If you take a good look at SpotyFX, you might mistake it for Spotify. If your broker sounds trustworthy, there’s a higher chance you will listen to their offer.
In addition, they can convince you to be a part of the same group of companies, building their credibility. And these things are done intentionally.
Let’s go through this honest SpotyFX review together and see why this shouldn’t be your primary choice for trading.
SpotyFX broker resembles a genuine trading company. We have quite a solid website with plenty of information regarding the trading process, account types, and even company details. If you look carefully, you’ll notice one crucial thing missing – SpotyFX regulation.
The brand is owned by NVS LLC, registered in Saint Vincent and the Grenadines in March 2022. However, SVG doesn’t have a license provider for Forex and CFD brokers, which is why companies show up like mushrooms after the rain.
According to an FSA directive from 2021, brokers can register their business but must obtain a license in the country of service.
Furthermore, the firm offers leverage of up to 1:1000, directly opposing the ESMA cap of 1:30 for retail traders in the EEA zone. Your funds are at risk. Since this is the case, we’d like to invite you to share everything you know about the firm, and we’ll do our best to urge the authorities to react.
SpotyFX is an online trading brokerage based in Saint Vincent and the Grenadines. The company has no license and provides unauthorized financial services.
SimilarWeb results show that SpotyFX has quite a significant number of visits, over 30K per month. Our research shows the majority of victims are from:
In addition, SimilarWeb shows the site’s popularity in Greece and Kazakhstan. The domain SpotyFX.com was registered on the 23rd of August, 2022, and the firm already has many victims.
We found a number of negative SpotyFX reviews, mainly indicating withdrawal issues. At the time of writing, the company had only 2 Trustpilot comments, both of them negative, giving the firm a 1-star rating.
These people, as well as others online, say that the company doesn’t allow payouts and will stop all communication once you submit a withdrawal request. It’s a significant issue since the only reason for investors to get involved with a brokerage house is to earn profit and withdraw it to their bank.
Once again, we remind you that SpotyFX is unregulated, and you cannot count on regulatory assistance. You can, however, share your story and urge authorities to start an official law enforcement investigation.
SpotyFX trading platform is rather unimpressive. It’s a basic WebTrader with an overview of markets and trading news. Besides the option to deposit more funds, this trading software has no other features.
Instead of gaining access to an advanced investment platform where you can apply various strategies and research the market properly, all you get is an improved version of a TradingView chart.
This company doesn’t offer access to any third-party apps like MT4, MT5, or cTrader. With MetaTrader, you’d get terrific software with a broad range of TAs, while cTrader is the best browser-based software you can find.
Since the platform is based on the web, there are no mobile apps. Not for Android or iOS. Both platform users need to log in from the mobile browser and wait until they reach their trades.
It causes unnecessary delays and is shown to be rather impractical, which is why tech giants such as MetaTrader have developed apps.
Upon reviewing the offer of tradable assets, we can say that SpotyFX has quite a decent selection. Customers can choose between:
However, it’s worth mentioning that unlicensed offshore companies have no approval to solicit investors or offer any market instruments.
The spread is pretty high, starting at 3 pips for EUR/USD pair. On the other hand, we don’t have any further fees explicitly listed.
Therefore, we don’t know how much you will have to pay and for what; you can be overcharged and have no right to complain.
Let’s look at all five SpotyFX account types and their benefits.
So, the leverage ranges from 1:200 to 1:1000, way above any regulatory limit. In addition, the firm offers various bonuses that are later on used to prevent clients from withdrawals.
If you want to withdraw the profit made from the bonus sum, your request won’t be approved, according to T&C. So the weight of proving which funds were used lies on you, and your odds are not looking great.
Once you register an account, you can review the platform but from a Live account. SpotyFX Demo is not enabled. Instead, you will need to deposit the money first before testing the system and deciding on the broker quality.
This is a typical tactic to push you into investing. Once you fall, you will realize the harsh truth – your broker doesn’t allow withdrawals.
If you’ve invested with SpotyFX, you may be convinced that you cannot get your money back. The brokerage mainly demands crypto deposits, and the employees have convinced you so far that digital coins are irreversible.
SpotyFX is an offshore scam you should avoid. If you already fell victim, don’t hesitate to contact us for help with the refund procedure.
No, SpotyFX doesn’t offer its clients a risk-free Demo account.
The company requires a minimum deposit of $250 to start trading on the Live account.
SpotyFX is an offshore scam you should avoid. If you already fell victim, don’t hesitate to contact us for help with the refund procedure.
No, SpotyFX doesn’t offer its clients a risk-free Demo account.
The company requires a minimum deposit of $250 to start trading on the Live account.
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