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Is SpotyFX an investment scam? Yes, Spotyfx.com is a scam that will block members from withdrawing funds. Here’s our complete SpotyFX Review for more.
After hundreds of complaints reached our help desk team, we decided to take action. And that led us to investigate why SpotyFX is getting such bad press.
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SpotFX is why we do this: to expose scams and ensure naïve traders avoid such brokers.
The broker refuses to respond to queries, making it impossible for members to recover funds.
You, too, can fall victim if you don’t know how to spot crypto and forex investment scams. We are here to help.
Before engaging with any broker, you need to do due diligence. Try and find out what makes the broker tick.
Before committing funds with the liquidity provider, you must weigh the pros and cons. Here’s how to evaluate a broker using spotyfx.com as an example.
About SpotyFX
The broker claims to be a market leader in furnishing members with unique and straightforward trading experiences.
That’s a load of bull, especially for those who now know the broker is a scam. The broker starts off looking professional with the presentation.
Don’t just fall for the presentation and overall look of the website. First, you have to ascertain the broker is legit and offers fair trading conditions.
You have to weigh the broker using these features
- Advantages and Disadvantages
- Fair trading conditions
- Withdrawals
- Safety of funds with the broker
- Is the broker licensed to offer liquidity services?
The broker claims to dedicate the platform to ensuring traders succeed. NVS LLC is the entity listed as the owner of the platform.
And the registration jurisdiction is St. Vincent and the Grenadines. So that means you are first dealing with an offshore broker.
The problem with offshore brokers is they don’t follow strict trading guidelines. That includes failure to insure deposits placed by traders on the platform.
And this gives these brokers leeway to operate as they wish. And that’s the case with Spoty FX, as the broker doesn’t offer much in terms of fair trading conditions.
Advantages and Disadvantages of SpotyFX
There are no advantages to dealing with this broker since the withdrawal is a major problem. However, a legit broker allows instant and same-day withdrawals.
To weigh the broker’s pros and cons, you need to research them. Find out the experience of other traders on the platform.
That gives you an idea of what to expect from the broker. And there’s no positive comment you will find of the broker.
A quick search of ‘SpotyFX Review’ shows several independent platforms listing the broker as a scam.
And that’s one way of finding out what the crypto and forex community thinks of the broker. So with that, you already know how the broker behaves.
Here’s another way to look at online brokers regarding the features provided.
Accounts and plans spotyfx.com
SpotyFX offers members five trading accounts depending on their level of expertise. These five accounts include micro, standard, pro, VIP, and Infinite.
Here’s a closer look at each of the five accounts;
Micro
The minimum allowed deposit with this plan is $250. Leverage starts from 1:200, which is high considering regulators prefer 1:100.
Spreads start from 0.8 pips, with members getting a bonus percentage of 20.
Standard
For the standard account holder, there’s a minimum allowed deposit of $5,000. Leverage is also the same as that of the micro account holder.
Spreads start from 1.5 pips, with members getting a promise of making a 30 percent bonus.
Pro
Pro account holders must deposit $15,000 with the set leverage double that of micro and standard traders. You get leverage of 1:400 with this trading platform, with spreads starting from 1 pip.
Members also get a 50% discount bonus and an interest rate of 5 percent of the deposit.
VIP
$50,000 is the acceptable minimum deposit with this plan. Leverage starts from 1:500, with bonuses set at 100%.
The broker also promises bonuses of 15,000 at the end of each fiscal year. Automated trading is available, with members earning a 7% interest rate.
Infinite
It’s the most exclusive account of them all. Members must deposit $100,000 with the leverage set at an all-time high of 1:1000.
Members get automated trading and signals from robots programmed by the broker. There’s a 10% interest rate earned with this plan.
Account features and setbacks
The main setback with these accounts is the high leverage set against trading regulations. High leverage puts your trading position at risk.
Only the broker and the platform can take advantage as they earn commissions either way. Bonuses earned by these accounts are another red flag.
The broker claims members will receive earnings and dividends with the last two accounts. But unfortunately, no trader has received any of the listed ‘goodies’ on the platform.
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Bonuses on offer
These bonuses may appear lucrative and engaging to traders who want to have a huge bonus going in.
The play here is that the broker entices trades to make huge deposits hoping to get high bonuses. But, of course, that will not happen, as the broker eventually blocks withdrawals.
Compliance, License, and Regulation SpotyFX
SpotyFX is not a complaint or regulated forex broker but a high-risk investment option.
The broker fails even to get a license from offshore regulatory entities such as that Mauritius or the FSA.
You must engage with brokers who offer liquidity services from reputable regulators. These regulators include ASIC, BaFIN, CFTC, CNMV, CONSOB, CySEC, and the FCA.
Regulators work to ensure all parties adhere to strict trading guidelines. However, the broker doesn’t have the legal framework to offer trading services.
Deposit and withdrawal options
There are several deposit and withdrawal options available on the platform. These include bank and wire transfers.
Some members will get email notifications with claims they can deposit via crypto if they have wallets.
The broker intends to remove all proof of depositing with them thanks to crypto’s anonymous nature.
Withdrawing funds from SpotyFX is the biggest obstacle facing members. However, no member has made any withdrawals for the past few weeks.
How the broker scams naïve traders
After depositing with the broker, the trading platform is more of a demo account. The broker allows you to trade and watch as the results reflect your trading balance.
When members hit the withdraw button, the broker emails them how to withdraw funds. Usually, they direct users to an account manager.
The manager will insist you add more funds to withdraw part of the sum. And that’s another way of taking your last penny.
The broker deletes your account credentials.
Safety of funds with SpotyFX
There’s no safety of funds guarantee with this brokerage platform. In addition, the broker fails to offer insurance coverage for deposits made by members.
And this is why spotyfx.com is a risky forex trading platform.
Verdict on SpotyFX
Please stay away from the broker.
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