Is SpotFN a Scam?
Is SpotFN a Scam or is it a Regulated Broker?
Read 100% Honest & Detailed SpotFN Review.
Complaints and Withdrawal Issues – See Below!
|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|
|Free Demo Account||Open FREE Demo NOW|
|Deposit & Withdrawal Methods||Credit/Debit Cards, Bank Wire|
|Number of Assets||50+|
|Account Currency||USD, GBP, HKD, ILS, EUR|
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 forex 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.
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 forex 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!
The 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 credit/debit card (if you used one to deposit), a 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 forex 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.
We roamed some forum all over the Internet 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. We made an inquiry on their live chat about it and we were told that they are not indeed regulated, but they follow the financial guidelines! We did not receive any further clarifications!
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!