Solix Group Review – Don’t Fall For False Promises
With statements that the company comes from Sweden, traders might be even attracted by that. Since 2018 they are running this suspicious business without any warnings from regulators. However, there are many discrepancies about their activities that we will discover in our Solix Group review.
|Solix Group AB
|Average 3.5 on Trustpilot
Solix Group Funds Safety and Regulation
Generally speaking, traders don’t trust anymore any company that is without a license. No matter what kind of services or promotions they offer, that’s all fictive in many cases. Since we know at least where they are coming from we are checking primarily domestic regulators. In Sweden that is Finansinspektionen (FI).
Unfortunately, the research of the company didn’t bring up any results. Not to jump to conclusions we checked other Tier 1 regulators as well. For example, BaFin, FCA, CONSOB and CNMV. Thus, the results were the same. With this in mind, you know for sure that the company doesn’t need to comply with any laws. Simply, because of missing regulations.
On top of that, if anything happens you won’t be able to recover your money through legal institutions. Most likely you should opt for experts to get the money out.
Solix Group Trading Platform
Since the company is not a standard leverage trading brokerage, they don’t have presented actual software. How this company makes money for its traders remains mysterious. All the packages require traders to deposit a certain amount of money for a fixed return on a daily basis. Since they are lying about licenses, most likely they are lying about profits as well.
If any broker is so sure about returns on their platform, they would do it themselves. They wouldn’t need your money.
Considering that this company only works with crypto you would expect at least crypto trading charts available. Thus, nothing is to be seen with this scam broker.
Solix Group Referral Programs
Here comes the interesting part. The company mainly gains traders through referral programs. Existing clients are promised commissions in exchange for every trader brought to the company. This is a standard Ponzi scheme where they pay you fictively a portion of the money other people deposit. Once they extorted money from all traders and they don’t get newbies they can easily vanish.
The even worse part is when you realize how much you are paid for the referral. Only 5% commission for direct referral. However, you are not paid in FIAT currency but on your account balance. Which is hardly withdrawable according to Solix Group reviews.
Account Types Available
No broker can promise you fixed returns on a daily basis. With huge market fluctuations, nobody can know what’s going to happen next. Thus, this broker gives fixed returns through 3 packages:
- Economy $50 – $4.999
- Bumper $5.000 – $49.000
- Deluxe $50.000 – $200.000
Returns on these accounts are 10%, 25%, and 80% respectively after 24 hours. Since they are not regular trading companies they don’t have spreads or leverages.
But think about it for a second. You invest now $50.000 and your friend invests $5.000. 25% on his account type is $1.250. From your $50.000 there are nearly 50 traders that could be paid. Have that in mind when you face similar offers in the future.
Withdrawal and Deposit at Solix Group
Another shady aspect of this company is its funding method. The company only accepts crypto transfers. These are irreversible and very hardly traceable. However, for a withdrawal, they can do e-transfers as well. For example, WesternUnion or PerfectMoney.
Thus, the company doesn’t have a transparent withdrawal policy or any information about fees. But without regulation, it’s not surprising that many traders were caught in this investment scam.
Unauthorized Brokerage Scam Methods
Besides marketing campaigns and referral programs, they lure traders on social media as well. Mostly on encrypted platforms like Telegram. Once you join, you’ll be pressured to upgrade to the next level. However, you can’t see the process of making any profits or anything.
After all, once you want to withdraw some bigger money the broker can make up numerous reasons not to allow it. Since there are no transparent terms and conditions you don’t even know in what direction it can go.
Solix Group Summary
Very suspicious company coming from Europe allegedly. But with this in mind, they should comply with European laws and regulations. Thus, they don’t have any. Moreover, funding policies are missing which leaves room for malicious activities. That is indeed confirmed through Solix Group reviews.
Avoid such suspicious brokers at all costs if you want to keep your money safe. Let us know what is your experience with this company. But also contact us if you need assistance in recovering your funds. Our expert team is equipped with CipherTrace software for tracing crypto transfers. Don’t miss the chance to get your money back. Book your free consultation today.
FAQs About Solix Group Broker
How Trustworthy is Solix Group Broker?
A very low trustworthy level is provided by this company that is not regulated anywhere.
Is Solix Group a Legitimate Company?
No. Without a license and with many negative reviews it doesn’t bring up credibility.
Are There Any Hidden Fees for Withdrawals at Solix Group?
According to the Solix Group statements, no hidden fees are coming from their side.