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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

SPX Markets Review

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.

Bronze account

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.

Silver 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.

Gold account

SPX Markets Account Types

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.

Platinum account

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

SPXMarkets Depository Options

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.

Comments from Members spxmarkets.com

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

Naabiae Nenu-B is a Medical Health Student and an SEO Specialist dedicated to flushing the web off fake news and scam scandals. He aims at being "Africa's Best Leak and Review Blogger" and that's the unwavering stand of Xycinews Media.

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Review

Dogecoin Price Is Slashing Low, Will It Rebound In Coming Days?

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Dogecoin price with its multiple rallies of more than 100% in a day attracted many new investors and traders to the ecosystem. However, the price was shaken since the SNL snub and remained low-key until a fresh slump dragged the price below $0.2. So will the DOGE price still go to the Moon?

The cryptocurrency that began its journey as a joke or a meme, remained constant below one cent till the end of January 2021. Then something big happened, the DOGE price along with GameStop showcased an eye-catching rally. The value of DOGE shot up to 7.5 cents within a small time frame and slid down closer to 2 cents rapidly. 

The meme token, Elon Musk tweeted about continuously, reached an all-time high in mid-April. The market capitalization also spiked, securing its place within the top 3. However, the dip that followed squeezed more than $60 billion. Since then, the price rallied very occasionally and the cryptocurreny may require little more time to go to the moon.

Also Read: Dogecoin Price On Discount, Will The Bulls Jump In To Make Profit?

Dogecoin Price Analysis, What Is Awaited For The Currency Next!

The entire crypto space is trembling with the FUD probably due to some external factors which resulted in a serious drain. The Bitcoin prices were slashed along with most of the cryptocurrencies in the space. Dogecoin price too could not sustain the trembled situation and dipped profusely. 

DOGE price currently is attempting very hard to sustain above $0.2 which appears to be a very tough job to accomplish. Despite the decline, the price tried to pull a leg up in the early trading hours but failed. The dip was so harsh that the RSI levels in the hourly chart dipped below 10. However, a little recovery again raised these levels above 40. 

dogechart

The trading volume also jumped notably and impressively the buying volume uplifted the price from the monthly lows around $0.16. Currently, at the press time, the dogecoin price is $0.2021 with a drop of 21.16% in the past 24 hours. 

Currently, it is mandatory for the dogecoin price to sustain above $0.2 and head towards the resistance levels around $0.29. But if the dip continues, revisiting the lower support levels at $0.107 and later around $0.06 may be imminent. The indicators for the DOGE price point a sell signal, which is a little worrisome for the cryptocurrency right now.

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Review

Will Bitcoin Death Cross Pave Way for a Golden Cross

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Bitcoin plunged to a two-week low on Monday, falling as much as 11.4% to $31,735. The flagship crypto has been highly volatile, as it has dropped more than 20% in the last six days and is almost half the price of its April high of nearly $65,000.

The token’s price pattern on the charts has recently formed a death cross pattern. i.e, the crossing of BTC’s 50-day moving average below the 200-day moving average.

This infamous pattern has triggered a conversation amongst traders and analysts. While some consider it as a bearish indicator, some believe the prices will recover and surge higher than ever before.

Historically, Bitcoin’s formation of a death cross in March 2020 proved no hindrance to profits, as it rose two months later and formed a golden cross. However, a death cross in November 2019 resulted in the coin’s price falling a month later.

Popular analyst and trader Benjamin Cowen has weighed in on the death cross pattern. He believes that moving averages are lagging indicators that often tell us what we already know.

Cowen says Bitcoin will have lengthy bull cycles, and it is in for a long period of consolidation and range. The expert claims that he believes BTC Price will reach $100,000, but that it will take longer than most people think.

The analyst believes that now that the death cross is nearly complete, Bitcoin bulls can look forward to a probable “golden cross”.

“One nice thing about a death cross is that the next thing you can maybe look forward to is a future golden cross. Now, I don’t know how long it’ll take… We know that historically speaking, at least in recent years, it could take six months before we get above the 20-week [moving average] and then hold it as support.”

Not just Cowen, Popular analyst Plan B has also weighed in, He took to Twitter and pointed at the timelines of previous death crosses in Q4 2019 and Q1 2020 and what followed further.

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Review

If Bitcoin Price breaches this level, an Altcoin season will begin!

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Bitcoin always dominated the crypto markets and held the highest market share. Even at the beginning of 2021, Bitcoin owned a 71 % share of the crypto market, while altcoins (excluding those in top ten) had just 10%. But now the trend has changed. Since then, the percentage has steadily declined, with BTC’s dominance dropping to 40% in late May and altcoins rising to 23%.

Even the altcoins in the top ten have steadily increased their market share. The most notable one is Ethereum, which has continued to grow throughout the course of the year and currently owns over 17.3 %of the market. 

Is an Altcoin season due to begin?

The above-stated stats regarding dominance is vital to question and know if an altcoin season will kickstart soon. Now, there is a probability of an alt season, if Bitcoin makes a bullish rebound. This positive reversal would occur if and when the coin continues to surge and maybe breaks through resistance levels.

Popular Analyst Chico Crypto in his recent Youtube video said Bitcoin is following the Wyckoff accumulation pattern. If the price gets back to $50k, it will be a confirmation that the bulls are back and alt season will be back again.

According to him, the breach needed for the altseason to arrive is predicted to happen around July 10 based on the Wyckoff pattern that is now forming. This would be the year’s first altseason. 

Some cryptocurrencies have outperformed Bitcoin in terms of price growth and retail investor interest this year. Although the May crash halted their growth, an alt season will make up for it and even propel the tokens to new all-time highs.

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