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|No. Of Assets:||100+|
Update 03/2020 – SpotFN Shuts Down Operation
Editor’s Note – Why does SpotFN Suck in 50 Words
SpotFN would have you believe that they are something special but when you boil on it, it all comes down to the same SpotOption package up in a brand new name. In fact, they talk a lot about how they like to do things different, how they’re there for the trader and want to help you, but from what I can tell there is nothing different about them. Going a step further, they do raise at least one red flag; they do not tell you who they are. You can find a name in their “letter from the CEO”, but it may as well be made up because there is no address and no location listed so you can’t really be sure of what you are getting.
Why SpotFN doesn’t Suck in 50 words
SpotFN might not suck because it is based on the SpotOption platform. SpotOption, despite the fact it is a white label platform available to good brokers as well as bad, is a good platform. SpotFN utilizes just about all the features available which make it a decent place to trade, if you can trust them as a broker.
SpotFN Full Review – Spot the Difference
Now, on to the brokerage itself. This is a full blown binary options trading platform offering all the top trading styles and assets. There are 5 types of trading aside from the standard high/low binary options. In terms of standard binary they have expiry ranging from very short term 60 second, short term intra-day and end of day expiry as well as longer term expiry ranging from end of tomorrow, end of the week, end of next week, end of the month and on out to 6 months or more on some of the heavily traded assets. The other available options styles include pairs, one touch, ladder, FX and CFD’s. Yes, that’s right folks, you can trade simple FX and CFD contracts on this platform. The pairs trading is a lot like forex in that is two assets matched against each other and you trade on which one you think will be stronger. Ladder are binaries with set strikes and expiration that trade like 0-100 style options.
Is SpotFN A Scam?
I can’t say for sure if this one is a scam or not but there is at least one red flag to be wary of. They don’t provide any information on where they are located. This means that they are most likely not regulated or even located in a country recognized as home to legitimate brokers. Speaking of regulation reminds me of another red flag; they lean heavily on phrases, names and regulations put forth by the US regulatory bodies implying that they are operating under their jurisdiction. And I know for a fact that they are not CFTC compliant.
SpotFN is still pretty new so there really aren’t a lot of comments available either way but the ones there are pretty firm in their opinions. For the most part comments are focused withdrawals, which is not a surprise. Several posts on the Ripoffreport.com state that the company has held their money and not returned calls. One even mentions that the company is located in Costa Rica, this is unconfirmed but fits in with my earlier assessments.
SpotFN uses bonuses to attract new customers just like every other broker out there. And like every other broker they come with some hefty requirements, namely a 30X bonus amount trading volume. This means that for every $1 of bonus you receive you must make trades in the amount of $30. They also have an “interest” bearing account for high rollers but be warned, it’s not interest you get it bonus money so you will be held to the bonus terms if you accept it. The real downside to the bonus is that you will have to clear the minimum before you can make ANY withdrawal.
Withdrawals are pretty standard and in line with the rest of the industry, provided they actually give you a withdrawal. After completing the ID requirements and making a withdrawal request it will take 3 days for the request to process. Then it will take 7-10 days for the money to show up in your account. Initial deposit amounts can be withdrawn to the original credit card and all other amounts will be paid in bank wire transfers. There is no fee for the credit card withdrawals, $25 for each wire. Neteller is posted as one of their deposit methods but it’s not clear if you can withdraw that way.
I’d like to say the SpotFN has some extra features but to be honest, everything positive that they bring to the table is better attributed to SpotOption, the platform provider. They have a great trading platform and the ladder, FX and CFD choices are really great. Not to mention that the iFollow copy trading is pretty good too, but I would choose a different SpotOption broker for that.
User Friendliness 16/20
The platform is very easy to use. Sign up is quick, deposits by CC are very fast and you can get started trading almost right away. There is a lot of information to help you get started trading if you are new and the account managers and service department are readily available to help you get started. The caveat is that there are not a lot of good comments as far as ongoing support is concerned so I have to give them a lower rating.
Assets and Expiry 18/20
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The platform has a fantastic assortment of assets and expiry. Much more than any one trader will ever need. They support all the top traded names, most of the major international indices, the most commonly traded commodities and over 2 dozen forex pairs. Expiry range from the super short 60 ad 120 second speed trading options all the way through daily, end of day, end of week and out for several months making it a good choice for long and short term trading.
Commissions, Support and Effective Returns 15/20
Commissions are non-existent, just like with most binary brokers. Effective returns are good, ranging from 70-88% depending on which asset and how active the market is. Support is where this company breaks down, they provide plenty of support all the way up until you want to make a withdrawal and then it goes downhill from there. The comments I have found may be wrong but they are going to have to prove it.
Deposits, Payments and Bonuses 15/20
The minimum deposit is 250. Deposits are super easy, of course they are. You can use credit card, wire and maybe Neteller but you will not be able to withdraw that way. Payments are questionable so be careful if you choose this broker and take lots of screen shots of whatever you do with them, emails and chat rooms included. Bonuses, the basic bonus, is OK so far as that goes. There is a 30X volume minimum and some may come with a time limit as well. The one to watch out for is the so called “interest” for high roller accounts, which is paid in the form of bonus… not a bonus at all in my opinion.
SpotFN Extra’s 0/20
This is the first time I have ever given a 0 rating on any category. I do so today because this site goes so far as to call themselves a “boutique” brokerage intended to help traders succeed but only deliver the same service as every other SpotOption based broker and may even be a scam.
SpotFN Overall Ratings 64/100
SpotFN (Scam) Review
|US Traders Accepted|
|Deposit Options||Credit/debit cards, wire transfer, Skrill, CashU, Giropay, Przelewy24, CartaSi|
|Deposit Currencies||USD and EUR|
|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|
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.
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.
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.
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 2020-12-04: 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 (Scam) , 1.7 out of 10 based on 3 ratings
SPOTFN Scam Review
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: Yes
DO 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:
|AMAZON VS EBAY||AMAZON VS NETFLIX||APPLE VS AMAZON||APPLE VS GOOGLE|
|CITIGROUP VS AIG||CITIGROUP VS JP||FACEBOOK VS TWITTER||GOLD VS OIL|
|GOLD VS SILVER||GOOGLE VS BAIDU||LINKEDIN VS FACEBOOK||LINKEDIN VS TWITTER|
|McDONALD’S VS STARBUCKS||S&P 500 F VS NASDAQ F|
- 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.
|USD/CAD||EXXON MOBIL||NASDAQ FUTURE||OIL|
|AUD/CHF||JP MORGAN CHASE|
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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