Broker Name: SoloFXB
Broker Type: forex, CFD
Operating since year: 2018
Broker status: unregulated
Trading platforms: MT4
Trading platform Time zone: N/A
Demo account: N/A
Mobile trading: yes
Web-based trading: yes
Other trading instruments: N/A
Minimum deposit ($): 250
Maximal leverage: 1:200
Scalping allowed: N/A
- General Information
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- Assets and Trading Instruments
SoloFXB review, introduction
SoloFXB is a company that offers services in Forex and for CFDs. As far as we know about the company though, things are not good. It seems that there is a high chance of it being a scam. There are alarms bells all over the place, really.
The most unfortunate aspect may be the lack of regulation. This is always a problem for any broker. Even if a broker is brand new, they should seek out a regulator as soon as would be possible. This would signal to people that their services are legitimate. Without it, who knows what a broker does. Their service could be incredibly poor, to the point where no regulator gives them any help. Another, more sinister, possibility would be a scammer. Here, this seems to be the more likely situation. Why do we say this? Well, it is the lack of regulation in combination with another few characteristics we will mention.
Part of the problem is the fact that it is an offshore broker. These types of brokers are highly anonymous. There are also no real identifiable people you can identify on the platform. No professionals to contact directly. This anonymity means the company can easily sever their ties with you at any moment. There is no-one you can keep accountable when things go wrong.
They also have automatic trading software. This further points to their anonymity, as you do not talk to any real individuals to trade. This kind of software can also mean that this may be just one part of a number of scamming schemes.
The combination of the lack of regulation with the anonymity and their software makes them possibly quite dangerous. It is quite unlikely that your donations will be protected from any possible scamming. If they do swindle you, it’s nigh impossible to point to anyone who you can get your money back from. They will likely be long gone.
How would such a company scam you?
SoloFXB’s main concern seems to be getting customers to sign up with them. This is how they make contact with a potential victim. Once, they do this, it is quite likely they will contact you soon after. Here is where you should start to worry. When they contact you, it is likely they will ask for a small deposit. Just a tiny sum to get you started. Even if you do resist at first, they do have their ways of convincing people. They can tell you just how much you could profit. They could also offer potential bonuses.
This is all an attempt to coerce you, however. Do not listen to their account type packages or anything. They are only really saying there is a difference between account types. In fact, the only real difference you may come across is the initial deposit. In this way, with higher accounts, they can convince you to deposit even larger sums. They will convince you with promises of much greater conditions for your trades, but you should be wary.
It is highly inadvisable to give such a company your money. What’s more, under NO circumstances should you make your credit card information obvious to them. Be discreet and attempt to avoid any offer they would give you. Preferably though, you would not have even signed up for their services.
Getting away from SoloFXB as soon as possible
Any deposits you may have with SoloFXB, you should withdraw immediately. It is only a matter of time until the company takes your money and runs. As we said before, their anonymity makes this easy for them to get away with. You should, however, try to be honest with them. If you are, and you act quickly, they should not refuse any withdrawal you may want to make.
It’s quite likely that you will not get your money back straight away. They will keep delaying until you lose patience, stop caring, or forget. More importantly, after a period of six months, you do not have the legal grounds to demand your money back. This is why you should try to pressure them as much as possible. If you have given them official information from your account, act quickly. Any contract you may have signed may give them the power to really exploit you. Try to get away from the scam quickly. If need be, and they do not comply with your requests, call the police.
Avoid this company completely. Do not even let them get the chance to contact you. That is how they get their hooks in. Do not sign anything or give them official information. If you have, withdraw your funds as fast as possible. This business is most certainly a scam. This is why we recommend no-one uses their services.
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