Most of binary options brokers are usually provide either a good platform for their clients or give them social trading and educational tools. The SPOTFN gives you a false impression that it provides both at the same time. Why is it false? Because Read our Review of SPOTFN Scam and find out on your own. Everything is exposed in our SPOTFN Scam review!
Min. Deposit: $300 Demo: No
Platform: SpotOption Bonus: 100%
Regulation: N/A US Clients: YesDO NOT SIGN UP! Read full SPOTFN Scam Review and find out what is waiting for you. SCAM DETECTED!
SPOTFN Scam Review: About the Company
It has to be said in the beginning of the SPOTFN Scam Review that the information about the SPOTFN company is not so easy to find. This binary options broker seems to be located in London, United Kingdom. Binary Options Hub is not sure if they have any physical presence there, perhaps it is only a postal address. There is no information about the regulations of the SPOTFN so it should be assumed that this broker is not regulated by any authority. There are many unregulated binary options brokers and of course there are many unregulated binary options scams. SPOTFN seems to be one of them.
SPOTFN positions itself as a boutique broker who concentrates on the binary options trading. It provides not just binary options, but a whole set of educational tools such as ebooks, videos and trading signals. Trading signals of SPOTFN is what really makes it a scam. The signals try to lure you into trading binaries and then make you lose your deposit. In addition to these features, it was found by the SPOTFN Scam Review that the company also offers social trading. This part doesn’t seem to be scam from the first look, as the social trading provided by SPOTFN comes from a trusted SpotOption platform. Still, read below to find out how SPOTFN managed to fraud its traders with social trading.
SPOTFN Social Trading Scam
There are not a many binary options brokers that provide decent social trading platforms. The platform used for the SPOTFN review of the social trading is definitely one of the best if not the best. As mentioned earlier, this part of SPOTFN is supplied by SpotOption and there is nothing bad about it.
The social trading platform is the one provided by the SpotOption with no visible changes in the layout. It involves the same filtering options and statistics. The only thing which is different – the traders you can follow are selected by the SPOTFN. As you may guess, a scam binary options broker wouldn’t want you to make money. So what does SPOTFN? It either selects unprofitable traders or it makes you invest for a while to gain a bit of income, and then makes you blow your account.
In order to start investing with social trading at the SPOTFN you just have to choose the trader which is the best fit for you. After you have selected the trader – decide on the amount that you are willing to invest with this trader. This is usually between $50 and $3,000 for both one trade and total investment size. You should also select the investment period, this can be from 1 week to 1 year. Also, there is a possibility to set no limits on investments and go breaking bad. After deciding on everything – just click the “Follow!” button and confirm your investment choice.
SPOTFN Accounts Review
At the time of the Honest SPOTFN Fraud Review, there were three accounts offered by the broker: Bronze, Silver and Gold. All accounts provide you with the “support available 24/7” and the SPOTFN eBook. This eBook is supposed to bring you all the knowledge required for starting your binary options trading career. In fact there is nothing special about this eBook. 24/7 Support is quite “helpful”, Binary Options Hub tried to contact support representatives in the Live Chat for over 2 weeks, but it was just impossible. Question via contact form weren’t answered too. Apart from the basic features, which weren’t accessible, the review has found the requirements and the bonuses you get depending on the account type:
- Bronze Account
This is the basic account of the SPOTFN that you will get for depositing the money in the amount from $300 to $999. The account offers 50% bonus, and one live trading session with the analyst of the SPOTFN. Binary Options Hub is sure that this live trading session will not be of any use to you.
- Silver account
Need personal junior analyst, 2 risk-free trades for at least $1,000 and 24 hours withdrawal services together with the bonus up to 100%? Be ready to deposit something between $1,000 and $4,999 for all these goodies. NOT!
- Gold account
If goodies from silver account are still not good enough to lure you and you are ready to deposit more than $5,000 – then Gold account is what you need! Not really, then a good broker is what you need – try 24option! For the deposit with SPOTFN you are promised to get 5 risk-free trades, VIP “support” and expedited 12 hours withdrawals. On the top of all these, you will have a call with your own SPOTFN senior analyst and 1 daily golden trade with 100% payout. The SPOTFN review wants to mention that this package also involves $5,000 deposit bonus for your awesome start. Don’t fall for this.
SPOTFN Trading Conditions
The SPOTFN Fraud Review discovered the 6 main option trading types available. It has to be said that 2 of them were found to be unusual and, for this reason, pretty interesting.
- Binary options
This is the standard type of binary options trading that allows you to gain income on the prediction of the price of the asset. You simply need to select the direction of the price move (down or up) in 30 minutes, 1 hour or market closure. Such trades are available on the full list of instruments, which is shown at the end of this section.
This type of trading is made for those who enjoy evaluating two assets at the same time and their performance compared to each other. You just have to decide which instrument will perform better in 30 mins, 1 hour or at 21:00 (CET) and place your order. You can trade on:
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- Long Term
This type of trade is based on long-term prediction. You should predict what is going to happen with the instrument in the timeframe from 6 days to 6 month. After the expiration time you will receive your payout. You can trade this option on the same instruments as Binary Options and also Bitcoins from bitstamp’s feed.
- Hyper Trading
This is almost the same trading as Binary Options, but the prediction should be for 30, 60, 90, 120 or 180 seconds. Such trades are available only on the major fx currencies:
This is one of the interesting types of binary options trades found by the SPOTFN review. In this type of option you have 5 different prices of the asset and you have to predict if the price in 15 minutes, 30 minutes, 60 minutes, or 2 hours would be above or below them. Every price and call/put option have different payout that varies from 40% to more than 700%. You can see how it looks and the instruments that can be used for this trading on the screen below.
- FX / CFD
This is more an investment than binary options trading. You just buy or sell the selected asset and put desired stop loss and take profit levels. There is even no time-frame involved.
SPOTFN Trading Platform
It was noted from the first sight by the SPOTFN review that they use the SpotOption platform. There are no significant changes in the layout of the platform made by the SPOTFN, and if you are familiar with these platform from other brokers – you will not have any problems. If you are new to the binary options trading – this platform is definitely one of the best for your good start. But the broker is not. Better try 24option – a trusted and regulated place.
SpotOption trading platform is one of the easiest to use and also truly intuitive. There is a lot of filtering possibilities as well as additional features, which one can find useful.
The features are not useful for you and you need just a pure binary options trading? Don’t worry, the platform works perfectly and there are no slowdowns or lags due to the additional features.
There are also Android and iOS application, if you are into mobile binary options trading. SPOTFN Scam Review did not concentrate on their review since you can find the full SpotOption review here.
SPOTFN Deposits and Withdrawals
The deposits and withdrawals at the SPOTFN can be made via credit card or wire transfer. In case of wire transfer deposit – you will have to contact support. You can deposit any amount starting from $250 and withdraw anything from $100. There are no fees on credit card withdrawals, and wire transfer will cost you $20 per transaction.
When you make your first withdrawals – you will have to verify your identity to the SPOTFN. You will also need to go through many other struggles when you make you first withdrawal, and if you manage to succeed – Binary Options Hub will send you a personal email with congratulations. If you ever got your money out from this scam – Let us know!
The accepted credit cards are: Visa, Delta, American Express, Discover, MasterCard, Diners, Visa Electron, Maestro, Maestro UK and Solo.
SPOTFN Customer Support
The support is available in English, German, French, Spanish, Portuguese and Russian. It says that it can be contacted via email, phone: (UK) +44-203-318-5988, (AU) +61-2-9191-2799, (USA, CA) +1-888-977-6836.
The live support option is also said to be available, but it was observed by the SPOTFN review that it does not work 24/7. It doesn’t seem to be working at all.
SPOTFN Scam Review of Account Application
If you still would like to get tricked and open an account with this scam broker, the account opening procedure is described below. Getting an account with fraud is pretty straightforward. First of all, you will have to go to the SPOTFN website or just to click here.
You will be required to fill out the registration form with your personal data. After agreeing with terms and conditions and submitting your application you will be directed to the page with the available account types.
After you choose the desired account type you will be directed to the credit card deposit page.
And that is it, just make a deposit and start binary options trading.
There were no email or identity verification required at the time of SPOTFN Scam Review. Just making a deposit is good enough.
Honest SPOTFN Scam Review Conclusion
SPOTFN is a scam binary options broker. Even though it provides clients with the best available platform on the market. it is highly not recommended to open an account with this scam broker. Social Trading at Scam SPOTFN is a big fraud too, you will get a chance to invest into scam selected traders.
Also, the list of available trading instruments is much shorter that at the best binary options brokers. SPOTFN Fraud is unregulated, so trading with the SPOTFN involves increased risk.
For all its pros and cons, Binary Options Hub gives SPOTFN 1.5 out of 5 starts, as there were just some tiny amount of positive reviews, yet Binary Options Hub does not recommend you to open an account with this scam broker.
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