Is SpotFN a Scam?

Last updated: December 13, 2016

Summary

Is SpotFN a Scam or is it a Regulated Broker?
Read 100% Honest & Detailed SpotFN Review.
Complaints and Withdrawal Issues – See Below!

Read Full Review

Details

Broker SpotFN
Official Website URL www.spotfn.com/
Address 25 Old Broad St London EC2N 1PB UK
Support Number +1 888 977 6836
Support Types Live Chat, Phone, Contact Form, E-mail
Minimum 1st Deposit $250
Minimum Trade Amount $5
Payout 80%
Free Demo Account Open Demo
Deposit & Withdrawal Methods Credit/Debit Cards, Bank Wire
Number of Assets 50+
Account Currency USD, GBP, HKD, ILS, EUR
Overall Score 4.8/10

Full Review

SpotFN seems to be a rather new broker, opened in 2010, for which there is very little on the Internet. We find this a bit strange, taking into consideration how popular this industry is, especially in the EU where this binary options broker is situated. SpotFN’s Head Quarters are in London, UK, but they have satellite offices in other countries, too.

The platform this UK broker is using is Spotoption i.e. nothing new to see here. Although, to traders who are not so adaptive to change or high technology, it may be an advantage.

spotfn trading platform

Also, SpotFN’s number of assets is kept right at mediocre! Especially the number of stocks is very disappointing—only 19, when most good brokers sometimes even offer more than 40. Here, the total number of assets is close to that number—58. These days most respectable brokers offer more than 100. Obviously, it is not obligatory for a binary options broker to have that high of a number of assets in their list, but it certainly does make you less competitive.

Another irregularity is that SpotFN offers Pairs trading, but the pairs are not listed in their asset index and their live chat pops open all the time for no apparent reason!

However, the London-based broker does offer 10 types of trades a client can make, which deserves a nice pat on the back!

SpotFN Withdrawals

spotfn-logo_400x400The minimum amount you can withdraw is $100. Any attempts for a withdrawal which is bellow that amount will not be processed.

In order to qualify for one, you need to fill out a withdrawal request, which you can find by clicking “my account” and then on “withdrawal.” Then, you need to present SpotFN with copies of some documents in order to verify your identity and address. You need to provide them with copies of your cred/debit card (if you used one to deposit), copy of ID and a credit card authorization form.

All funds are usually restored to the original source you deposited in. If that is a debit/credit card, it will be for free. If you want a bank transfer, SpotFN will charge you $25 for each withdrawal.

According to the binary options broker, once all of your documents are sorted, processing your withdrawal may cost them up to 3 business days and take up to show up in your account.

SpotFN Complaints

We roamed some forum all over the Interned and indeed we found some disturbing comments. We remind our readers again that the content of comments is always to be second guessed!

However, most of the complaints we found were regarding people having a really hard time getting their money back, of having to go through many e-mail exchanges and excuses to have the issue resolved.

Also, we have the understanding that some clients of SpotFN feel like they had their trades purposefully marked out-of-the-money when they were clearly supposed to be winning trades. This automatically sets out Scam red light on!

Is SpotFN Legit?

SpotFN is not a regulated broker, we can tell you this much! They are not CySEC regulated. I made an inquiry on their live chat about it and I was told that they are not indeed regulated, but they follow the financial guidelines! I did not receive any further clarifications!

SpotFN Bonuses

SpotFN offers sign up bonuses to their clients. The general rule is in action here, too—the bigger the account you choose to open, the bigger the welcome bonus you will get. The biggest bonus you can get with SpotFN is $5000, which is not that much. Most brokers offer to their VIP clients a 100% trading bonus!0

The turnover, however, is standard. To be able to withdraw your bonus, you need to trade its value 30 times over!

4 Responses to “Is SpotFN a Scam?”

  1. juan luis comez May 9, 2016 at 6:04 pm

    HE PADECIDO LA EXPERIENCIA FRAUDULENTA DE INGRESAR EN SPOTFN.ES Y ES UNA GRANDISIMA SCAM-ESTAFA.

    ME CONVENCIERON PARA QUE EFECTUARA DOS INGRESOS DE MIL EUROS CADA UNO, DOS MIL EUROS QUE OBVIAMENTE PERDI.

    CUANDO INTENTAS EFECTUAR RETIRACIONES , TE IGNORAN, Y LUEGO TE DAN DE BAJA UNILATERALMENTE.
    ALERTAS, PORQUE SON UNOS ENDEMONIADOS ESTAFADORES

  2. ricky dixon May 16, 2016 at 12:35 am

    I have a account with them but have not been able to get on their website. I understand now that they do not accept USA accounts anymore .SO my question is what happened to the money in my account. I WAS RIPPED OFF IS MY GUESS.Is there any way to get my funds back. I HAD OVER 1400 $ IN MY ACCOUNT.

  3. rusty Nails May 19, 2016 at 2:59 am

    I too have an account with spot fn and want to discover how to get something back from them. Have you found anything about retrieving funds from these crooks?

  4. Connie Brawne July 16, 2016 at 8:00 am

    They took $3000 from my husband account without permission and get it back was a nightmare.

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