SoltechX is a broker that has been around for a while now. They claim to offer sophisticated trading features to the retail investors. Their platform looks upscale and they have done amazing in terms of marketing their products. Asset classes and trading instruments offered by them are plenty as well.
However, their policies are borderline sketchy and their regulatory status is concerning to say the least. Plus, social proof is not in their favor and many things about them can be considered as gimmicky. Clearly, they are operating strangely and the conflict of interest is too huge.
There are a lot of risks associated with this kind of offshore firm. To know why you need to avoid brokers like this one, read the following paragraphs. If you need help with recovering funds from any investment platforms, use the form below to reach out to us.
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SoltechX Regulatory Status
The finance sector is huge. There are tons of opportunities at any given time and thanks to technological development, trading is easy. However, that does not mean that you should trust every broker and exchange out there. Before starting your trading journey, you should always research about 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 which means 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. At the end of the day, only the investors will bear all the risks and they won’t even know exactly where the money went. Obviously, it is not worth it to proceed 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 it won’t satisfy the needs of any professional or short term trader’s needs. Support for things like copy trading and automated trading is miniscule.
Custom tools and indicators are not welcome and things like swaps and other fees are not easy to find either. There are a lot of dead ends and hurdles 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 not at all adequate and most people would definitely consider it a deal breaker.
Deposit and Withdrawals
We live in an era wherein even $5 is enough to open up a trading account. Even regulated brokers have brought the entry barrier down so that literally 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 fee structure at any time and play around with the policies as they please. Dormant account charge, processing time of transactions and minimum withdrawal amount are unknown. Due to a lot of twists present, think twice before accepting any of 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 for the most part 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.
Our suggestion to everyone is simple, do not interact with them in the first place and by doing so, you will save yourself from a lot of frustration and regrets. By giving safety top priority, you can safeguard your interests.
SoltechX: Scam or Legit?
SoltechX is not a reliable broker. This platform has too many issues. Regulatory stance is not good too and literally every aspect about them is scary. If you have deposited money with them, then withdraw it immediately.
In case you are unable to get your money back, get in touch with us. Using things like chargebacks and wire recalls, we will help you retrieve the funds for free. Fill out the form below and talk to our agents.
Verdict
Questionable offshore brokers like SoltechX are a huge problem to the whole sector. Retail investors have to be careful around them or else things will go sideways quickly.
Share your opinion about SoltechX Platform by commenting below.
2 replies on “SoltechX Review – Sophisticated Scam or not?”
SoltechX scammed me. After they told me that they would offer me all the services I need to make a profit with minimal risks, they liquidated my account in which I had tens of thousands of euros, although they said I was fully protected, I signed a trading shield contract for that which they then said it had no value. They stole my data and traded cryptocurrencies in my place so that they could lose track of the money. They threatened me that I will suffer if I notify the bank or the police and then they did not respond to my complaints anymore.
I lost a lot of money. They tie you up in knots offering Spot Shield agreement which you can’t withdraw gains from for 90 days and then bonus agreements which require ridiculous trading volume turnover during which time you can’t withdraw any gains you have made. I got severely burnt. Very manipulative account manager Avoid at all costs.