CryptoSpotFX Review – Still Active Binary Option Scam

While we thought that binary options were a matter of the past with the ban from 2018 in the UK and the EU, it turns out we were very wrong. There’s a new platform called CryptoSpotFX, and it seems to operate in all the restricted areas. Let’s dive into our CryptoSpotFX review and uncover what this investment firm is trying to achieve.

What About CryptoSpotFX Regulation?

CryptoSpotFX is owned by CryptoSpotFX International Ltd, based in Cyprus. However, with the ban we’ve already mentioned, there’s no way that any binary options provider could obtain a license in this country. The CySEC license number 6738/116 doesn’t exist. Furthermore, the brand claims to have AFSL license no. 705678. As we all know, the Australian regulator is ASIC, in charge of securities and online trading, so this license is also fake. 

It all implies you should avoid CryptoSpotFX trading scams by all means.

CryptoSpotFX Warnings From Financial Regulators

CryptoSpotFX was warned in the UK due to its illegal activities. Since binary options trading is prohibited in this country, no company can offer these services to UK citizens regardless of the false regulations. And that’s why the UK FCA reacted by issuing a warning against the company.

The warning was later republished by the Italian CONSOB. Also by the Portuguese CMVM.

In addition to the above, we strongly advise you not to invest in TudoFX, 24Funds and FXPlanB fraudulent brokers.

Pay Extra Fees Before Withdrawal

One of the common scams nowadays is a prepayment of fees. Brokers will ask you to pay taxes and banking fees before releasing your profit. If you dare to suggest that this money can simply be deducted from the profit, you’re risking an endless argument. Of course, if the excuse was valid, the money could just be taken off, but it’s fake. It’s yet another way to extort the last money from you and disappear.

Fund Withdrawal Issues With CryptoSpotFX Broker

As mentioned, getting withdrawals comes with obstacles such as extra fees. Furthermore, clients that decline to pay additional money and threat to go to the regulator end up with frozen accounts and restricted access. The company loves to block your funds once they have taken enough. Or when there’s no chance of taking more.

 If you experience any issues with withdrawals, let us know.

Areas Of CryptoSpotFX Trading Scam

According to CryptoSpotFX reviews, the broker is mainly present in the US, Australia, and Canada. Yet, regulatory warnings show us that it operates in the UK, Italy, Portugal, and more EU countries. 

Note that the binary option is the riskiest trading type, and there’s a good reason for regulators to prohibit it. It’s more gambling than investing, and involving yourself in such a business won’t bring anything good, especially with a shady company.

Traders About CryptoSpotFX Scam

CryptoSpotFX has negative reviews, all stating the same. Investing money with this firm is quite pricey, with the minimum deposit being $1,000. Even if you accept it and make an initial investment, you will soon be prompted to invest more under all kinds of excuses. And in the end, when you want a promised payout, you won’t get anything in return. Just a frozen account and headache.

Also remember the names of the RoyalFX24, FxGlory and Arrowteks trading scams and avoid them at all costs! Moreover, always check the background of online trading companies before investing!

How Does Online Trading Scam Work?

If you decide to accept the offer from an unregulated broker, such as CryptoSpotFX, your chances of being scammed are increasing. There is no supervision over the broker’s activities, and you have no compensation funds. All you can do is hope that everything will go smoothly.

Once you deposit the money, you may see some profit, just for the account manager to earn your trust. Real issues will start when you request a payout since this is something you won’t get.

Scammed by CryptoSpotFX? – Tell Us Your Story

If you were scammed by CryptoSpotFX or a similar binary options broker, let us know. Our specialists may assist you with the chargeback process and help you get your money back.

But What Is A Chargeback?

This is a way for your bank to reverse the fraudulent transaction and refund you. Contact us via online chat to book a free consultation, and let’s get back what’s rightfully yours.