Are you a forex trader? Looking to trade with Spotyfx forex broker? Before you do exactly that, carefully read complete Spotyfx review to know about this platform.
This content promises to share helpful review to support clients/traders in making the right decision.
About Spotyfx
Spotyfx also known as Spotyfx.com is an offshore brokerage company owned and operated by NVC LLC with a lot of promises for forex traders. Here, the broker’s registered address shows St. Vincent and the Grenadines.
What is more, the brokerage offers different account types. See below
Further, the broker offers different instruments like forex, stocks, commodities, crypto, bonds and indices. Also, it presents a zero spread difference in Buy/Sell.
See section below
Deposit and Withdrawal
Spotyfx Minimum Deposit:
Spotyfx deposit is indicated $250 according to the account type. In contrast, a licensed FX broker clearly spells out its regulation and license credibility with no string of fraud, and clients can start trading as low as $100 with the assurance of their trading funds.
As for the funding methods, the broker shows us deposit options like credit cards, bank transfer and e-wallet.
For your knowledge and security, offshore brokers are commonly known for accepting crypto currencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!
Won’t you rather trade with a licensed and legit broker? Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK, ASIC in Australia, NBRB in Belarus, CySEC in Cyprus as well as IIROC in Canada which makes client funds safe. They accept traders worldwide…visit their official website
Spotyfx Platform:
Spotyfx platform only offers web based trading platform with no mention of MT4 or MT5 (Industry standard trading platforms). Many scammers have trading software to fool their victims that their money is being invested.
The good things about brokers with MT4 or MT5 are the features of real-time quotes, financial news and various FX and stock charts, as well as algorithmic trading sessions with the help of specially designed trading bots, called Expert Advisors.
As for Spotyfx leverage, it can get up to 1:1000. This is not a level that you see with regulated brokers. Trading with high leverage allows higher profits, however, it equally increases the risk of sudden and excessive losses. All leading regulators limit leverage for retail traders. In the EU, UK and Australia the maximum permitted level is 1:30 and in the US it is 1:50.
Truly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Why Spotyfx.com Is A Suspicious Forex Broker
First of, Spotyfx.com has no financial authority overseeing its financial services. We believe this broker is not worth your money because Financial Services Authority SVG does not monitor or regulate brokers. Take a close look at their warning.
In addition, the platform does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are drawbacks for forex traders to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Spotyfx Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
COMPARE WITH A TRUSTED BROKER
Fortrade
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
Verdict:
Spotyfx forex broker located at Spotyfx.com claims to be a genuine trading broker, howbeit, that cannot be verified. From indications, we would advise traders to steer clear from this broker as it likely a platform run by scammers. Thus, we urge our readers to rely on regulated brokers like this or any licensed entity.
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Read earlier reviews on Ukbtc, Forextimeprime brokers
