Soltechx is a broker that promises to amplify your inner trader’s voice. However, after such claims, it simply seems to us that the broker is excessively playing to the gallery and chewing the scenery. We will investigate whether this is a scam or not and provide you with the results in a brief review.
- Soltechx General Information
- Registration and Client Portal Review
- Soltechx Trading Conditions
- Account Types Review
- Trading Platform
- Soltechx — Deposit and Withdrawal of Funds
- Additional Options
- Is Soltechx a Scam?
- Legal Information and License
- Soltechx.com Domain Info
- Contacts Review
- Pros and Cons
- Frequently Asked Questions (FAQ)
Soltechx General Information
|Address||St. Vincent Ltd Bank Building, James Street, Kingstown, Saint Vincent and The Grenadines.|
Registration and Client Portal Review
Soltechx employs a minimalist design philosophy for its website, aiming for a sleek and modern appearance. Yet, the execution falls short of achieving a truly stylish and engaging interface. While the minimalist concept can convey a sense of elegance, in this case, it seems to have resulted in a lack of essential elements that visitors might expect.
One notable aspect is the limited language options available on the official website, with only Russian and Turkish languages provided. This choice raises questions about the broker’s global accessibility and inclusivity.
Upon exploring the “About Us” section, it becomes evident that concrete and substantial information about the company is conspicuously absent. Instead, the section appears to be a generic placeholder, offering no insights into the broker’s history, mission, or values.
Soltechx offers a registration process that follows a relatively standard procedure. It involves filling out a brief questionnaire and carefully reviewing the user agreement. Upon completion, clients are promptly directed to the client portal without the need for email or phone verification.
The Client Portal, while functional, leans towards a minimalist design. It encompasses all the necessary functionalities, ensuring traders can access their accounts, manage transactions, and navigate through various features. However, the portal lacks a distinctive edge or exclusive features that could set it apart from other platforms on the market.
Soltechx Trading Conditions
An internal trader’s voice becomes futile when the broker offers subpar trading conditions. Let’s delve into what Soltech has to offer its clients and see whether it aligns with their proclaimed commitment to traders.
Account Types Review
The broker does offer different account types; at least it mentions them. However, the official website lacks detailed descriptions of these account types. The provided information mainly focuses on trading instruments, lot sizes, and spreads. Interestingly, the execution model for trades is not clearly specified on the website, leaving customers uncertain. Based on the absence of relevant data, it suggests that Soltechx operates under a Dealing Desk (DD) model. This implies the potential for conflicts of interest, adding another layer of concern for clients.
Additionally, the broker fails to provide information about the leverage ratio and the required deposit amount. These crucial details remain shrouded in mystery. It’s suggested that clients might need to inquire about this information directly from the project’s managers. However, we question why such essential information isn’t readily available in an open and transparent manner for prospective traders.
The broker’s trading platform leaves much to be desired, raising concerns about its quality and integrity. It’s important to note that such platforms are often favored by scammers due to their limited functionality, making it difficult for traders to accurately assess the broker’s performance.
Soltechx offers both a downloadable desktop version and a web-based platform. However, even with these options available, the functionality provided is notably lacking for experienced traders. The platform’s limited features and tools are far from adequate, failing to meet basic needs.
Soltechx — Deposit and Withdrawal of Funds
The broker offers credit card and bank transfer options for both deposits and withdrawals. Clients can conveniently use these methods to fund their accounts and withdraw funds as well. However, it’s important to be aware that the company may impose deposit fees ranging from 25 to 50 euros.
The verification process with Soltechx involves several steps. To initiate it, clients are required to submit valid identification documents, such as a government-issued ID or passport, as well as proof of address, such as a utility bill or bank statement.
It’s important to note that the duration of the verification process may vary and is not explicitly specified on the website. Clients are advised to allow sufficient time for the verification to be completed. Successful verification is crucial for gaining access to the full range of services and features offered by the broker, including fund withdrawals.
Soltechx also offers additional services to enhance the trading experience for its clients. These services include access to webinars and electronic books (e-books) that cover various aspects of trading and market analysis. However, it’s important to highlight that these resources are not available to all traders; they are accessible only to those who have opened specific types of accounts.
As mentioned earlier, the exact requirements or criteria for gaining access to these additional services are undisclosed on the broker’s website.
Is Soltechx a Scam?
For now, we can definitely state that Soltechx is not transparent. This is a major red flag for us, but we will continue our research further.
Legal Information and License
Both in the user agreement and in the footer, it is claimed that Soltechx is registered in Saint Vincent and the Grenadines. The footer displays the name of the managing company as Max LLC. However, we have checked the registry of this offshore jurisdiction. Among 9 similar names, there is no such registered firm. Soltechx is misleading its visitors. Moreover, if the company is not even legally registered, it has no right to provide brokerage services, which means it lacks a license. This anonymous website operates without any supervision, making it highly dangerous.
Soltechx.com Domain Info
The broker conveniently avoids disclosing its establishment date. Nevertheless, we took it upon ourselves to conduct a thorough investigation into its operational history. In order to ascertain the facts, we initiated a domain check, which ultimately revealed that the domain was officially registered on November 10, 2021. This finding sheds light on the actual time frame during which Soltechx has been in existence.
For unknown reasons, the broker has now apparently settled on the soltechx.network domain. We can only guess what forced it to take such a step long before the expiration date of the domain name. Apparently, Soltechx has been an eyesore to powerful regulators such as the UK’s FCA, which released a report on July 27 that the considered site was not authorized.
Soltechx provides contact options including a phone number and email for communication. However, unsurprisingly, there is no office address listed, given the apparent nature of the company as potentially fictitious. It would be illogical to expect such information from an entity of this nature.
Pros and Cons
- Lack of transparency.
- Poor website design.
- Unspecified trading accounts.
- Questionable regulatory status.
- Limited trading platform functionality.
Frequently Asked Questions (FAQ)
Soltechx claims to offer a range of trading services, including access to various financial instruments and markets.
The minimum deposit required to start trading with Soltechx is not specified.
No, it is not. Soltechx is not even legal. This is just a scam website.