SolidusX Review – Shady Conditions At Best
SolidusX Review, One in a sea of offshore registered companies. SolidusX as well is registered in St. Vincent and Grenadines. The ownership of this trading brand belongs to Digital Genius Group Ltd. However, they are in business for less than 2 years. We can that they didn’t establish such a reliable and trusted environment for traders.
But if you will say the same, we will find out after you read our latest SolidusX review. After all, it won’t cost you to check our NovatechFX and FinanceCapitalFX reviews for more clarity about the trading world.
|Digital Genius Group Ltd
|St. Vincent and Grenadines
|From 6 pips on Majors
|Average 4.6 on Trustpilot
SolidusX Regulation and Funds Security
What attracted our attention is primarily their headquarters country. St. Vincent and Grenadines (SVG) is not issuing trading licenses for a long time. So, practically all FX and CFD trading companies should opt for other licenses. Mainly from countries where they operate. Therefore, we are checking the Tier 1 list of regulators. Some of the institutions on the list are FCA, BaFin, ASIC, and CONSOB.
In this case, already after the first check-up, we found proof of this investment scam. Firstly, the SolidusX scam broker is not on any of those lists, except for the FCA warning list. In general, any company offering trading services in the UK must have an FCA license—or at least Temporary Permission Regime (TPR). Since SolidusX trading company doesn’t have it, they earned an award. The award-winning scammer of the month.
Even though they have a high overall rating, almost 10% of SolidusX reviews confirm such a thing.
Trading Platform Overview
Many licensed brokers will tend to offer trusted software. Perfect examples are Meta Trader and cTrader. Both platforms have many advanced features but also lightning-fast executions. On the other hand, the SolidusX broker scam is nowhere near it. Their proprietary platform offers only basic software with calendars, news, and trading journal.
As for the technical part, you can only enjoy mandatory features for any software. But if you were looking for social or copy trading you are at the wrong place. As for the mobile apps, the SolidusX platform is available for both platforms iOS and Android.
Thus, 500+ downloads on PlayStore tell you how reliable and widely used this app is. While Meta Trader has 10M+ downloads.
SolidusX Account Types Offered
What makes this broker less favorable is their account type transparency. Or lack of it if you like. Also, their minimum deposit requirement is higher than the industry average. Generally speaking, nothing that licensed brokers can’t offer. Those account types are:
- Tyro $500
- Optio $2.500
- Primus $25.000
- Centurion $100.000
- Legatus $250.000
The only difference is in the unconventional account names. Thus, benefits remain the same as with any other offshore scam broker. Every account after Tyro has variable spreads. But as expected, not clarified how big. The only promoted benefits are regarding webinars and market analyst assistance. Have in mind that only a licensed broker is authorized for such things.
Deposits and Withdrawals at SolidusX
Important to realize is that the SolidusX broker doesn’t have a transparent funding policy. Only through the AML laws and policy, we could find what potential options are. As it seems, they accept only credit cards and wire transfers.
In the legal documentation, we can find a few rows about withdrawals. All withdrawals are processed within 24 hours. But the company deserves the right to review every withdrawal. This is fine, but to decline a withdrawal for numerous reasons that’s not acceptable. The suspicious part is that they decide if you comply with AML laws or not. Therefore, they can make up any excuse why not to approve it.
For this reason, we can’t trust this broker. Moreover, SolidusX broker reviews claim exactly what we just explained. Non-experienced traders should keep their patience and look for another broker. While experienced ones already know this is an illicit scam.
Methods Used to Commit the Scam
Besides shady trading conditions and withdrawal policy, there is a software scam. Primarily they will attract you with some offers about quick money schemes or algorithms. Since this is not a regulated broker they can put any statements they want. But they don’t need to comply with it.
As shown above, once you want to make a big withdrawal they have the right to stop it. They will make up reasons like invalid documentation or some other nonsense. But even if you provide it, they are running a proprietary platform. To be honest, not every proprietary platform is bad. But it leaves enough room for a company to manipulate data. Therefore, in a blink of an eye, the money can vanish.
This is exactly what scam brokers are using as their last hope to extract more money from you. But then it’s too late. Firstly, traders realize they are scammed. Secondly, they don’t want to deal with it again. IF this broker stole money from you, feel free to get in touch with our fund recovery team. They can advise you on any further steps on how to recover the funds.
- Unregulated trading company.
- SolidusX is on the FCA warning list.
- Untrusted trading software.
- Lack of trading conditions transparency.
- Poor withdrawal and funding policy.
- The potential that the broker is manipulating reviews.
FAQs About SolidusX Broker
Is SolidusX a Trustworthy Broker?
No. They need the regulations and fund protection measures that licensed brokers have.
Is My Money Safe at SolidusX?
No. SolidusX trading company has a poor withdrawal policy and a lot of negative reviews.
What Are The Funding Methods for SolidusX?
Poor legal documents reveal that only credit card and wire transfers are available.