Spotinvest – Can You Trust Them?

Website URL: https://spotinvest.com

Founded: 2022

Regulations: No Regulation

Languages: English, Spanish

Deposit Methods: Contact Administrator for Information

Minimum Deposit: €250

Free Demo Account: No

Number of Assets: Unspecified

Types of Assets: Forex, Stocks, Crypto, Indices, Commodities, Metals

Trading Accounts and Conditions

Spotinvest claims to offer their clients the following types of trading accounts:

• Basic: The minimum amount that you need to fund this account is €250. The leverage offered is 1:10.
• Silver: The minimum amount that you need to fund this account is €10,000. The leverage offered is 1:25. You get a bonus of up to 30%.
• Gold: The minimum amount that you need to fund this account is €25,000. The leverage offered is 1:25. If you opt for a Managed Account, then the leverage offered is 1:5. You get a bonus of up to 50%.
• Platinum: The minimum amount that you need to fund this account is €50,000. The leverage offered is 1:50, but if you have a managed account, then the leverage is maxed at 1:10. You get a bonus of up to 75%.
• VIP: The minimum amount that you need to fund this account is €250,000. The maximum leverage is 1:50, and 1:25 if your account is a managed account. The bonus is up to 75%.

There is no mention of other trading conditions such as spreads, commissions, order execution methods, stops, margin calls and so on.

Spotinvest – Advantages

There are no advantages to trading with Spotinvest.

Spotinvest – Disadvantages

Here are all the red flags that tell us that Spotinvest is a scam:

• Lies About Regulation Status

On their homepage, Spotinvest claims that they are licensed and regulated for global trading. This, of course, is a lie.

Spotinvest is not regulated and this is how we know.

With Spotinvest, all we have is three contact numbers, one for Canada, one for the UK and one for Spain. And then, in their Terms and Conditions section, the broker states that their website is owned and operate by Spotinvest, a company that is registered in St. Vincent and the Grenadines (SVG).

However, in another part of their website, the broker claims that their website is owned and operated by Primis LLC, also located in SVG.

Being registered in SVG is not equal to being regulated. This is because the Financial Services Authority of SVG has clearly – and publicly – stated that they do not have any laws in place to oversee forex and CFD brokers. Therefore, if a brokerage is located in SVG, they need to get their regulation from some other jurisdiction. And this is information that Spotinvest has not provided.

Now, the contradictory information and lack of proper corporate information already raises questions about this broker’s legitimacy. However, the fact that there is absolutely no information about its licensing status tells us we are dealing with a scammer.

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• Blacklisted by CNMV

While our investigation has told us clearly that we are dealing with a scammer, it doesn’t hurt to have a prominent financial regulator backs up our conclusion.

One of this broker’s target markets is the Spanish market. However, the country’s financial regulator, the Comisión Nacional del Mercado de Valores, has also picked up on the fact that Spotinvest is a scammer.

They have blacklisted this broker and issues a public advisory against them, stating that this broker is operating illegally in their country.

This advisory tells us clearly that we are dealing with a scammer here.

• Possible Serial Scammer

Spotinvest may actually be a part of a serial scamming operation. How do we know this? Because we have reviewed other brokers that have been owned and operated by Primis LLC. In fact, one the latest brokers we reviewed and exposed as a scam, www.traderpowers.com, is also owned and operated by this very company.

All of this indicates that this broker might simply be a part of a larger scam ring.

• Issues with Trading Software

Spotinvest claims on their website that they offer their clients the MetaTrader 5 (MT5) platform for trading. Unfortunately, this is just another lie that this broker has used to attract more traders to register and invest with them.

The truth is that the download link that this broker offers for the MT5 platform is actually for the demo version of the software. This demo version is freely available on the developer, MetaQuest’s website.

The software that Spotinvest does offer their clients for trading does not even come close to the MT5 platform. This web-based trading platform can only offer the bare minimum of trading functions. This is the kind of software we have seen multiple times – one that is used frequently by other scam brokers.

So, the fact that this broker has lied about offering the MT5 platform and instead offers a poorly designed web-browser platform is just another indication that we are dealing with a scammer here.

• Issues with Trading Conditions

We also see a number of red flags in the trading conditions that Spotinvest presents.

First, the minimum deposit is too high, especially when you consider the fact that there are many reputed brokers who invite you to open accounts with them for less than $50.

As for the leverage, we need to point out that the maximum leverage of 1:50 is much too high, especially when this broker is targeting customers in Europe. In the EU, the maximum leverage allowed is 1:30.

Furthermore, this broker has not mentioned other trading conditions such as costs, spreads, order execution methods and so on.

• Issues with Deposit Method

There is no way to make a deposit to open an account with this broker. The only option you have is to contact the administrator. This is a sure sign of a scam! 

Conclusion

Spotinvest is most probably a serial scammer. It is best to stay away from this broker.

Spotinvest

2.2

User Experience

2.5/10

Payment Options

1.8/10

Security

1.8/10

Support

2.3/10

Reputation

2.6/10

Pros

• None

Cons

• Lies About Regulation Status
• Blacklisted by CNMV
• Possible Serial Scammer
• Issues with Trading Software
• Issues with Deposit Method