SpotXBT – A Scam In Business Or A Licensed Platform?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
SpotXBT - DO NOT TRADE WITH THIS PROVIDER
2.5/10
$100
Minimum Depositupdated 2020
Offshore Forex Trading is in vogue. Millions across the world look forward to learning more about the business and set up a strong foothold in the game. Frankly, there’s a lot to gain in trading, and choosing an offshore broker is like eggs in beer. Thinking about the positives? The transaction costs are pretty low, to begin with. One is entitled to attractive tax benefits when associated with overseas forex trading. The list of benefits is quite inexhaustive. There are asset protection and whatnot. However, there’s a flipside to the business as well. What matters much is not luck but strategies and trading instruments you are investing in. Resorting to expert services is smart thinking.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: http://spotxbt.com/
Regulations: Not Regulated
Languages: English, Russian, Spanish, German and Italian
Deposit Methods: Debit Card, Credit Cards, Bank Wire, Digital Wallets like Skrill, PayPal, Neteller, and others
Minimum Deposit: $100
Number of Assets: Not Known
Types of Assets: Forex and CFD
Introduction:
Offshore Forex Trading is in vogue. Millions across the world look forward to learning more about the business and set up a strong foothold in the game. Frankly, there’s a lot to gain in trading, and choosing an offshore broker is like eggs in beer. Thinking about the positives? The transaction costs are pretty low, to begin with. One is entitled to attractive tax benefits when associated with overseas forex trading. The list of benefits is quite inexhaustive. There are asset protection and whatnot. However, there’s a flipside to the business as well. What matters much is not luck but strategies and trading instruments you are investing in. Resorting to expert services is smart thinking.
If you have been in the running for long now, looking for offshore Forex brokers, SpotXBT is a name you have certainly bumped into. Not 100% sure of the company and its success stories? No problem! Let’s go through a detailed review and understand whether SpotXBT is worth a try or not.
About SpotXBT:
Known as a popular offshore Forex brokerage, SpotXBT has wrapped up registration in St. Vincent and the Grenadines. What’s most notable about the company is the vast number of spreads rewarded to the traders. We are talking of numbers like 38 pips. Quite an impressive spread for the traders, right? To enroll for an account and kick-off trading, you are not required to invest riches. A minimum deposit of $100 is good enough to start trading. The offshore Forex and CFD broker narrows down and focuses on cryptocurrency.
Are you curious to know when SpotXBT is licensed to carry out services in regulated markets? Sorry to disappoint, but unfortunately, the offshore online company is not authorized to trade in controlled markets like The US, Australia, European Union, or Canada. Also, unlike most other trending offshore Forex brokerage names in business, SpotXBT provides users with the age-old web-based platform and not the MT4 trading platform.
Guaranteed Advantages On Choosing SpotXBT
Is SpotXBT the best choice of platform for trading offshore? Maybe or maybe not! It is always ideal to weigh-in both positives and negatives before making the final decision. So, let’s shed some limelight on the benefits you are guaranteed to reap if you are going ahead with SpotXBT.
Kick-start trading with the least of deposit
Believe it or not, a low deposit is a huge perk when it comes to offshore trading. Most reputable companies in the market demand a huge deposit to start the ball rolling. But, trading with SpotXBT is a cakewalk and quite easy on the pockets. You can set foot in the world of trading in as less as $100.
Ease of selecting from a variety of Forex pairs
Cryptocurrency or not, having options to choose from is much favored. One of the major benefits of trading with SpotXBT is the availability of 60 crypto pairs. That’s not it! The offshore Forex platform allows you to juggle between Bitcoin, Litecoin, Ethereum Classic, Golem, Ripple, Zcash, Dashm Ethereum, Stellar, Copper, Indices, Gold, Silver, Oil and 19 Fiat currency pairs. Isn’t the list of CFD’s too appealing to resist?
SpotXBT – The Disadvantages:
Unfortunately, that’s all about the perks of choosing SpotXBT as your trading platform. Since reading about the odds is just as crucial, here’s a list of disadvantages related to the offshore Forex trading company.
SpotXBT is illegitimate
Hard to swallow, but SpotXBT is owned and operated by AZ Technology Ltd. The company is not licensed and has no authorization to ensure trading services in regulated markets of Canada, Australia, the European Union, and The United States.
Little did you know, but one of the most common problems with a non-licensed platform is trust. Such companies are prone to be scammers. Therefore, if you are looking to reign the strings of your finances or at-least keep tabs on your investments, betting on SpotXBT is not a wise choice. The company won’t be accountable for your money or the way they deal with it. Quite a risk, right?
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
The platform provided to traders is run-of-the-mill and outdated
In today’s day and age, traders love doing business in platforms that are quick, hassle-free, user-friendly, and most importantly, reliable. Since SpotXBT still uses a web-based platform, security and reliability are quite dicey. Unlike the leading-edge MT4 platform, SpotXBT stays clear from advanced chat features, market indicators, automated trading sessions, and a bunch of other new-age features. Planning a fruitful trading strategy could be slightly tricky with the non-availability of the MT4 platform.
Withdrawal of trading bonuses is a pickle
Did you know that trading bonuses are a ban in regulated markets? Wondering what could have led to a screeching halt in offering bonuses? Well, it is the annoying withdrawal conditions that pave the way for the ban. Speaking of SpotXBT, you must trade at-least a million dollars to earn a meager bonus of just $50. This appears to be a hard challenge for the best of traders in the business. Adding to the can of worms, SpotXBT charges a commission for depositing and withdrawing funds along-with a few other additional charges.
The whole purpose of trading or investing is to bag in extra money, right? Well, withdrawing money or simply trading becomes a hard nut to crack if detailed info on payment methods is not provided. SpotXBT fails to assist users with detailed information on payment methods. Usually, offshore Forex brokerage firms accept payments made via credit cards and debit cards, powered by MasterCard or Visa. It also accepts other popular payment modes like bank wire and e-wallet options like PayPal, Skrill, and Neteller. Some companies agree to crypto coins and bitcoins as forms of payment as well. In short, preferred payment modes in SpotXBT are still vague, with no accurate information.
To Conclude:
After going through the review with a fine-toothed comb, we are back at square one debating whether investing with SpotXBT is worth your
SpotXBT
Pros
- MT4 Trading Platform Offered
Cons
- Trading Conditions Unclear
- Blacklisted by CONSOB
- Urging Users to Install AnyDesk/TeamViewer
- Not Regulated
- Withdrawal Fees Terms and Conditions
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
eToro is a multi-asset platform which offers CFD and non CFD products. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.