soltechX Review (soltechx.com) FRAUD EXPOSED – soltechX Scam Broker

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soltechX (soltechx.com)

CONCLUSION

After you have done your evaluation of soltechX, you can conclude that this brokerage is up to no good and you should look for a different option.

Broker Rating

0.1

Get Your Money Back From This Broker!

soltechX (soltechx.com) is without a doubt a %100 fraudulent brokerage firm. It is NOT a real broker! Stay away! soltechX scam works by getting you to believe you can become rich by trading with them.

soltechX Review

When you run a search online for a brokerage, the sheer number of choices that appear can be quite overwhelming. How can you sort through so many options to find a good brokerage? Most people solve this problem by choosing a company at random. As long as its website appears to be a decent, they sign up, but this can actually be a recipe for disaster. Why? This is because even fraudulent brokerages can have good websites and nice offerings, as this soltechX review shows, but this does not make them genuine. It is all part of their trap and you need to be aware of it.

Most people are under the misconception that scam brokers will be easily identifiable, as this was the case once upon a time. But, this is no longer true because there are a ton of resources that can now be used for crafting great websites and they can claim whatever they want. As a matter of fact, they deliberately add such offerings that people will find hard to resist and if you do not make any effort to verify the details, you are going to be just another victim.

The key is to identify the flaws in a brokerage and then determine if these can be deemed acceptable, or if they show you are dealing with a scam. Not every brokerage will be perfect, but there are some problems that cannot be accepted because they indicate that the company is shady or fraudulent. You will understand this when you go through the soltechX website that seems to hit all the right notes, but looking closer shows you flaws that tell a completely different story. It is natural to be impressed with the fact that it is a UK-based brokerage offering access to forex currency pairs, precious metals, soft and energy commodities, shares, indices as well as crypto options.

The soltechX also boasts about good trading conditions and an advanced trading platform that can help you enjoy a seamless trading experience. But, what are the flaws? Take a look below:

An anonymous brokerage

There is a great deal of trust involved when you sign up with an online broker. You have to share sensitive information with them, including your personal data and your bank details. They are also responsible for keeping your funds safe during the trading process. Would you trust strangers with your information or money? Of course you would not do that, which means you need to look into a broker’s background before you commit to them.

The first thing you are told about soltechX is that it is based in the United Kingdom and this will leave a powerful impression because the UK is known as a well-regulated jurisdiction. It does have an address on its website that puts it in London, but the credibility of this information can only be ascertained if the broker is licensed and regulated. There is zero mention of either throughout the presentation and this should be a big concern.

Any broker worth its salt would know just how important licensing and regulation is and if soltechX has not mentioned it, then it means something is wrong. You can check the online register of the Financial Conduct Authority (FCA), which is the regulatory body for the UK, and not find soltechX mentioned there. This indicates that the brokerage does not have a license to operate in the UK. This means there is zero credibility and you cannot believe anything it tells you.

It shows that you are dealing with an anonymous brokerage that you know nothing about. In addition, it should be noted that soltechX is offering crypto CFDs that UK brokers are now allowed to do, which only confirms that you are not dealing with a legitimate company.

Trading platform

You have to ensure that the trading platform provided to you is up to the mark because your trading performance depends on it significantly. Any flaw in it can result in devastating consequences because you will not be able to trade in a timely and efficient manner. While an advanced trading platform has been promised at soltechX, this is not what you will find.

When you check out the actual trading platform they provide, you are in for a surprise because there is no platform at all. What you do find on the soltechX website is a funny looking dashboard that cannot be used for trading of any kind. There is no option to execute trades, or any tools available for that matter. All it does have is an option for making a deposit, which tells you just what intentions soltechX has.

Trading conditions

The promise of good trading conditions will also attract you to soltechX because finding brokerages that can offer you tight spreads is not that easy. You want to make maximum profits and this will depend significantly on the spreads you are provided. But, this is just one more flaw that you will identify in soltechX because its spreads are nowhere close to tight.

Given that they begin at 2.5 pips, they are at least three times more than what tight spreads would look like. The leverage ratios that soltechX is offering are also 1:100, which may seem impressive, but you should not forget that UK brokers are not allowed to offer such ratios. The FCA has capped leverage at 1:30 and this is more proof that the brokerage is lying.

Payment options

You want your money to be safe when you are trading online, but soltechX is only offering crypto deposits as a payment option on its platform. While it does support an array of cryptocurrencies, it does not make a difference because they are not eligible for a chargeback. Unlike credit cards like VISA and MasterCard, you cannot get your money back if there is any issue, which is exactly why these brokers offer crypto payments.

Ending Thoughts

The flaws that you identify in soltechX make it obvious that the brokerage is just another scam and you need to avoid it.