Solitix FX (solitixfx.com) claims to help bridge the gap between retail traders with institutions. The platform also claims to be Africa’s largest and most convenient liquidity provider. Based on their phone number, the platform seems to reside in South Africa. Ask any trader in the region whether they have heard of SolitixFX; none has. So we have an unknown platform heaping praise on itself without tests from traders. Here’s our clear SOLITIX FX REVIEW.
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The platform boasts of not being your typical broker. Instead, we have a platform basing their resilience on their DNA. Yet, there’s no credible background and history of the broker anywhere on the website. And this is a problematic feature.
You would expect the platform to introduce itself with its history. Not Solitix FX, as it fails even to list their physical location. We have a platform claiming to offer over 1700 trading instruments and low spreads of 0.6 pips.
Once you land on the homepage, we have to give it to them for coming up with an engaging website. Sadly, the platform fills the entire website with loads of information. A more straightforward way would be to engage clients with engaging information.
You have to sieve through hundreds of literature on the platform. Navigating through the platform is not an easy task. First, you must go over the website for two hours to learn more about the features and services.
Don’t get us wrong, and the website has an appealing design. And that’s what we commend the designer for. It’s a platform that genuinely looks professional to the naked eye. However, after taking a closer look, you start seeing the loopholes.
These are the features that make investing with solitixfx.com a high risk. The platform has risky features such as high leverage. In addition, the platform offers bonuses on the student account to make it look appealing.
Experts will recommend you do due diligence before signing up with any platform. That will help you become a better investor and trader. So protect your interest and join platforms backed and tested by the forex community.
There are four trading accounts to choose from with the Solitix FX account. These include Student, ECN, Standard, and the Bonus account. Depending on which account you go for, each has a different set of features.
Here’s a closer look at each of these accounts;
Student
Luckily, there’s no minimum deposit set for this account. You can even deposit $10 and get started. Members, however, don’t enjoy much in terms of features. For example, there are no commissions available with leverage starting at 1:500.
ECN
Members have to make a minimum deposit of $3,500 to get started. After that, there’s a commission quote of $10 minimum. You don’t get a bonus with the ECN account; leverage is 1:300. Spreads are floating at 0.2 pips.
Standard
Traders have to deposit $10 to get started. Leverage starts at 1:500 with floating spreads of 1.2 pips. You don’t get to enjoy any bonuses or commissions with the standard account. It’s similar to the student account; the only difference is the set floating spreads.
Bonus
The bonus account has a minimum set requirement of $100. You get floating spreads starting from 1.9 pips. Leverage is 1:300 with bonuses available and no commissions. All accounts have a demo version available.
The platform fails to offer any business registry documents. Instead, we all get a license number with no certificate to prove it. For all we know, the platform could have used a random number as its business registry.
No such name is available on South Africa’s Company register database. And that makes the platform anonymous. You would expect a legit company to have the profile of founding and staff members.
The problem with anonymity is there’s no way of recovering funds. Furthermore, the platform fails to get any valid license. As a result, recovery agents and regulators can't go after the owner.
A quick search of the platform will reveal what other independent reviewers think. That’s one way of knowing what to expect with the platform. Unfortunately, we have a platform failing to garner positive reviews from users.
Most users who have signed up with the platform are crying foul. The main problem is the platform blocks withdrawals from time to time. So there’s no instant withdrawal as you expect from a legit trading platform.
The platform fails to offer direct means of communication. For example, you would expect the platform to provide live chat on their website. Unfortunately, that’s not the case, as the platform limits communication to emails and WhatsApp.
Even with the listed phone number, it rarely goes through. Once it does, the receiver will take your contact and claim the right broker will contact you. The scam starts with calls urging you to deposit a large amount.
There are several deposit channels listed on the platform. These include bank and wire transfers. After depositing funds in your account, expect to see the balance reflect on your dashboard within 24 hours.
Withdrawing funds from the platform will be the biggest obstacle. As indicated earlier, the platform blocks withdrawals from time to time. Unfortunately, the platform fails to mention or give a valid reason for this.
Solitix FX is not a compliant trading platform and does not offer meaningful services. Without compliance, it means your funds are at risk. Unfortunately, the platform claims compliance and fails to prove it by uploading compliance certificates.
With an unregulated platform, there’s a high risk of introducing harsh trading conditions. These include high leverage that no regulator would accept. The standard maximum leverage in all jurisdictions is 1:100.
Kindly check with regulators to confirm whether a platform is compliant before signing up. The world’s best regulators include ASIC, BaFIN, CFTC, CNMV, CONSOB, and CySEC.
Others include FCA, FINMA, NFA, and the SEC. Regulators work to ensure there’s a level playing field for all parties. Liquidity providers and traders alike have to follow the strict legal framework set.
There are four trading instruments available on the platform. These include cryptos, forex, indices, and shares. The platform pairs leading cryptos against each other and major currencies. You only get to trade major and minor pairs on the platform.
Some of the indices available include those from North America. These include DAX, Dow Jones, NASDAQ, and S&P 500. Shares are from all sectors, including aviation, manufacturing, tech, and textile.
The platform offers an MT4 trading terminal, one of the best in the world. Sadly, even after using this terminal, traders won’t enjoy the profits. The platform will block withdrawals at the end.
There’s also a referral program available. However, don’t partner with the platform, as it only looks to take advantage of your connections.
Please stay away from solitixfx.com.
NB: Start smart investing with cryptocurrencies.
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