SPX Markets has one of the best website designs for forex investment. It’s all that they are good at, using their design to attract naïve investors. SPXMarkets is by far the least forex investment platform to have. The platform is garnering negative comments on leading trust score reviews. All this is a result of the platform blocking withdrawals from members. Worse still, they fail to inform members of the reason for it. Here’s the truth in our SPX MARKETS Review.
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A Brief Overview of SPX Markets
Once you land on their homepage, you get to see the platform’s aesthetic appeal. Sure, the platform ticks all the boxes when it comes to investment features. For example, SPX Markets claims to offer the lowest trading commissions of 0.87 percent.
There’s also the option of getting a personal account manager. As a result, your trading is kept safe, and so is your identity. SPXMarkets also offers anonymous investing and trading services to interested parties.
Other features they claim to have including the best security standards. For example, there’s full data encryption in compliance with PCI DSS standards. When you see this, you might think the platform is fully protected.
It’s not; the platform is using the security aspect to portray a platform with high safety standards. But, as most members will testify, the platform is far from secure. Spxmarkets.com is blocking withdrawals from its own clients.
Account opening and registration
When opening an account with this platform, you need to be extra careful. However, the account registration process is straightforward and short. First, you need to fill in your address, contact, and full names.
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The process takes less than five minutes to complete, and you can now deposit funds. Once you deposit funds, you’re free to trade. If you get profitable trades, the account balance will reflect, giving you false hope.
When the time comes to withdraw, the platform will ask for verification documents. These include a copy of your ID, bank statements, and credit card details. We don’t see the reason for asking for these documents.
The platform should use other channels for verification. These channels include sending emails with verification links or SMS codes. Marvin Durant, a cyber-security expert, warns of such kinds of verification processes.
He claims the platform should guarantee the privacy of investors. Instead, the platform could be harvesting banking data from investors. Nothing is stopping them from charging your credit card with online purchases.
Accounts Types SPX Markets
SPX Markets offers four account types to choose from. These accounts include Bronze, Silver, Gold, and Platinum. All the accounts come with a welcome bonus, with the basic account having a minimum deposit of 1,000 Euros.
You also get a relationship manager with all the accounts.
To start with this account, you must make a minimum deposit of 1,000 Euros. After that, you have access to Algo trader and weekly market reviews. The account is self-managed, with no professional to help you.
There’s a welcome deposit bonus of 5 percent with the bronze account.
It has the same features as the bronze account, only that the welcome deposit bonus is 10 percent. To start using this account, members must deposit 2,500 Euros. You also get weekly market reviews, and the account is self-managed.
The gold account comes with a minimum deposit requirement of 10,000 Euros. There’s a welcome deposit bonus of 25 percent and daily signals. You also get private one on one trading sessions and access to event rooms.
It’s the most exclusive account, and members must deposit $25,000 to start trading. There’s a 50 percent welcome bonus and 5 protected trades from analysts. The platform also offers long-term financial plans with a senior account analyst.
Bonuses on offer
There’s a reason the platform is offering a high depository bonus. It’s to attract as many investors as possible to the pyramid-scheme style of investing. There’s no way they can manage to offer a 50 percent deposit bonus.
The deposit bonus will later come at a price. Most of these platforms block withdrawals unless you pay back the bonus amount. Even if your account’s balance can pay the deposit, they insist on depositing the same amount.
At this juncture, they already know you want out of the platform. So it’s their best interest to fleece you out of your last penny. And that’s why regulators don’t license platforms offering welcome bonuses.
Contact and support
There are two phone numbers on their contact page and a message board. The phone numbers are from the U.K and the United States, respectively. Unfortunately, these phone numbers are virtual, and anyone can get them.
The main issue is that once the call goes through, you’re directed to an account manager. You have to have an account and deposit funds to get a call from them. These account managers will insist on you depositing more funds to increase your chances of profiting.
Deposit and withdrawal options
Depositing funds with SPX Markets is fast, and there are several depository options. These include Maestro, MasterCard, Neteller, Skrill, Visa, and others. However, once you deposit, there are no guarantees you will withdraw funds.
Most of the complaints from victims include withdrawal issues. None of them can withdraw funds unless it’s in small amounts. And if you get to withdraw once, it’s unlikely you will ever withdraw again.
How SPX Markets works
You make the deposit and start trading with the platform. Once you make profitable trades, you get to see the amount reflect in your account. Then, when the time comes to withdraw, SPXMarkets shows its true colors.
The platform will send emails to clients claiming they have released funds. You are led to believe your bank or withdrawal option is refusing to accept their funds. All this is a lie to ease the pain of blocking your account.
Those who insist the bank hasn’t received funds will usually get their account credentials deleted.
Safety of funds with SPX Markets
There’s no safety of funds from a platform that claims to be regulated offshore. The platform does not offer a safety net to investors. Once you deposit funds, there’s no insurance cover which puts your funds at risk.
SPX Markets License and Registration
A huge issue we have with SPX Markets is their license status. Although they target American and European investors, they fail to have a credible license. All we have is a claim the company behind it is registered in Vanuatu.
We did a check with the Vanuatu Financial Service Commission to clarify the matter. There’s no company licensed or registered under the name Secure Currency Limited. Even the registration number they use is random.
Without proper regulation, the platform lacks oversight putting you in jeopardy. Therefore, it’s best to stay away from offshore unregulated platforms as the risks outweigh the profit promised.
Our review shows spxmarkets.com is an offshore platform using false license credentials. Investing with them is throwing your money away. So we are adding them to our blacklist to protect our ardent readers.
Finding the right investment platform will set you free and let you enjoy financial freedom.
You can leave a comment or email us with any questions. We would be happy to respond.
Is it safe?
With several complaints, the platform is not safe
Can I withdrawal?
There’s a high chance you won’t get to withdraw funds.
Is SPXMarkets Licensed or Regulated?
No, they are using random numbers as VFSC regulation