SpotFN (Scam) Review
| Broker | SpotFN (Scam) |
|---|---|
| US Traders Accepted | |
| Company Name | SpotFN |
| Headquarters | London, UK |
| Regulation | No |
| Max Payout | 90% |
| Out-of-Money Reward | 10% |
| Trading Platform | SpotOption |
| Deposit Options | Credit/debit cards, wire transfer, Skrill, CashU, Giropay, Przelewy24, CartaSi |
| Deposit Currencies | USD and EUR |
| Minimum Deposit | $200 |
| Online Since | 2008 |
| Trading Instruments | Forex, Commodities, Stocks, Indexes |
| Number of Trading Instruments | 104 |
| Binary Option Types | Call Option or Put Option, Build an Option, Target Option, 60 Seconds, PRO Trade |
| Customer Support Types | E-mail support (do not reply), phone |
| Education Offered | Education Section on Website, How-to-Trade Page |
| Tools Offered | Market Analysis, Expired Rates, Financial News |
| Commission | Credit/debit card - free, wire transfer - $25 |
| Languages | English |
| Demo Account | No |
It looks like SpotFN has turned scam.
When someone logs on to the SpotFN website, the first thing one can notice is the clocks from different cities of London, Moscow, New York, Hong Kong and Sydney and which give an idea about the different markets that one can access via SpotFN platform. SpotFN brings more than one hundred trading instruments from different markets that a trader can think of trading with them. Despite allowing you to access different financial markets, they only support English language and this could be seen as a major deterrent for many traders with different lingual preferences other than English.
Founded in 2008, SpotFN is not a regulated company though its trading platform is reliable and well-organized, facilitating the trading of different instruments in an automated environment. The company is headquartered in London and they allow trading via their mobile apps as well. So, traders who are on the move most of the time can execute trading using their mobile apps for iPhone, iPad, Android Phones etc. In this manner, SpotFN allows traders to remain accessible to the market throughout the day, even if they are traveling. However, their support team seems to be less dynamic. First of all, they do not have an online chat support and if you mail them, they may take several days to reply to your queries or may not even reply to your emails. They have phone numbers where you can call and get your doubts cleared, but when you are claiming to be a 100% web-based platform, you need to maintain a fast and efficient online communication channel and where SpotFN fails the test, however.
If you are not discouraged by their somehow poor support mechanism, you can open an account with them by depositing a minimum amount of $200 or €200. Remember, they do not offer you a demo account, so all you will have to learn with you with your live account only. And, you will have to bear the risk of making some initial losses till then you gain familiarity about their trading platform. They have several funding and withdrawal options. However, they do not define any minimum and maximum trading levels.
Trading Choices
SpotFN offers 104 trading instruments from different financial markets, with an earning potential ranging between 63% and 90%. Besides offering their regular binary options of Put and Call, they provide you with several other money-earning opportunities of Build An Option, Target Options, 60 Seconds, and PRO Trade. Their Build An Option can give you up to 77% payout while Target Options can guarantee up to 400% returns. They also give you an opportunity of earning up to 72% in 60 seconds and using their PRO Trade option, one can make up to 83% payout. Moreover, one can have opportunities for earning bonuses with them as well. Essentially, one can earn two types of bonuses with them: a. One time trading credits rewarded as part of promotional programs. b. Refer A Friend bonus of $50 and a maximum of $125. They also often try to lure the traders with some extra bonus opportunities, where they may offer some 5% extra bonus for depositing funds within 24 hours of opening accounts with them. However, for withdrawal of a bonus, a trader is required to execute trades to the value of twenty times of the bonus amount.
Technical Analysis
There is nothing remarkable on SpotFN when it comes to providing technical analysis to its traders. On the contrary, a newbie trader will find a lack of tools to help sharpen his trading skills. They, however, provide Market Analysis to the traders helping them assess the market movements. They also provide Expired Rates of the assets which a trader can use for their trading purposes on SpotFN. Their Financial News is an additional feature that keeps bringing the latest market developments to a trader’s knowledge. Still for many investors, particularly for the beginners, the technical tools they are offering are not sufficient enough. The unavailability of good trading tools may keep away many trading enthusiasts, keeping the fact in mind that there are several other brokers who offer excellent trading tools to their traders.
Learning & Support
As mentioned above, they do not provide any demo account, and thus one will always seek better learning tools to learn more about their platform and before opening a Live Account with them. They have a separate Education section on their website that tries to explain different aspects of binary options trading. But how much it will be able to simplify the online trading of binary options to a beginner is doubtable. They also have a “How to Trade” section on their website, which again seems to be an attempt to guide traders to open an account and start trading with them. But it too is not that comprehensive and interactive that it could be. In a nutshell, SpotFN cannot be considered as a helpful platform with the kind of education it has for the traders. A newbie trader will hardly be able to understand or develop a trading insight with the help of educational material they have on their website. Their FAQ page can be recommendable and helps to learn several things about the platform. But their support mechanism surely gets a thump-down. Firstly, they do not have any live chat system and they hardly reply to your emails. However, you can call them at their UK number and also at their satellite offices in Hong Kong, Australia, Austria and Russia.
Conclusion
The first impression that they give is that they do not believe in sharing information. From the kind of learning and support and the educational resources they have on their website, this fact gets more strength. As a binary broker, they need to be accessible and helpful in clearing all doubts and queries, which they seem to be the least interested. Even they do not support any language other than English. Their support team seems to be least interested in replying to your emails. Moreover, a trader will not find sufficient learning and assistance to start doing business with them. In such a scenario, they may appear less promising and less attractive choice for many traders for fostering a business relationship with SpotFN.
Update 2018-12-04: The US Securities and Exchange Commission (SEC) via United States District Court of Eastern District of New York filed a charge against Mark Suleymanov, founder of SpotFN, on the basis of running an illegal binary options scheme and defrauding investors for about $4 million.
spotfn is a money scam. try to get your money out and they either will not respond to your emails or give you a full line of bs which they say you have to put ten % of what you want out to get anything back
also they will say your money is in some eastern block country mine was Romania now why was my money in romania hmm good question
If there a rating less than “1”? Spotfn is criminal.
Spot Fn is a complete scam and sell your information to ither scammers who will try and have you pay money to get your money back. Do not use them.
Spotfn is scam and I wish I could have well thought before depositing. They are not even replying to my request for a refund or close account. Damn Spotfn team.