If you’re familiar with the status that SVG companies have in the Forex world, you’re probably aware why firms established here can’t be trusted. Financial swindlers of all kinds consider SVG to be their safe harbor. The reason is their financial authority SVGFSA not regulating and/or supervising brokerage activities. EmpowerFX is another broker that operates from SVG and shouldn’t be trusted under any circumstance.
Hereafter, we had to start checking with other regulators if any had information on SoltechX. However, the license didn’t appear in the search results. Only the warnings were published in Belgium, Romania, Spain, New Zealand, and the Netherlands. The regulators in these states explain how SoltechX is running their business without proper authorization. Also, the alerts warn that traders from these areas are in danger.
What does it mean not to have a license by an EU regulator? Firstly, it means the broker doesn’t have enough operational capital of 730 000 EUR. The broker also cannot guarantee the safety of deposits through segregated bank accounts.
Additionally, leverage isn’t controlled at 1:30. With negative balance protection it serves as a risk-reduction measure. Not only does SoltechX offer leverage of 1:200, but they can quickly make you indebted without the negative balance insurance.
Following the ESMA regulation implemented in the MiFID framework, the firms have to respect the transparency standard and regularly report their monetary activities. Operating under the radar and without anyone’s supervision, SoltechX is free to impose their own conditions and defraud customers without legal consequences!
SoltechX is a sham that makes a lousy attempt at building a fake reputation of an acclaimed broker. They do so by falsely claiming to be registered. This time, the broker states they’re registered in SVG by the FSA.
We’ve already explained the futility of such fabrications. SVGFSA doesn’t regulate brokers at all. And even if they did, their license would carry little value in EEA, where a Tier 1 license is obligatory.
Several influential EEA regulators are already familiar with the unscrupulous activities of SoltechX. The warnings happened as SoltechX has already scammed a number of victims from these states. First regulator to blacklist SoltechX was the Belgian FSMA. Other regulators have either republished the FSMA warning, or posted their own.
So far, we managed to find the alerts published by the following institutions:
The reports coming from all sides of the world imply that SoltechX operates on a wide scale. Their crimes seem to be detected in different corners of the world. Although English speaking areas are included, they’re not dominant in this case. Either way, the significant numbers of victims were registered in these countries:
Reviews and ratings on SoltechX found on TrustPilot are disturbingly negative and low. The broker has apparently cheated and robbed an outstanding number of traders. Utterly displeased with the SoltechX performance and service, distressed traders have left remarks such as these:
This company has defrauded me of nearly 40,000(almost all my savings for my wishlist) by encouraging me to invest on their platform.[…]
This company really frustrated me, that i almost give up, I honestly dont know where to start cos i really wanna forget about the experience i had with them, I just wanted to create an awareness to prevent others from been a victim[…]
PURE SCAM!!!!!! Just signing up has been giving me misery for over a year. Being called every day from different countries. It’s a nightmare. and unsubscribing is not possible.
Trading platform available at SoltechX is a simplified web trader. Along with that version, a desktop app download is also provided. However, we weren’t willing to risk getting malware on our machine. So, we decided to stick to the web distribution.
After taking a closer look, we unimpressively admit that SoltechX didn’t surprise us with the poor offer of trading tools. The web terminal provided greatly lacks complex functions and features. Usually these would allow advanced strategy testing and more in-depth analysis.
But we can’t expect that from these easily manipulated web software. Only premium platforms like MT4, MT5 and cTrader could provide that and much more.
SoltechX seeks their targets across all possible social apps and networks. The scam works on every trader’s profile and is adjusted according to what the victim is looking for.
Perhaps an investor is willing to increase their existing funds. Or a lonely soul browses around dating apps looking for a partner. In any case, scam agents can come up with just about any strategy to fool the victim. It doesn’t matter if you’re old or young, male or female. They will have a perfect trap laid out for you to walk right in.
Whilst SoltechX brags about having sensible trading options fit for all kinds of traders, we doubt the truthfulness of it. They’re an illicit and multiple times blacklisted brokerage, after all.
Still, SoltechX confidently declares to provide you the possibility of engaging every trading asset easily. Among them are the following groups of financial instruments:
When it comes to the trading costs, SoltechX is pretty ruthless with their conditions. The starting spreads on the cheapest account type start at 2.6 pips. Only if you’re willing to pay several dozen thousand dollars can you get tighter spreads.
Starting leverage, on the other hand, can go up to 1:200 on Forex pairs. This means huge exposure and an insane risk of losing an entire investment.
As for the fees occurring during withdrawals, the only revealed ones are for the wire transfers. Apparently, these transactions cost at least $25-$50 per transaction.
Without clarifying what the deposit requirements are, SoltechX does explain the offer of several account types:
Changing between the accounts would require higher deposits, or so SoltechX says. But as mentioned, the broker is not clear on the expected amounts. Allegedly, the advanced features available for advanced packages are more trading instruments, tighter spreads and better education.
The platform doesn’t allow opening a Demo account. Most reputable brokers have a Demo account feature. This provides traders with an opportunity to test the trading platform. It’s what it means to trade risk-free with a virtual margin of usually $100 000 during a certain period.
Scams that do enable this feature shouldn’t be trusted in the least. The trading conditions and environment are entirely set up and artificial. So all the price speculating is set to end successfully to lure in the victims easier.
SoltechX doesn’t explain the withdrawal process in full detail like we’d expect them to. The short and quite unexplanatory policy only reveals the basic fee of 25 – 50 Euro for every wire transfer. And although there’s a promise about withdrawals being processed in 7 business days most, we are reluctant to believe that.
Various other scams, including our broker in question, earn exactly by disabling all payouts. Instead, they keep the victims’ money and get away with their crime. Some of the most common excuses used are the trading volume requirement, surprise fees and missing docs such as ID or passport photo.
Please take our warning seriously and try to remain calm in this situation. As impossible as it may feel. If you let your emotions come over you, you may permanently lose your only chance at restoring your lost capital. That’s why we urge you and any other victim of SoltechX scam to remain calm and contact us as soon as you’re able to.
We’ve designed the option of Online Chat for those purposes. It will connect you to our available agent promptly and you will get your free advice on how to act further. You’re not alone in this. With your help and the evidence you provide, we can alert the authorities in time. These institutions can take the strategic steps needed to track down the criminal and locate your funds.
SoltechX is not a legitimate broker as they’ve been blacklisted multiple times and do not own a Tier 1 license. Investments shouldn’t be placed in their hands, but if you’ve already done it, contact us in time so we can work together on getting your funds back.
No, the only available account types are the live trading ones. Although there’s several of those packages, the broker doesn’t reveal their prices.
This broker hasn’t developed their own proprietary trading app for mobile users.
SoltechX is not a legitimate broker as they’ve been blacklisted multiple times and do not own a Tier 1 license. Investments shouldn’t be placed in their hands, but if you’ve already done it, contact us in time so we can work together on getting your funds back.
No, the only available account types are the live trading ones. Although there’s several of those packages, the broker doesn’t reveal their prices.
This broker hasn’t developed their own proprietary trading app for mobile users.
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