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  • SpotFN

  • Bonus: Up to 100%
  • Options Payout: 70-88%
  • Rating: 1 / 10
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Broker Name: SpotFN
Platform: SpotOption
Founded: 2015
Bonus: Up to 100%
Return/Refund: 70-88%/0%
No. Of Assets: 100+
Regulated:   No
Demo Account: No
Minimum Deposit: 250
US Traders:   Accepted

SpotFN Review

by Martin Kay

Update 03/2016 – 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.

 

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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

SpotFN is a boutique broker based on the SpotOption platform located…. in some place somewhere around the world, most likely one of the off-shore banking havens and not a regulated locale. Why do I say this? Because with all the hype and fluff that are trying to blow up your bunghole they forget to add in their address. Believe me, I looked. You can usually find an address at the bottom of the home-page if not at the bottom of every page of a decent broker’s website. If not there then on the contact us page, the about us page, the Terms of Use or the banking information will usually have it but not on this website. This may be nothing but in my experience only the brokers that don’t want you to know where they are fail to provide this info.

 

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.

 

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SpotFN Complaints

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 Bonuses

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.

 

SpotFN Withdrawals

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.

 

SpotFN Extra’s

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.

 

 

SpotFN Ratings

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

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

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