Spotxbt

There’s nothing much to Spotxbt, and even if it was a proper broker, it still would need to at least double what it already has in order to cover the industry standard minimum.

The only evidence of a registration is an address in St. Vincent and the Grenadines, which would put it directly under the gaze of the FSA SVG. However, the FSA SVG does not regulate Forex and CFD brokers. So we can safely conclude that that Spotxbt IS NOT REGULATED.

We urge traders to trade with regulated brokers under the gaze of such agencies as the FCA which not only enforces a strict set of rules and demands detailed reports on company activities, but also includes a compensation fund of up to £85 000 for victimized traders resulting from insolvent brokers.

Since we have already established the unregulated nature of this brokerage, the leverage they can give is limitless. With this specific broker, we could not get our hands on a leverage value. Even after we registered, a process that should not be as easy as it was, the leverage remained hidden for us.

As for the spread, the EUR/USD value is 2 pips, which is quite high for any broker, not surpassing the ridiculousness of the 3 pips spread as in SJFX or OmegaFX, but not quite setting the familiar grounds of 1-1.5 pips.

The only way to get an idea of the assets for trade is once you start using the trading platform: Currency pairs, commodities, indices, stocks, cryptocurrencies.

The available languages are English, Italian, German, Spanish and Russian.

SPOTXBT LOGIN

A familiar proprietary platform is the only trader here.

SPOTXBT TRADER

As with all unregulated brokers, the trading platform is mostly for show. The lack of any type of diversity is felt, and the whole design feel like it was done on the go. Not to mention that the terminal looks suspiciously like the one found in another unlicensed broker InvestTeck. As is with the other brokers that utilize this terminal, our verdict remains the same. This trader has nothing special to offer and for this reason does not retain. We opened a Live account without even presenting any documents whatsoever; furthering our distrust with Spotxbt.

The EUR/USD spread is 2 pips, while the leverage, as mentioned, was impossible to track down.

The broker mentions commissions in the T/C, but has smartly concealed them for those who are unaware:

There is absolutely no way to get a hold of a mobile or desktop trader. Including only one, browser trader would be considered a bold move with any regulated broker. Yet with Spotxbt, we assume that they just could not be bothered.

SPOTXBT MINIMUM DEPOSIT

The minimum deposit is €100. A rather surprising minimum, when considering that this is an unregulated broker who’s main goal, most probably, is to lure high spenders into its scheme.

The only depositing method that we could dig out was via Credit Card.

However, in the T/C there is a very vague mention of other funding methods:

This ambiguity is typical for shady brokers.

This broker is clearly unregulated, and if you choose fund an account with it, it will put you directly at risk of loosing all funds. For safekeeping your money, we strongly advice to avoid all brokers who do not have a proper license from renowned regulatory bodies. Agencies like the FCA and CySEC stand out as some of the top license issuers in the world, notorious for their severe requirements and close relationships with the law.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

The three digit CVV code is essential to making purchases or completing transactions online. By handing this info to someone claiming to be a broker, your are exposing your savings to the biggest risk of all!

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, often times 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.

SPOTXBT WITHDRAWAL TIME AND FEES

There is no minimum withdrawal amount. This is simply explained by the fact that this broker will not allow you to leave with any of your deposited funds.

The broker states that it will transfer the requested withdrawal amount within 7 days.

The first of many fees is the dormant one. The broker will charge 5% of your initial deposit when withdrawing:

The fees continue expanding towards the Islamic Account (first and last mention of such an account), stating that such accounts will be issued a charge of if positions remain open for more than 2 days:

There are also withdrawal fees that have not been given an associating value, another common practice of suspicious brokers:

ADDITIONAL FEES AND TAXES

Unlicensed brokers utilize smartly crafted tactics to keep you as invested as possible into their schemes of deception, regularly hiding fees in the TC as is the case here. And seeing that every day there are many who fall victim to their plans, one must realize that these people are smart and fully capable of manipulating the mass of novice traders, either by finding or creating loopholes in the T/C, by reassuring that the more you postpone your withdrawal the better the chance of quadrupling your initial investment, or just asking for more deposits.

ACCOUNT VERIFICATION

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. Spotxbt doesn’t even require any proof of identity for opening a live account, only asking for them once you start asking too many questions and are getting suspicious of their activities. Understand that they will use these details 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 charge back 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.

Victimized traders will have their guards down looking for every opportunity to get their money back. This is where the fake recovery agents come in, seeing an opportunity in your desperateness. First of all, they will promise to recover all your money, but they will ask a fee to cover their services. Once this fee is paid rest assured that you will never again hear from them.

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!

BOTTOM LINE

Spotxbt is just one more unregulated broker, desperately trying to earn money the immoral way. It is most certainly a scam, and you are 100% better off without it.