SphereX Review: Legitimacy in the Spotlight.
At first glance, SphereX looks like an ideal US brokerage. Regulated, licensed, providing solid leverage, allowing cryptocurrency trading. Thankfully we do have enough experience not to fall for things that seem good.
Read our SphereX review and find out more about the brokerage.
|Regulated by:||Unlicensed brokerage|
|Blacklisted as a Scam by:||No Info|
|Owned by:||SphereX Limited|
|Headquarters Country:||USA (allegedly)|
|Supported Platforms:||Web trader|
|Types of Assets:||FX, commodities, cryptocurrencies|
|Free Demo Account:||No|
|Accepts US clients:||Yes|
SphereX Regulations and Security Details
According to the sphere.pro website, this broker is owned by SphereX Limited and based in Colorado, USA. Also, they stated to be regulated by the National Futures Association (NFA), while clients are “protected by CFTC.” Once we’ve checked the NFA register and searched for SphereX Limited and the regulation number provided on the website, we found that it’s an unregulated entity. The same thing happened when we checked the CFTC register. Therefore, we can conclude that the broker is a notorious scam luring USA clients to invest their funds.
If you have been approached by SphereX, contact us immediately.
Fund Withdrawal Issues With SphereX
As expected from a fraudulent broker such as SphereX, clients are massively reporting withdrawal issues. Since no actual regulator is standing behind this company’s scheme, and the real headquarters can be anywhere in the world, SphereX has no reason to let clients withdraw their funds.
In fact, the company has a well-established system – they will make you invest the minimum deposit of $500, show you some profit on cryptocurrencies, their favorite investment tool, and then ask for more money. Since you are stunned by the alleged results, you might even agree to invest more. However, once you request a payout, expect your trading account to be suspended.
Traders About SphereX Scam
Unfortunately, many traders have been involved in the SphereX scam thanks to their false information on the website and a complete misrepresentation. Once the broker’s employees get in touch with you, they will try hard to convince you that everything is as legit as it looks on the web page. Yet, there are many issues – starting with withdrawals, an automated trading system that doesn’t function, bad account management.
If you experience something similar, let us know immediately.
How Does Online Trading Scam Work?
Online trading scams start with your registration for investing. Once you submit your personal details, you will be prompted to invest money, and the company will try its best to sell itself as the best option. If we talk about SphereX, they will convince you they’re US regulated with offices in Dubai and Singapore. Clearly, these countries are targets of the SphereX scam.
So, before investing any money, make sure to check on the regulator’s website whether the company is really regulated or not.
Scammed by SphereX?
If you were scammed by SphereX or a similar bogus brokerage, let us know. Our experts will help you file a dispute and request a chargeback.
But what is a chargeback?
If you have been scammed online, your bank can reverse the transaction. However, it won’t be enough just to file a dispute. You need to provide sufficient evidence and prove there’s a reason for your funds to be refunded. That’s where help from an expert in the field could come in handy.
Contact us via online chat and book your free consultation. Let’s get your money back!
What is SphereX?
According to our research, this is a fraudulent online trading brokerage falsely claiming to be regulated in the USA.
Is SphereX a scam?
Yes, SphereX is a fraudulent broker that claims to be regulated by the USA authorities.
Is SphereX regulated?
Despite false claims, broker has no regulations for providing financial services.