Spotinvest Review: Can You Trust Spotinvest.Com?
Spotinvest is owned and operated by a company with the same name – Spotinvest Inc. The broker’s website makes bold claims about Spotinvest being licensed and regulated for global trading.
Live support is multilingual and available 24/5. Premium trading tools and features are supposedly free. All deposits and withdrawals are processed lightning-fast.
Any kind of regulation is missing completely, as a matter of fact. No legal proof is given on the site. Atop of that, Spanish financial regulator – CNMV has issued a warning against Spotinvest.
|Address||James Street, Kingstown, St. Vincent, and the Grenadines|
|Phone||+1 306 805 9112 +44 7458 682596+34 930 302 752|
|Leverage||Up to 1:50|
License and Fund Security at Spotinvest
Spotinvest is an offshore fraud based in SVG. The jurisdictional regulator there, SVGFSA makes it clear it does not regulate forex trading brokerage activities.
Meaning brokers are not licensed in St. Vincent and the Grenadines. That is the main reason why frauds and phony brokers register their companies in this so-called scammer haven.
Since it isn’t regulated in SVG, we have tried to check if Spotinvest was regulated by some other financial authority.
For this very reason, we have checked the databases of other regulatory bodies like FCA, CySEC, ASIC, IIROC, AMF, BaFin, CNMV, and CONSOB.
What’s worse, while checking with CNMV, we found a warning issued against Spotinvest, not a license! The warning makes it clear that Spotinvest is not authorized to provide investment or ancillary services, including foreign currency transactions.
This concerning fact is proof that Spotinvest is not regulated and should absolutely not be trusted with any investments.
Regulated brokers provide extra security measures for users’ funds. All investments are kept in segregated bank accounts, customers are protected from unwanted and unexpected losses by risk-reducing strategies.
Companies operating in the EEA comply with MiFID to ensure transparency. Spotinvest, being unlicensed, does not operate in the legal framework and does not comply with any rules.
Overview of the Spotinvest Trading Platform
Despite advertising the genuinely functional trading platforms rich in features – MT4 and MT5, Spotinvest simply does not deliver.
After opening an account users can access a web-based demo version of MT5. It is painfully obvious that this terminal provides far fewer features and the advanced functions are missing. The trial version cannot be relied upon to bring the expected trading experience.
There is a download link for MT5 provided by Spotinvest. Looks like a demo version linked from the developer’s site.
The download is also available for Teamviewer and Anydesk. Do not install these on your device under any circumstance! Phonies tend to use the remote control to steal your information.
Deposit and Withdrawal Procedure
The minimum deposit Spotinvest requires for the Basic account is €250. A variety of payment methods are available for funding your trading accounts.
However, the trading area where deposits are made suggests you have to contact the site administrator first. Exact methods of depositing accepted remain unclear.
The same situation is with withdrawals. No clear deposit/withdrawal policy. It’s unclear if there are any fees and commissions either. The only detail given is that the minimum sum for withdrawal has to be $100.
How Does the Scam Operate?
Some basics of a scamming scheme operating similarly to Spotinvest are promises of quick profit with minimum effort, bonuses, no trading costs, and reliable software. These have nothing to do with the grim reality and the fact that frauds only use these advertisements to steal your investments!
If you happen to eventually decide to request a withdrawal, the scammer’s real face will show. Fees, commissions, trading volume requirements, and additional documents can all be forced on you for the withdrawal to be processed.
All that is for the purpose of delaying the withdrawal further and wasting more of your time and money!
Our review has shone some light on an illegal offshore brokerage activity going behind the name of Spotinvest. You can easily do it by checking the registers of the leading regulators.
Investing with licensed brokers is far safer. Their secure and healthy trading environment will help you build your trading strategy. By investing with a trustworthy broker you can actually make your way to achieving profitable results.
FAQs About Spotinvest Broker
Is Depositing with Spotinvest Safe and Secure?
Investing with Spotinvest is not safe, because this broker is not regulated and cannot guarantee the safety of funds.
How Long will it Take to Process my Withdrawal Request?
Spotinvest does not have a clear policy on deposits and withdrawals so that detail remains hidden.
What Is the Minimum Deposit for Spotinvest?
The minimum deposit with Spotinvest is $250.