According to SolitixFX, they’re owned and operated by 1st Fintech Capital (Pty) Ltd. This entity is incorporated in South Africa and Solitixfx claims that they’re regulated by the Financial Services Provider under license number 51478. However, the financial regulator in South Africa is known as FSCA, and we’re not able to verify the regulatory status of SolitixFX. This makes trading with the broker a very risky affair.
If you want good brokers who will give you peace of mind and assure you safety of your money, you need to check out this list. Once you sign up and make a deposit, you will also need a good signals provider or automated trading system to make your trading a success.
SolitixFX is a new player in the industry as they’ve been around for less than 1 year. However, we don’t trust new brokers unless under special circumstances where the broker can prove that they treat clients with respect and are actually offering true ECN/STP trading conditions.
SolitixFX offers 4 account types with no minimum deposit requirement. Traders interested in using their ECN account type are however required to deposit at least $3,500.
This is quite unrealistic as good Forex brokers will let you trade in an ECN environment even with as little as $250.
In other words, the broker is saying that they are a market maker or a bucket shop.
If they can suggest that traders on the other account types will not enjoy the benefits of trading in the ECN environment, then it means they can’t be trusted with their ECN account type as well.
Cost of trading with Solitixfx
The broker charges commission and spreads on the ECN account. The other account types only attract floating spreads with no commission.
Floating spreads start at 0.8 pips with the exception of their supposed ECN account type, which attracts 0.2 pips in addition to another $10 commission.
The spreads are not that bad except in their bonus account type where typical floating spreads start at 1.9 pips.
SolitixFX is not a regulated broker
The broker is lying that they are regulated since they desperately want to build credibility which they currently do not have.
This is a common trick used by scammers who run websites such as FX Trading Ltd, AGFX Trading, and Myfxmarkets. When they seem legitimate, people can trust them with big deposits. Consequently, these traders will turn into victims of online Forex brokerage scams.
What to do if you have been scammed by this broker
Such brokers might steal a big amount of money from you and not knowing what to do is something that can stress you out.
If you are a victim, there’s a chance to recover your money the easy way. I assume you can produce proof of you sending them your money and the broker not processing your withdrawals.
If this is the case, utilize the live chat down below to get your money back.
SolitixFX is a scam just like many other dubious brokers floating around on the internet.
You should not trust a broker’s words just because they promise tight spreads and other benefits.
To avoid being a victim in the first place, don’t sign up and don’t deposit any money.