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SpotyFX Review – Don’t This Broker Scam Your Money
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SpotyFX Review, One of the curious facts about scam brokers is that they intentionally make their trading names similar to other, established brands. Most of the time, these firms stick to the fintech industry and copy brokers, banks, and other financial institutions.
So, it is not lost on us that SpotyFX is just a letter away from Spotify. It would be amusing if the people behind the firm intended to copy the streaming platform’s brand.
And despite its claims to be trustworthy and “dedicated to your success” this simply can’t be the case for SpotyFX, as it isn’t authorized by any financial entity to offer trading services.
With this said, read this SpotyFX broker review to learn all about the lies this investment scam has told and make sure to stay away from them. Additionally, we strongly advise you to avoid the fraudulent brokers GLE Markets, Globe Invest Hub, and SolidusX.
|Regulation||Unregulated, Blacklisted by CBR and AMF|
|Headquarters||St. Vincent and Grenadines|
|Broker Type||Forex and crypto|
Is SpotyFX Broker a Scam or Legit?
Spotyfx claims that its website is owned and operated by NVS LLC with a registered address in St. Vincent and the Grenadines. This country is widely known as scam heaven since forex brokerage isn’t regulated there and the financial services providers are not supervised by any authority.
Any company can start operating on the forex market from St. Vincent and the Grenadines without being obligated to follow certain rules or guidelines.
Now you see why the fact that Spotyfx is based there is such a big deal. You simply cannot expect this broker to obey any requirements and you’ll have zero client protection in case you decide to deal with it.
What Options Do Traders Have for Online Platforms?
Spotyfx describes its trading software as “powerful” and “with unique trading tools”. After we registered it turned out to be just an ordinary platform powered by TradingView.
Generally speaking, nothing is interesting to be said about this piece of software. You can trade forex pairs, commodities, stocks, and other assets using simple tools and indicators, but that’s it. Its mobile version doesn’t look good at all and is very inconvenient to use.
So if you have decided to invest in forex, crypto, or shares for example, you better look for a reputable broker who can offer advanced platforms like MT4 or MT5. This way you can easily trade via your phone, PC, or tablet.
SpotyFX Accounts Types
Spotyfx claims to offer five different account types to choose from which include the following:
As for the minimum deposit, SpotyFX set the bar at $250. Honestly is not a lot of money in the investment world, but it is when you are working with an offshore unregulated broker. And what is even worse, regulated brokers will let you start as little as $5 or some even with $0.
Upon reviewing the offer of tradable assets, we can say that SpotyFX has quite a decent selection. Customers can choose between the following:
- Forex pairs
However, it’s worth mentioning that unlicensed offshore companies have no approval to solicit investors or offer any market instruments. So, you should stay away from SpotyFX scams and others of this type.
Deposit and Withdrawal
Spotyfx promises payments via the following methods:
- Wire transfers
- Visa or Master credit or debit card
- Maestro card
However when we tried to fund our account there was a slight difference – there was credit/debit card payment, IpassPay, and some crypto coins like Bitcoin, Ethereum, and Tether.
We certainly don’t recommend investing here no matter the payment method. However, be extra careful when it comes to crypto transactions as they are proven to be 100% irreversible.
How Do I Recover My Money If SpotyFX Scams Me?
Unfortunately, much of the forex trading world is overshadowed by the huge numbers of scammers. That’s why being well-informed is a necessity. Here are some of the available options for scammed traders:
You may contact your bank or credit card provider and file a chargeback, and that’s in 540 days from the transaction, so you have quite some time.
Getting back your money if you have used a wire transfer, or an electronic payment solution can be much harder, but it still is very much possible.
Contact your bank or payment method provider to see what can be done in this situation. But if you have provided the broker with your credit card details, immediately cancel your credit card.
Keep in mind that many so-called “recovery agencies” should not be trusted as well! Such agencies target scammed and vulnerable traders in an attempt to further swindle them into giving away their money.
They will require from you an “up-front payment” to get your money back, but no such thing will ever happen.
SpotyFX is an offshore-based broker targeting people from all over the world. In terms of regulations, it is safe to say they do not follow any, so your funds will not be safe while working with them.
Additionally, they have 2 different warnings issued by regulatory bodies. One is from the Central bank of Russia (CBR) and another one by France’s AMF.
Think twice before taking any risks while investing money and keep in mind that legit brokers will ask for as little as $10 for you to start trading.
Doing proper research is a must if you are new to the world of trading as many phony brokers pop up overnight. Don’t get played by the fairytales they are going to tell you and be careful with your investments.
FAQs About SpotyFX Broker
What Is The Minimum Deposit For SpotyFX?
The minimum deposit for SpotyFX is $250, which is so common with scam brokers.
How Long Do SpotyFX Withdrawals Take?
SpotyFX claims that their withdrawals should not take longer than 2 weeks.
Is SpotyFX a Trustworthy Broker?
No, SpotyFX is an unregulated, scam broker operating without a license and proper regulations.