SpotyFX Review: Do Not Deal With This Scam Broker
SpotyFX is a spot-on scammer. Operated through an illicit SVG entity. The website doesn’t propagate anything but mediocrity. It’s like whoever was designing the web presentation only partially knew what they were doing. Full of contrasting circumstances and half-finished statements, SpotyFX’s website does little to attract new customers.
As of the beginning of 2023, SpotyFX only attracted the attention of financial regulators. French and Russian regulators have marked SpotyFX as a fake Forex dealer providing services without previously obtaining the necessary licenses:
We’re sorry to inform all their investors that the site went out of function soon after SpotyFX earned a place on those blacklists. Stay with this SpotyFX review if you do not wish to get scammed again by SpotyFX or any similar swindler.
|Address||First floor, First St Vincent Bank Ltd Building, James Street Kingstown, St. Vincent and the Grenadines|
+23 456 789 055
|Bonuses||First deposit bonus 20%-100%|
Regulation and Fund Security
How has a small and peaceful place such as SVG managed to become famous in the Forex community? Unfortunately in the negative sense, SVG is known for not regulating and overseeing the brokerage projects in the country.
The jurisdictional regulator, SVGFSA, has entirely stopped licensing broker agencies and has explicitly declared so on their website. Whatever the reason, it has caused an explosion of newly registered scam schemes. SpotyFX is apparently one of them.
The broker doesn’t even attempt to forge a license or claim to have one at all. Our search of several premium registers like FCA, BaFin, CONSOB, ASIC, NFA, and CySEC gave no results. However, SpotyFX still dares to offer its highly risky services, transactions, and trading tools.
Despite claiming to allow good leverage, low-risk trading, exceptional trading platform, and negative balance protection, SpotyFX does nothing but lie. If the service was so perfect and clean, they’d have a license already.
The truth is that SpotyFX does not provide segregation of funds through bank account separation. Trading is extremely risky when the leverage isn’t capped and negative balance protection isn’t installed.
SpotyFX also offers bonuses. Let us just remind you that these are altogether banned in the EU, UK, and AU. Along with the menacing lack of transparency, you have to figure out something is wrong with SpotyFX. ESMA and MiFID do a lot to battle money laundering by enforcing a particular regulatory standard for increased security and transparency. SpotyFX is altogether a liar, a scammer, and an untrustworthy brokerage service.
Trading Software Overview
The laughable lack of features on the SpotyFX trading terminal made us twitch. Since the industry leaders, MT4 and MT5 are the standards you’d compare anything to, SpotyFX web trader is a disgrace. The platform has no practical use, whatsoever. It only serves the purpose of tricking clients into believing fictional trading conditions and non-existent profit.
To avoid being manipulated by a fraudulent wannabe broker, choose a popular, award-winning broker, that’s our advice.
Account Types Available at SpotyFX
Quite cleverly, SpotyFX lures you into investing by presenting some very desirable conditions. Still too good to be true and way too risky for retail trading, SpotyFX didn’t fool us. Still, it was interesting to review the features and options that probably don’t exist, yet the broker tries to sell them to you for a considerable price:
- Micro – $250 min deposit, leverage 1:200, 20% first deposit bonus
- Standard – $5 000 min deposit, leverage 1:200, 30% first deposit bonus
- Pro – $15 000, leverage 1:400, 50% first deposit bonus
- VIP – $50 000, leverage 1:500, first deposit bonus 100%
- Infinite – $100 000, leverage 1:1000, first deposit bonus 100%
Deposits and Withdrawals Procedure
Here we come to the tricky part. SpotyFX promises the safest and fastest money transfers via bank wire, credit cards and unrevealed e-wallets. Dead domain and a dysfunctional site prevented us from opening an account and verifying how funding really works.
We’d advise you to stay away from brokers that aren’t perfectly transparent when it comes to handling your funds. You wouldn’t want your investments to go to waste now, would you? So choose a better broker that respects your privacy and deals with your capital lawfully.
How Is Fraud Carried Out?
Certainly similar to textbook scams, SpotyFX uses bonuses to entrap investors and lock their funds. At the same time preventing you from withdrawing anything, SpotyFX lets you hope you’re accumulating profit while the software is a bogus platform. To solidify your position as their marionette, SpotyFX offers first-time deposit bonuses. These are inevitably the most malicious methods among swindlers.
SpotyFX treats all bonuses as non-deposited funds that aren’t eligible for payouts until you reach the trading volume requirement. That means you have to acquire a certain amount of money, which is usually some unrealistic sum considering the amount you’re obligated to.
Simply put, SpotyFX is not the broker you’re looking for. In many ways, SpotyFX will fail to deliver the expected service and work on using you instead. You’re basically becoming their financial hostage as soon as you invest anything.
With your capital gone and no incoming profit to look forward to, trading here is utterly useless. For that reason, you should know better than to fall for the cheap tricks that SpotyFX uses. We’ve described some of them, but don’t forget to always keep researching and gathering intel.
FAQs About SpotyFX Broker
How Secure is the SpotyFX Trading Platform?
SpotyFX is not safe at all. No regulatory framework obligates them to respect the law and trading standards.
Does SpotyFX offer a Demo Account?
No. As with most other similar scam schemes you will be forced into investing real cash!
Are Payouts Subject to Taxes at SpotyFX?
The broker doesn’t reveal the concrete conditions pertaining to funding. But always expect sudden fees and charges from scammers.