A suspicious brokerage without the actual headquarters. We’ve done our Spotfinex review in order to answer several questions related to this brokerage. As you know, if the broker is not regulated, you have no guarantees that you’ll be able to get your funds back.
Therefore, we put all the facts together and answered everything about Spotfinex regulation and what to do if you were scammed.
|Broker status:||Unregulated Broker|
|Regulated by:||No Regulation (Illegal broker)|
|Blacklisted as a Scam by:||FCA and CONSOB Regulators|
|Broker Owner:||Trade Com Limited|
|Types of Assets:||Forex (FX), CFDs, Commodities, Indices, Shares|
|Free Demo Account:||Yes|
|Accepts US clients:||No|
Spotfinex Regulation and Security
The broker is owned by a company named Trade Com Limited and has provided an address from London on its website. However, any brokerage on the soil of the UK needs to have an FCA approval for conducting financial services. Is Spotfinex regulated? Let’s see.
What’s Wrong With Spotfinex Regulation?
We’ve checked the Federal Conduct Authority register looking for Trade Com Limited or Spotfinex. The broker was nowhere to be found. Moreover, the company owner is not a registered business in the UK. To be precise, on the same address was registered another brand, Fxonspot or GlobalSpotFX. As you can see, both brands have a similar name and most likely belong to the same owner. Since Fxonspot was inactive, we can only assume that Spotfinex took over the legacy.
Scam Warnings From Financial Regulators
Since the broker falsely represents itself as a UK company, we were not surprised to see that the UK FCA blacklisted the brokerage. According to the FCA, this company is not legit and has no authority to provide financial services in the UK.
The same warning came from the Italian CONSOB after many complaints against the broker and severe withdrawal issues.
What Are Trading Platforms Available?
As per its website, Spotfinex trading platform is a web trader. Again, nothing new. Most scam brokerages offer a web-based trading platform since it has fewer features, costs less, and it’s easier to access clients’ trades and funds through web traders.
The leverage goes up to 1:500, which makes us positive that the broker has no regulation. The EU, US, and Australian brokerages holding a license have strict limitations on the leverage due to safety reasons. As per Spotfiniex reviews, the spread is up to date with the industry standard, going from 1.0 pips.
What Can You Trade With a Spotfinex Broker?
The broker has no specific list of assets; we can only see that traders are allowed to trade on the Forex market with commodities, indices, and shares. However, the diversity of the assets remained unknown.
If we were to speak about Spotfinex minimum deposit, it’s $250, and the deposit can be made only using debit/credit cards and wire transfers.
As per withdrawal, if you use any alternative payment method, you will pay additional fees. Meaning that some fees exist, but we don’t know which. Nowhere could we find withdrawal time. All this led us to believe all the complaints about withdrawal issues.
Scammed by Spotfinex broker? What to Do?
If you were misled or scammed by a Spotfinex broker, there is a possibility of getting your funds back. Do not be ashamed to report the broker immediately and request a chargeback.
You are not the only victim of the Spotfinex scam. Contact our support now and get all the information regarding the chargeback procedure.
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Don’t Let the Scammers Go Away for Free!
What is Spotfinex?
Spotfinex is an online trading brokerage without a license.
Is Spotfinex regulated?
Spotfinex has no regulation for providing financial services.
Who is the owner of Spotfinex broker?
Broker is owned by Trade Com Limited, a company related to several other blacklisted brands.
Are My Funds Safe with Spotfinex?
Since the broker is unregulated, your funds are not safe with Spotfinex.