SpotFn Review

Reviews: 5


Total views: 4025

Published: 25 April 2019

Posted by: Anonymously

Avoid SpotFN brokers at all costs! They will take advantage of the fact that their calls are unrecorded and so they lied about about the types of trades and payouts; giving bonuses regardless of whether I denied before and after because they “need to complete trades;” my income; how my losses were insured so that money lost would be put back into my account; withdrawal amounts, ability and dates, as well as status; and even their occupations (Please note that all dates given here are in GMT as is the time zone on the SpotFN website) I went through 6 assigned brokers at least with one outlier that has not been confirmed as mine yet but still worked with me. First, there were the consecutive losses made with $1000 and $700 investments of my $2000 balance by broker Mary Batista on August, 25, 2014 with the only win by her coming from a $25 investment. She was coercing me to use my entire balance when I told her I was new, had just opened an account, and needed some coaching to which she said just to trust her because she knew what she was doing. She said that if I only wanted to trade with $25-50 investments, then she would not be able to work with me. She said that she would call me right after the second expiry date, but never did. I proceeded to call to the main SpotFn number to report her behavior and actions and find help in replacing my balance on Wednesday, August 27, 2014. Grace Grattis (last name spelled by live chat) answered and told me that she would work with her supervisor and definitely get my $1000 back at least. As a promotional offer with her supervisor, she said that if I would first deposit $960 to increase my balance to $1000 that she would then later deposit $1000 as a bonus and with an additional $1000 to make it a total of $2000 more and that I could withdraw $2000 on Friday, August 29, 2014. I agreed. The bonus that was added was actually $960 and there was never any additional $1000 to make it $2000 more than what I put down out of my own pocket as promised by her. I told Grace this several times and she said she would speak with her supervisor about this many times and said that they were still working to add it. She said that she had a good winning trade late Thursday night, August 28, 2014, which was a loss on Friday, August 29, 2014. Afterwards, I had to get a hold of her on the following Monday because she never called me back and when I mentioned if her supervisor and her were still going to add the additional $1000 as they stated before, she brushed it off and said that the $1000 that she added as a bonus was her money, not the company’s, and so the loss was actually her $1000 not mine or the company’s. Paul Soho had called me on Saturday, August 30, 2014 to say that he had winning secure trades that would have me make $17,347 in profits and that I would be able to withdraw them on Thursday, September 4, 2014. He said that this income was guaranteed and that I wasn’t going to lose a trade, but if I did, that my losses were insured. He said that I would need to make a $5K deposit up front, which I did. He said that he would call me that Labor Day of Monday, Sept. 1, 2014 at 5:00-5:30 PM, and I called into SpotFN several times that Monday night trying to find him but only reached customer service agents/brokers who said that he was just going to be late and call later and I waited and called, several times and stayed up through his shift to 1 AM. When I called back on Tuesday, Sept. 2, 2014 and finally got a hold of him, he said that he had taken the day off before proceeding with what we we discussed the past Saturday. He guaranteed again that I was going to make $17,347 in profits to withdraw on Thursday, September 4, 2014 and that I can continue with the “program” later for profits in the thousands every week. On Tuesday, September 2, 2014, seven $745 trades were given by him that resulted in 3 losses and 4 wins, one $750 trade given by him that resulted in a loss. Later that night, I saw in my account that a $5,000 bonus was added without my approval. I asked him why he gave this to me without my approval and he said that we really needed to complete the trades and said it would be too late if I waited. He gave me a total of 6 $1,500 trades that resulted in 4 losses and 2 wins and 1 $1,300 trade that resulted in a win. I was going backwards and far from making anywhere near the “guaranteed $17,347.” I called the main number of SpotFN the next day, Wednesday, September 3, 2014, and Sebastian Grey picked up and I discussed the problems with him about Paul Soho. Sebastian said that he had golden trades and that they each had a 98 percent chance of winning and 100 percent payout. He said that he would have me gain the money I had lost back. I told him that I did not authorize the previous 5K bonus and that I did not want him to give me any bonuses. He said that he would not give me any bonuses. He said that he would need me to deposit 5K up front and I asked him why he couldn’t work with what I already had in my balance, which was in the one thousands and he said that he would simply lose over $4,000 if I didn’t. I asked him how and he said that if I lost any trades that he would lose money as well and when I questioned that, he said that it was sketchy how it worked. He repeated the guarantees of the golden trades and so because of these “guarantees,” I deposited 5K. His 17 “golden trades” of $1500 each resulted in 8 wins and 9 losses and 2 “golden trades” of $750 and $500 both resulted in losses. None of the wins had a 100% payout, all were less or equal to 85%. I interrogated him about this during the session before the expiry dates and he said not to worry and that they would show up as 100% later, which they did not. He also said that I would not lose any trades. I called the main number of SpotFn that same night and reported these lies made by Sebastian and reached a broker who said that she would have someone in the support department look at my issues and that she would call me the next day, Thursday, Sept. 4, 2014 at 9AM, and she never did that morning. I got a call from John Delaware the night before on Wednesday, Sept 3, 2014, stating that he was a financial analyst and head of accounting and that he was responsible for helping mishandled portfolios like mine. He said that someone told him to call me and that his only offer was that he would upgrade my account to the platinum membership and that with him I would be making a profit of at least 9K a week that I would be able to withdraw every Friday and that I would be able to withdraw at least $6,000-6,500 on the Friday of September 5, 2014. He said to do whatever I could to pull out 5K from my personal accounts to upgrade so that I could win all that I had lost. I never did any trades with him because when I was making my deposit with him over the phone on Thursday, September 4, 2014, Kimberly Jackson called and said that she was calling from accounting and that she saw that I wasn’t making much money and that she would be able to fix that. I told her that I was working with Jonathan Delaware and she said that it was okay, that they were working together in accounting to fix my issues. I was adamant about checking with John first before making the deposit with her and she insisted that it was fine to make the deposit with her as both she and John were working on the same offer with my portfolio. We then discussed how I had an overly high loss percentage, and I told her about the outright lies, including false trades and withdrawal guarantees, made by my previous brokers. I asked John if it was alright that I was making the deposit with Kimberly of accounting (a total of 4K this time because Kimberly said their merchant wouldn’t accept the 5K) for his offer, and he said it was. He then later called me to ask if I made the deposit with someone else because he tried to charge my card as well and he said that his merchant said it was already made with someone else; I reminded him about Kimberly and he said that she lied to me, that she was just a broker and was going to lose my money, did not work in the accounting department, and that he couldn’t work with me anymore because the deposit had to be made through his merchant. I then asked Kimberly why she lied to me about all of this and she pulled her Supervisor, Paul Soho, who backed her up and asked if I wanted to make money for the company and I adamantly said no and that I wanted to work with John. Kimberly had the President Charles Constantine, License 785254, on the phone with me to discuss my issues and to which Charles very emphatically said that I was in good hands with Kimberly in customer service, accounting and brokerage terms and that it wasn’t a marketing tactic. Despite this, Kimberly repeatedly made false claims that I could withdraw my entire balance on Friday, September 5, 2014, that I’d make profits and have spending money whenever I want, that the Deposit Confirmation and Customer Verification forms were to insure my losses and in her example, if I made bad trades myself and lost all of my balance that they would put the losses back into my account. The only time SpotFn employees ever put anything back into my account were bonuses, even the unauthorized ones, AFTER I made deposits out of my own pocket. Kimberly also said that John Delaware was just a broker himself and so I don’t know who was telling the truth or if both were lying here. On Monday, September 8, 2014 going on Tuesday, September 9, 2014, before the trading, I asked Kimberly Jackson why I still saw my withdrawal request of $7,000 as pending to which she replied that it was processed already. I told her that I did not see it as approved yet and she confirmed that it was still processed and just wasn’t reflected as so in my account yet. I trusted her and proceeded, and she gave me eleven $1,500 trades, which resulted in 6 losses and 5 wins and a $1,300 trade, which was a win. Later after the trading, I saw this request as canceled. Also later, without my consent, I saw a $4,000 bonus was added to my account without my consent but of course quickly approved on SpotFN side. My balance was at $19,878.25 at this point when I decided to stop doing any services with SpotFn while I still had income in my personal banking accounts. On Monday, September 8, 2014, I called SpotFN to withdraw my entire money from my balance and reached Mark Thompson. I explained to him what had been happening in terms of my experience with SpotFn, and he said that he would assign himself to my portfolio and approve all of my withdrawal requests since I had signed both the Deposit Confirmation and New Customer Verification Forms to confirm and protect my capital. He said that he would have to cancel my pending requests first and have me make the new ones just the same so that he could approve them for my withdrawal of my entire balance within one business day. I only saw the withdrawal requests as still pending for at least 24 hours when I called him again on Tuesday, September 9, 2014 and he confirmed again with me that I could withdraw the entire $15,960 deposits that I made with SpotFN. All of my withdrawal requests were canceled except for the $3,918.50 made by SpotFn as they claimed the $15,959.00 of the $19,878.25 balance was their bonuses given to me. Here is my rebuttal, which I will email to them: In regards to your statement of my balance of $3,918.50, which contradicts the previous statement of balance of $19,878.25 made on Tues, Sept. 9, 2014 at 12:12 PM (see screenshot and check your email), if you look at my banking history of SpotFn (attached images to this email), you will see that each bonus was applied by your employee(s) after every deposit or series of deposits I made, NOT when I merely had $3,918.50 left in the balance (which never occurred). Therefore, when losses consistently occurred due to the poor and false trades given by your brokers assigned to me and to the point of less than the total of my deposits and your bonuses, the bonuses should have been affected as well. The fact that you withdrew all the bonuses combined that you ever gave me (without my written, verbal, or manual approval) all at once after the end of all the trades and the approved withdrawal request of merely $3,918.50 means that each deposit I made out of my own pocket was made toward the loss of the previous bonus given. This was never stipulated anywhere and certainly not on the forms that I signed- New Customer Verification and Deposit Confirmation Forms, just that “in order to withdraw [my] full bonus, [I] will be required to execute a minimum trading volume of 30 times for every $1 bonus.” There was not any stipulation that a loss of balance that surpassed total deposits and cut into bonus would mean that the next deposit would be made toward the replacement of the bonus.

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