FXonspot Review: Forex Scam Exposed

FXonspot Review: Forex Scam Exposed

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FXonspot ( is another CFDs, Cryptocurrency, and Forex scam to hit the lucrative trading world. FX on Spot is claiming to help users trade successfully thanks to their innovative trading platform. Some of these claims and promises listed on their website are false. Members are crying foul after having their accounts frozen for no apparent reason. What’s happening at FXOn Spot? Read this genuine FXONSPOT Review for more concrete details.

FXonspot Review

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FXonspot Review

With complaints coming from all parts of the world, it is safe to assume funds are not safe. Most members are finding it hard to gain access to their accounts after the platform closed some of the accounts. Members are complaining of having a substantial amount of balance on these accounts. What would lead a broker to act in such a horrible manner? Only scam platforms are known to use such barbaric tactics. Continue reading as we expose the reason why FXonspot is a scam.

Thanks to our years of investing and trading, we know how to spot a scam from a mile away. FXonspot is another bane platform looking to steal from unsuspecting online investors. With enticing homepage, it is easy to see why newbie investors fell for this website. Professional scam artists are known to clone websites and steal from investors. You need to know what to look out for or else become another victim. This review will expose some of the tricks used by these scam artists.

About FXonspot

According to the disclaimer at the footer of their homepage, the platform is owned by Trade Com Limited. Contact details listed on the homepage would suggest the platform is based in London. Scam artists will use random addresses just to entice users from the posted area. In this case, Fxonspot is trying to target users from the UK and entire European region. None of the contact details listed on their homepage works which is proof of their illegitimacy. Stay away from this platform.

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Another disturbing feature with this platform is lack of proper ownership details. The company in question is not found in the official company register of the UK. What is more shocking is the fact that the platform is full of anonymity. We don’t know who the actual founding members are which is a huge letdown. No one knows the names of people who are running the show. No broker has come forward and claimed to be an associate of this website. And this is proof we are dealing with a ghost platform.

Is FXonspot licensed or registered?

According to the official regulatory body in the UK, FXonspot is NOT licensed to conduct any trading services. A warning has been issued by the Financial Conduct Authority stating the platform is a cloned website. By doing so, the official regulatory authority has proved our fears, FXONSPOT is a scam. Anyone who deposits funds with this platform should know that their funds are not secure. These scam artists will withdraw the funds and shut down the website at a later date.

FXonspot License and Regulation

What is even more interesting is the fact that they don’t bother posting any license documents. You would expect the platform to post relevant details of their licensing, not FX on Spot. What this means is that they are not regulated and don’t follow set industry regulations and rules. Smart investors will make sure they validate the license details of any broker before committing to an account.

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Advantages of FXonspot

With a platform which has been marked as a scam, there is no trading advantage. What the FCA has done is issue a warning to all investors and brokers to stay away from FX on spot. Such warnings are as a result of the platform failing to follow strict rules and complaints from users. A platform without a clear goal in mind should be the last place to deposit funds. These are scam artists who will stop at nothing to steal your funds. Better stay away from this platform or else become another victim.

Disadvantages of FXonspot

Account Types

FXonspot Account types

FXonspot is furnishing users with four different account types to choose from. Accounts are listed as Micro, Standard, Premium, and VIP. What we noticed odd with these account types is the near similarities in features. Why would an investor deposit $100,000 and get same trading features as one who deposits $500? Their only play was to create accounts and have different depository channels used.

Demo Account

Another problem we faced with this platform is having a rigged demo account. A demo account is supposed to give users a feel of what to expect with a real trading account. What these scam artists have done is find new ways of fooling investors to use the platform. Make sure to stay away from this platform and never believe the results shown on their demo account.

Offline customer support

With their customer support offline at all times, no wonder members are finding it hard to contact owners. You should be careful with online investment platforms and use those with live chat support. Communication is vital as it allows users to contact the broker when in need. Offline customer support is proof we are dealing with a hoax. Ensure you stay away from this platform and resist any calls to sign up.

Payment methods

When it comes to account funding, the platform uses MasterCard and Visa. Depositing funds is fast and easy as the channels are available anywhere in the world. What makes FX on spot a troublesome platform is how they refuse access to funds after depositing. No member has come out with evidence of ever withdrawing funds with this platform. And this is proof we are dealing with a slimy platform. Ensure you read reviews to find out what experts say about any platform on the market.

Safety of funds

FXonspot Trading Platform

Security of funds is not available with this platform. Segregation of accounts is a huge problem which FXonspot is avoiding. Users are clearly depositing funds straight to owner’s bank account. And this is where we draw the line with FXonspot trading platform. All traders have a right to trade with a secure and stable platform. Safety of funds should be a guarantee by every real trading platform.

Scam or legit

Evidence is pointing at this platform to be another bane online scam. Make sure to warn your family and friends from signing up with this illicit platform. Warn your family and friends from joining any of their affiliate programs. These are offshore scam artists who will steal your money and shut down the website.

Final thought

We will be adding this platform to our scam blacklist and ensure no one falls for this platform.

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Wishing you the very best in your future trading experience

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