Have you been scammed by Spotinvest and need help getting your money back? Read on to discover how Global Assets Refund can help.
Swindlers have inundated the world of online trading. Since only the forex market has a daily turnover of about $6 trillion, scammers saw an opportunity to take advantage of new investors and steal their funds.
This detailed SpotInvest review will explore how the offshore scam works. Keep reading to learn how Global Assets Refund can protect you and your hard-earned money.
What is SpotInvest?
Spotinvest is a popular forex trading platform. However, it is unregulated and also a market scam. It is not advisable to invest in the platform. Many users have been scammed and have lost thousands of dollars on this platform. When you attempt to invest on this platform, they will begin calling you several times to force you to do so.
If you’re still not convinced, read their reviews on trustpilot.com. The platform discovered that they had posted numerous fake positive reviews to improve their online reputation.
READ: Have You Been Scammed By LQDFX?
Shocking Things to Know About Spotinvest
Wrong Information About Regulation Status
Spotinvest claims to be licensed and regulated for global trading on its website. Of course, this is a lie. Spotinvest is not a regulated entity.
We were able to link just three contact numbers to Spotinvest: one for Canada, one for the United Kingdom, and one for Spain. The broker then discloses in the Terms and Conditions section of their website that Spotinvest, a business with a St. Vincent and the Grenadines (SVG) registration, is the owner and operator of the website.
In another part of their website, however, the broker says that Primis LLC, which is also based in SVG, owns and runs that website.
Being registered in SVG does not imply that you are regulated. This is because the Financial Services Authority of SVG has stated unequivocally and publicly that there are no laws in place to regulate forex and CFD brokers. As a result, if a brokerage is based in SVG, it must seek regulatory approval from another jurisdiction. Spotinvest has not disclosed this information.
The contradictory information and lack of proper corporate information already raise concerns about the legitimacy of this broker. But since there is no information about whether or not it is licensed, we know we are dealing with a scammer.
CNMV Has Blacklisted the Platform
Although it’s glaring that Spotinvest is a scammer, having a prominent financial regulator back us up doesn’t hurt.
The Spanish market is one of this broker’s target markets. The Comisión Nacional del Mercado de Valores (CNMV), the nation’s financial regulator, has, however, exposed Spotinvest as a scam.
They have blacklisted this broker and told the public that they are doing business illegally in their country.
Problems With the Trading Software
Spotinvest claims on its website that it offers the MT5 (MetaTrader 5) trading platform to its clients. Unfortunately, this is yet another trick that this broker is using to get more traders to sign up and invest with them.
The truth is that the download link provided by this broker for the MT5 platform is for the software’s demo version. This demo version is freely available on the developer’s website (i.e., MetaQuest).
The trading software provided by Spotinvest does not even come close to the MT5 platform. This web-based trading platform can only provide the most basic trading functions. Other dishonest brokers also use this software.
Hence, the fact that Spotinvest lied about giving clients an MT5 platform (instead of a poorly designed web-browser software) is yet another sign that we are dealing with a scammer.
Problems With Trading Conditions
The minimum deposit is too high, especially when you consider that you can open an account with many reputable brokers for less than $50.
In terms of leverage, we must point out that the maximum leverage of 1:50 is far too high, especially given that this broker is targeting European customers. The maximum leverage permitted in the EU is 1:30.
Also, this broker hasn’t talked about any other trading terms, like spreads, costs, order execution strategies, etc.
Problems With the Deposit Method
There is no way to open an account with this broker without making a deposit. Your only option is to contact the administrator. This is a clear sign of a scam.
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How Spotinvest Finds Victims
The scam usually starts with a fraudulent marketing campaign placed on Facebook, Google Ads, or Instagram. The unwitting victim sees an advertisement promising significant returns in a matter of hours or days. When they click on the ad, their information is sent to the broker’s staff automatically.
The company’s agents can call and send promotional messages via WhatsApp or email regularly. Even if you are not interested in the offer or request some time to think about it, they will continue to apply pressure, creating a false sense of urgency. Typically, an investment opportunity will present itself that is too good to pass up.
Assume you believe their story and make an initial deposit. In that case, the alleged account manager may begin sending you false success stories and trading signals via Telegram to entice you to deposit more money.
Finally, broker employees can contact you via social media platforms such as Facebook, YouTube, Instagram, and even LinkedIn. Many of them believe that joining a business network will immediately boost their credibility.
Have You Been Scammed By Spotinvest? Global Assets Refund Can Help
If you have been scammed by Spotinvest, Global Assets Refund can help.
Suppose you want to log in to your trading account and find it frozen, or if you are unable to withdraw your money, then you might have fallen victim to the SpotInvest scam. Contact Global Assets Refund for a chargeback.
If you have been scammed by Spotinvest, the fund recovery experts at Global Assets Refund can help. Schedule a free consultation and tell us what happened. Your story may help us get one step closer to a successful refund.