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Fxonspot review ; This is an unregulated website, which has already been flagged as a scam by the Financial Conduct Authority in the UK. Meanwhile these people claim to be reliable brokerage firm that operates from UK.
Obviously the claim contradicts our findings.
Therefore, we can safely conclude that fxonspot lacks transparency which is priority in every online investment.
Fxonspot claims to offer over 250 tradable instruments including currency pairs, precious metals, commodities, futures and crypto coins etc.
Meanwhile, the brokerage does provide the MetaTrader 4 trading platform which is something we always consider an advantage
Additionally, there are four different account types with minimum deposit within the industry standard. Also their leverage is as high as 1:500 but spread of 1.7.
To get across to them, potential clients will have to leave them a message by filling out a form on the contact page.
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This company is a complete scam.
They lack transparency and we always warn people to stay away from such to avoid loosing their money. Can you imagine a broker making efforts to win the confidence of traders by telling them lies. It’s quite unfortunate that the fxonspot claim to be providing services using license by FCA. Meanwhile, the same FCA blacklist fxonspot as a scam.
You can confirm this on the picture below.
In addition, in the course of this fxonspot review; We perused the website well in other to provide you reliable information as usual. Unfortunately,we discovered some pointers to the fact that fxonspot is a scam. In their terms and conditions;. Fxonspot writes openly that signing up means you you agree never to file for any charge back. This is a clear indication that you will not even be able to get your money back once they scam you.
Meanwhile, there is no legitimate broker that include such information in the terms and conditions. Therefore we strongly suggest that you avoid them at all cost. If you want to invest, do it in a legit broker like fxpro. This way the security of your fund is guaranteed.
Conditions for deposit and withdrawal.
This part of the website provides yet another information on how the operators want to scam you
Therefore, in this fxonspot review we shall also open your eyes more here.
To further expose their lack of transparency, read in between the lines.
First, they claim that You can deposit funds using a variety of funding methods; Including Bank transfer, credit/debit card.
Unfortunately, they have only one method of deposit. That is Securemasterpay.
The standard payment methods such as Visa and MasterCard, as well as bank wire, Skrill, Neteller are missing.
Moreover, the withdrawal conditions are even worse. Part of the conditions are :
- Only one withdrawal can be processed per Month (30 days);
- If more than one withdrawal is requested monthly, those would be held on pending and will be processed in the following month;
3. Volume requirements require a turnover of 150x the deposit;
These are obviously methods they plan to use and hold your money until they fully execute their scamming procedure. Therefore, the best thing you can do for yourself is to avoid fxonspot. But if you have been scammed already, read this Mychargeback review to find out how to recover your money.
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Fxonspot review on customer service and spread.
The customer service of this broker is nothing to write home about. They don’t have any phone number or email address on the website for easy access. In addition, there is no live chat. Meanwhile, investors will have to rely only on filling out forms and waiting for reply ASAP. Therefore, if you place a trade and require urgent attention of the customer service, you will definitely not get it.
Moreover, despite the attractive spreads advertised on the FXonspot homepage; When we checked their trading platform with a demo account the benchmark EURUSD spread floated above 1,7 pips. And this does not look good. Bear in mind that spreads are generally considered attractive only if they start below 1,5 pips with a standard account.
Investing in fxonspot is not just a risk but a complete waist of time. We encourage everyone to stay away from them except you want to loose your money.
Meanwhile, we have done our part by writing this fxonspot review. It’s left for you to work with our advise if you wish, but to before warned is to before armed.
Thanks for reading and don’t forget to share your experience on the comment section.