How does it look, and what does it mean to be regulated by an offshore regulatory body? Do you, as a client, have any guarantees to get your money back? What if you are involved with someone like SPX Markets and scammed?
Read our SPX Markets review to find it all out.
|Broker status:||Offshore Broker|
|Owned by:||Secure currency Limited|
|Supported Platforms:||Web trader|
|Minimum Deposit:||1,000 EUR|
|Cryptocurrencies:||Yes – BTC, ETH, XRP|
|Types of Assets:||FX, commodities, shares, cryptocurrencies|
|Free Demo Account:||Yes|
|Accepts US clients:||No|
SPX Markets Regulation and Security
The broker is owned by Secure Currency Limite and established in 2020 in Vanuatu. It has been registered by VFSC. However, this regulation for you means very little. In order to apply and get a VFSC license, the company needs to fill an online form and deposit $2,000. There is no real compensation fund like it’s the case with CySEC or the FCA, for example. Since the broker is paying only $2,000 and has no supervision whatsoever, nobody can guarantee you will get your money back from such a broker. Therefore, despite being officially regulated, we can say that SPX Markets is still a suspicious broker.
The company chose their name smart – SPX, which is short for S&P 500 Index. This makes it harder to find any online information about the broker. Yet, we managed to dig a bit.
Fund Withdrawal Issues
After everything we’ve had a chance to read in SPX Markets reviews made by clients, there are severe withdrawal issues. According to investors, once you deposit your funds with SPX Markets brokerage, you can forget about it. The company, or better said, the alleged financial adviser, will never let you make a withdrawal. There will be tons of excuses, and once excuses are all sold out, you will be banned from access to the platform. The company is using a web trader and so-called Algo-Trader. This should be an automatic trading system that predicts the market based on algorithms. Do not fall for this nicely packed story!
Another thing we have to mention, an offshore broker is asking you to deposit a minimum of 1,000 EUR. Not only that you can deposit way less with regulated brokers, but it’s absolutely not fair to ask this high amount from new traders.
How does an online scam work?
After submitting your details to an ad, you are constantly called and persuaded to deposit with this particular broker. Once you make your transfer, you will be asked for more and more money. Despite all the lovely stories about automatic trading systems and having a high success percentage by using them, SPX Markets cannot offer you that. Why? Because the license for an actual trading software costs a lot and a broker that was not willing to make sure you have proper insurance in case of insolvency and get a valid regulation, for sure won’t pay a license so you could make money.
Scammed by SPX Markets?
If you were scammed by SPX Markets, there is a way to get your funds back. Do not let a scam broker get away for free. Instead, submit a dispute and request a chargeback.
But what is a chargeback? It’s a way of returning funds to your card in case you have been scammed online. The chargeback is time-limited, so start acting fast.
Contact our support via chat now and get all the information about the chargeback procedure!
What is SPX Markets?
SPX Markets is an online trading brokerage.
Is SPX Markets a scam?
SPX Markets is based offshore and has many complaints filed against it.
Is SPX Markets regulated?
The broker has VFSC regulation from Vanuatu.