Spotrade Review – Fake Trading Professionals Will Rob You on the Spot

Brokerage firms that lack valuable features and tools have to resort to desperate measures to attract customers. That’s why this firm has a social media marketing campaign where it advertises alleged premium services.

Although the business is completely illicit and has not obtained an operational license, that apparently doesn’t stop them from attempting to gain traffic and sell their unlawful services. Read more about how such platforms operate in the following Spotrade review.

Broker status:	Unregulated Broker
Regulated by:	No license
Operating Status:	Active online trading fraud
Known Websites:	spotrade.net
Blacklisted as a Scam by:	N/A
Owner:	N/A
Headquarters Country:	Estonia
Foundation Year:	2023
Online Trading Platforms:	WebTrader
Mobile Trading:	No
Minimum Deposit:	$250
Deposit Bonus:	No
CFD Trading Option:	Yes, you can trade CFDs
Crypto Asset Trading:	Yes – BTC, ETH, SOL
Available Trading Instruments:	Forex, Crypto, Indices, Commodities, Shares
Maximum Leverage:	From 1:2
Islamic Account:	No
Free Demo Account:	No
Accepts US clients:	US clients are accepted
Global Fraud Protection Experts’ Verdict:	Spot scammers on time and don’t let them steal a penny from you!

Entirely Illegal

The Spotrade broker doesn’t reveal who operates the website or where the parent company was registered. There’s also no traces to be found about the company’s legal status and a permit to promote and provide financial services online.

Phone numbers published on the website imply the company has offices in the UK and Canada, yet they do not appear in regulatory databases of CIRO and FCA. Furthermore, legal documents claim that laws of Estonia will be prevailing in resolving disputes, which is where the company is most likely located. As expected, this monkey business isn’t registered with FI, either.

Our findings point out the facts about this company’s illicit operations, so make sure to avoid them along with other scammers, CMCapitals being one evident example.

Only False Reviews Exist

Due to the conduct operating entirely anonymously, there are no Spotrade reviews present on Trustpilot, and other popular review websites. However, there are some suspiciously high ratings this company has received on Trustify360.

This is an obvious attempt to fake online ratings and advertise them as genuine user feedback. The website features their trust score from this minor review website as if it’s a greatest confirmation of the firm’s impeccable practice. Please don’t trust misleading reviews that come from review selling networks – they’re just a part of the Spotrade scam.

Polluting Social Networks With Lies

The Spotrade Forex trading fraud has established several profiles on social media in order to reach their targeted audience. Their presence is evident on Facebook, Instagram, YouTube and LinkedIn. With a bit of engagement, they’ve even managed to get several thousand users to follow their pages.

All of that creates a false impression of the company serving countless users and providing quality service. In addition, their scouts that lurk on social networks can search for victims they would later contact and try to convince them to invest. Please refrain from unsolicited calls and unexpected investment proposals.

NOOBEX also displays similar predatory tactics, so if you’re having issues with either of these firms, contact us promptly.

Brand New Fraudulent Site

According to the information found on WhoIs, it is evident that the scheme has been operational for about a year. Therefore, they couldn’t have possibly managed to build the reputation they’re so desperately trying to mimic. Unfortunately for some traders, the deception is effective, especially in the following countries:

• Canada
• United States
• Brazil

Don’t want to lose your investments committed to this platform? Please don’t hesitate to contact our recovery experts.

Trading as an Illusion

Only clients that have signed up for the service can access the Spotrade app. At first described as a premier technological innovation in the field of online trading, the software is a total bogus in reality. Built around simple charts, without any advanced functions and operations, this trading terminal doesn’t instill trust and confidence.

Similar simplistic platforms are used by countless other fraudulent websites that want to maintain an illusion of trading. In actuality, they’re just manipulating the numbers and data for the sake of extorting more money.

Solid Selection of Products

A relatively wide range of investment options available on this portal includes the following asset groups:

• Forex – EUR/USD, USD/GBP, USD/NZD
• Commodities – Cocoa, Corn, Sugar
• Stocks – Amex, Blink, Chipotle
• Crypto – BTC, BNB, ADA
• Indices – AUS200, CH50, FR40

Package Types Not Found

After registering for a new Spotrade account, we accessed the user dashboard. Here, we hoped to gain insight into package selection. However, there was no additional information about customized bundles.

In addition, the company doesn’t disclose any relevant information about what features are available with the purchase of a live trading account. When we tried to make a deposit, the predefined minimum sum for account funding was $250.

Claims of Transparency Debunked

Despite numerous website claims about the most competent costs available, none of those are revealed. This alleged award-winning broker-dealer is completely non-transparent about the actual costs of its services. That pretty much contradicts all of the site claims related to honest and fair conduct.

From what we observed inside the platform after using Spotrade login to access it, the starting leverage was 1:2, even on major Forex pairs. Spread is set to 0.0 pips by entirely misleading default.

Puzzling Withdrawals

All the website reveals about deposits and withdrawals is related to available funding methods. These allegedly include:

• Credit cards
• Wire transfers
• Crypto

However, this information doesn’t pass the validity check, as you won’t be able to make a choice between payout methods without having at least $20 available for withdrawal. Financial swindlers are known for keeping away the real information from customers until it’s too late. This especially stands for fees and hidden taxes, as well as withdrawal processing time and costs.

Report Scam and Get Money Back!

If Spotrade trading fraud has stolen your hard-earned capital, don’t remain quiet about it. Report the crime to the local authorities immediately and start your chargeback procedure.

Do you happen to need help with the whole recovery process? Our chargeback professionals are here to support you every step of the way. Book your free consultation with our legal advisors and find out what to do in order to get your cash back.