SpotFN General Information
SpotFN Shutted Down their operation at 03/2016
Headquarters: Not known, yet there are rumours that they were based in Costa-Rica.
Website: http://www.spotfn.com/ (Site is Down)
USA Traders: Yes
Available Assets: 104
Min. Deposit: $200
Min. Trade Size: $20
Max Trade Size: $1,000
Additional Features: Market Analysis, Expired Rates, Financial News.
Platform Provider: SpotOption
SpotFN Broker Review
SpotFN used to be a boutique broker based on the SpotOption platform. The official headquarters of this broker was in…Well, we are not quite sure as it was never really revealed by the broker. We are assuming they were based in one of the unregulated offshore banking havens.
One thing that was good about this broker is that they used to offer simple FX and CFD contracts on their platform.
Where there any Pre-Signs regarding SpotFN being a scam Broker?
Oh yes! If you have fallen victim to this broker, you must have ignored all the red flags along the way, as otherwise I can’t understand traders who kept trading with this broker.
- Location – That is without a doubt the first big Red Flag that you should have pay attention to when looking back on this broker profile. Believe me, I looked everywhere for it but it was really nowhere to be found even on other broker reviews sites.
- Contact us form – Usually, 99.9% of the brokers, even the scammy ones, offer a contact us page, where a a trader can leave his enquiry, but not this broker, they simply did not offer any easy way to be contacted by their own clients!
- Regulations – You would assume by now moment that SpotFN did not have any regulation, and you are 100% right. But the story does not end here. Unlike most binary brokers with no regulation who will simply admit it, this broker was declaring everywhere it was regulated, although I know for a fact that they did not have any type of regulation.
- Complaints – Well, there were many of them. No surprised that for the most part they focused on unprocessed withdrawals. On many only forums inclusing forexpeacearmy.com and Ripoffreport.com, there were plany of evidance for traders who never got their money back.
What should you do next time?
Like every big decision in life, do your homework before making any moves. When it comes to binary options trading, there are couple of things I recommend every trader to do:
- Check what others think – Luckily there are many online forums these days, just join one of them and see what others think regarding the broker you are considering to open an account with.
- Regulation is everything – When researching the web for a broker, remove from you list all the ones that are not regulated. When you are trading with an unregulated broker, it simply means that in case something goes wrong, your funds are not protected. Don’t Let it Happen!
For conclusion, we can confidently say that SpotFN was indeed a scam broker, and we hope that if you are reading this article you were not one of its victims. You should keep in mind that trading binary options is not only to know how to trade, it is also to know how to pick the right binary broker.
Wall Of Shame
Post a comment if you have had a bad experience with SpotFN.