Spot FN is one of those infrequent brokers which claim and bids high in-the-money returns (up to 88% per trade). However, Spot FN does not regulate as per laws. In other words, there is no governmental financial authority administrating its activities and making sure your money is appropriately protected.
Spot FN is a big money scam. From my personal experience, my only advice to all is to try to get your money out safely because at the time of refund they either will not respond to your emails or will give you a full line of lame excuses, in which they mostly say to you to put 20 % of what you want out to get anything back
I am a farmer in Auckland and in April of 2014 I made some deposits totalling to $3500.00. They had matched it and I now have a little over $8000.00 active in my account at that at a time. But the problem aroused when I was not been able to reach them for months. They did not respond to my emails. There live chat has been down for a while also. I could not reach them by phone either.
I was put on a trial of one of the company’s auto trading accounts and it brought my account to over $9000.00. Right after that, they called me and tried to get me to invest $4000.00 more. I actually tried my sweat and blood in reaching them through any means possible. But trying to get hold of them has been impossible.
Finally, they called me, but just to get me to deposit money and so they baffled me several times each day. Their site said $300 was a minimum, but I decided to deposit $600 to make greater money. This was 28th April 2015. I started losing money right away. They said I would need to deposit $1000 and they would match it. I never heard from them again. On 20th July 2015 I asked to have my money returned. As of now I don’t have it and I’ve tried reaching them every way I can.
Also weird part is that they will claim your fund share in some western block country. Mine was Iran now. I fail to understand why my money was in Iran.
Spot FN is a fake and scam broker firm based on the Spot Option platform located in the UK because with all the publicity and fluff in the market, they are trying their best to blow up your bunghole. Trust me, I researched. You can typically find an address at the bottom or end of the home-page, if not at the bottom of every page of a decent broker’s website. But surprisingly, I couldn’t find one there.
I can’t say for sure if this one is a scam or not but there is, at least, one red flag to worry about. They never ever provide any information on where the hell they are exactly located. This only means that they are most likely not legally regulated or not even located in a country recognized as home to legitimate or registered brokers.
Talking of regulations recaps me of another red flag. That they are leaning heavily on lame and cheesy phrases, names and regulations put forth by the US regulatory bodies; only implying that they are allegedly functioning under their jurisdiction. One thing for sure I know is for that they are not at all a genuine CFTC complaint.
If you happen to log on to the Spot FN website, one of the first fake things you will notice are the clocks from different cities such as London, Moscow, New York, Hong Kong and Sydney. It particularly gives a sham idea about the various markets that one can access via Spot FN platform. However, in reality despite allowing you to access different financial markets, they only support English and this only proves as a major restraining many traders with diverse lingual preferences other than English.
There is nothing notable and useful on Spot FN when it comes to providing technical analysis to its traders. I can’t believe that I fell into their net so easily. But I won’t let more gullible and hapless people fall prey to their pathetic excuse for a business and will make sure that this company is paid for all its illegal doings and machinations.