Let’s say that Soltechx might be a new name on the market, but its owner is definitely not new. In fact, it’s a notorious offshore firm behind other schemes blacklisted by financial regulators. Since we’ve discovered this, it has raised questions about Soltechx and its legitimacy.
Read this review and gather all the information about the new Max LLC brand.
|Regulated by:||Unlicensed brokerage|
|Blacklisted as a Scam by:||N/A|
|Owned by:||Max LLC|
|Headquarters Country:||Saint Vincent and the Grenadines|
|Types of Assets:||FX, commodities, indices, shares, cryptocurrencies|
|Free Demo Account:||No|
|Accepts US clients:||Yes|
What About Soltechx Regulation?
Soltechx is a brand of Max LLC, well-known as an owner of BudsFX. This brand was blacklisted by the UK FCA and Swiss FINMA and conveniently vanished. Right after, we’ve got Soltechx, the extension of BudsFX, following the same scheme patterns.
Why Must a Broker Have a License?
A broker must have a license to avoid problems and create a safe trading environment. Licensed firms have compensation funds, and regulators use those to reimburse potential victims. Since Max LLC is based in Saint Vincent and the Grenadines, it’s not likely to have a license.
SVG has a financial regulator, FSA, that declared itself unauthorized for Forex and binary options firms. All investment firms should opt for a license in the country of service, which Max LLC never did. Therefore, you’re dealing with another scam offshore firm.
Traders Reviews About Soltechx Scam
As expected, Soltechx clients are experiencing withdrawal issues, making it the primary complaint. Besides, they’re telling all kinds of stories about account managers luring them into schemes promising anything and everything. Yet, when the payout day comes, their accounts are frozen, and the company is not responding anymore.
Supported Trading Platforms – Available Trading Software
Soltechx uses the white-label platform Sirix, provided by the already notorious Leverate. This firm is based in Cyprus and holds a CySEC license, yet it’s renting it to other brands along with the platform, liquidity providers, and more. As you can tell, Leverate is not quite choosing their cooperators, so they’re working with scheme firms such as Soltechx and Icorp Securities.
While Sirix itself is a good platform, way better than a regular WebTrader, Soltechx hasn’t informed traders about leverage, spread, or anything else. In such cases, investing money is risky as you can’t evaluate the risk before investing the funds.
Everything About Soltechx Trading Accounts
Soltechx offers 4 account types.
Accounts differ in trading assets and the level of assistance. However, we have no information about the initial deposit, so we assume it’s left for the broker’s employees to decide upon the evaluation of your financial situation.
Soltechx Range of Trading Instruments & Markets
The broker offers trading with:
- Currency pairs
As explained, leverage and spread are nowhere to be found, meaning you’re going into trades blindsided.
Available Soltechx Leverage
Soltechx hasn’t mentioned its leverage anywhere on the website. We found from clients’ reviews that they were provided with up to 1:200, and if it’s accurate, it’s against all the regulatory standards. The EU, UK, and Australian regulators limit leverage on up to 1:30 or 1:50 for the Forex market, so Soltechx exposes your funds to 4-6 times higher risk.
Soltechx Deposit, Withdrawal Methods, and Bonuses
From all we were able to find out, Soltechx accepts the following payment methods:
- Credit/debit cards
- Wire transfers
Instead of calling them withdrawals, the firm claims to approve refunds. It’s a common tactic where the broker will simply cancel your previous transaction and refund your card, meaning you are allowed to withdraw only the amount you deposited. Everything that exceeds your deposit will be denied under all different excuses. The firm charges 25-50 EUR for wire transfer refunds, while there’s no commission for card refunds.
The company keeps the right to grant bonuses according to its sole discretion. This means you can get funds without asking, and you’re automatically bound by the Bonus Agreement. This Agreement implies that you will have to trade 1 lot for every $5 bonus. Suppose you have received a $100 bonus; you will have to trade 20 lots before withdrawing your funds. When converted, 20 lots equal $2 million.
Scammed by Soltechx Broker? – Let Us Hear Your Story
If you find yourself a victim of Soltechx scam, let us know. Our chargeback specialists have experience dealing with scam firms and will be glad to assist you with the refund.
But What Is A Chargeback?
A chargeback is how your bank can recover funds from the merchant. Since time is of utmost importance with the monetary transactions, we advise you to contact us ASAP so that we can start the procedure now. Book a FREE consultation and let’s discuss how to recover your money right away!
What Is Soltechx?
Soltechx is an offshore forex and CFD trading provider without regulations.
Is Soltechx A Scam Broker?
Soltechx is a brand owned by notorious Max LLC, blacklisted in Switzerland and the UK.
Is Soltechx Available in the United States or the UK?
The broker is available in both the UK and the US.
Does Soltechx Offer a Demo Account?
No, Soltechx doesn’t offer a Demo account, only Live accounts.