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SpotXBT Review - is it scam or safe?

SpotXBT review - Is spotxbt.com scam or good forex broker?

RATING: 3 / 2 REVIEWS ForexBrokerz SpotXBT
SpotXBT is an offshore broker. Your money is not safe.

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SpotXBT is an offshore forex and CFD broker with a focus on the crypto currency market. Unfortunately they are not licensed and authorized to provide financial services on regulated markets like the European Union, the US, Canada or Australia so if you are considering investing with them better read this review first.

 

Trading account  Min. deposit Max. leverage Spread

Beginner Account

$100 n/a 38 pips

Intermediate Account

$2000 n/a n/a
Pro Account $10 000 n/a n/a
Expert Account $100 000 n/a n/a

 

SpotXBT Advantages:

 

Good selection of forex pairs and crypto CFDs

 

We always start our reviews with any possible advantages about the broker and with SpotXBT the selection of crypto pairs is definitely one – 69 crypto CFDs with lots of coins, among which Bitcoin, Dashm Ethereum, Ethereum Classic, Litecoin, Ripple, Stellar, Golem and Zchash. 

 

And apart from that the broker also offers 19 fiat currency pairs and some CFDs on gold, silver, copper, oil, 11 indices and stocks. And yet if you are interested in trading crypto assets, here you may also check our list of brokers trading with bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

You can start trading with just 100 USD

 

100 USD is the minimum deposit requirement with SpotXBT and this is quite reasonable. Bear in mind that the minimum deposit requirement with most brokers is between 100 USD and 250 USD, but with some big players like FBS and IG you can open a trading account with just 5 USD or so.

 

SpotXBT Disadvantages:

 

No license

 

AZ TECHNOLOGY LTD, the company that owns and operates SpotXBT is based offshore on Saint Vincent and the Grenadines. As we already noted the company is not licensed to provide brokerage services on regulated markets like the European Union as it should be if they want to target European customers.

 

The general problem with all unregulated brokers is that they are totally unaccountable for the way they handle your money and unfortunately most such brokers are actually involved in scam.

 

With brokers, licensed and authorized by respectable institutions such as the Financial Conduct Authority (FCA) in the UK, BaFin in Germany, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC) on the other hand you can feel completely safe about your money because of the strict regulatory regime such brokers are subject to. 

 

For example properly regulated brokers should keep all clients funds in a segregated, trust account, should maintain at all times a certain minimum operational capital, which in the case of EU regulated brokers is 730 000 EUR, and of course they all have to file regular reports and to allow external audits.

 

And most regulators also require brokers to participate in client compensation schemes. For example with a FCA broker your funds will be insured for up to 85 000 GBP, so even if your broker happens to be insolvent your funds will not be lost. Here you may check our list of FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<<

 

Trading bonuses with unacceptable withdraw conditions

 

The practice of offering trading bonuses has long been banned in Europe and on other regulated markets. The reason? All trading bonuses always come with additional withdraw conditions, in the case of SpotXBT you will have to trade at least 1 000 000 million USD for every 50 USD you have received as a bonus, before you will be allowed to withdraw any profits. Needless to say, but this might prove challenging even for professional traders.

 

In addition in their Terms and Conditions SpotXBT say they may charge a commission for depositing and withdrawing of finds, as well as unspecified additional fees and charges.

 

Outrageous spreads

 

As tested with a demo account the benchmark EURUSD spread was as high as 38 pips – nearly 30 times the spread which traders usually consider attractive with a standard account. 

 

 

So here you may check our list of brokers offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

MetaTrader4 mot supported

 

SpotXBT offers an overly simplified web based trading platform that lacks many features standard with the MetaTrader4 – the most widely use trading solution on the market. MT4 is light, reliable, with an intuitive and user friendly interface, and an excellent set of advanced charting tools. On top of that the platform may supports automated trading sessions with the help of customizable trading robots and numerous market indicators, which can also be modified to better fit your trading strategy. So here you may check our list of brokers, supporting the MetaTrader4:

 

>>MT4 Brokers<<

 

No information about payment methods

 

SpotXBT does not offer information about the payment methods they accept in their presentation. Just have in mind that most brokers accept payments with major cards like VISA and MasterCard, bank wire and popular e-wallets like SkrillNetellerPayPal. Some brokers even accept crypto coins so here you may check our list of brokers, where you can pay with bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

Conclusion:

 

SpotXBT is an offshore broker, offering the highest spreads we have seen for quite a while. That however is not their most serious problem. The broker is simply not licensed and as we already noted, your funds will be safe only with brokers regulated by such respectable financial watchdogs like the FCA in the UK, the CySEC in Cyprus or ASIC in Australia.

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Traders` reviews for SpotXBT

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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Fraud

This company helped them selves to my account, won't return my money, bank insurance won't help. I have been trying to contact them for 9 months and get nothing. Now there website can't be found or contacted. They just vanished. . My Lauwers are on to it.

Fiona house 06/14/2019
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