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There is no denying that the interface and whole website structure of SpotMiningFX.Online is a template used by hundreds of unlicensed scams. Unfortunately, the average user will never know this, making it it that much easier for the likes of SpotMiningFX.Online to scam clients. Other than the website look, everything else we discovered pretty much goes in tandem with the scammer feel. This is an unlicensed broker that will try to get on your good side only to stab you in the back, or anywhere for that matter; it has no sense of shame.
The common fake claim to a UK address makes a return, trying to convince us and users alike that SpotMiningFX.Online is incorporated in the UK, which is by the way on of the heaviest regulated FX jurisdiction in the world. It's entities such as this one that put mud on the name.
In order to be even registered as an FX broker in the UK you must absolutely hold or at least apply for an FCA license. Obviously this broker hasn't done either of this things.
Other than this, the company seem to feel no need to include any further information. The UK address seems enough. But what SpotMiningFX.Online doe snot know is that it's also enough for us; we don't need further info to know for a fact that the firm is unregulated and a risk to all. Not to mention that this place stinks of anonymity.
Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirements for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
After and easy registration, we were able to access some sort of user area; average in looks and feel, but we found that there broker did not offer a trading software. Without one of these, two things automatically apply to SpotMiningFX.Online. First of all, we cannot label this entity as a broker any further because one of the main defining elements is missing. And second, there are no applicable trading conditions here; what you see on the site as spreads, leverages, and tradeable assets are inapplicable.
The alternative of a trading software is a set of investment packages; this is the classis scammer swap-off, one that we see more and more…, does this entail that unlicensed brokers are becoming less involved due to the easy with whihs the can scam new people?
No matter how attractive or alluring these predication may seem, this is a very classic scam, intended to drain your wallet. Why would some anonymous broker ever pay you profit for doing absolutely nothing? Many other question arise that we won't waste our and your time on. The important thing to note is that these packages are a complete scam, and in the end there is no trading software.
SPOTMININGFX.ONLINE MINIMUM DEPOSIT
The depositing area is actually the packages area, a snip of which we have included above.
So judging by this, the minimum deposit is $200, and the only way to invest turn out to be through a bunch of crypto wallet. Are you surprised? After all, the broker is unregulated, meaning that these methods will make sure than all money invested is untraceable.
SPOTMININGFX.ONLINE WITHDRAW TIME AND FEES
The broker offers crypto wallets for withdrawing funds, but this only means that all withdrawals won't be processed. Historically, we have seen very few unlicensed brokers that return invested funds, and when it happens it's usually because they are under some kind of pressure.
SpotMiningFX.Online does not seem to be on a rush, and this indifference is a worrying sign.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, oftentimes for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.
Beware, once more, when giving away an ID and a proof of address. Trustworthy brokers ask for these before traders can deposit to make a check up. Deceitful ones will ask for these details, using the anti-money laundering legislation as pretext, once you start asking too many questions and are getting suspicious of their activities. Understand that they will use these to build a stronger case against you in the event that you request a chargeback.
Yet again we urge readers to stay away from this broker as it will, without a doubt, never return your funds and profits. If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect.
HOW TO RECOVER
The most sound advice we could give you is to immediately file for a chargeback with you credit card company.
If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.
Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.
The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
All in all, SpotMiningFX.Online is one of the worst we have seen in a while. It's not licensed, there is no trading software, and withdrawals won't be able to get processed. It is as if SpotMiningFX.Online were after some scammer broker checklist.
SpotMiningFX.Online compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines