing money based on their advice, the positions on the platform were closed independently, resulting in significant losses for him.

He claims to have lost his invested money for $49,796.14 due to the independent closing of positions, which has caused him significant financial distress.

So what is SolTechX.com, and is it a SCAM?

SolTechX.com Review

The domain soltechx.com was registered on November 10, 2021, for two years through GoDaddy.com, LLC. It was protected by Cloudflare and hosted by 1984 ehf.

SimilarWeb.com gave them a rank of 5,821,847 and 25,995 in Slovenia, which means that they did gain some measure of popularity, especially in Slovenia, but in March 2023, they did not receive more than 5K visits.

Their Semrush Authority Score is 13%, with 323 backlinks from 114 referring domains.

They have strong backlinks, such as lawinsider.com links to a Client Agreement document, which can still be accessed on soltechx.com, even though the site is no longer accessible. (Webtrader.soltechx.com still loads, but soltechx.com does not.)

The client agreement is between the Client and Universal Services LLC (registration number 193LLC2019, with registered address First Floor, First St Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent, and the Grenadines) for the execution of forex trading and other financial instruments through the Trading Platform provided by the company, as well as any other service provided by the company to the Client.

We could find no company by the name Universal Services LLC or with a registration number of 193LLC2019 on the St. Vincent and the Grenadines Financial Services Authority website.

Since the website is no longer accessible, we can only learn about it from other online resources, of which we find quite a few.

WikiFX says Soltechx is an offshore broker based in Saint Vincent and the Grenadines. It provides trading various financial instruments, including forex currency pairs, commodities, indices, shares, and cryptocurrencies and offers four account types with leverage up to 1:200.

However, the broker has a low score of 1.26/10 due to a lack of valid regulation and suspicious scope of business. Its spreads are higher than the industry average, and it offers a proprietary trading platform named Sirix. Customer support is available through phone and email. Reviews are mixed, with some users reporting quick transaction executions and others accusing the broker of scams.

One person wrote:

I started with a $250 account balance. Once I reached $1250, I attempted to withdraw $1000. However, it turned out that there was no money available to withdraw and the connection was abruptly cut off. I suspect that they are fraudulent and advise caution.

FinTelegram News issued on September 26, 2022, an urgent warning against the broker scam SoltechX, facilitated by BridgerPay, PayPound, and PayStudio. SoltechX is a white-label broker on the SirixTrader platform of the Leverate Group, operated by Max LLC, which has also used other scams.

The boiler rooms behind SoltechX and related scams are in Ukraine and Serbia. Max LLC is related to Cubic Services Ltd, another offshore scam operator with boiler rooms in Ukraine and Serbia. Without supporting payment processors, these scams would not be possible, and they are considered co-conspirators in the fraud. The Belgian FSMA warned against SoltechX in August 2022, and the UK FCA, FINMA, and FSMA have previously issued investor warnings against Max LLC, GlobalMarkets, and Cubic Services Ltd.

The New Zealand Financial Markets Authority posted a warning about Soltechx, an online trading platform offering cryptocurrency and Contracts for Difference (CFDs), which has been identified as a fraudulent entity by the regulatory body of Belgium, the FSMA.

The company is not registered as a financial service provider in New Zealand and does not hold a Derivatives Issuer license to provide CFD trading services. Investors have reported being unable to withdraw their investments, and caution is advised when dealing with this website.

Their email reportedly is support@soltechx.email (Soltechx.email is a GoDaddy.com, LLC domain registered on November 10, 2021, for two years.).

Telephone: +441312975921. (A valid UK number.)

According to scambrokersreviews.com, Soltechx is an offshore trading firm that claims to offer trading in various assets, including forex, commodities, indices, shares, and cryptocurrencies. However, the company is not licensed, and several financial regulators have blacklisted it.

As we have already seen, Soltechx is a Max LLC brand known for operating fraudulent brokers. The broker uses the Sirix trading platform provided by Leverate, a firm that rents it out to other brands.

Soltechx has not disclosed any information regarding leverage or spreads, and it offers four types of trading accounts.

The company accepts credit/debit cards and wire transfers as payment methods and charges refund fees.

Soltechx also grants bonuses, which traders must trade several lots to withdraw.

Traders have reported withdrawal issues and frozen accounts.

According to theforexreview.com, Soltechx is an unregulated offshore broker registered in St. Vincent and the Grenadines. It does not have any license. The local regulator has stated that it does not issue any forex trading or brokerage licenses or regulate, monitor, supervise, or license international business companies that engage in such activities.

Soltechx offers access to a web-based and desktop app trading platform, which provides no helpful features, and its spreads are much higher than the industry average.

Furthermore, Soltechx has not set a minimum deposit amount, and its leverage is set at 1:200, which can mean more significant losses, especially for inexperienced new traders.

According to scamrecovery.net, Soltechx is an investment firm luring investors into its fraudulent schemes.

The company, which Max LLC owns, was established in 2017 and is located in Saint Vincent and the Grenadines. It uses a white-label platform named Sirix, provided by Leverate, and offers investors different digital assets, including cryptocurrencies, indices, shares, and currency pairs.

However, it has no credible license to affirm its legitimacy, and its withdrawal policy makes it difficult for traders to withdraw profits. The company has been blacklisted in some countries, and investors are advised to avoid it.

SoltechX is a company with a TrustScore of 2 out of 5 and a rating of 1.8 stars based on 44 reviews on Trustpilot. Most reviews rated SoltechX as a scam and claimed that the company had stolen their money, while others reported receiving daily phone calls asking for more money.

Some reviewers mentioned being unable to withdraw their funds and experiencing difficulty canceling their subscriptions. Several reviewers also claimed that the company was calling from different countries and using other phone numbers.

At forexbrokerz.com, we find a collection of comments from individuals who have had interactions with SoltechX. Some commenters report being scammed by the company and having trouble withdrawing their funds, while others express concern about whether or not they should invest with SoltechX.

One commenter warns against investing with SoltechX and reports losing significant money to the company. Another commenter provides contact information for SoltechX, including the name of an account executive and the company’s address.

On personal-reviews.com, several individuals have reported that Soltechx, a company located in Austria, is a scam. Customers have claimed that they have been unable to withdraw their deposits and that there is no communication with the company. Some have stated they were aggressively persuaded to invest money, while others claim to have lost large sums without getting it back.

Bottom Line

SoltechX is an offshore broker claiming to offer retail investors sophisticated trading features. Still, their policies are borderline sketchy, their regulatory status is concerning, and social proof is not in their favor.

They are located in St. Vincent and the Grenadines, which means they do not uphold the same standards as FCA or ASIC-regulated brokers. They have no segregated accounts or insurance schemes, making them a high-risk investment.

Their trading platform is web-based and limited in capabilities, and their deposit and withdrawal policies are unclear, which could result in surprise fees and other issues.

User reviews are harmful, and they should be avoided. Recently, there have been reports of people losing money on their platform due to the independent closing of positions.

Therefore, SoltechX should be considered a scam.

If they have scammed you, please share your experience by commenting below. 

If you lost money online to scams, get a free consultation with one of our recommended scam recovery companies.